GameFi = P2E = DApp + Token + NFTs (+Metaverse)

How to talk #GameFi like a Pro.

A Thread

1/ What is GameFi?

GameFi is a new way to earn money using blockchain games and build income while doing it, thanks to new P2E, or play to earn games that reward players with valuable tokens and rare NFTs.

2/ GameFi is an emerging video game format powered by blockchain and crypto technology.

Some of the most popular GameFi titles use a P2E, or play to earn, model to reward gamers with in-game currency or tokens that can be sold on exchanges and secondary marketplaces.

3/ GameFi titles are video games that run on a blockchain or cryptocurrency network, which reward players with virtual tokens, items or collectibles that they have verifiable ownership over.

Users can then buy, sell and trade for these items on exchanges and secondary markets.

4/ How To Earn Money From Crypto Gaming?

Players can trade their in-game unlockables and content for the corresponding cryptocurrency, which exists outside of the game. The game tokens have value, as other gamers may want to buy and spend to purchase in-game items.

5/ GameFi Meets NFTs: Explore The Latest In Gamification

In early 2021, P2E, or play to earn games began to incorporate NFTs, a trend that attracted even more players into the space. 6/ With today’s NFT market now worth billions of dollars, P2E games are some of the best use cases for NFTs.

Example: Buying in game NFT characters.

6/ The most popular P2E game as of today are:

• Axie Infinity

• Gods Unchained

• CropBytes

• MOBOX

• Revv Racing etc.

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A digital parallal to the physical world. How to talk #Metaverse like a Pro.

A Thread

1/ What is Metaverse?

The metaverse, in general, is the digital world, where anything we can imagine can exist. Everything that we represent in the physical world can have digital mirror.

2/ These two different worlds can interact with each other, bringing digital assets to the physical world with the help of Augmented Reality (AR).

3/ The metaverse consists of many parts, but here are the basic foundations:

• The internet

• Open standards for media

• Open programming language standards

• eXtended Reality (XR) hardware

• Decentralized ledgers and smart contract platforms

Let further talk about these topics

4/ The internet — a decentralized network of computers which is not owned by any single entity or government, and does not require the central permission of any such entity to use.

5/ Open standards for media — including text, images, audio, video, 3D items, 3D scenes and geometry, vectors, sequences, and procedures to generate and combine any of these things. Pixar’s USD and NVIDIA’s MDL are great steps towards interoperability for 3D applications.

6/ Open programming language standards — for any of the above. Such standards include HTML, JavaScript, WebAssembly, WebXR, WebGPU Shader Language, etc.

7/ eXtended Reality (XR) hardware — such as smart glasses, haptics, and omni treadmills.

8/ Decentralized ledgers and smart contract platforms — (e.g., Blockchains) for transparent, permissionless, and censorship-resistant transactions. Examples include Bitcoin, Ethereum, Flow, and Theta, Binance Smart Chain (BSC), and many others.

9/ These form important foundations for the ownership economy that will support the metaverse and make it a viable public good.

10/ What is Multiverse?

As we go from Blockchain to MultiChain, the Metaverse will evolve into Multiverse, interoperable Metaverse built on top of Multichains. Interoperable is - an ability of function with multiple blockchain.

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#DAOs = #token + (#corp - #control) + #vote

A Thread

1/ What is DAOs?

Decentralized Autonomous Organizations (DAOs) is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members with mostly votes and not influenced by a central government.

2/ In general DAOs are:

• Member-owned communities without centralized leadership.

• A safe way to collaborate with internet strangers.

• A safe place to commit funds to a specific cause.

  3/

DAO members are not only participants in, but also owners of the DAO. Members are given tokens which grant them equity ownership in the DAO, as well as voting power in on-chain governance decisions.

4/ Types of DAOs with different purposes:

a. Protocol DAO: Networks issue a token, allowing community members to govern the protocol

b. Investment DAO: Investment DAOs allow members to pool capital and invest in projects at their earliest stages.

