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DAOs: The Modern Future of Social Coordination
DAOs or decentralized autonomous organizations have become one of the most powerful and widespread applications of distributed ledger technologies.
Being an innovation based on #blockchain, #DAOs are transparent, auditable smart contracts intended for the purpose of coordinating groups of individuals, with a vested interest, in making governance decisions on a unified subject matter.
Typically consisting of parameters relating to proposing, voting, and implementing structural changes to an application’s codebase or operational system, DAOs can be built around any arbitrary purpose.
They are vehicles for the dissemination of power and the coordination of a distributed group of people around a common interest.
DAOs redefine the model of arriving at social consensus. Traditionally group structures existed in a hierarchical “master-slave” model where a central organizer(s) was tasked with execution and demanded to be trusted.
DAOs supersede the traditional model by providing three key functional benefits:
1) Displace hierarchical structures with horizontal ones.
This is where the D in DAO comes in. Power over organizations is no longer centralized, rather, it is proportionately distributed amongst all participating members. This minimization of reliance on a single entity results in a more efficient flow of processes and strengthens the relationship between involved parties. *It’s crucial to note that there is still some element of centralization risk present in DAOs, namely in the form of developer/deployer key controls.
2) Equal opportunity for access
By removing arbitrary hurdles of involvement present in legacy organizations (no government approval or degree required), DAOs create a more inclusive, equitable playing field for talent to be attracted to. While capital does play a role in power accrual, some models of governance reward activity over assets, allowing for less financially equipped people to earn their stake in an organization.
3) Value/Capital allocation
As an organization, a DAO must have something of value over which to govern. That is why, nearly every DAO will have a treasury (multisig wallet) that belongs to its community. With a hard-coded set of rules revolving around its utilization/management, individuals can influence how/what those funds are used for. This is evolutionary in terms of the depth of stakeholder involvement. Think about this from the standpoint of something like Apple. Shareholders may be entitled to owning a portion of the company and some of its earnings, but they have no say in how Apple uses its war chest of money. *There can be arguments made from both sides whether it is good or bad, but the point here is that with a DAO it is at least possible.
Different Types of DAOs:
DAOs can be seen as modern-day business structures in cyberspace (the internet). Whereas in the real world, a business can be set up as an LLC or INC; in cyberspace, businesses are set up as DAOs.
But the need for coordinating people spans far beyond just business.
#Venture DAOs
Also called #investment DAOs, these organizations pool capital from their members and act as pseudo-asset managers. Intuitively perfect for this function due to the inherent transparency of blockchain, as of April 2023, Venture DAOs alone are holding north of $3 Billion USD in their treasuries (not including the value of deployed capital).
Examples of Investment DAOs: BitDAO
Protocol DAOs
This is the most widespread model for DAO governance. Used by nearly every relevant #DEFI project, protocol DAOs exist as the backbone systems of decentralizing the ownership of software applications.
Examples of Protocol DAOs: Compound, UniSwap, MakerDAO
Service DAOs
A mixture of talent agencies and freelance platforms, service DAOs exist for the purpose of finding providers skilled in their crafts and then connecting them with those in need of such services. Think of service DAOs as job marketplaces. Although, services can extend to unique on-chain functions such as smart contract audits.
Examples of Service DAOs: TalentDAO, RooTroop, WGMI, DeveloperDAO, MetaVerse
Collector DAOs
Arriving on the scene after the rise of #NFTs, collector DAOs are exactly what they sound like. Organizations that aggregate funds from their community members to purchase valuable on-chain objects. Those objects are then deposited into a vault owned by the DAO and in turn, provide exposure to its members.
Examples of Collector DAOs: SharkDAO, Pleasr
Grant DAOs
GrantDAOs are for virtuous empowerment. Funds are drawn together and community members allocate the money for causes relating to helping bootstrap promising projects. This is a nuanced model that accrues its own value vicariously by carefully fostering innovation towards protocols that it is itself involved in.
Examples of Grant DAOs: GitCoin, MetaCartel
Media/Entertainment DAOs
Everything from gaming and video streaming to art IP and advertisement networks this structure of DAOs is geared for creativity and content creation.
Examples of Media DAOs: Bankless, RugDAO, JoySteam, StudioDao
Social DAOs
Popular model of organization for minimally financial causes, social DAOs are focused on the inclusivity of as wide an audience as possible, basically a glorified social media platform. Building one can be made possible through the use of traditional Web 2 social platforms and a multi-sig wallet with a few ETH.
Examples of Social DAOs: Friends With Benefits DAO
OS — Operating Systems
Operating systems are purpose-built protocols that enable other organizations with tooling to deploy their own DAOs. In order to uphold their integrity, these operating systems are also structured and run as DAOs.
Examples of DAO Operating Systems: Aragon, Colony, DAOstack, DAOhause, Tally, XDAO
DAO Governance Models:
Whenever a DAO is set up there must be some way to specify membership and inclusion; this is generally done through one of two ways: tokenization and/or contribution.
At the heart of a DAO exists its token. Commonly associated as being units of account and instruments of value/influence; in the case of DAOs, tokens represent proportional shares of the right to participate in voting.
However, organizations are well aware of the possible capital constraints that can exclude promising members from joining on the merits of being able to acquire tokens alone. Therefore, incentive system rewards for active participation have become a popular tool for token emission, allowing people without money a chance to earn their way into a DAO through their efforts.
Once tokens are acquired and users can participate in a DAO, there are three general models for their involvement:
Automatic/Direct
This is the most desirable form of governance as it involves all users independently, directly participating in all activities. Once a consensus threshold level is reached, the smart contract will automatically execute the specifications without the need for a single authority to intervene.
Delegated
A model that has long been utilized for consensus mechanisms in distributed systems, delegation is something vaguely similar to a representative democracy. Here, community members offload their responsibilities to other community members and trust them to make decisions on their behalf. Important note, tokens are not given to other members, only their weight equivalent in influence.
Multisig/Treasury
A model that slightly goes outside of the natural executional automata of smart contracts, multisig governance refers to the allocation of funds into the hands of the most financially apt and trusted participants of the community that reveal their identities publicly. So even if there are 10,000 voters passing a vote, they will not be able to influence the treasury without the involvement of the multisig entities. The main reasoning behind this formulation is to deter malicious anonymous entities from subverting the system for financial gains and the minimization of inadequate voting on behalf of the community. (If a DAO control $100 million USD and some proposal garners 6,000 of 10,000 votes to spend $90 million USD on minting random NFTs, it would be best if a smaller patch of clear-minded participants never execute on that.)
