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        <title>Terexitarius</title>
        <link>https://paragraph.com/@terexitarius</link>
        <description>An environmentalist turned crypto connoisseur in the regenerative finance movement. </description>
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            <title><![CDATA[What is Web3?]]></title>
            <link>https://paragraph.com/@terexitarius/what-is-web3</link>
            <guid>Gyn6DdtAMPeyPukhN274</guid>
            <pubDate>Mon, 26 Feb 2024 23:27:29 GMT</pubDate>
            <description><![CDATA[The internet is now highly utilized globally for education, healthcare, business opportunities, etc. Phones are connecting to the internet, allowing global communication and TV has largely now shifted to being an app (Netflix for example) that one can access via their internet connection. There are five components to the web.There are five components to the web; physical (A), data (B), applications (C), internet (D), and transport (E).ComponentsPhysicalPhysical is the hardware that is needed ...]]></description>
            <content:encoded><![CDATA[<p>The internet is now highly utilized globally for education, healthcare, business opportunities, etc. Phones are connecting to the internet, allowing global communication and TV has largely now shifted to being an app (Netflix for example) that one can access via their internet connection. There are five components to the web.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/12b5b3df04ee6fbdc8ad5a26d9e8878f4152add942b44ded92fe364ff22fc013.jpg" alt="There are five components to the web; physical (A), data (B), applications (C), internet (D), and transport (E)." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">There are five components to the web; physical (A), data (B), applications (C), internet (D), and transport (E).</figcaption></figure><h2 id="h-components" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Components</h2><h3 id="h-physical" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Physical</h3><p>Physical is the hardware that is needed for the internet; usually a laptop, TV and a phone. However, there is a hidden layer.</p><h3 id="h-data" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Data</h3><p>Whenever a person interacts with the physical component, moves a mouse, touches a keyboard, speaks into a phone, turns on their TV data is generated. This data is structured and stored within the physical. There will be an estimated 175 zettabytes of data needed to be stored by 2025 (1). Google, Amazon, Microsoft, and Facebook currently collectively store at least 1.2 zettabytes in their physical components (data storage systems) (2). This data is analyzed by each of these companies adding an additional layer to the physical components (computing systems).</p><h3 id="h-applications" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Applications</h3><p>One way in which people on the internet interact with data is in the form of applications. Well known application examples are the search engine of Google or Facebook&apos;s social media app.</p><h3 id="h-internet" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Internet</h3><p>Once the data is generated, people want to communicate with other people about it. The sending of this data from person to person, is the foundation of the internet. There are different ways in which this data is structured to make it legible for the person on the other side, such as IP addresses.</p><h3 id="h-transport" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Transport</h3><p>Structuring is just one part of sending data, the other aspect is the actual infrastructure needed to do so. Fiber networks, cables able to send data to and from parts of the world at high speeds, span throughout our world. Satellite systems, such as Starlink, are also able to transport this data.</p><h2 id="h-issues-with-web2" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Issues with Web2</h2><h3 id="h-physical" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Physical</h3><p>In North Korea the physical components that people are able to purchase easily are heavily modified so that North Korea can control what data their population has access to and easily access the data that the population creates (3). This control of the physical layer is able to be replicated in other parts of the world and likely has.</p><p>Lenovo, HP Inc and Dell have over 50% of the global PC market share (4). Microsoft has strategic alliances and partnerships with each of these companies, increasing the reach of Microsoft to at least 50% of PCs in terms of hardware. The operating systems installed on the physical layers of computers are around 90% of the time from Microsoft (5).</p><h3 id="h-data" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Data</h3><p>If you have used the physical layer large tech companies of Google, Microsoft, Apple (phones and computers) or If you have interacted with applications like search engines (Google, Yahoo) or applications like Facebook it is likely that your data is stored in one of their data centers. Once the data is stored, these companies are able to monetize off your data. Potential revenue sources includes selling it to advertisers, governments, or other entities interested in using it. These companies themselves have made some of the most sophisticated artificial intelligence systems in the world (such as Google Translate). People can access these AI&apos;s however they have not been paid for the use of their data.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/3fe4bd4aae618704435a1f1c47af83144dd96769d4c8279cbb273989670aab33.jpg" alt="If you have used the physical layer of Google, Microsoft (phones and computers) or if you interacted with the search engine (Yahoo) or application (Facebook) your data it is likely that your data is stored in one of these data centers (6)." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">If you have used the physical layer of Google, Microsoft (phones and computers) or if you interacted with the search engine (Yahoo) or application (Facebook) your data it is likely that your data is stored in one of these data centers (6).</figcaption></figure><h3 id="h-applications" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Applications</h3><p>Google and Meta (Facebook) alone have influence on greater than 70% of internet traffic, the remaining 30% is shared by all other apps and sites (7). If you search- lawsuits Google or lawsuits Facebook you can see just how many lawsuits these companies are in. The lawsuits range from privacy infringements, to theft of intellectual property, to discrimination, to genocide, to damaging youth&apos;s health, etc. Again, these companies control 70% of the internet, that&apos;s around 70% of the world&apos;s data transmissions...</p><p><a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://cdn.iframe.ly/files/f7bca53dadda63e2c36ac2c9f0dde0f4.mp4">https://cdn.iframe.ly/files/f7bca53dadda63e2c36ac2c9f0dde0f4.mp4</a></p><p>The expansion of Google Chrome (8).