5/

c. Grant DAO: Communities donate funds and use a DAO to vote on how capital is allocated to various contributors in the community.

d. Social DAO: exactly what it sounds like, social good vibes only.

6/ A comparison between DAOs and Traditional Organization:

INFOGRAPHIC

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A Thread

1/ What is Decentralized finance (DeFi)?

• A global, open alternative to the current financial system.

• Products that let you borrow, save, invest, trade, and more.

• Based on open-source technology that anyone can program with.

• Can be KYC-less.

  2/ DeFi is a collective term for financial products and services run on Ethereum or other blockchains, executed with DApps.

In DeFi, a smart contract replaces the financial institution in the transaction. Contracts are transparency to inspect and audit by anyone.

3/ Difference between #DeFi and Traditional Finance (TradFi)

Infographic:

4/ DeFi in Layers (Ethereum)

i. The blockchain – Ethereum contains the transaction history and state of accounts

ii. The assets – ETH and the other tokens (currencies)

iii. The protocols – Smart contracts that provide the functionality.

iv. The applications – the products

5/ What can you do with DeFi?

• Send money around the globe

• Stream money around the globe

• Access stable currencies

• Borrow funds with or without collateral

• Start crypto savings

• Trade tokens

• Grow your portfolio

• Fund your ideas

• Buy insurance

• Manage your portfolio

  6/ Payments:

DeFi makes sending/streaming money around the globe as fast as sending an email. (Tornado, Sablier)

7/ / Lending and Borrowing:

You can earn interest on your crypto through lending. Decentralized lending works without either party having to identify themselves. Borrowing money from decentralized providers comes in two main varieties (peer-to-peer, pool-based) (Aave, Compound)

8/ Token Swaps:

Decentralized exchanges (DEXs) let you trade different tokens 24/7. (Uniswap, SushiSwap, Curve).

9/ Stable Currencies:

Stablecoins are cryptocurrencies without the volatility. How stablecoins get their stability (USDC, DAI)

10/ Advanced Trading and Prediction Markets:

Polymarket (prediction), Augur (prediction), dYdX (margin trading)

11/ Investments/Asset Management: Yearn, Set Protocol

12/ Crowdfunding: Quadratic funding is the mathematically optimal way to fund public goods in a democratic community.

13/ Liquidity Pools: One of the foundational technologies behind the current DeFi ecosystem. A liquidity pool is a collection of funds locked in a smart contract. Liquidity pools are used to facilitate decentralized trading, lending, etc.

14/ Liquidity pools are also the backbone of many decentralized exchanges (DEX). Users called liquidity providers (LP) add an equal value of two tokens in a pool to create a market. In exchange for providing their funds, they earn trading fees from the trades that happen in pool.

15/ Yield Farming is a specific use case of liquidity pools. Yield farming, also referred to as liquidity mining, is a way to generate rewards with cryptocurrency holdings by investing and/or lending it.

16/ Total Value Locked (TVL): TVL represents the number of assets that are currently being staked in a specific protocol, the total amount of underlying supply that is being secured by a specific application by DeFi completely.

17/ Total value locked is a metric that is used to measure the overall health of the DeFi and yielding market.

18/ Rug Pull: A rug pull is where crypto developers abandon a project and run away with investors’ funds, leaving them “rugged.”

19/ Miner Extractable Value (MEV): the measure of the profit a miner can make through their ability to arbitrarily include, exclude or re-order transactions within the blocks they produce; miners can exploit and profit from front-running, back-running and sandwiching transaction.

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A Thread

1/ What NFTs stand for?

Non-Fungible Token. A unit of data is stored on a digital ledger like Ethereum.

2/ What are NFTs?

NFTs are digital native files for blockchain networks anything from art to a financial product that needs to be unique.

It represents unique assets that can be used as proof of authenticity and ownership over digital and tokenized physical assets.

3/ What is NFTs Minting?