Legal Implications of DAO’s
Being products of geo-neutral #software systems, many assume that DAOs are not subject to the same regulatory frameworks as traditional businesses. That has not been completely the case.
Government organizations, namely the CFTC, have actually transferred the burden of legal implications onto the shoulders of the token holders and the developers possessing the private keys for conducting upgrades (example with bZx & Ooki). It is still unclear as to how things will pan out, but as it stands, decentralized autonomous organizations are slowly materializing into hybrid traditional organizations. Some authorities around the world have begun to acknowledge DAOs as real-world entities by providing legal frameworks to recognize DAOs as equivalent to LLCs.
In any case, the future will be digitized, we can sit in uncertainty trying to figure out how the legal system may integrate with DAOs, or we can understand these systems better and do something awesome with them and then have governments catch up to us retroactively.
Let's opt for the latter.
Closing thoughts
From the very first iteration of the “The DAO” which raised >$150 million USD and caused the infamous hard fork split of #Ethereum in 2016, to today's recognition by nation-states as legitimate entities, the landscape of DAO is quickly evolving.
AI technologies have captured to fantasies of mankind, and their applications have found direct, meaningful ways to integrate with blockchain. Delphi Labs has put out a whitepaper in which it sees the synthesis of DAOs with AI (called BORGs) to advance upon the shortcoming in the Autonomy portion of existing DAOs by introducing artificial agents.
There is no doubt in my mind that DAOs as a sector/metric for the representation of growth in the digital economy will continue to flourish and empower people around the world with the freedom to pursue radical new ideas.
Stay interested. Stay involved. There is a renaissance taking place, and everybody who can rise above the noise of negativity is invited to participate.
We are no longer at the beginning, but damn, we are still so early.
See you all on the other side 🥂
DAOs: The Modern Future of Social CoordinationDAOs or decentralized autonomous organizations have become one of the most powerful and widespread applications of distributed ledger technologies.
Being an innovation based on #blockchain, #DAOs are transparent, auditable smart contracts intended for the purpose of coordinating groups of individuals, with a vested interest, in making governance decisions on a unified subject matter.
MEV: The Art of On-Chain Extortion
tl,dr
- MEV stands for Miner/Maximum Extractable Value
- It is a subtle form of extortion that steals money from end users
- Miner/Block producers are the only users with the power of MEV
Empowering people around the world with the freedom of transaction, blockchain technology has brought a radical new model of economic activity to the forefront.
From boardless, censorship-resistant P2P payments to autonomous exchanges to permissionless lending protocols; a slew of incredible innovations have created a promised land and a wealth of opportunities for all!
Or so they told us.
Seduced by the promises of a truly fair economic ecosystem, individuals and organizations from every corner of the globe flocked to experiment with #cryptocurrency and claim their financial freedom.
Not long after struggling to deal with the clunky interfaces of siloed networks, egregious gas fees, and barrages of transaction failures, end users began to feel notably poorer with the #decentralized infrastructure in their lives and ultimately fled.
Certainly, the cyclical nature of the industry drove interest in and out with its incredible #financial gains; however, beneath the surface of user activity, there was something more insidious taking place. Players with an asymmetric informational advantage were manipulating the #technology and stealing the opportunities from users right under their noses.
As an open, distributed cloud network, blockchain technology works through a hybrid competitive/cooperative mechanism where nodes such as miners (in POW) or block producers (in POS) package transactions into blocks, submit those blocks to other nodes, and propagate the blocks throughout the network, appending them to the top of the chain. In return for providing these computationally intensive services, nodes are incentivized through token emissions, transaction fees, or a combination of both. This model of earning is cycle neutral, whether bull or bear, if a transaction is broadcast nodes earn for their service.
Initially, network participants were just happy to be contributing to the developing digital economy and earning for doing so…
However, as is the case with any other verticle of great profit, less-than-honest players arrive on the scene and began milking non-technical users for everything they had.
Hello MEV
MEV or Maximimal Extractable Value is the practice of organizing transactions to prioritize including the ones that will earn the most for the miner/block producer, even if it means creating such a transaction and withholding all the others.
In a utopian fair economy, transactions would be processed based on their chronological order, first in, first out.
However, market forces for public goods (such as transactional freedom) demand incentive structures. In the case of #blockchain, these market forces are primarily denominated in fees. Whenever a user submits a transaction on-chain they must pay a fee for doing so. The amount they pay results in the speed with which their transaction is executed. The more you pay, the higher the likelihood that your transaction is confirmed quickly.
As a chain gains users/applications, the amount of constant activity begins to bloat the network with transactions, in turn forcing the participants to increase their fee bids in order to operate normally. If a user bids too low, their transaction can indefinitely be suspended in a mem-pool until fees come down (if they ever do!)
Given that most of the applications built on these chains typically have some kind of financial value attached to them, fee markets can form and permanently force inflated costs to utilize the network. Resulting in an ousting of users with smaller-value transactions.
This is just the most basic form of MEV, which I refer to as “transactional fees”. This one is the least detrimental as it does create operational friction, but it does not steal.
The devious #MEV, that squeezes value out of its users exists in other forms.
What forms of MEV exist?
Generally speaking, there are five core variations of MEV based on their touchpoints:
1) #FrontRunning — #DEXs
2) #Arbitrage — DEXs
3) #Liquidations — Lending/Borrowing
4) Transactional Fees— transaction throughput (discussed above)
5) Generalized — repurposing transactions
Let's review these from empirical observations:
Frontrunning
The act of replacing another transaction with your own.
Imagine you want to trade 1 #ETH for #LINK tokens. You go to a DEX (such as UniSwap) and get a price quote of 250 LINK for 1 ETH. You are OK with that rate and execute the trade with 0.001 ETH as a gas fee. Some frontrunning bot sees your bid, thinks the rate is way too good, and wants that trade for itself. It would copy your transaction, submit that transaction from its own wallet and just pay 0.002 ETH as the gas price. Effectively taking your trade, making your transaction fail because that price rate is no longer available for your trade, and forcing you to try making the trade again at a higher price. You don't know why/who/what happened, but because you were already set on the trade, you oblige. Putting in the same 1 ETH trade size again, the DEX is only able to offer you 246 LINK tokens. Upset but not totally discouraged you accept the trade and pay the 0.001 ETH as gas again… Guess who’s watching!
