xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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I tried to explain what Coinbase is in comic strips.
TL;DR
I explained what Coinbase does mean and how Coinbase reflects the idea in the crypto space.
Some Takeaway
Coinbase is a cryptocurrency online trading platform that becomes a crypto banking company. They provide crypto services particularly on security to help users to secure their crypto assets. However, Coinbase has another meaning that many people are less likely to know. It is the first transaction in the block and it is also called the coinbase transaction.
Coinbase Transaction
The blockchain is a public record of transactions that happened between two parties. However, not all transactions are the same. There is one transaction that particularly records rewards to miners. This type of transaction is called coinbase transaction.
How Coinbase Transaction Works
This type of transaction starts with a blank transaction since there has never been a spending transaction prior to this transaction. This single blank input is called the Coinbase. When the new block has been created, the reward will be generated for miners. However, such rewards in the coinbase transactions cannot be spent until they reach special thresholds such as 100 confirmations in the Bitcoin blockchain.
Why 100
The idea is that in order to protect the blockchain from the fork, miners will have to receive a certain number of confirmations before spending the reward. It is called coinbase maturity. If there is no maturity period, miners can create as many coins as they want to and spend as quickly as they can before others catch up through the validation process. Such miners can create another blockchain by themselves without further confirmation from others.
Coinbase Company
The company is named Coinbase mainly because they want to have a symbolic idea that they are the first one-of-a-kind crypto company (which they are) and lead the crypto industry (which they are not).
In conclusion
Coinbase has another deeper meaning in crypto. I hope you now know that.
I tried to explain what Coinbase is in comic strips.
TL;DR
I explained what Coinbase does mean and how Coinbase reflects the idea in the crypto space.
Some Takeaway
Coinbase is a cryptocurrency online trading platform that becomes a crypto banking company. They provide crypto services particularly on security to help users to secure their crypto assets. However, Coinbase has another meaning that many people are less likely to know. It is the first transaction in the block and it is also called the coinbase transaction.
Coinbase Transaction
The blockchain is a public record of transactions that happened between two parties. However, not all transactions are the same. There is one transaction that particularly records rewards to miners. This type of transaction is called coinbase transaction.
How Coinbase Transaction Works
This type of transaction starts with a blank transaction since there has never been a spending transaction prior to this transaction. This single blank input is called the Coinbase. When the new block has been created, the reward will be generated for miners. However, such rewards in the coinbase transactions cannot be spent until they reach special thresholds such as 100 confirmations in the Bitcoin blockchain.
Why 100
The idea is that in order to protect the blockchain from the fork, miners will have to receive a certain number of confirmations before spending the reward. It is called coinbase maturity. If there is no maturity period, miners can create as many coins as they want to and spend as quickly as they can before others catch up through the validation process. Such miners can create another blockchain by themselves without further confirmation from others.
Coinbase Company
The company is named Coinbase mainly because they want to have a symbolic idea that they are the first one-of-a-kind crypto company (which they are) and lead the crypto industry (which they are not).
In conclusion
Coinbase has another deeper meaning in crypto. I hope you now know that.
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