The act of creating or issuing a non-fungible token (NFT). Process of turning your unique asset into a part of the Ethereum blockchain as a public ledger.

Examples of NFTs: Digital artwork, collectible, domain names, basically unique assets.

4/ What does the Tokenization of Culture mean?

In past, huge communities of art to music, sports, brands, etc had a certain level of involvement with their fans, and some of them had no shares at all or could not afford to or had no access to.

Now, suddenly the tokenization of culture, the communities have the power to create and distribute tokens (shares) with value attached to it. Tokens are now allowing the vibrancy of that culture.

5/ Example of Tokenization of Culture

What's Facebook's doing with Diem is not just a stablecoin, it also allows that community of three and a half billion people to have a system of money. And the culture inside that community could be gaming, arts, sports, and more. (cont..)

Everyone able to tokenized their brand. 3.5 billion people, Diem as a system of money, and the fact that Mark Zuckerberg is going into the Metaverse makes Facebook what? A Sovereign state

All these communities are mini sovereign states. This is where we're going.

6/ What do I think NFTs are really about?

NFTs broadly is the trend of tokenizing all the types of assets and putting them on blockchains. And where you want any set of unique assets an NFT makes sense for that. Your house, cars, products you use, stocks etc.

We can also have NFTs for existing assets class, like real estate or new type of assets that exists from blockchain themself. Like #Uniswap is one of those new assets where your liquidity position is actually NFT. That's a fascinating Use-Case that didn't exist.

7/ How NFT Transform Conventional Industries & Digital Economy:

• NFT Removes the middlemen and gatekeepers in the art/music/assets space.

• NFT Provides opportunities for brands and IPs to commercialize their content and fans.

• NFT Bridge the digital world with physical goods. 8/ NFTs Use-Cases:

• Art NFTs

• Collectible NFTs

• Finance NFTs

• Gaming NFTs

• Music NFTs

• Real-world asset NFTs

• Logistics NFTs

  9/ NFTs could really help Nepali artists grow and give exposure internationally:

  Yes, Nepali Artists could mint their own NFTs and market them internationally or among their fan base, in return for some value attached to it. The NFTs are accessible via any crypto wallet.

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A Thread

1/ The Birth:

In 2008 Satoshi Nakamoto Published "Bitcoin: A Peer-to-Peer Electronic Cash System"

Describing:

• The trustability and reversibility issues.

• Bitcoin, a P2P version of electronic cash (not blockchain).

• The mechanics of Consensus.

  2/ What was the blockchain back then?

The blockchain was a special type of shared, and secured database, not owned by any entity but only the Bitcoin.

A cryptographed and auto-regulated collection of transaction data, validated and stored on a network of computers called nodes.

3/ What is Blockchain Today?

The blockchain today is a much greater concept, that ranges from Distributed Cloud Computing to, of course, digital assets like Crypto and NFTs.

4/ Why Is the Blockchain Important?

Everything in our society orbits around ways to ensure trust between two or more parts. Humans have this huge problem called: trustability.

Simply put: Blockchain solves the problem of trustability, decentralizing it.

5/ How do we ensure trustability?

We use the most disparate methods:

• Contracts.

• Reviews.

• Transparency.

• Stars.

• Scores.

All of those trustability proofs are then signed by centralized entities such as governments, companies, or organizations, to ensure validity.

6/ What does Centralization mean?

The concentration of control of activity under a single authority.

All trust proofs are stored and signed by single entities, in closed databases around the globe.

This causes huge frictions derived from data validation & handling.

7/ Why is giving data to centralized institutions bad? Centralization is not bad, is obsolete.

There are several reasons:

• High costs.

• Low Transparency.

• Traceability.

• Speed.

Let's go through those and understand how the blockchain addresses those concerns.

8/ Centralization and higher costs:

This comes with the problem of reversibility or "the middle man" as described by Satoshi Nakamoto.

In case of something reversible it requires intermediaries and it is expensive to have one.