That damn bot comes right back, sees your persistence in making that trade, and does the same thing again! Once more you get a notification in the #UniSwap dashboard that your transaction has failed due to insufficient gas fees. Now with the wrath of god, you are hell-bent on completing this damn trade! You enter the 1 ETH, get offered only 242 LINK tokens, think it's still worthwhile, enter the trade, but now provide 0.002 ETH as the gas fees to secure the trade. But it ain’t over! Our beloved bot comes galloping in, sees your trade, realizes that you have raised your gas, and decides to recoup its last trade by allowing your trade to execute, pushing up the LINK/ETH price to 238 tokens, and then sells 238 LINK back to the market.
* Quick recap, the bot acquired 250 LINK tokens for 1 ETH, then 246 LINK for 1 ETH, and just sold 238 LINK tokens for 1 ETH. As a result, its currently pocketed 8 LINK tokens (minus gas) and has a 250 LINK position that is up 3% If it sells through the current spot price to recoup its 1ETH, it would need to sell ~244 tokens. Finally giving it an operational profit of ~14 LINK tokens (minus gas fees).
Arbitrage
Taking advantage of price discrepancies.
Another trade-related scenario. This time with a little less pain to the end user. Arbitraging is an actual job. People find market inefficiencies and profit by stabilizing them, pocketing the spread in price (minus gas fees).
If 1inch exchange has a trade rate of 1 ETH to 500 UNI tokens but Matcha has a trade rate of 1 ETH to 510 UNI tokens. Then an arbitrageur might want to step in, buy the #UNI tokens on Matcha, driving the trade rate to 1:503, and then sell them on 1inch driving the trade rate to match Matcha. As a result of its operations, the arbitrageur should be able to keep 4 UNI tokens (minus gas fees) as profits.
Not so fast. As soon as that arbitrageur broadcasts his operational intention, here comes an arbitrage bot! Seeing the potential for profit in this scenario, the arb bot would pluck that transaction, duplicate the logic and submit its own transaction with a higher gas fee; rendering the manual arbitrageurs obsolete.
Liquidations
Forcing more pain into an already painful situation.
There are two vectors for MEV extraction in liquidation scenarios.
The first scenario is replacing the liquidators themselves. Let's use AAVE as an example platform. User A has deposited 5 ETH at $4,000 for a $10,000 #USDT loan. Whenever the price of ETH plummeted below $2,100, their position was automatically liquidated to pay back the lender. Liquidation bots can monitor these events and at the exact moment of liquidation being engaged, they step in to conduct the liquidation, collecting the fee for doing so.
The second scenario is the liquidation premium that borrowers have to pay for violating their agreement. In addition to collecting to the fee for providing the service a liquidation bot would also collect the surcharge fee from the borrower's side.
Transactional Fees
Prioritizing pricier transactions.
Already mentioned earlier, this is the foundational form of MEV. Here users are subjected to floating prices of gas fees. Wealthier users that have more capital to expend for speed and security guarantees end up pushing out less funded users and ultimately don’t give them a fair chance to content on the same opportunities.
Say User A has $100,000 and User B has $5,000. Both of them see an arbitrage opportunity worth $1,000. If they both submit their transactions at the same time, but User A is willing to pay $900 in gas fees while User B is only willing to pay $750, then the playing field is not “fair”. Over the long term, this would result in the better-funded user taking advantage of all such opportunities, capturing all of the potential profits (even at tighter margins), and denying the smaller user any hope of growing their portfolio.
Generalized
Perpetually denying backlogged transactions.
This is a more advanced version of the transactional fee in the sense that they have no set purpose or discrimination of transactional activity. They serve the single purpose of denying all other users any opportunity for profit.
Even if a user decides that they are willing to wait for a transaction to go through by submitting it to the mempool, they are ultimately subjected to the same concept as the transactional fee. Where MEV bots scan all logged activity and always replace them with their own.
Is MEV good or bad?
Depends who’s asking.
It is both good and bad… Good for miners/block producers, as well as, long-term chain security and price accuracy. Bad for end users.
On one hand, MEV does incentivize economic coherence. By incessantly monitoring prices, arbitration bots tighten price spreads and minimize discrepancies, ultimately providing more accurate, consistent prices. Additionally, high network fees translate to higher security guarantees. Given that more profits are made potentially available, more machines get involved in the computation processes, decentralizing the network. Higher decentralization tends to correlate with higher participant contribution to keep the mining/validating nodes online at all times, increasing security.
On the other hand, these forces are destructive to the end users. These tight operations confine the potential user bases to wealthy individuals and exclude the vast majority of the population. Not to mention that they take advantage of the less funded, less knowledgeable participants and without remorse rob them blindly.
As the technology evolves and more people become aware of the full scope of impact that MEV has on the greater industry, this “opportunity” will likely dwindle away.
One solution that has already been proposed to solve the MEV problem is #Chainlink’s FSS (Fair Sequencing Service) which works in a two-pronged way. First, it aggregates transactions off-chain into blocks and published them in chronological order. Second, it encrypts the data on-chain to protect it from being revealed to miners/block producers until after they include the transaction. It intends on making this activity provably fair through the use of a smart contract for this function rather than individual nodes. (Section 5 of the Chainlink 2.0)
At this time there is only one thing that we as users can really do if we want to keep using cryptocurrency. Minimize on-chain interaction.
I hope this was able to shine some light on the inner workings of the less-than-transparent MEV operations.
Thank you so much for reading.
May this serve you well and protect you from needlessly paying fees.
Live long and prosper 🥂
Here are some extra resources if you want to dive deeper into understanding the dark art of MEV:
— Flash Boys 2.0 (This one is a must-read)
MEV: The Art of On-Chain Extortion
tl,dr
- MEV stands for Miner/Maximum Extractable Value
- It is a subtle form of extortion that steals money from end users
- Miner/Block producers are the only users with the power of MEVEmpowering people around the world with the freedom of transaction, blockchain technology has brought a radical new model of economic activity to the forefront....