</p><p><a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://cdn.iframe.ly/files/402f22ca333233d2266dc5f1a8338830.mp4">https://cdn.iframe.ly/files/402f22ca333233d2266dc5f1a8338830.mp4</a></p><p>The Expansion of Facebook (8).</p><p>Applications have regularly occurring outages and or delays. Big tech giants like Microsoft, Reddit and Snapchat are also subject to these outages.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/e32f690803fce64f3e4e113ea078bc9120243a8b4751227570b3dfc2ecb28c7f.png" alt="Application outages for the last 24 hours, retrieved on 6/19/22 (9)." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Application outages for the last 24 hours, retrieved on 6/19/22 (9).</figcaption></figure><h3 id="h-internet" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Internet</h3><p>Between 2018 and 2020 there were anywhere from 155-213 government-induced internet shutdowns in 25-33 different countries (10). We hear stories of the great Chinese firewall, but the reality is all over the world individuals are being censored and having surveillance placed upon them by governments (11).</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/74b4ce0131a5dcba6754afbf4764b1d9e0612060fcee2a05f9e70e2043daedfe.png" alt="Censorship and surveillance by country 2018 (12)" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Censorship and surveillance by country 2018 (12)</figcaption></figure><p>The level of internet censorship ranges from short term blackouts and disruptions, to persistent multi-month or multi- year blackouts and disruptions, to somewhat restrictive long-term controls with disruption surges, to highly restrictive long-term structural controls (13). On average an internet outage costs per person anywhere from USD $0.06-$2.36 per day (14). To give one example, in 2022 to today (6/19/22), Russia&apos;s internet outage has cost them USD $6,770,000,000 (15).</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/224e2aa52064616caca1d6196848d023674a5ec82456060c0a4d621e362449ac.png" alt="Internet Outages in last 24 hours taken on 6/19/22 (16)." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Internet Outages in last 24 hours taken on 6/19/22 (16).</figcaption></figure><p>One company, Level 3 (acquired by Lumen Technologies), handles sending data to and from (through IP addresses and ASes) just under 80% of the conventional internet (17). This company has been accused of wiretapping Google, Yahoo, and a German Internet Exchange Point on behalf of the National Security Administration of the US (17). Other major companies in this domain (IP addresses and ASes) manage a slight percentage in comparison to Level 3 (such as Cogent, Global Telecom and Technology, TeliaSonera International Carrier, NTT Communications, Tata Communications, Telecom Italia Sparkle). However, they have been caught up in similar legal ordeals. Such as TeliaSonera collaborating with certain dictatorships, allowing them to spy on their citizens, and in 2012 they were investigated for bribery and money laundering in Uzbekistan (17).</p><h3 id="h-transport" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Transport</h3><p>A complex system of fiber cables, satellites, receivers and transmitters transports data globally. Rodents often represent a more practical threat to these systems than cyber attackers (18, 19). Though signal jamming can still take place by entities, including governments. There are many different businesses involved in transport.</p><h2 id="h-centralization-of-the-web" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Centralization of the Web</h2><p>4 companies are able to access and utilize anywhere from 70-90% of data on the internet. This creates a dangerous level of centralization. These companies are able to influence governments to individuals in the way they access, interact with and transmit data. Governments can block the data being transmitted and cater it to their liking for the population, which is already done globally. Allowing corporations and governments to control the flow of data allows select individuals to have disproportionate power as compared to the rest of the population. If the top apps were to pay you for the data you generate when using them (Google, Facebook, Twitter, Amazon, etc.), you&apos;d get around $2,000 a year (20). At the same time it would take the average Facebook user alone being paid over $1,000 a year to stop using Facebook (21).</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/1cc774502ccf72321a50a807dd7b0e127d98a347bd44398dd2b09ecb90ef8731.png" alt="Known examples of centralization of web2 (5, 7, 17)." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Known examples of centralization of web2 (5, 7, 17).</figcaption></figure><p>When the internet started, the intention was to build a common decentralized network with equal participation, that communicated peer to peer without relying on a single intermediary. Along with that an important consideration was that computers must be interoperable among dissimilar systems, so that more devices could be a part of the network (22). Problems with centralization have arisen, however it&apos;s not too late to alter course, large parts of the world are still not connected to the web.</p><p><a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://cdn.iframe.ly/files/0f36b24ba0087f089c01b169dc3c4197.mp4">https://cdn.iframe.ly/files/0f36b24ba0087f089c01b169dc3c4197.mp4</a></p><p>Progression of people being connected to the web until 2012 (8)</p><h2 id="h-web3" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Web3</h2><p>The components of Web3 are a wallet, smart contracts, blocks, blockchains, indexers, physical, data, apps, internet, transmission, AI and machine learning.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/87f0cf005c370222c63a5e7a3343e235edea335d6b7cdb268148e49be837aa0a.png" alt="Components of web3: A- Wallet, B- Smart Contracts, C- Blocks, D- Blockchains, E- Indexers, F- Physical, G- Data, H- Apps, I- Internet, J-Transmission, K- AI and Machine Learning" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Components of web3: A- Wallet, B- Smart Contracts, C- Blocks, D- Blockchains, E- Indexers, F- Physical, G- Data, H- Apps, I- Internet, J-Transmission, K- AI and Machine Learning</figcaption></figure><h3 id="h-wallet" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Wallet</h3><p>The frontend of Web3 can be viewed through any browser (for example type in <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://uniswap.org/">https://uniswap.org/</a>). However, in order to do anything that changes web3 a wallet needs to be used. A wallet is a combination of a public and a private key. Keys are hashed so the resulting output looks similar to &quot;0x2D237B830B6dC666439b963B2C0871E3e7f6C020&quot; publicly. Hashing is the process of transforming characters (letters or numbers) into another value (can play with hashing here: (23)). In order to read on web3 the wallet needs to be unlocked by a person. A person unlocks their wallet with their private key (like a password unlocks an account). In order to write on web3 (carry out a transaction), a signature needs to be used. The person signs a new write, with a digital signature. Anyone can have a million wallets, each one of these wallets can be anonymous (not able to be traced back to a specific person).