9/ Centralization and transparency:

Bitcoin was originated as a result of 2008 crisis where the organizations misused the trust and was not transparent enough about the possible outcome.

Let's also not forget the Chinese developer Evergrande is on the brink of collapse.

10/ Centralizations and traceability:

Having a private database makes it harder for companies, users, governments to keep track of the validity of data, and share data consistently.

This creates friction derived from the processes for validating the information.

11/ Centralized institutions are slow:

This is because intermediaries have to verify the validity of data, through cumbersome processes.

Think about starting a mortgage, or opening a company, or simply renting a car, this takes a considerable amount of time.

12/ How can we solve centralization's issues? Decentralizing.

Removing central intermediaries, creating trust via a set of tampering proof, automated, irreversible, and distributed technology-driven processes.

Also called: The Blockchain.

13/ Blockchain and Nepal Blockchain database also means transparent.

If we look at Nepali banks database it is totally centralized, controlled, has high costs, traceability factor, low speed for international transaction and not transparent. Who knows a new banking crisis comes.

14/ Disruption and Nepal Nepal has two choices for all the sectors:

• Getting disrupted by international companies. Like Facebook and Google did with print media. OR

• Get disrupted by their own by making a blockchain friendly policy so innovation thrives at home. A tech-pivot.

  What's your view on Blockchain and it’s emerging use-cases for Nepal?

   Do comment!
  

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Blockchain technology is an immutable, digital, distributed ledger that connects a decentralized network.

2/ How does a blockchain work?

Transactions that occur on the blockchain are rolled up and recorded as a block of data. Each block is connected to the ones before and after it, forming a chronological chain of data as an asset moves or ownership of an asset changes.

3/ The blocks timestamp the transactions and link securely together to prevent any block from being altered. Each additional block strengthens the verification of the entire blockchain, making the blockchain immutable. No block is editable.

4/ Programmatic Characteristics of Blockchain

• Distributed

• Smart Contracts

• Immutable

• Decentralized

Let's go through those and understand what these character are.

5/ Distributed:

Data on the blockchain is stored by, and updates are broadcasted to, everyone.

6/ Smart Contracts:

Smart contracts are coded agreements. Once the predetermined conditions of the contract are met, the transaction is automatically completed and recorded on the blockchain, and the contract is immutable.

7/ Immutable:

A completed transaction can never be changed or hidden. This gives the idea of provenance of assets, which means you can determine any asset's entire history.

8/ Decentralized:

Communal consensus, rather than one party’s decision, dictates who gets to access or update the blockchain.

But what does decentralization look like? Image below :

9/ Decentralization: Consensus Mechanisms

• Decentralized control

• Bitcoin and Ethereum use Proof of Work

• ETH2, Cardano, Tezo use Proof of Stake

• Solana and Polkadot use Proof of History

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A Thread

1/ What is Ethereum?

A blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications (dApps) where they create their own arbitrary rules for ownership, transaction formats and state transition functions.

2/ What is Ether?

Ether (ETH) is the currency of the Ethereum network. Every time you send ETH or use an Ethereum application, you pay a small ETH fee (gas fee). By requiring a fee for every computation executed on the network, bad actors are prevented from spamming the network

3/ Currently, ETH is mined using the proof of work consensus mechanism, the same process as Bitcoin.

4/ Let’s use Uber as an real-world example:

You can think of $ETH as the fuel needed to power the car (Ethereum) to make the trip (complete the transaction), and the #Uber driver is incentivized by the driver fee (gas fee) to make the trip.

5/ Difference:

The major difference between #Ethereum and #Bitcoin is their use cases.

The main purpose of Bitcoin is for peer-to-peer payments, whereas Ethereum aims to be a distributed world computer where you can build on top of it.

6/ Crypto Wallets: For Ethereum

Ethereum wallets are applications that let you interact with your #Ethereum account. Your wallet(s) allows you to do the following: manage not only your funds, but also your collectibles (#NFTs) and membership to DAOs.