Blockchain: Layers 0–3
The 4 Layers of #Crypto Networks
Blockchains are like Onions, they have layers
- Shrek on distributed ledger technologies
Odds are that if you are alive in the 21 century, you have heard the term #blockchain at least once. It is the magic pixie dust that powers distributed ledgers and imbues #cryptocurrencies such as Bitcoin and Ethereum with “trust”.
Since its arrival in the public domain, some 14 years ago, this nascent technology has undergone countless iterations and become the colloquial backbone of the digital economy.
Throughout its evolution, hundreds, if not thousands, of different versions of blockchains have arrived on the marketplace all claiming to be different and promising to solve some kind of existential problem. Regardless of the variance in their designs or marketing tactics, at the highest level, the overarching purpose of all blockchain technology can be boiled down to the distribution and securitization of information under a ridged data structure.
Given the hyperbolic rate of innovation taking place in the sector, it becomes difficult to understand what exactly they are providing and distinguish them from one another.
Ultimately, one of the most effective methods used in the industry today for classifying/categorizing them is according to the four-layer framework based on the function of their implementation.
Layer 0 — (L0) — The infrastructure.
This is the foundation upon which distributed computation takes place.
A helpful way to think about layer 0, is to think about traditional internet protocols. Hardware and networking reside on this layer.
In order for a blockchain to operate there must be equipment that hosts software to interact with circuit boards that are fed binary code in order to configure their transmission, connectivity, and other base functionality.
Just like phones require radio frequency waves to actually capture signals and connect to one another, Blockchains need some kind of medium through which they send their messages. For older-generation networks such as Bitcoin, the traditional internet protocol TCP/IP catalyzes this. This has been necessary but sub-optimal as there is a dependency on centralized ISPs (Internet Service Providers).
Moreover, blockchains (up until recently) have not been compatible. They have been siloed systems that do not have a standard for communicating with each other. Recent innovations such as IBC (Inter-Blockchain-Communication) provided by the Cosmos network, have begun to slowly disintermediate ISPs by allowing blockchains to send messages between themselves.
Tl,dr: elements beyond just data structure, hardware and networking.
Examples of Layer 0: #Cosmos, Polkadot, Avalanche
Layer 1 — (L1) — Independent Core Functionality
Synonymous with architecture, security, decentralization, and ownership; Layer 1 refers to the core tenets of how a distributed ledger is implemented.
Sometimes referred to as the “implementation layer” Layer 1 pertains to the fundamental operations of an individual distributed ledger.
Designed to provide guarantees of immutability, Layer 1 includes all of the unique elements of a blockchain such as block time, programming language, client software, and consensus mechanism.
Given that security is the main driving force here, layer 1 is considered to be the settlement layer for transactions, much of the narrative of trust in #decentralized systems comes from this layer.
Constrained by the physical bounds of computation (i.e. bandwidth) L1 suffers from diminishing operational efficiencies alongside increased adoption (as more users join the network, it becomes slower).
Tl,dr: a blockchain network’s basic functionality.
Examples of Layer 1: #Bitcoin, #Ethereum, #Solana
Layer 2 — (L2) — The Scalability
Secure computation is expensive and confined within a tight range of processes, that is where the entire reason for being for Layer 2 comes in, to increase the efficiencies of its underlying Layer 1.
Inheriting the primitives and security guarantees from their mother chain; Layer 2s move the vast majority of computation off the main layer and periodically push attestations of their activity back to the base chain. That is why some decentralization maximalists refer to L2s as “off-chain” activity.
Once the boundaries/maximal capabilities/threshold of layer one were realized, innovation at this layer began to blossom. Resulting in many interesting technological solutions such as sidechains, state channels, rollups, and sharding being developed.
Sidechains are exactly what they sound like, a chain that runs in parallel to another chain. Many similarities to an L1 in the sense that they are open ledgers with a sequenced list of transactional blocks that provide some kind of guarantees, sidechains differ primarily in their consensus models. Layer 1 consensus models are optimized for security and decentralization whereas layer 2 sidechain consensus models are optimized for throughput; thus making them more centralized.
State channels are secure communication pipelines. Employed through a bi-directional multi-signature structure, this technology is not as transparent as the other alternatives and does not have a consensus model for miner/transaction validation. Instead, all of the activity that takes place on a state channel happens privately between the channel’s service providers. Closer to being considered almost fully off-chain.
Rollups are far more complex than the prior two to explain, but at the highest level, rollups are somewhere between an L1 and L2. Nested on the main layer rollups keep transactional data secure within the original environment. However, the processing of transactional data happens off-chain.
A Layer 1 can have many different Layer 2’s deployed to it.
A high-level way of thinking about this technical topology is federations, smaller states within a nation. If you live in America, you can choose which state you prefer. Every state will have its own specific laws and ideologies but all states will share basic human laws under the umbrella of the federal government.
Tl,dr: an extension of a blockchain’s operational functionality and capacity.
Examples of Layer 2: Lightning Network, Polygon, Optimism, Arbitrum
Layer 3 — (L3)— The Applications
Perhaps the most intuitive of all the layers, end-user functionality exists on layer 3.
Tasked with abstracting away the technical complexity of blockchain technologies, L3 is where DAPPs and user-facing protocols are hosted.
This is where the digital world of binary code and smart contracts finds its real-world applicability. Interaction with this layer involves a GUI (graphic user interface) for utilizing the broad range of trusted encrypted software tooling such as proving liquidity, trading, making payments, and staking among other things.
Tl,dr: Tokens, #wallets, DEXs, #NFTs and everything in between.
Examples of Layer 3: AAVE, Uniswap, Compound, OpenSea, Metamask
This should now give you a concrete understanding of what the term “Layers” means in the general context of crypto and blockchain.
There does exist another conversation around blockchain layers that pertains to the low-level structure of the technology itself. If you are interested in finding out how blockchain architecture is structured I provided an introductory framework called: “The 5 Layers of Technology in Blockchain Crypto Networks”.
It's been an absolute pleasure going over this!
I hope you find this helpful on your journey through the blockchain 😁
Thank you for reading!
