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June 5, 2022
It’s very easy to get caught in the grind. How do I mean? Living in NYC… in the most stimulating of atmospheres… the pace, the culture, the energy. When you remove yourself from this stimulation overload, you are forced to take a step back because let’s be honest… the rest of the world doesn’t function at NYC speed.
So that’s what I did for two weeks.
In doing so, I had some time to reflect on a very important question… What do I want out of life? To never stop learning, never stop growing, and never stop loving and helping others.
Answering the question may not take that long, but we actually have to take the time to stop and ask ourselves the question.
I also thought about how I manifest that in my life, which I think it comes down to two things.
The people you surround yourself with
The time you put into the work you do
It is not the place that helps us manifest our life purpose. It actually doesn’t really matter at all. NYC may be home now, but home is where your people are. Home is where you feel fulfilled in your work. These things should remain true wherever you live.
When we travel and explore new areas, cultures, people, we are able to gain perspective because we find ourselves outside of our comfort zones, which is energizing. People that visit NYC and express this energizing feeling… maybe it is not simply the place they are visiting, but the experience of a new culture, community, and way of living.
I think about web3 just like I think about traveling to a new and unfamiliar place. It allows us to think differently about the world. Web3 is a new perspective that defies our current comforts about the world.
Of particular interest recently is the current transition from the Proof of Work to the Proof of Stake with the announcement of the merging of Ethereum (ETH) later this summer.
Back in 2015 when ETH protocol was first launched it used Proof of Work (PoW), the OG of consensus mechanisms. Consensus mechanisms is just a fancy word for a system that cryptocurrencies use to validate the authenticity of transactions and maintain security of the underlying blockchain, whether its Bitcoin, ETH etc. PoW not to be mistaken for POW (Prisoner of War).
PoW actually existed before bitcoin and the concept was originally published back in 1993. The term was later coined in 1999 and was the leading idea in Satoshi Nakamoto’s Bitcoin white paper published in 2008.
It is a trustless and distributed consensus meaning that if you want to send and receive money, you don’t need a third party service like Visa, Mastercard, banks to authorize because it is all available to view on the public blockchain.
What creates these new groups of trustless transactions on the blockchain is done through mining. Mining verifies the legitimacy of the transactions and creates the digital currency. Transactions are bundled together in a block, miners verify that these transactions are legit by solving a mathematical puzzle know as the PoW problem and a reward is given to the first miner who solves each block’s problem. The verified transactions are then stored in the public blockchain.
The competitive nature of PoW requires 1. increased computing power (one bitcoin transaction in 2015 required the same amount of electricity as powering 1.57 American households for one day) and 2. greater cost of block creation, making it less than ideal in terms of scalability.
The Proof of Stake, (PoS), however, is completely virtual. Although the overall process remains the same, instead of miners solving for cryptographically hard puzzles using their computational resources, there are validators that lock up some of their Ether as a stake in the ecosystem. The validators bet on the blocks they feel will be added next to the chain. When the block gets added, the validators get a block reward in proportion to what they stake. PoS remains secure because of the Casper protocol, which is an algorithm that requires validators to submit deposits to participate. PoS is similar to the way banks require pools of their customer’s money to turn around and lend money out because it allows the ecosystem to circulate crypto that was already mined once.
For my visual learners….
The merge, expected in August 2022, was originally called ETH2 now Ethereum Merge will combine PoW (Mainnet Ethereum) + PoS (Beacon Chain) under one blockchain. The merger will speed up processing, offer greater security, and reduce energy consumption by 98%. Also the merger will not affect the current value of any ETH you currently hold. Later in 2023, Shard chains will expand ETH’s capacity to process transactions and store data. These chains will break down large data into smaller pieces to allow the networks to process at faster speeds without congesting the network. There has been reported about $31B worth of ETH deposited into this new model.
Yet to be determined… It’s not a question of who will be the leading smart contract blockchain or new leader in crypto… but rather how this merge will help to scale the ecosystem?
Until next week… keep it real.
Sources…
https://ethereum.org/en/upgrades/merge/
https://www.coindesk.com/learn/what-is-the-merge-and-why-has-it-taken-so-long/
https://seekingalpha.com/article/4455342-solana-vs-ethereum-competing-to-power-the-future
https://www.coindesk.com/tech/2022/05/25/what-impact-will-a-bear-market-merge-have-on-ethereum/
June 5, 2022
It’s very easy to get caught in the grind. How do I mean? Living in NYC… in the most stimulating of atmospheres… the pace, the culture, the energy. When you remove yourself from this stimulation overload, you are forced to take a step back because let’s be honest… the rest of the world doesn’t function at NYC speed.