7/ Types of Wallets

i. Non-custodial wallet: allows users to hold and own their private key while having full control of their funds.

• Hardware Wallets: similar to a flash drive that is offline (Ledger, Trezor)

• Web-Based & Mobile Wallets: MetaMask

• Desktop Wallet: Exodus

  8/

ii. Custodial wallet: It’s very likely that the first time you purchase crypto, it will end up in a custodial exchange crypto wallet. In this case, the exchange is your custodian, which holds your keys and is tasked with securely storing your funds (#Coinbase, #Binance)

9/ What You Can Do with Ethereum: #DApps

Once you set up your #Ethereum wallet, you can use decentralized applications (dApps). Dapps are decentralized apps that are built on a decentralized network that combines a smart contract + a frontend user interface. 10/ Key features of #DApps:

• Open-source

• Public data and records

• Uses a cryptographic token to help keep the network secure

  11/ What is Smart contract?

You can think of it as the back-end of dapps. Once the predetermined conditions of the contract are met, the transaction is automatically completed and recorded on the blockchain.

12/ Smart contracts can define rules, like a regular contract, and automatically enforce them via the code. Smart contracts cannot be deleted by default, and interactions with them are irreversible. (ie: Smart contracts on Ethereum are typically written in Solidity or Vyper.) 13/ Common categories of DApps:

• Finance

• Art and collectibles

• Gaming

• Technology 14/ Use-Case of Ethereum:

• DeFi (Decentralized Finance)

• NFTs & Collectibles

• Decentralized Autonomous Organizations (DAOs)

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Since 2009, the first-ever genesis block was mined to the value of $BTC going parabolic, unstoppable, to being a trending topic on the internet.

Here is: How to talk #Bitcoin like a Pro.

1/ What is Bitcoin?

An open-source decentralized currency that can be sent peer-to-peer without the use of an intermediary like the government.

2/ What is a Bitcoin Node?

A node in a bitcoin peer-to-peer network is a host that synchronizes a copy of the bitcoin blockchain code.

3/ What is Bitcoin Blockchain?

A public, decentralized, immutable, digital ledger that is duplicated and distributed across all computers on the Bitcoin network.

4/ What is Bitcoin Mining?

Mining is the action of processing Bitcoin transactions and recording them in the Bitcoin ledger.

5/ How does Bitcoin Mining works?

Miners use sophisticated computers that solve a complex computational problem needed to process the next block of Bitcoin blockchain transactions. In return, new bitcoins are entered into circulation.

6/ When and who created Bitcoin?

On 31 October 2008, a link to a paper authored by Pseudonymous person Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.

7/ What is the Hash Function function used for Bitcoin Mining?

It's called SHA-256, which is a Secure Hash Algorithm, of the cryptographic hash function which has a digest length of 256 bits.

It's randomly generated 256 bits to keep things secure.

8/ What is Consensus Algorithm used for Bitcoin?

Proof-of-work (PoW).

PoW is specific computational efforts spent by miners in the creation of a Bitcoin block.

9/ Country first to declare Bitcoin legal tender in 2021?

El Salvador

10/ What is the Double Spending Problem?

A bitcoin holder spending their holding balance more than once.

11/ What are Private Keys used for in Bitcoin?

Private keys are to access your bitcoin holding from your storage location.

Used for,

• Proving ownership of bitcoin

• Used to send bitcoin

• Generating public keys.

  12/ What are Public Keys used for in Bitcoin?

Generating an address used for sending and receiving Bitcoin.

13/ What is Digital Signature used for in Bitcoin?

• Verifying ownership of any Bitcoin spent in a transaction.

• Confirming participating in previous Bitcoin transactions.

• Proving ownership of a particular public key.

  14/ Two most common types of Bitcoin wallet?

• Hot Wallet (e.g. Web-based wallets, Mobile wallets, and Desktop wallets)

• Cold Wallet (e.g. Hardware wallets like USB-stick, Paper wallets, Physical bitcoins, Secondary Offline Computer)

15/ What is the Bitcoin Taproot upgrade?