See you all on the other side 🥂
Blockchain: Layers 0–3
The 4 Layers of #Crypto Networks
Blockchains are like Onions, they have layers
- Shrek on distributed ledger technologiesOdds are that if you are alive in the 21 century, you have heard the term #blockchain at least once. It is the magic pixie dust that powers distributed ledgers and imbues #cryptocurrencies such as Bitcoin and Ethereum with “trust”.Lay...
The 5 Layers of Technology in Blockchain Crypto Networks
Some Clarification before we dive in,
This is a rudimentary explanation that will give you a basic framework to understand how all #blockchains are technologically structured.
At its core, a crypto network is a distributed cloud server that uses a token for accounting in an append-only ledger.
This may break some people’s hearts, but a #blockchain is just a glorified accounting system and crypto is an application of it. It is definitely a technological breakthrough in terms of the systems that preceded it, but all of the magic behind blockchain is in what is called “triple-entry-accounting”. The terminology is a bit misleading as there is no actual “third entry” taking place; it is automating the process and removing the possibility of errors happening in bookkeeping.
Theoretically, there are a million different ways to build a #crypto network.
Regardless of the architectural specifications; every network will/must have these 5 layers within its design in order to qualify as a true DLT/blockchain:
1️⃣ Hardware
The physical infrastructure that is required to host client software, store the ledger, provide computation, and geologically distribute the network.
These are the nodes on the network, ranging from something as simple as a phone that is running a lite client in the form of a wallet to something as sophisticated as a mining rig with dedicated ASIC machinery.
Hardware is a critical point for the decentralization and security of any network. The more individual nodes that can connect, the more decentralized the network can become.
The quality of the equipment on which a network runs will have correlations with the security of the network. Some networks are extremely computationally demanding (such as Bitcoin) and require enterprise-grade equipment in order to
really participate (mine); however, this high standard brings extremely high security.
2️⃣ Networking
Nodes on a network need to have some way of communicating information between each other.
Peer-to-peer or server-client interaction; there are two general models of communication in DLTs, Broadcasting & Gossiping.
Broadcasting is when the leader/proposing node sends has to send a message to every other node on the network. This requires extreme bandwidth capacity in order to dispense enough messages, in a proper time frame, to a large number of participants. Slower due to the need for messages to travel large distances and has a higher chance of message failure.
Gossiping is the more popular alternative due to its speed of informational propagation. Here, the leader/proposing node sends messages to its closest peers that then relay that information to their closest peers and so on until every node has a copy of the information.
3️⃣ Consensus
This is the special sauce that makes any distributed network work.
Consensus is the protocol that imbues all the philosophical qualities of a distributed system into its operations. This layer coordinates participating nodes and gives them a “rule book” on how to act.
In order for the logic to be orderly, accurate, resilient to manipulation, and trustworthy some kind of a Byzantine fault-tolerant mechanism must be present to provide state guarantees. Then there must be a Sybil mechanism to deter flooding the network with spam. Of course, in the case of a crypto system, there must also be a proper incentivization structure in place, carved from a sound foundation of game theory to protect itself from being hijacked by bad actors.
POW, POS, PoET, POA, Tendermint and countless other mechanisms can be found on the market today.
4️⃣ Data
Raw information about the chain’s status and activity. Digital signatures, hashing, transactions, Merkle trees & any other functions that may be necessary to accurately record entropy.
The very essence of the blockchain’s innovation has been its radical alteration of data structure. The fact that information can
only be appended makes blockchains infinitely expanding. The data layer begins at the genesis block and grows forever alongside all the network activity that takes place, batching transaction data into new blocks, adding headers, signing blocks, and linking them all together.
* an element that rarely gets noted, is that the ability to search for data after it has been published on-chain is part of this layer’s functionality.
5️⃣ Application
Sometimes colloquially referred to as the presentation layer, this is the interface for user-side interactions. Blockchains themselves are the back-end, data storage systems, this layer begins to teeter off into the front end as UX/UI.
Think all smart contracts, APIs, and the chaincode.
The killer application here is the actual coin/token of the network. Assuming the tokenomics are designed properly, it is relevant to just about any and every other application that will be built.
Other applications include:
- Wallets (Metamask, Phantom, TronLink)
- Social Media (MASK, Lens, Nostr)
- Browsers (Brave, Tangled, Opera)
- #DEFI (Uniswap, dydx, Compound, aave & many more)
- #NFT platforms (Opensea, MagicEden, Blur)
What we just covered here is the low-level network architecture, 5 layers of technologies that must be interwoven to create a DLT/blockchain
There is actually a second high-level conversation around the Layers of blockchain technology that relates more to the distinguishing of roles. You might have heard [ layer 0,1,2,3 ] terminology regarding how the blockchain operates in relation to other blockchains. I will be doing a follow-up on “Blockchain: Layers 0–3” tomorrow!
As always,
I hope this serves you well on your journey,
Thank you for reading!
See you all on the other side 🥂
The 5 Layers of Technology in Blockchain Crypto Networks
Some Clarification before we dive in,
This is a rudimentary explanation that will give you a basic framework to understand how all #blockchains are technologically structured.At its core, a crypto network is a distributed cloud server that uses a token for accounting in an append-only ledger.
Welcome to the Verified Galaxy!
ExoWorlds is a Sci-Fi NFT blockchain MMORPG built on the VeChainThor Blockchain. Evolve your civilization and join the stars in a Galactic P2E Metaverse. Join the Galactic Senate, establish planetary alliances, join Factions, create super-luminal trade routes, compete with and challenge other planets! Explore the Verified Galaxy!
ExoWorlds are a collection of 10,000 unique and procedurally generated Planet NFT’s that give owners the rights to participate in the next big Metaverse blockchain game on VeChainThor.
A Galactic Metaverse on VeChain
-Play to Earn Game Model
-Strategy MMORPG on Unreal 5
-World Building with a Civilization Engine
-A Diverse Set Of Home-Worlds
-Interstellar Political Alliances
-Technology, Resources and Assets
-Galactic Factions and Senate
-PVP and PVE Interactions
-P2P Economy and Marketplaces
Welcome to the Verified Galaxy!