</p><h3 id="h-smart-contracts" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Smart Contracts</h3><p>A smart contract is a program that runs on the blockchain and defines the logic behind transactions. Smart contracts are written in high level languages (such as solidity, vyper, rust, etc.). Anyone should be able to view the smart contracts as they are open source. Once smart contracts are written they are compiled into bytecode so they can be executed.</p><p>There are four different layers where smart contracts operate the data layer, system layer, function layer, and execution layer.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/e1a59d4d4a0c837a5fe0949b799b0337a1854a97d5591f786d5b3d19e939f823.png" alt="Four Layers of Smart Contracts: V- Data Layer, X System Layer, Y Function Layer, Z Execution Layer. Grey Represents immutability- the wider the grey the more mutable it is" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Four Layers of Smart Contracts: V- Data Layer, X System Layer, Y Function Layer, Z Execution Layer. Grey Represents immutability- the wider the grey the more mutable it is</figcaption></figure><p>The execution layer is code that is regularly needing to be updated, such as the frontend of the website. These updates do not alter functionality of web3. The function layer is how people do transactions on web3. The function layer can be updated by adding a new smart contract that adds a new component of functionality. Once a transaction is set in motion, the system layer relays that transaction to the rest of the network. System layer is about the network level and are smart contracts around participation incentives, encryption, anonymity, consensus mechanism or network permissions. Changes to system layer can be done, however this results in splits in the network (those who agree to the update vs those that don&apos;t agree with it). Due to this, system properties are only conditionally immutable (immutable on the condition that everyone agrees with everything that has been done thus far). The conditions are of interest to users, investors and regulators and have to be published upfront ideally within the first whitepaper. The data layer is any data that is stored on the blockchain, after a few blocks of confirmation this layer is considered to be immutable.</p><h3 id="h-blocks" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Blocks</h3><p>Once a person triggers a transaction through a smart contract and their wallet, computers that are part of the network pick their transaction to include in the block. Transactions are prioritized based upon the amount of transaction fees paid, the ones that have paid the highest transaction fees are picked first (gas). The pooled transactions (mempool) are paired together until only one remains (merkle tree). Each pair gets hashed until the only hash that remains is the final one, the merkle root. In the case of Bitcoin this process is repeated every 10 minutes. The merkle root is stored in the blockchain and holds not only the transactions that were paired in that block but all the transactions that have occured in the blockchain, as the previous merkle root is paired in each new block. The entirety of the record of these transactions is 400 GB for Bitcoin, however all computers computing in the blockchain don&apos;t need to store the entirety of this data, they only need to know the previous merkle roots (these roots are often provided by mining pools). As the entirety of transactions on a blockchain are distributed across many computers, it is called a distributed ledger (Distributed Ledger Technology (DLT)). In order to know if a transaction is valid, computers look at the past transactions. It&apos;s near impossible to do a false transaction as it would completely change the merkle root.</p><p>In order to change the difficulty of mining a new block to the point where a new block is only mined around every 10 minutes, a nonce needs to be used. A nonce is a random number that needs to be included for the hash to be successful. The difficulty is changed every 2,016 blocks (roughly two weeks) based upon the timing it has been taking to mine blocks.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/aa9c816665d642075cdf53cb82f245efa063a9b1a5ec1a8be6ce4586ce37b870.png" alt="How different nonce numbers result in different hashes" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">How different nonce numbers result in different hashes</figcaption></figure><p>Currently computers need to try around 30 trillion times before they are able to come up with a successful hash. If a computer tried a new hash every second, it would take 30 trillion seconds or 900,000 years (three times longer than the existence of humans on this earth (24)). When a successful hash is found it is broadcast to the rest of the computers participating in the network. These computers back check the hash and if 51% of the computing power agrees that it is successful this block is added to the blockchain. Several other components are added into block details such as the blockchain version (version 0.01, 0.02 etc.), the block height number: how far away numerically the block is from the first block, timestamp: time and date, target in bits: network target. Once these details are included and the computers in the network achieve 51% consensus that it is a successful hash, the computer that found that hash is rewarded tokens (Bitcoins are rewarded for the Bitcoin blockchain). The token distribution event is called a coinbase. Along with that they receive the transaction fees for the transactions they included in that block. Most cases these rewards are distributed across a mining pool (pool of computers). A mining pool increases the chances of finding a successful hash by pooling together computing power.</p><p><strong>Proof of Stake</strong></p><p>Proof of work is energy intensive, one of the ways in which the efficiency of this system has been improved is through proof of stake. In proof of stake, people stake tokens that are part of that network. Staking locks the tokens for a period of time (agreeing not to sell them). People that stake their tokens are now able to be validators of that network. Instead of finding nonces with their computing power hashes are computed according to the amount of tokens staked (a blockchain with 2 tokens staked has twice the difficulty of one with a single token staked). Rewards still come from transaction fees and potentially coinbases.</p><p>There are other proof systems such as</p><p>· Proof of Capacity</p><p>o In this system computers share memory space · Proof of Activity</p><p>o Hybrid of both Proof of Work and Proof of Stake · Proof of Burn</p><p>o Burning (making them not able to be used) tokens · And More</p><h3 id="h-blockchain" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Blockchain</h3><p>Once a block is confirmed it is added to the blockchain. Blockchains can only be written on, existing data can&apos;t be updated.The blockchain is able to add a layer of immutability to these write actions.