So that’s what I did for two weeks.
In doing so, I had some time to reflect on a very important question… What do I want out of life? To never stop learning, never stop growing, and never stop loving and helping others.
Answering the question may not take that long, but we actually have to take the time to stop and ask ourselves the question.
I also thought about how I manifest that in my life, which I think it comes down to two things.
The people you surround yourself with
The time you put into the work you do
It is not the place that helps us manifest our life purpose. It actually doesn’t really matter at all. NYC may be home now, but home is where your people are. Home is where you feel fulfilled in your work. These things should remain true wherever you live.
When we travel and explore new areas, cultures, people, we are able to gain perspective because we find ourselves outside of our comfort zones, which is energizing. People that visit NYC and express this energizing feeling… maybe it is not simply the place they are visiting, but the experience of a new culture, community, and way of living.
I think about web3 just like I think about traveling to a new and unfamiliar place. It allows us to think differently about the world. Web3 is a new perspective that defies our current comforts about the world.
Of particular interest recently is the current transition from the Proof of Work to the Proof of Stake with the announcement of the merging of Ethereum (ETH) later this summer.
Back in 2015 when ETH protocol was first launched it used Proof of Work (PoW), the OG of consensus mechanisms. Consensus mechanisms is just a fancy word for a system that cryptocurrencies use to validate the authenticity of transactions and maintain security of the underlying blockchain, whether its Bitcoin, ETH etc. PoW not to be mistaken for POW (Prisoner of War).
PoW actually existed before bitcoin and the concept was originally published back in 1993. The term was later coined in 1999 and was the leading idea in Satoshi Nakamoto’s Bitcoin white paper published in 2008.
It is a trustless and distributed consensus meaning that if you want to send and receive money, you don’t need a third party service like Visa, Mastercard, banks to authorize because it is all available to view on the public blockchain.
What creates these new groups of trustless transactions on the blockchain is done through mining. Mining verifies the legitimacy of the transactions and creates the digital currency. Transactions are bundled together in a block, miners verify that these transactions are legit by solving a mathematical puzzle know as the PoW problem and a reward is given to the first miner who solves each block’s problem. The verified transactions are then stored in the public blockchain.
The competitive nature of PoW requires 1. increased computing power (one bitcoin transaction in 2015 required the same amount of electricity as powering 1.57 American households for one day) and 2. greater cost of block creation, making it less than ideal in terms of scalability.
The Proof of Stake, (PoS), however, is completely virtual. Although the overall process remains the same, instead of miners solving for cryptographically hard puzzles using their computational resources, there are validators that lock up some of their Ether as a stake in the ecosystem. The validators bet on the blocks they feel will be added next to the chain. When the block gets added, the validators get a block reward in proportion to what they stake. PoS remains secure because of the Casper protocol, which is an algorithm that requires validators to submit deposits to participate. PoS is similar to the way banks require pools of their customer’s money to turn around and lend money out because it allows the ecosystem to circulate crypto that was already mined once.
For my visual learners….
The merge, expected in August 2022, was originally called ETH2 now Ethereum Merge will combine PoW (Mainnet Ethereum) + PoS (Beacon Chain) under one blockchain. The merger will speed up processing, offer greater security, and reduce energy consumption by 98%. Also the merger will not affect the current value of any ETH you currently hold. Later in 2023, Shard chains will expand ETH’s capacity to process transactions and store data. These chains will break down large data into smaller pieces to allow the networks to process at faster speeds without congesting the network. There has been reported about $31B worth of ETH deposited into this new model.
Yet to be determined… It’s not a question of who will be the leading smart contract blockchain or new leader in crypto… but rather how this merge will help to scale the ecosystem?
Until next week… keep it real.
Sources…
https://ethereum.org/en/upgrades/merge/
https://www.coindesk.com/learn/what-is-the-merge-and-why-has-it-taken-so-long/
https://seekingalpha.com/article/4455342-solana-vs-ethereum-competing-to-power-the-future
https://www.coindesk.com/tech/2022/05/25/what-impact-will-a-bear-market-merge-have-on-ethereum/
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