ExoWorlds is a Sci-Fi NFT blockchain MMORPG built on the VeChainThor Blockchain. Evolve your civilization and join the stars in a Galactic P2E Metaverse. Join the Galactic Senate, establish planetary alliances, join Factions, create super-luminal trade routes, compete with and challenge other planets! Explore the Verified Galaxy!
ExoWorlds are a collection of 10,000 unique and procedurally generated Planet NFT’s that give owners the rights to participate in the next big Metaverse blockchain game on VeChainThor....
Whenever the topics of security & decentralization around blockchain come up, the discussion tends to fall into one of two camps, consensus mechanisms or node hardware.
Certainly, these are both valid & important points to address, however, there is another vector that is hidden from plain sight.
That is the node client.
What is a Client
In the context of blockchain/DLTs, a client is a piece of software that connects a node to the network & allows its user to read/write information to/from the blockchain. So, a miner would need to install a software client on their hardware device in order to join & participate in the network.
Blockchain = Server
Node = hardware w/ client
Client = software
Clients provide key network operational functionality including: an execution environment for processing transactions, storage of transactional data, P2P networking tools, and APIs for interfacing with the network directly.
Every blockchain must have its own client software that complies with the protocol/consensus rules of that specific chain. Ethereum clients do not work in Bitcoin & a #Bitcoin client does not work on #Solana.
Each client will vary based on the language that it is written in & their own unique operational specifications (some might be focused on memory optimization while others focus on performance optimization through consensus modularity for launching side-chain).
Types of Clients
Generally speaking, clients are categorized by their node application type. Typically, there are four (3 + 1) types of node clients for a blockchain; full nodes, archival nodes, lite nodes & miner nodes.
Full Nodes/Clients:
The most common type of node on a network that contributes to network security/consensus & stores the most recent state of the chain. They act as the main carriers of information that validate blocks, verify transactions & serve data to other nodes. These node types do not provide any incentive for being operated but do act as a means of direct connection to a chain.
Archival Nodes/Clients:
The most demanding, in terms of memory, of all node types, archival nodes store the entire history of a blockchain. In order to run an archival node, an immense amount of storage space is required; therefore, these are rarely, if ever, run by individuals. Once a chain reaches a certain stage, server farms or enterprise-grade clusters of machines are required. These nodes are for providing strong network security & data-rich services such as explorers or on-chain data analytics.
Lite Nodes/Clients:
Sometimes also called SPV (simplified payment verification) node, this version of clients only contain a tiny sliver of the state & only store data relevant to a specific set of information. Lite nodes connect to a full node in order to get access to on-chain data. A good example of a lite node is a wallet. Wallets only require information that is related to a certain account & have no desire/need to participate in network operations. These are clients for most of the basic user applications.
Miner Nodes/Clients(+1)
The reason this is a +1 is because this variation of a node client does not apply to all blockchains; it does not exist in staking networks & is only applicable to POW chains. As the name might suggest, miner nodes have a single function, to mine. These client types have evolved to become suited for single-purpose equipment such as ASICs in Bitcoin. Sometimes, this function meshes with full node operations, but the vast majority of the time it will be a separate function.
The Single Client Dilemma & Common Concerns
Whenever a blockchain network has only one client, it is a double-edged sword that can serve as a security issue. Of course, there are always multiple sides to any story, but the base truth is with only one implementation of the client protocol, a single bug/vulnerability/fault in that implementation can potentially compromise the entire network.
Question: What happens whenever/if ever there is a bug found in the client?
side 1: Then the whole network is at risk.
side 2: if all developer efforts are allocated into a single purpose, then the bug risk is lower to begin with.
Question: What happens if/whenever a hacker finds a vulnerability in a client?
side 1: Then the whole network & its participants are at risk.
side 2: … no comment…
Question: What if the client was designed in such a way that it keeps new developers out from joining & requires a strict set of specially trained developers?
side 1: This then creates a bottleneck that stifles innovation.
side 2: This then create higher quality special purpose developers.
MCA — Multi-Client Architecture
Multi-Client Architecture refers to a software design principle where there are multiple independent implementations of a client for a given blockchain protocol.
There are four prominent reasons that MCA improves the overall health & well-being of a #blockchain network:
Fault tolerance:
The risk of a single bug or vulnerability affecting the entire network is reduced. As an example, let’s take a network with 1,000 nodes and 4 clients. In the event that a single client malfunctions & takes down 25% of all the network nodes, the network will be able to operate uninterrupted. If there had only been that one corrupt client then the whole network would have halted.
Resilience against attacks:
With multiple independent implementations, an attacker would need to discover and exploit vulnerabilities in multiple implementations to have a significant impact on the network. The increased surface area of raw code & individual complexity that a hacker/bad actor would need to go through in order to break a network increases dramatically with each new client.
#Decentralization:
MCA reduces the overcast of any single client dominating the network because multiple clients have to abide by protocol consensus to agree on the state of the blockchain before any new transactions can be added.
Openness and transparency:
Multi-Client Architecture promotes openness and transparency by allowing anyone to contribute to the development of a client implementation. It minimizes the reliance & need to trust a single team to produce honest products. Instead, it increased competition between developer teams to drive adoption. Additionally, multiple parties working on the development of a blockchain protocol can in turn help prevent the development of hidden vulnerabilities or backdoors. (unless they are all corrupt & colluding against the public)
The current state of MCA in Crypto
The vast majority of projects only have one client version & rarely mention the introduction of any new ones (after all developing clients requires funding).
However, a few technology-focused OG projects such as #Ethereum, Polkadot & (recently in development) Solana, have taken this subject matter seriously & are leading the implementation of MCA.
Massive credit must be given to Ethereum for always having the most diverse set of client software. As of this writing, there are 4 major active implementations:
— Geth (~70.1% of all clients)
The most robust protocol client that allows users the flexibility to run any version of a node. Implementation of Ethereum in the GO programming language.
— Nethermind (~13.6% of all clients)
Implemented in the .NET programming language, Nethermind is a protocol execution client that optimizes operations for Full nodes.
— Erigon (~10.8% of all clients)
A fork of Geth client (also in the GO programming language) that is focused on maximizing the efficiency of storage for archive nodes.
— Besu (~5.5% of all clients)
Enterprise-focused client in the JAVA language. Created & open-sourced by the hyperledger foundation, Besu provides the extended modularity to swap out the consensus mechanisms for private implementations.