</p><p>The blockchain could be altered in the case that someone is able to gain control or create a false transaction that 51% of the network agrees to. Let&apos;s estimate the cost of a 51% attack which reverses a year of bitcoin transactions. At the current bitcoin price of $32,521 and reward of 12.5 bitcoins (including transaction fees) per 10-minute block, miners earn around $21 trillion per year ($32,521 × 12.5 × 6 × 24 × 365). If someone were to alter the blockchain it would cost miners in the network a huge amount of money, thus it is to each miners great advantage to keep the blockchain record valid. Blocks are only confirmed and awarded after an amount of time has past. If 51% of the network were to be gathered to alter the blockchain, that amount would need to be kept for an extended amount of time (potentially costing a lot of computing power energy in the case of Bitcoin). The further back a block is in the blockchain the harder it is to alter.</p><p>If alteration of the blockchain were to be successful there is still the possibility to fork the code of the blockchain and create an entirely new blockchain that goes back and erases the alteration, such as the case of Ethereum and Ethereum Classic (25).</p><h3 id="h-indexers" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Indexers</h3><p>In order to make the data stored on the blockchain readable, indexers are used (such as application programming interface). These indexers allow for retrieving data from prior transactions as well as making it human readable (The Graph, Alchemy, and Moralis are examples of indexers).</p><h3 id="h-physical" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Physical</h3><p>To take the first step into web3, take your computer, mobile phone or other electronic device and replace it&apos;s operating system with a privacy preserving open source one (such as Linux or Tails). This operating system will allow you to keep personal control of your data, unlike Microsoft, Apple and other operating systems. In terms of what the device is, it doesn&apos;t really matter. Electronic devices will continue to be produced no matter the web version we are on or operating system we use.</p><p>All electronic devices (cellphones, smartwatches, sensors, computers, headphones, etc.) are able to be a part of web3. Most people don&apos;t want to run a lot of electronic devices that have a lot of storage space and computing power, some do. Event then, it&apos;s unlikely that you are always using all of the computing power and storage space that your electronic devices have. At times when this computing power and storage space is not in use by you, it should still be able to benefit you. Decentralized storage (Filecoin, Storj, IPFS, Arweave, etc.) and computing power systems (Golem, iExec, Sonm) allow you to sell excess storage and computing power when not in use. At the same time it allows you to purchase storage and computing power when needs demand, all while maintaining anonymity. The potential for this means that you could pay to trigger an analysis that needs the computing capacity of several super computers from your smartwatch or someone can pay to upload their data, retain sole control of it and have versions of it spread across hundreds of computers.</p><p>Electronic devices that are part of web3 will be able to receive and transmit in an ever increasing number of wavelengths (such as bluetooth, wifi, radio and other relay techniques) as well as translate them into other forms (such as translating radio into wifi).</p><h3 id="h-data" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Data</h3><p>Interacting with the web is where it gets tricky in terms of data. Even the most advanced web browsers (TOR, Brave Browser, etc.) are profiting from the data of their users (26, 27). Codes on most websites track information on the people that visit them (such as Javascript). Though this code is not directly owned by any one organization. It&apos;s used by several, such as Google Analytics, as something that can be put into the website to track more info on the people that are visiting it. Google Analytics is used on 55.7% of all websites and caters data not only for those websites but for Google as a company (that&apos;s not to mention tracking done by Google Scripts) (28). TOR, Brave and other browsers don&apos;t pay their user base for the data collected of them by Javascript, instead they fund their organizations with this money (TOR has the ability for users to opt out). Luckily TOR, Brave and other browsers are open source and can be forked. Integrating the ability in this forked version of a browser can allow users to have ownership of this data and monetize off it using data marketplaces (Ocean Protocol, dClimate, etc.).</p><h3 id="h-applications" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Applications</h3><p>Applications for video sharing (Youtube, Tik Tok), social media (Facebook, Instagram), messaging and video calls (Zoom, Skype), Music (Spotify, Pandora) are already becoming decentralized. If you look up decentralized applications in front of each of the types of applications you are interested in, it will show a list of dapps already available. Levels of decentralization of these apps are questionable, one of the major NFT marketplaces for example (Opensea) was able to stop transactions from occurring rising questions over the level of centralized authority that OpenSea has (29).</p><h3 id="h-internet" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Internet</h3><p>In web2 interacting on the internet is routed through domain names, DNS, and IP addresses. In web3 these interactions are routed through decentralized naming conventions (like ethereum name service, ENS) that are tied to a contract address (mix of letters and numbers that looks like 0x2D237B830B6dC666439b963B2C0871E3e7f6C020).</p><h3 id="h-transport" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Transport</h3><p>Fiber transport layers are fragile as they break by getting gnawed by rodents, have a limited life span, and only distribute to areas attached to their cables. Satellites are likely to become an increasing transport layer. Satellite systems for transporting blockchains (such as Bitcoin) are already appearing (such as Blockstream Satellites). However, entities (such as governments) are able to block electromagnetic wavelengths (such as radio) from these satellites for receivers. The most powerful blockers known can only block a wavelength in a buffer of up to 125 miles (30). If receivers outside of this buffer are still able to receive it, the signal could be relayed through small range network connections, such as mesh networks. These networks connect to electronic devices to communicate with each other through the electromagnetic spectrum (bluetooth, wifi, radio and other relay techniques) (Helium, FOAM, TxTenna). Any electronic device, could be relayers in a mesh network. These same devices could also potentially serve as translators for altering the communication into another wavelength in the electromagnetic spectrum (such as translating radio to wifi). When an entity blocks the signal from a receiver the mesh network can send a message to transfer to another wavelength (for both transmission and reception). As there are almost an unlimited amount of wavelengths, using coordination, it would be very difficult to block.