A smart contract, like a vending machine, collects some input and fees and it gives back some result to whoever interacts with it. It does not need an intermediary like a cashier to execute its logic.

In a literal sense, smart contracts are programs that can be deployed to and executed on a blockchain network given that a blockchain can support smart contracts. Anyways, this means the contracts inherit the properties of the blockchain. The most important being immutability. That means the contracts are tamper-proof. ANYONE can develop and deploy the contracts and ANYBODY can view the contents of the contract. That is the transparency aspect of blockchains in perspective of smart contracts.

Size is the most prevalent constraint. Storage resources are finite, so blockchain networks have to limit the size of blocks. The smart contracts can only be as big as the blockchain network has dictated or at maximum, the size of a block minus the size of some overhead data.

What can be done is splitting out certain bits of code, functions, that repeatedly get used into their own smart contracts and referencing them when they are needed. Functions are just fragments of code that perform a predefined task. This is why composability is an important property to circumvent size constraints.

The other constraint is that smart contracts exist on isolated networks. Blockchain networks have no way of knowing what’s going on outside the network. It’s exactly like having a LAN, local network of computers, but no internet connection to the outside. It’s not so useful unless you only want to interact with users on your LAN.

Fortunately, data oracles exist to interface blockchains to the outside world. Oracles can help in getting data onto and off of the blockchain. You can learn more about Oracles at this article here.

Below is an example of a smart contract. You can find the full source on the Ethereum Developer Site with comments written inside the contract. This explanation provides additional context and programming knowledge for non-technical readers.

The first line pragma solidity 0.8.7; specifies the version of the programming language used to write the contract. You can use different versions depending on what is needed or it may not even be necessary depending on the language.

The actual contents of the contract is enclosed in brackets and preceded by contract VendingMachine . The name can be anything, but for the sake of readers of the contract, developers should keep it to the point.

address public owner; sets the deploying address as the owner of the contract. In technical terms this is a variable object. The type of object is specified as ‘address’ and it is public, so it is a variable that contracts outside this one can reference. mapping (address => uint) public cupcakeBalances; is also a variable , but it assigns a number to the contract’s address which indicates the amount of available cupcakes.

constructor (){…} is a special type of function that executes as soon as the contract is deployed. In this case it is setting the owner and cupcakeBalance to some default values. The parentheses next to it are empty meaning it does not need any input to run properly.

Afterwards you will see two functions being defined

The refill function verifies that the owner is the one refilling and it also updates the cupcakeBalance by the number,uint amount, supplied inside the parentheses. A uint is just another object type that can be represented by a positive number hence the u- meaning unsigned.

The purchase function just checks that you are paying at least the minimum amount of ETH needed to purchase the number of cupcakes you want and that it has enough cupcakes. If you did not supply enough ETH or there aren’t enough cupcakes, it will not send any cupcakes to your address.

As you may have figured out, if I deployed the contract and you wanted to purchase my cupcakes, you would only interact with the purchase function.

The use cases for smart contracts are endless. It can be used to facilitate escrow, betting, insurance claims, etc. You name it, it can probably be done with smart contracts. Decentralized apps are also a thing meaning there are applications on the internet that run autonomously. It’s like we’re living in the future. If you’re interested in building the future, learning to program is a great start and I’m certain there will be a great demand for smart contract developers once the technology is embraced by institutions and corporations.

Thanks for reading and check in next time.

Kakavarna.eth — Automation Engineer(9–5), crypto investor, and gamer with opinions

Alfredo has an outstanding career on his back; he has a degree in telecommunications engineering with a specialization in transmissions. He also completed courses at the Cisco Networking Academy, which sums up his resume. Alfredo has worked the last 15 years at PDVSA, the principal oil company in Venezuela as a centralized platform network analyst AIT. He is currently a senior telecom analyst specializing in WLAN /LAN Wireless and Radio Microwave Links.

Alfredo is a project leader with experience in implementing new technological trends for the development of solutions that require Big Data, IoT, Mobile First Web App, Blockchain, AI, CyberSecurity, focused on the optimal use of resources, seeking the solution best suited to needs and budget.

