Trying to understand blockchain technology can be difficult.
But it doesn't have to be.
Here are 12 lessons from "The Blockchain Innovator's Handbook" by @ConorSvensson:
But it doesn't have to be.
Here are 12 lessons from "The Blockchain Innovator's Handbook" by @ConorSvensson:
1/
Why care about the blockchain?
"Blockchain technology is seeing the fastest pace of adoption of any technology in human history. It is growing at twice the speed of the internet when it had the same number of users back in 1997."
Why care about the blockchain?
"Blockchain technology is seeing the fastest pace of adoption of any technology in human history. It is growing at twice the speed of the internet when it had the same number of users back in 1997."
2/
The 2020s is the age of blockchain:
"Ignoring blockchain now is like ignoring the personal computer in the 1980s, the internet in the 1990s, social networks in the 2000s, and smartphones in the 2010s."
The 2020s is the age of blockchain:
"Ignoring blockchain now is like ignoring the personal computer in the 1980s, the internet in the 1990s, social networks in the 2000s, and smartphones in the 2010s."
3/
What is a blockchain?
"A blockchain can be thought of as a master record or log of transactions...It is visible to all participants, and is representative of not just one company's transactions, but those of all participants on the network."
What is a blockchain?
"A blockchain can be thought of as a master record or log of transactions...It is visible to all participants, and is representative of not just one company's transactions, but those of all participants on the network."
4/
What is Web3?
Web3 is the third generation of the World Wide Wide.
It has a strong emphasis on decentralized applications, permissionless networks, AI, and makes extensive use of blockchain-based technologies.
Bitcoin, Ethereum, NFTs, DAOs, and DeFi, are all part of Web3.
What is Web3?
Web3 is the third generation of the World Wide Wide.
It has a strong emphasis on decentralized applications, permissionless networks, AI, and makes extensive use of blockchain-based technologies.
Bitcoin, Ethereum, NFTs, DAOs, and DeFi, are all part of Web3.
5/
How is blockchain evolving?
1st Generation: Blockchain and cryptocurrencies ran on Bitcoin.
2nd Generation: Smart contracts and general computation on Ethereum.
3rd Generation: Scaling and interoperability on Cardano, Solana, Polygon, and other protocols.
How is blockchain evolving?
1st Generation: Blockchain and cryptocurrencies ran on Bitcoin.
2nd Generation: Smart contracts and general computation on Ethereum.
3rd Generation: Scaling and interoperability on Cardano, Solana, Polygon, and other protocols.
6/
What's the difference between public and private blockchains?
Public:
-Use crypto to transact with them
-Transactions are public
-Accessible to anyone
Private:
-More control over access
-Transactions only visible to select participants
-DIY participant onboarding
What's the difference between public and private blockchains?
Public:
-Use crypto to transact with them
-Transactions are public
-Accessible to anyone
Private:
-More control over access
-Transactions only visible to select participants
-DIY participant onboarding
7/
What's a White paper?
"Many projects and protocols...commence life as a white paper, where it is presented in a similar manner to a scientific paper...It's usually used to generate interest in the protocol or application...prior to fundraising via a token sale."
What's a White paper?
"Many projects and protocols...commence life as a white paper, where it is presented in a similar manner to a scientific paper...It's usually used to generate interest in the protocol or application...prior to fundraising via a token sale."
8/
What's a token?
"A token could represent shares in a company you've created, fractional ownership of a sports season ticket with your friends, or even your own monetary system...you can pretty much represent anything as a token and easily assign ownership of it."
What's a token?
"A token could represent shares in a company you've created, fractional ownership of a sports season ticket with your friends, or even your own monetary system...you can pretty much represent anything as a token and easily assign ownership of it."
9/
What's an ICO?
"An initial coin offering or ICO where investors invest in a token offered by a prospective project in order to bootstrap a new network or company."
What's an ICO?
"An initial coin offering or ICO where investors invest in a token offered by a prospective project in order to bootstrap a new network or company."
10/
What's a Smart contract?
"A smart contract is a computer code that you write and can run on top of a blockchain network. Being able to execute arbitrary computer code across massively decentralized distributed computers is one of the key innovations..."
What's a Smart contract?
"A smart contract is a computer code that you write and can run on top of a blockchain network. Being able to execute arbitrary computer code across massively decentralized distributed computers is one of the key innovations..."
11/
What's a DAO (decentralized autonomous organization)?
"These applications live by the code that was written in the smart contract in which they were created...no individual or organization controls the DAO. It is controlled solely by its token holders."
What's a DAO (decentralized autonomous organization)?
"These applications live by the code that was written in the smart contract in which they were created...no individual or organization controls the DAO. It is controlled solely by its token holders."
12/
Myth: Cryptocurrencies support criminals
Truth: In 2020 the criminal share of all cryptocurrency activity was only 0.34% (or about $10 billion). Meanwhile it's estimated that the criminal share of fiat money is 2-5% (or about $1.6 - $4 trillion).
Myth: Cryptocurrencies support criminals
Truth: In 2020 the criminal share of all cryptocurrency activity was only 0.34% (or about $10 billion). Meanwhile it's estimated that the criminal share of fiat money is 2-5% (or about $1.6 - $4 trillion).
And if you enjoyed this thread do me a favor and retweet the first tweet!
Loading suggestions...