</p><h3 id="h-artificial-intelligence-ai-and-machine-learning" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Artificial intelligence (AI) and Machine Learning</h3><p>As most of the data that is part of web3 is able to be accessed through reading the blockchain and paying for access to people&apos;s data, extensive machine learning and AI can be built. These AI and machine learning algorithms will enable greatly improved efficiency and accuracy in how we interact and interpret ourselves, the world around us and transactions. As these algorithms will be open source, further iterations can be created of them enabling further changes to suit our needs.</p><h3 id="h-metaverse" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Metaverse</h3><p>The way in which we interact with web3 and the data on it will likely transform into 3 dimensions, especially with further integration of IOT devices in our lives. Various metaverses, alternate online 3 dimensional realities, will be created based upon community values.</p><h3 id="h-web3" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">Web3</h3><p><em>Currently web3 is ran on web2, though web3 could be done through carrier pigeons, smoke signals, or wire fences.</em></p><p>Web 3.0 is own, read, write. In order to interact with the web, people need to own hardware. What is done on this hardware is up to the individual and the data that is created from interacting with the hardware is owned by the individual, self sovereignty. People are able to read anything that is part of web3 as all the base code is meant to be open source (transparency). As the code is open source anyone can do a permissionless fork and build new iterations of that code. Codes work together and interoperate to create web3. When people write on this web, they sign transactions and with this transaction the web is further developed. As writing is creating new data, the writer needs to be compensated for their contribution. Often times this transaction is done through tokens. As anyone is able to purchase hardware that can engage with web3, anyone can actively participate and further develop web3. When they develop web3, they can do so anonymously. There is no intermediary that says you can and can&apos;t do a transaction. Empowering a decentralized network for continued contributions.</p><p><strong>Product idea:</strong> Login to a device through a crypto wallet, create a virtual machine run Linux/ Tails on it, Fork TOR so no data is sold through organization and people have the choice to sell their data to benefit them on data markets, allow people to opt in their devices for decentralized storage and computing power systems, if they opt in for decentralized storage allowing that storage to be accessible to data markets, allow that computer to become a multi wavelength transceiver and translator. Integrate further components of web3 into this as they become applicable.</p><h2 id="h-resources" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Resources</h2><p>1: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://healthit.com.au/how-big-is-the-internet-and-how-do-we-measure-it/#:~:text=In%202020%2C%20the%20amount%20of,information%20consumed%20by%20web%20traffic">https://healthit.com.au/how-big-is-the-internet-and-how-do-we-measure-it/#:~:text=In 2020%2C the amount of,information consumed by web traffic</a>.</p><p>2: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="http://www.sciencefocus.com/future-technology/how-much-data-is-on-the-internet/">http://www.sciencefocus.com/future-technology/how-much-data-is-on-the-internet/</a></p><p>3: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.theguardian.com/world/2015/dec/27/north-koreas-computer-operating-system-revealed-by-researchers">https://www.theguardian.com/world/2015/dec/27/north-koreas-computer-operating-system-revealed-by-researchers</a></p><p>4: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.statista.com/statistics/267018/global-market-share-held-by-pc-vendors/#:~:text=The%20overall%20market%20leader%20in,had%20around%2074.18%20million%20shi">https://www.statista.com/statistics/267018/global-market-share-held-by-pc-vendors/#:~:text=The overall market leader in,had around 74.18 million shi</a> pments.</p><p>5: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.reuters.com/article/us-microsoft-windows-idUSTRE69K2L420101021">https://www.reuters.com/article/us-microsoft-windows-idUSTRE69K2L420101021</a></p><p>6: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://cdn0.vox-cdn.com/assets/4537135/WorldData.png">https://cdn0.vox-cdn.com/assets/4537135/WorldData.png</a></p><p>7: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://staltz.com/the-web-began-dying-in-2014-heres-how.html#:~:text=It%20looks%20like%20nothing%20has,by%20the%20end%20of%202016">https://staltz.com/the-web-began-dying-in-2014-heres-how.html#:~:text=It looks like nothing has,by the end of 2016</a>.</p><p>8: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.vox.com/a/internet-maps">https://www.vox.com/a/internet-maps</a></p><p>9: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.thousandeyes.com/outages/">https://www.thousandeyes.com/outages/</a></p><p>10: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.accessnow.org/cms/assets/uploads/2021/03/KeepItOn-report-on-the-2020-data_Mar-2021_3.pdf">https://www.accessnow.org/cms/assets/uploads/2021/03/KeepItOn-report-on-the-2020-data_Mar-2021_3.pdf</a></p><p>11: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://en.wikipedia.org/wiki/Censorship_by_country">https://en.wikipedia.org/wiki/Censorship_by_country</a></p><p>12: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.youtube.com/watch?v=K62fiw7inKE">https://www.youtube.com/watch?v=K62fiw7inKE</a></p><p>13: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://carnegieendowment.org/2022/03/31/government-internet-shutdowns-are-changing.-how-should-citizens-and-democracies-respond-pub-86687">https://carnegieendowment.org/2022/03/31/government-internet-shutdowns-are-changing.