He is especially interested in blockchain, which is why he has specialized in Application development at the Back-end level, emphasizing JavaScript libraries for application development on the Bitcoin Satoshi Vision (BSV) Blockchain. Additional development of Smart Contract based on Solidity, with experience in DeFI projects for the management of loans without guarantees and based on collaterals such as tinlake/centrifuge and its integration with the Substrate framework, supports the development of the Blockchain PolkaDOT, based on the RUST language. His outstanding trajectory and experience made him a top candidate for this position at OMNI, and that is why we are proud to welcome him to our team.

Arthur is a Software Engineer who has multiple courses and specializations on his back. After graduating in 2008, he has not stopped learning and developing himself as a professional. He has become certified as a professional in Java EE 5 Business Component Developer, assisted to multiple courses in the New York Institute of Finance, and acquired multiple certifications as a Blockchain Developer. Arthur also has earned an MBA with a specialization in strategy and business development.

He is currently working as an MBA professor, giving senior and middle managers lectures about Cryptoeconomics, DeFi, Blockchain for business and technical aspects. Arthur also lectures as an MBA blockchain professor, where he teaches about Blockchain DLT Corda and Hyperledger Fabric architecture, business, and technical aspects. To this date, he is working as well in GFT Group based in Brazil, where he is a Blockchain & Data Cloud Solutions Architect. Here definitely caught our attention, and he earned a place within our team.

Jose graduated in 2002 with a Bachelor’s degree in computer science; however, he has been working and using Linux as his main OS since 1996. He has certifications from the Linux Professional Institute, which makes him a professional in this OS; Jose also has a specialization in Network Management. He possesses solid skills in the following areas asides from Linux: Docker/Docker Swarm, Bash scripting, Virtualization, Build Automation, Jenkins, DevOps Culture, RAID and LVM, Software and Hardware Storage, Backup and Disaster Recovery, File Server administration, Server Hardening, Cluster Computing and many more which he has acquired through the years and the experience.

In the latest years, Jose has been working with DevOps Engineering and the Infrastructure and Operations Field. He has worked as a Software analyst, Software specialist, and Leader of Infrastructure at big enterprises like ADP and Datacom. After reviewing his experience and trajectory, at OMNI we decided that he had the profile that we were looking for this position in our project.

We are excited to have these three amazing professionals on our team. We are eager to start working together to make OMNI the next Mega Social Media App as we believe they are the fittest for this job due to their trajectory personal achievements. We wish them the very best from now on and expect big things from them.

If you want to make the change today and start experiencing OMNI, click here. You can read out our whitepaper here and also follow us on Telegram, Twitter, and Youtube.

Table of Contents

— — — — — -

1. Introduction Before starting I want to really thank @wealthineer for writing out the vast majority of the whitepaper as well as creating the smart contract. Without him the development of this project could not have happened — Abu

2. Introducing our MTTM-MA tokens, the first step to creating a truly decentralized and functioning ecosystem for MTTM managers and contributors, in the coming weeks we will be airdropping tokens to all current managers that have sent in funds to our treasury.

3. Do note that for this phase (Mid Jan 2022) We are going to be utilizing the ROPSTEN testnet in order to avoid Gas Fees on the network. The aim is to get feedback from managers and experiment on token functionality. In future, we will like to move to Mainnet or another L2 (this will be for community to decide)

4. Do note that the tokens are not able to be listed anywhere and have no value beyond the governance utility. They do not represent a security/currency or dividend of any sort.

5. The MTTM-MA token represents voting power and share of the MTTM treasury for the Manager Association. The token is issued monthly depending on the contribution of each manager to the treasury.

6. IntentWhen we initially started the Manager Associations, we had always wanted to build a decentralized system of tokens that would truly allow each manager to own their piece of the MTTM ecosystem. The token also helps streamline the association operations, namely by;

7. — — — — — -

8. Tokenomics

9. The amount of tokens each manager receives every month depends on the current value of the treasury, the current token outstanding, the value of the total contribution this month and the contribution of the individual manager.