Ultimately there is no perfect solution.
I am personally very supportive of having a diverse set of clients but am very aware of the possibility that even with more clients available it is not guaranteed that they will attract enough attention to displace older, original clients that are already battle tested.
Thank you for reading;
I hope this serves you well on your journey through the blockchain.
See you all on the other side 🥂
Whenever the topics of security & decentralization around blockchain come up, the discussion tends to fall into one of two camps, consensus mechanisms or node hardware.
Certainly, these are both valid & important points to address, however, there is another vector that is hidden from plain sight.
That is the node client.
What do you think will be the biggest impact of web3 on our daily lives? Will it revolutionize the way we interact with each other and the world around us? #web3 #cryptocurrency #blockchain
What do you think will be the biggest impact of web3 on our daily lives? Will it revolutionize the way we interact with each other and the world around us? #web3 #cryptocurrency #blockchain
The 10 Token Crypto Portfolio
Preparation for the next Cycle
I had no idea that I was going to write this at all. Honestly, given all of the insanity going on in the macro landscape & inside the #crypto industry, it would be downright insane trying to build a portfolio now… right?
Well, after the sh*tshow with the FTX sandal, SVB collapsing on itself, FUD around stablecoins, & crypto twitter singing songs of a 2008 moment for the industry Crypto… people are starting to hate crypto.
Whenever people are terrified, angry, lost & confused; there is opportunity to be had. In the words of uncle Warren Buffet “Be fearful when others are greedy & be greedy when others are fearful”.
ITS PRIME TIME BABY.
Basics:
- These are in no particular order.
- These are the coins/tokens that I personally like & will be stacking, there are definitely more opportunities out there, I just know that staying focused will yield greater results than being scatterbrained & missing everything.
- Given how risky crypto is in general, I will DCA over the next 12–18 months.
- This is not finance advice.
“The godfather.”
→ Anticipated allocation: ~ 30%
Being the “oldest” of all digital assets #Bitcoin has time and time again proven its economic importance. The holy grail of decentralization & the most robust cryptocurrency of all, this is a staple of any serious long-term portfolio. One of my never-sells. The way I view BTC is one way; away from the tax-hungry hands of governments. While the return potential is lower than many altcoins, it is also the most risk-controlled asset of all.
This is a key component in how I’m balancing the allocations of my portfolio; all great wealth is composed of not only wealth generation, but also wealth retention. Controlled risk means higher predictability & higher predictability means greater potential for wealth retention. Plus, i’m ultra-bullish on Proof-Of-Work.
“The underdog.”
→ Anticipated allocation: ~ 25%
Given how strong the technology & the founders are, coupled with just some subliminal patterns that stand out to me, #SOL is the next ETH. I’m not talking about technologically, I'm talking about from a purely ROI perspective. Money aside, #Solana has a multitude of interesting elements underpinning it:
- their incredible ability to attract developers.
- flourishing #NFT ecosystem
- awesome work on light clients & vision of a mobile network (SMS)
- its monolithic blockchain architecture that creates strong ties between the coin & the network itself
- capital & technological efficiency (low fees & high throughput)
- strong interest from VC’s (which they get a lot of hate for)
“The internet of blockchains.”
→ Anticipated allocation: ~ 15%
Cosmos has done incredible work in positioning itself as a hub to connect #blockchains. Its IBC (Inter-Blockchain-Communication) protocol creates a very interesting opportunity to capture the velocity of activity that happens on independent chains. There are actually over >46 chains already connected to the Cosmos Hub → View them here ←, including some of the biggest names in the game: (Cronos, Kava, Osmosis, Injective, & Secret) What really attracts me to the cosmos solution is that it is not like a typical bridge; they utilize “Hubs” to provide connectivity. As more crypto projects arrive they will need interoperability; given the constant failure & hacks of bridges, odds are they will want something more secure & permanent. My bet is on #Cosmos.
“Better than Ethereum”
→ Anticipated allocation: ~ 10%
The very unique approach to interoperability & innate design of this project caught my attention. There are so many mind-boggling technological innovations happening here that it would be impossible to miss them. Anytime I see a novel Conesus mechanism, I immediately get intrigued because I understand the depth of effort that was put into the engineering. However, after looking into the Snowflake consensus mechanism I was blown away by the brilliance & extremely skeptical at first. If the promises & guarantees that AVAX might deliver to the world come to fruition, Avalanche could be better than any other smart contract platform.
First, the team behind it is world-class. They obviously know what they are doing & are always at the forefront attracting developers. (*I think they might be able to take some away from Ethereum). The level of decentralization with #AVAX is as good, if not better than, Bitcoin’s (by node count). Obviously, they use POS, so they can support ultra-fast finality (<2 seconds). The multi-leveled architecture claims “theoretically infinite” TPS via its subnets (still has to be shown, but I’m a believer.) Ultimately, this is a strict bet on the team & technology.
“The distance between IRL & Web3”
→ Anticipated allocation: ~ 7.5%
#Chainlink is one of the most important pieces for the construction of a true digital economy. #Blockchain’s are like remote island nations, each with its own currency, population & laws. They are not aware of what is going on outside of their own islands. There is plenty of data that is not native to a blockchain, such as price. Bitcoin does not know if #BTC is trading at 10k or 100k, all Bitcoin knows is that 1BTC=1BTC. As an oracle network, Chainlink brings external real-world data to the blockchain. In order to make any DEFI protocol or Dapp work, data must be fetched from somewhere. If somebody is building a decentralized exchange, that exchange needs to source prices & those prices will exist across many different providers. Chainlink’s oracles go to those providers & bring that data on-chain. As of this writing, there are over 1,700 projects using chainlink; that number will only grow over time.
“Smart Contracts on Bitcoin”
→ Anticipated allocation: ~ 2.5%
This is a project I have only recently started paying attention to after the impressive success of ordinals & the transition of ETH from POW to POS. This isn’t exactly a “pure” layer 2 on Bitcoin, Stacks is its own blockchain network that operates in tandem with the Bitcoin blockchain. However, this feels as though it is something vaguely similar of what Polygon or Optimism is to #Ethereum. While I WILL NOT deposit my bitcoin into the STX network, I do think there is a role for them to play in the greater ecosystem.