-how-should-citizens-and-democracies-respond-pub-86687</a></p><p>14: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www2.deloitte.com/global/en/pages/technology-media-and-telecommunications/articles/the-economic-impact-of-disruptions-to-internet-connectivity-report-for-facebook.html">https://www2.deloitte.com/global/en/pages/technology-media-and-telecommunications/articles/the-economic-impact-of-disruptions-to-internet-connectivity-report-for-facebook.html</a></p><p>15: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.top10vpn.com/research/cost-of-internet-shutdowns/">https://www.top10vpn.com/research/cost-of-internet-shutdowns/</a></p><p>16: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://ioda.inetintel.cc.gatech.edu/">https://ioda.inetintel.cc.gatech.edu/</a></p><p>17: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://yudhanjaya.com/2016/06/who-owns-the-internet/">https://yudhanjaya.com/2016/06/who-owns-the-internet/</a></p><p>18: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://therecord.media/canadian-internet-outage-beaver/">https://therecord.media/canadian-internet-outage-beaver/</a></p><p>19: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.1news.co.nz/2022/05/11/rats-gnaw-west-auckland-fibre-cables-knock-out-internet/">https://www.1news.co.nz/2022/05/11/rats-gnaw-west-auckland-fibre-cables-knock-out-internet/</a></p><p>20: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://arkenea.com/blog/big-tech-companies-user-worth/">https://arkenea.com/blog/big-tech-companies-user-worth/</a></p><p>21: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0207101">https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0207101</a></p><p>22: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=8717702">https://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=8717702</a></p><p>23: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://xorbin.com/tools/sha256-hash-calculator">https://xorbin.com/tools/sha256-hash-calculator</a></p><p>24: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://theconversation.com/when-did-we-become-fully-human-what-fossils-and-dna-tell-us-about-the-evolution-of-modern-intelligence-143717#:~:text=Fossils%20and%20DNA%20suggest%20people,evolved%20around%20300%2C000%252">https://theconversation.com/when-did-we-become-fully-human-what-fossils-and-dna-tell-us-about-the-evolution-of-modern-intelligence-143717#:~:text=Fossils and DNA suggest people,evolved around 300%2C000%2</a> 0years%20ago.</p><p>25: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.gemini.com/cryptopedia/ethereum-classic-etc-vs-eth">https://www.gemini.com/cryptopedia/ethereum-classic-etc-vs-eth</a></p><p>26 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.tor.com/privacy-">https://www.tor.com/privacy-</a></p><p>notice/#:~:text=to%20Contact%20Us-,Information%20We%20Collect,Sites%20or%20from%20third%20pa rties.</p><p>27: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://brave.com/privacy/browser/#brave-talk">https://brave.com/privacy/browser/#brave-talk</a></p><p>28: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://w3techs.com/technologies/details/ta-googleanalytics">https://w3techs.com/technologies/details/ta-googleanalytics</a></p><p>29: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://beincrypto.com/2-2-million-bored-ape-nfts-stolen-opensea-freezes-transactions/">https://beincrypto.com/2-2-million-bored-ape-nfts-stolen-opensea-freezes-transactions/</a></p><p>30: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.afcea.org/content/jam-proof-signals-guide-navigation">https://www.afcea.org/content/jam-proof-signals-guide-navigation</a></p>]]></content:encoded>
            <author>terexitarius@newsletter.paragraph.com (Terexitarius)</author>
            <enclosure url="https://storage.googleapis.com/papyrus_images/85ac82c837b28cb8b6fe5cb2635a99b25ebbda18364d8f71ae5f1de7920793cb.png" length="0" type="image/png"/>
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            <title><![CDATA[Environmental Impact of Cryptocurrency vs. Fiat]]></title>
            <link>https://paragraph.com/@terexitarius/environmental-impact-of-cryptocurrency-vs-fiat</link>
            <guid>eJ0fBSm2Y5GOetqZXFuG</guid>
            <pubDate>Mon, 26 Feb 2024 23:08:02 GMT</pubDate>
            <description><![CDATA[Cover Image created from Imogen- Input Sentences “Bitcoin consuming a 1/10th the energy of US currencies and lasting infinitely longer, technology improving for increased efficiency, and blockchains already going carbon neutral. Why are there media blasts about cryptocurrency being bad for the environment” The two main environmental impacts of crypto are energy use and electronic waste. Currencies have environmental impacts of energy and electronic parts that enable such systems. This writing...]]></description>
            <content:encoded><![CDATA[<p><em>Cover Image created from </em><a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://developers.mobilecoin.com/guides/signal-sdk/imogen"><em>Imogen</em></a><em>- Input Sentences “Bitcoin consuming a 1/10th the energy of US currencies and lasting infinitely longer, technology improving for increased efficiency, and blockchains already going carbon neutral. Why are there media blasts about cryptocurrency being bad for the environment”</em></p><p>The two main environmental impacts of crypto are energy use and electronic waste. Currencies have environmental impacts of energy and electronic parts that enable such systems. This writing will focus only on the environmental impact of energy use for minting new units of value (bitcoin or dollars and coinage). It won&apos;t take into account the energy cost of disposing of old currencies, transportation and growing of materials, chemicals used, water used, environmental impact of metals, deforestation, greenhouse gases, e-waste, microplastics from polymer notes or bank cards, among many other impacts (Footnotes 1, 2). Unlike other writing that compared crypto&apos;s environmental impact to countries, this writing will compare it with currency (specifically US currencies; dollars and coinage).</p><p>The Euro, USD and Yen, account for 60% of the circulating currency in the world (1). This takes shape as around 5.25 million tonnes of coinage and at least 200 billion bank notes (1). For this writing take into consideration that the calculations account for only around 20% of the energy use of circulating currency as it is examining only US Currency.</p><p>Minting United States currency (dollars and coinage) uses up to 10 times the amount of energy that Bitcoin uses and lasts a fraction of the time. Coins on average last 25 years (1). While cryptocurrency, including bitcoin, could theoretically last forever.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/13ecf221722d55b7d0bc09c4c8097e8c2c6ecb21681b8725f131df656db5e55d.jpg" alt="Comparison of Bitcoin and US currency in terms of energy usage from the years 2010 to 2020. Max US currency energy usage is 10^-1 to fit better with the chart. Source." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Comparison of Bitcoin and US currency in terms of energy usage from the years 2010 to 2020. Max US currency energy usage is 10^-1 to fit better with the chart. Source.</figcaption></figure><p><a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://docs.google.com/spreadsheets/d/1Op3lWx2KO63pQ0ZVgQYQpkv4gyJPcdwTktp-E4SKlCE/edit?usp=sharing">https://docs.google.com/spreadsheets/d/1Op3lWx2KO63pQ0ZVgQYQpkv4gyJPcdwTktp-E4SKlCE/edit?usp=sharing</a></p><p>1: Though to give you an idea of the environmental impact of this from US currency for the year 2002 it is estimated that 1.75 billion litres per year of water is used, 6 million pounds of waste ink and pulp sludge is produced, 3,540 tonnes of ink is used, over 7,100 tonnes of cotton is used, and over 2,300 tonnes of linen is used (1).