A soft fork implemented to improve the functionality of the Bitcoin network. It would allow smart contracts to be run efficiently and cheaply. It is the biggest network upgrade since SegWit in 2017, led to creation of Bitcoin Cash.

16/ What is Bitcoin Hashrate?

The number of times hashes values are calculated for PoW per second.

17/ What is Bitcoin Difficulty Rate?

A measure of how difficult it is to mine a new block of the Bitcoin blockchain for the reward.

18/ What is the Bitcoin Difficulty Adjustment?

A self-adjustment of the difficulty level every 2016 blocks to maintain a target block time of 10 minutes.

19/ What is the Bitcoin Halving?

A bitcoin halving event is when the reward for mining bitcoin transactions is cut in half. This event also cuts in half bitcoin's inflation rate and the rate at which new bitcoins enter circulation every 4 years. Next is in 2024.

20/ What is the maximum number of bitcoin ever be circulated?

Only 21 million.

21/ Supply of Bitcoin projected to reach 21 million in which year?

2140 AD.

We would be dea*d by then, lol.

22/ Which feature of Bitcoin is improved by the Lightning Network?

Scalability

23/ What is Lightning Network?

The Lightning Network is a layer 2 payment protocol designed to be layered on top of a blockchain-based cryptocurrency such as Bitcoin or Litecoin. It enables fast transactions among nodes and is a solution to the bitcoin scalability problem.

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Decentralized Cryptographic Pseudonymous Economy (DCPE)

• Our goal is to build and educate the web3 community with the help of community owned DAO media platform.

This is a short view of what DCPE is and how it's going to happen for sure.

Decentralization is a commonly misunderstood concept. For example, it is sometimes said that the reason crypto-network advocates favor decentralization is to resist government censorship, or because of libertarian political views. These are not the main reasons decentralization is important.

Decentralization is actually what makes anything trustworthy as it is owned by nobody making it transparent, more manipulative in case of ownership and personal interest.

In general, more decentralized cryptocurrencies are likely to be more stable and sure to survive, than more centralized and less distributed cryptocurrencies.

“Web 3”: the third era of the internet backed by Bitcoin, Cryptography and Decentralization.

Why Cryptography?

Cryptography is a method of protecting information and communications through the use of codes, in general, called encryption.

Example: Bitcoin uses a digital signature algorithm that uses the same mathematical techniques used for a type of encryption.

Bitcoin uses: Elliptic Curve Digital Signature Algorithm (ECDSA)

Why Pseudonymous?

We live in an Internet Economy, where we are targeted to our character whereas not to our views that we disagree with. The pseudo name should be used on any social profile

Pseudonymity is not anonymity. It provides accountability but is also a protection against character assassination.

Here are some features:

• A pseudonym can have a reputation.

• It’s essential to decentralization: It is an identity that is chosen rather than given and cannot be leveraged against any one individual.

• Degrees of pseudonymity are important; narrowing a pseudonym down to a thousand people would still permit one to operate without interference.

• It’s already mainstream: The basic idea is already pervasive both online (usernames) and offline (nicknames and changed names).

• It’s where society is already going: In many realms, from the increasingly remote nature of our economy to crypto to even hiring practices, society has already implemented many of these concepts as common practice.

One reason a pseudonymous economy is very necessary is that it allows for freedom after speech, defending you against disruptions to your social networks in the age of online mobs. Just as your bank account is your stored wealth, your real name is your stored reputation.

Pseudonymity insures against unjustified debit to that reputation.

Idea from Balaji.

Why Pseudonymous?

We don't live in a fully government-controlled economy now. For example, Media content is not controlled by the company or government, but by the Tech giants like Facebook and Google.

The decentralization is the whole economy that will lead to creating an Internet economy where people pay taxes as per their use of technology and generate income from it on the Internet (Creator Economy).

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