Crypto Since 2017. Degen. Web3 Farmer. Futures Trader. Spot Staker. I will try to give 3-4 signals a day. Please do follow and like if you like my signals. ๐๐ผ
If you're new to web3 (or maybe if you already here for quiete long time) you might still wonder what is that things mean ? I Believe if you want go deep in web3, you have to understand some basics theory. And in my personal learning this is what i get and what i can share. Please CMIIW if i give misleading information. I'll try to explain with the easiest terms possible and without further ado let's dive in to my first episode of #EducationalPost
1. Blockchain
As the name goes, block and chain. It's basically a Box of Information that connected each by each so that the Information from the previous block is accesible and valid to the next block. The good things about web3 is the decentralization. No central server needed, a transaction will be verified by validator. Oh wait.. what is validator? Every blockchain needs validator, validator is the one who make "block" in blockchain, and in order to create this, they need to "verified" some complex mathematical function to prove that a transaction is valid. After that the validator will be rewarded by token or gas fee. This process simply stated as mining. There could be 10, 20, 30, 100, or even more validators in a blockchain. From that numbers of validator, which one will do the verification? which one will be rewarded ? Then this questions lead us to a terms called "Consensus Mechanism"
2. Consensus Mechanism
As for this time of writing there are at least 5 Type of Consensys Mechanism : 1. Proof of Work (BTC) 2. Proof of Stake (ETH) 3. Delegated Proof of Stake (Celestia, Dym) 4. Proof of History (Solana) 5. Proof of Liquidity (Bera๐)
Each one of this make their "own rules" in validating a transaction. Simply explain a Proof of Work is where validators competing to solve the Mathematical Functions of a txn by using a Gigantic, Smart, Super Computer. The higher the specs, the higher the chances of a validator to claim the Proof Of Work reward. This is why you see bitcoin miners use a super computer.
leave like and follow for 2nd part ๐ #Write2Earn
First of All LINEA represents the next evolution of ConsenSys zkEVM, powering a new generation of dapps built on Ethereum.
Linea is a layer 2 project for Ethereum based on zkEVM technology. The platform is built and developed by the experienced team at ConsenSys - the parent company of the Metamask and Infura wallets.
With that being said, they do campaign called #LineaVoyage which already started like 6months ago. There was already 2 campaign.
Recently they launched the 3rd campaign called Lineapark in Layer3xyz.
With good company usually come good airdrop. Dive in right now to the Voyage by using my ref if you don't mind.
Hi Binance Square ! Kindly check my pinned post to read the first #EducationalPost
Yesterday we talk about Consensus Mechanism where i already mention about how Proof of Work in $BTC works.
Today, let's dive in to other Consensus Mechanism in our Web3 Realm Right Now
- Proof Of Stake (PoS) This type of consensus is used widely in ethereum based blockchain. Validators are required to hold and stake token for the privilege of being chosen as a validator.
The odds rely on the token stake size from each validator.
Imagine the chain "owner" having some super computational power computer (not one but not as much as PoW) this reduce the (1)energy costs, (2)Increase security and offering community control.
in the simplest terms. PoW investment is an expensive super computer, while in PoS you need to hold or stake some specific amount of token. in $ETH for example you need at least 32 ETH to be able to run node and consider as a validator.
The reward for validators is gasfee, while miners in bitcoin is given a block reward in form of #BTC itself.
If you heard about halving, then it's about the amount of BTC reward for the miners. Reduced by 50% in every cycle. Where the maximum supply of BTC is fixed at 21M Coins. That's why each halving make BTC Prices surges. Logically speaking, miners got less coin means that a single txn validating cost is also higher.
The increase price of BTC compensate the reduced reward for the miners.
That's for today. No need to rush if you wanna learn a lot about Web3 and Blockchain.
I'll try to write educational content each and every day for you. I know it's difficult to understand. But, bear with me because i can tell that if you learn the basic. The rest gonna be easier for you.