</p><p>2: Bitcoin&apos;s annual e-waste generation adds up to 30.7 metric kilotons as of May 2021 (2). A measurement of the amount of e-waste that the US currency system produces was unable to be found. However, there&apos;s an estimated 800,000 bank branches with at least a computer in each one and around 3.24 million ATMs globally (3, 4)</p><h2 id="h-fiat-energy-use" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Fiat Energy Use</h2><p><em>The US lost around USD $870,000,000 producing pennies between 2010-2020 (estimating the cost of producing pennies during that time at around 2.1 cents) (5)</em></p><p>From 2010 to 2020 there was an estimated USD $794,136,900 of pennies, $668,783,720 of nickels, $2,453,301,000 of dimes, $4,491,593,500 of quarters, $28,725,000 of 50 cent pieces, and $1,001,230,000 of dollar pieces, $24,044,800,000 of one dollars, $1,075,200,000 of two dollars, $35,648,000,000 of five dollars, $46,910,000,000 of ten dollars, $350,080,000,000 of twenty dollars, $121,600,000,000 of fifty dollars, and $1,941,120,000,000 of one hundred dollars newly minted for a total of USD $2,529,915,770,120... around two and a half trillion dollars. That was created from 133,478,075,300 new units of value consisting of 794,136,900 pennies, 13,375,674,400 nickels, 24,533,010,000 dimes, 17,966,374,000 quarters, 57,450,000 half dollars, 1,001,230,000 dollar pieces, 24,044,800,000 dollar bills, 537,600,000 2 dollar bills, 7,129,600,000 5 dollar bills, 4,691,000,000 10 dollar bills, 17,504,000,000 20 dollar bills, 2,432,000,000 50 dollar bills, and 19,411,200,000 100 dollar bills (6, 7).</p><p>0.00000001672947013 GWh are used on average to print a bill at the minting site (8). 75,750,200,000 of the newly minted units above were bills. That means 1,267 GWh was used to print bills between 2010 and 2020.</p><p>Coinage varies on energy needed based on the metals used; zinc, copper, and nickel are the three base metals used (for metals percentage of each coin see (9)). From 2010 to 2020 there was 213,375 tons of zinc, 226,584 tons of copper, and 32,849 tons of nickel used. These metals could of originated from mined metals (maximum energy needed) or recycled metals (minimum energy needed). It is estimated that recycling can reduce the energy needed by 95% (10). In terms of energy, GWh, per ton needed to mine metals; zinc is .0018, copper is .0099 and nickel is .0019 (11). Once metals are able to be used it takes around 0.00000258 GWh per coin (12). Only counting the mining process it would take around GWh 384 for zinc, 2,243 for copper and 62 for nickel to mine the metals necessary. Of the newly minted units described above 57,727,875,300 of those were coinage. That means 148,937 GWh were used to turn these metals into coins. For a total of 151626 GWh for coinage... around 150,000 GWh. Combining that with the energy used to print bills leads to around 153,000 GWh of energy use maximum and if recycling was utilized could get close to 150,000 GWh.</p><h2 id="h-crypto-energy-use" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Crypto Energy Use</h2><p>Different methodologies have been used to calculate Bitcoin energy consumption. Without going into detail about these methodologies but rather relying on the prestige of the name of the university that produced the result, Cambridge. During 2010-2020 cryptocurrency used at max 17,400 GWh and at minimum 4,000 GWh (13). By the end of 2020 there was 18.59 million Bitcoin in circulation, out of the total number that will ever exist of 21 million (14). Bitcoin is able to store small units of value, micro pennies to large units of value trillions of dollars. In addition to this, Bitcoin can be used globally by any entity that would like to transact with it.</p><p>The two major proof of work cryptocurrencies (Bitcoin, Ethereum) have had scaling solutions built on top of them (such as lightning network with Bitcoin, and Polygon with Ethereum). Utilizing these scaling solutions for transactions allows for the energy demand to be greatly reduced.</p><p>Of the energy used in Bitcoin mining renewable energy is used to power anywhere from 40-75% of it (15). The Crypto Climate Accord has been started with more than 250 companies and individuals spanning the crypto and finance, technology, NGO, and energy and climate sectors signing stating that they would like to achieve net-zero emissions from electricity consumption by 2030 (16). This combined by the market incentive for renewable energy (some of the cheapest sources of energy in the world come from renewables) will likely make the percentage of renewable energy for Bitcoin mining go towards the range of &gt;75%.</p><h2 id="h-proof-of-stake" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Proof of Stake</h2><p>Everything so far has only been about the first decentralized cryptocurrency ever, Bitcoin uses proof of work. Since then there has been a lot of innovation towards efficiency. One innovation is proof of stake (POS). Proof of stake uses a thousandth the energy need of Bitcoin, with some of the most efficient, Polkadot, using the equivalent of seven US households worth of energy (17). Proof of stake is able to be run on computers as simple as a Raspberry Pi.</p><h2 id="h-future" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Future</h2><p>Carbon neutral Proof of Stake blockchains are becoming an ever increasing trend with Ripple, WAX, Solana, Polygon, Celo, Near, among others jumping on board. Algorand even went so far as to go carbon negative. This was largely made possible by offsetting carbon impact through carbon credits, with around 25 million carbon credits now on blockchains (18).</p><p>One of the major proof of work blockchains, Ethereum, is in the process of transitioning to a proof of stake algorithm which would reduce the network energy demand by 99% (19).</p><h2 id="h-transmitting-currencies" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Transmitting Currencies</h2><h3 id="h-us-currency" class="text-2xl font-header !mt-6 !mb-4 first:!mt-0 first:!mb-0">US Currency</h3><p>Once the US currency is made there are two ways in which we can utilize it for exchange;</p><p><strong>Physically</strong></p><p>In a physical exchange a dollar is exchanged for another item such as a good in a dollar store.</p><p><strong>Digital</strong></p><p>In digital exchange, the dollar is transmitted to the vender of the item. Such as buying a book for a dollar on Amazon.</p><p>In order to do this exchange a messaging system is needed. The messaging acknowledges that the person wants to send the dollar, sends the dollar, verifies that there is a dollar, and disperses the dollar to the person that sold the toy. SWIFT and VISA/ Mastercard are examples of such messaging systems. Physical exchange relies on the energy of the person to make the exchange, so it won&apos;t be examined further. Digital exchange relies on the messaging system and will be examined further.