10. This is how the token distribution each month is calculated:

11. At the start of each contribution period, a snapshot is taken of all the prices for the assets in the treasury and the manager contributions. Then the treasury value in $USD is calculated. The same is done for the total contribution of all managers as well.

12. The formula for the amount of tokens distributed in a month is:

13. For individuals:

14. With this setup, this method of distribution accounts for appreciation and depreciation of the treasury and does not dilute the share of the current holders.

15. People who are paying the monthly contribution late will be excluded from that month’s token drop. Cutoff date will be announced each month

16. For the initial Float of MTTM-MA Tokens, we are starting with 10,000 tokens and distributing to the initial core team who placed the first contribution of SLP/WETH into the treasury and built the infrastructure to house it.(Month 0)

17. This works out to:

18. The initial drop will calculate how the drops would have been based on past price data. Thereafter tokens will be issued monthly using this base 10,000 MTTM-MA tokens as a starting point

19. Voting power

20. Proposals can be put to voting by the members of the MTTM core team. The voting period will be announced together with the proposal. Each member has an equal amount of votes as MTTM-MA tokens are held in the voting wallet. The core team executes on the voting results but has a veto right. As a tool to collect the votes snapshot.org will be used.

21. Roadmap

22. What’s next? MTTM-MA tokens are our first foray into developing Phase 1 of the MTTM Ecosystem. Our goal is to create a sustainable and strong community for good within play 2 earn and Web3. Focusing on education, empowerment and structure.

23. Just to share some of the items coming in the pipeline

24. — — — — — -

25. FAQ

26. — — — — — —

27. Closing

28. As we move into a new chapter for the Manager Association, on behalf of the core team, we would truly like to thank everyone for their support and trust in the team. 2022 is a year of reorganization and structure and as MTTM solidifies itself as a premiere brand in the space, there is a lot of exciting collaborative projects that will really start to take shape. As our earliest adopters, we can assure you that it is going to be one hell of a ride.

29. MTTM to the Moon! - Abu

30. Links:

31. MTTM-MA Token Contract: https://ropsten.etherscan.io/address/0x4DFD6fd7093FFD589ea825B23a5E5f0A0eE21759#writeContract

32. 
    

The first is that investors put cash on the market from the outside, which is due to the unfavorable weather in the market. And the second is again, as the market falls, investors withdraw their funds from cryptocurrency investments and put them to USDT. In both of them, a decrease in cryptocurrencies and an increase in USDT holders are observed.

Let me show you some examples;

Candlestick chart: Tether DominanceOrange line chart: BTC/USD chart

As can be seen, it has an inverse correlation. As Bitcoin rises, Tether dominance has fallen, while Bitcoin has fallen, Tether dominance has entered an upward trend.

If you want, let’s compare it with TOTAL and TOTAL 2 (that is, the total market value of the highest 125 altcoins, excluding Bitcoin).

Candlestick chart: Tether DominanceOrange line chart: TOTAL 2

Candlestick chart: Tether DominanceOrange line chart: TOTAL

As you can see in these graphs, the inverse correlation has been preserved.

Tether was launched in 2015 by the company Tether Limited. The company claims to have 1 American Dollar (USD) in its vault for each Tether (USDT) cryptocurrency. The fact that the USDT value is fixed to the US Dollar provides great convenience for users.

Tether provides benefits for crypto investors as it offers a way to avoid excessive volatility of other cryptocurrencies.

Tether offers investors a way to avoid the excessive volatility of other cryptocurrencies. A trader can reduce the risk of being exposed to a sudden drop in the prices of cryptocurrencies by moving his funds to USDT.

Bill Maher’s comment on crypto was a clarion call for all of use crypto enthusiast to wake up to the direction this is all headed. The real question now is what technology is a viable low-energy alternative to the big names leading crypto today? If it’s on the blockchain would it be Nano, XRP or Cardano? Perhaps it will be a non-blockchain solution like Hedera Hashgraph? I, like so many others can simply speculate on the evolving direction of crypto but an alternative to the energy consumption of the blockchain must be addressed if this is to be a long-term viable solution.