“On chain storage”
→ Anticipated allocation: ~ 2.5%
This is a play on decentralized data storage. There are a lot of other on-chain data storage solutions in the marketplace (Filecoin, Bit Torrent, Storj, Siacoin, and so on.); however, IMHO Arweave is one of the most promising long-term on-chain data storage projects on the market due to the following four reasons:
1) MarketCap is fair (~250m). In the event that decentralized data storage takes off as a sector, that would give it a lot of runway for potential ROI. (FYI, the Marketcap of AR is 10x lower than the current leader FIL)
2) The mission of the project is to destroy censorship; as a #decentralization maxi when I see something like this, I get all hyped up.
3) They have actually designed their own consensus mechanism called “proof-of-access”; that is able to provide better TPS (~5,000) & better pricing than many of its competitors
4) Has partnerships with some HUGE names: Meta (aka Facebook), Instagram, Metaplex & Mirror.
“oooh-oooh AHAH, Ape together strong”
→ Anticipated allocation: ~ 2.5%
Kind of a degen play on this one. I am not a holder of any ape NFTs & do not intend on becoming one. Nevertheless, I do believe in the concept of there being a need for a Web3 native token that will fuel the expansion of the creative on-chain economy & culture. Being heavily Web3-focused & having a very strong team of intelligent crypto natives on board, will give #APE a chance to compete in the big leagues. The secret sauce here might be that the #token’s utility is to support Web3 community building.
→ Anticipated allocation: ~ 2.5%
This is a pseudo-bet on the success of #Polkadot & Etheruem, as well as on Layer 2's. Moonbeam is a lesser talked-about project that has actually delivered some interesting developments for EVM compatibility from the Polkadot network. As a parachain on Polkadot, the project has a lot of incredible developer tooling available. Moonbeam has actually been touted as having the most advanced interoperability capabilities between the two networks. While I must be honest that I personally do not see much of a differentiator in terms of technology on this one, I do see a high potential return based on the tokenomics. With 50% of the token already in circulation & a marketcap of ~250m; in the event of a bull market, this token might be able to ride the best of all worlds.
“An Inverted Chainlink Mapping Big Data ”
→ Anticipated allocation: ~ 2.5%
I’m not a fan of the AI tokens, nor am I familiar with how to measure the actual value that can be monetized by big data in the blockchain ecosystem. However, GRT kinda-sorta exists at the intersection of the two fields & is one of the most fascinating projects that has crossed my sights while doing research on the space. Referred to as an indexing protocol, the Graph allows for querying data from blockchains; which feels almost like a reversed Chainlink. Chainlink brings data from the outside in, The Graph indexes data in such a way that it reduces developer costs for getting blockchain data out. Fancy technical talk aside, the biggest reason that GRT made it to my list is that, since inception, they have gone through one hell of an intense token emission. Now with >83% of the token in circulation, the sell pressure from new tokens coming onto the market will be lower than before. (I hope 🤞🤣🤞)
These are all core to the portfolio, they will not be traded. I enter via DCA & I leave once (except BTC). It is possible as the cycle progresses that things will change, if they do, I will do a part two.
I did not mention any of the shitcoin/tokens that might be of interest for margin trading because as I have learned the hard way, investing makes money & margin trading kills it.
Stay patient friends.
Thank you for reading!
May your bags always be full & overflowing 💰
See you all on the other side 🥂
The 10 Token Crypto Portfolio
Preparation for the next Cycle
I had no idea that I was going to write this at all. Honestly, given all of the insanity going on in the macro landscape & inside the #crypto industry, it would be downright insane trying to build a portfolio now… right?
As Web3 and blockchain technology evolve, we are seeing the emergence of new decentralized applications (dApps) that can offer greater security, efficiency, and transparency in a variety of industries. #dApps #blockchain #decentralization #Crypto #Metaverse #DAOs #HODL #P2E #DEX
As Web3 and blockchain technology evolve, we are seeing the emergence of new decentralized applications (dApps) that can offer greater security, efficiency, and transparency in a variety of industries. #dApps #blockchain #decentralization #Crypto...
If you're a #programmer looking to get started in the world of #web3, there are plenty of resources available to help you learn. From online courses to developer communities, the #blockchain ecosystem is welcoming and supportive. #blockchainprogramming #programming #learn #Crypto
If you're a #programmer looking to get started in the world of #web3, there are plenty of resources available to help you learn. From online courses to developer communities, the #blockchain ecosystem is welcoming and supportive. #blockchainprogramming...
What is Multi Client Architecture & why is it important for #blockchain technology
MCA / Multi-Client Architecture refers to a software design principle where there are multiple independent implementations that allows a node to connect to a blockchain protocol. ( Best current example in the industry is #ethereum )
Multi Client Architecture is important for security in blockchain for several reasons:
Fault tolerance: If there is only one implementation of the protocol, any bug or vulnerability in that implementation can potentially compromise the entire network. With multiple independent implementations, the risk of a single bug or vulnerability affecting the entire network is reduced.
Resilience against attacks: If an attacker discovers a vulnerability in one implementation, they can exploit it to attack the network. With multiple independent implementations, an attacker would need to discover and exploit vulnerabilities in multiple implementations to have a significant impact on the network.
Decentralization: Multi Client Architecture encourages decentralization by reducing the risk of any one client dominating the network. This is because multiple clients have to agree on the state of the blockchain before any new transactions can be added, and this agreement is enforced by consensus rules built into the protocol.
Openness and transparency: Multi Client Architecture promotes openness and transparency by allowing anyone to contribute to the development of a client implementation. This means that the development of the blockchain protocol is less likely to be controlled by a single entity, which can help prevent the development of hidden vulnerabilities or backdoors.
Overall, Multi Client Architecture is an important aspect of blockchain security because it promotes fault tolerance, resilience against attacks, decentralization, and openness and transparency. By using multiple independent client implementations, the blockchain network can be made more secure and resilient.
What is Multi Client Architecture & why is it important for #blockchain technology
MCA / Multi-Client Architecture refers to a software design principle where there are multiple independent implementations that allows a node to connect to a blockchain protocol. ( Best current example in the industry is #ethereum )
Multi Client Architecture is important for security in blockchain for several reasons:...