</p><p>Here&apos;s an example of how a bank messaging system works. Arnold has just bought something from Butch and needs to pay Butch for that item. They either put in their card info (VISA/ MASTERCARD) or their bank info and the bank info of Butch, the receiving bank (SWIFT). The amount needing to be paid to Butch is either automatically updated via the item description or it is manually input. From there a message is sent to the bank saying that this amount of money is needing to be sent to Butch. In the case of SWIFT that the banks have a direct relationship (trust each other), the money is sent from Arnold&apos;s bank (Bank A) to Butch&apos;s bank (Bank B), if these banks don&apos;t have a relationship the transaction is sent through trusted intermediaries until it finally arrives at Butch&apos;s bank. During card transactions, especially credit cards, the card transaction is sent through as many as six to eight intermediaries (20).</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/0ccf5a54098d22ff697b1cea84386ac33e7d3a94d1ffe74b310d849b270dc5ec.jpg" alt="Exampleof Currency Transmission" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Exampleof Currency Transmission</figcaption></figure><p>Now at the most trusted levels of this messaging system, there are at least two intermediaries (Bank A and Bank B). Both of these banks likely have physical locations with energy costs, the messaging network needs energy, and all of this needs a lot of people.</p><h2 id="h-bitcoin" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Bitcoin</h2><p>Banks everywhere are seriously considering distributed ledgers, creating their own cryptocurrencies, and seeing how this technology could affect them. For example in Italy 97 member banks of the Italian Banking Association, equalling 91% of the banking sector in terms of employee numbers, have adopted a distributed ledger for their operations (21). The Swedish Central Bank is experimenting with creating its own digital currency, HSBC have enabled a digital asset vault, Asian Bank has integrated, wallets, buying and selling of cryptocurrency as well as wire transactions with crypto, and the US Federal Reserve is working with IBM to develop a blockchain payment system (22, 23).</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/1c2df7317292fc287e66ca6391dda6c42e4616edd4af61af664d061ac6956bbc.jpg" alt="Cost savings for banks adopting blockchain technology (22)." blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Cost savings for banks adopting blockchain technology (22).</figcaption></figure><p>In Proof of Work systems (Bitcoin, Ethereum, etc.), computers are coming to a consensus over the transactions that occurred, this consensus is recorded and one of the computers who aid in the consensus are sent tokens (newly minted Ethereum, Bitcoin, etc.), as well as transaction fees from the person that initiated the transaction, to incentivize this process (every computer has a chance of receiving tokens proportional to the computing power used). The only intermediary necessary to trust for transactions from one person to another are consensus making computers.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/d05b62c590559ee93dc1d73fcba5f5a074a74919ef029d386e09b27a377c831d.jpg" alt="Graphicof a transaction over POW" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Graphicof a transaction over POW</figcaption></figure><p>The global annual cost saving from banks adopting blockchain would equate to USD $12 billion (22). Bitcoin has already had a total of 738,999,111 transactions completed on it with USD $4,461,260,000,000 in total value (24). During that same time it created around 19 million Bitcoin, out of the total number that will ever exist of 21 million. Once 21 million Bitcoin are minted, computers won&apos;t receive newly minted Bitcoin for their work but instead will receive only the transaction fee that people send to have their transaction sent. During 2010-2020 Bitcoin did this all while having a lower energy impact than US currency.</p><h2 id="h-impact-of-bitcoin-energy-use-per-dollar-circulating" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Impact of Bitcoin Energy Use Per Dollar Circulating</h2><p>Though it would be difficult to separate newly minted Bitcoin energy use vs transaction energy use, when transactions are compared to the block size there is a correlation. This shows that the block size (megabyte size) with the amount of transactions on that block.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/19cc676accb66604007176461f24d11ad0614967b3ee2a31e5bfb73876bbd5bc.jpg" alt="Showing a growing block size with a growing amount of transactions (25, 26)" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Showing a growing block size with a growing amount of transactions (25, 26)</figcaption></figure><p>With a growing block size there is a growing energy need, however the correlation is weak.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/e30d89b3a64cc8bee1caa8c55096f3f842c7dcc87215f801722e3578b7a4614c.jpg" alt="Block size vs power need, the complexity of solving the cryptographic puzzle may affect power need (13, 26)" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Block size vs power need, the complexity of solving the cryptographic puzzle may affect power need (13, 26)</figcaption></figure><p>The transaction value ($USD) has a weak correlation to block size.</p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/002814d030ce9c28bad0e8ee3bab1f89e1f20c8343c5bc072c7eccfe936685fe.jpg" alt="Block Size Increase With Transaction Value Increase (24, 26)" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Block Size Increase With Transaction Value Increase (24, 26)</figcaption></figure><p>This means that the value held on Bitcoin could increase, without drastically affecting its energy consumption (USD $1,000 would around the same energy need as a 5,000,000 transaction). If transactions continue to increase on Bitcoin however the energy consumption will continue to increase. This is largely due to how Bitcoin handles value as simple data strings while transactions are complex cryptographic puzzles.</p><h2 id="h-resources" class="text-3xl font-header !mt-8 !mb-4 first:!mt-0 first:!mb-0">Resources</h2><p>1: McCook, 2014 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.coindesk.com/markets/2014/07/05/under-the-microscope-the-real-costs-of-a-dollar/">https://www.coindesk.com/markets/2014/07/05/under-the-microscope-the-real-costs-of-a-dollar/</a></p><p>2: De Vries, A., &amp; Stoll, C. (2021). Bitcoin&apos;s growing e-waste problem. Resources, Conservation and Recycling, 175, 105901.</p><p>3: IMF, 2020: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://data.worldbank.org/indicator/FB.CBK.BRCH.P5">https://data.worldbank.org/indicator/FB.CBK.BRCH.P5</a></p><p>4: Finextra, 2019: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.finextra.com/pressarticle/78452/number-of-atms-worldwide-drops-for-the-first-time-as-demand-for-cash-decreases#:~:text=Brand%2Dnew%20research%20shows%20that,rising%20popularity%20of%20mobile">https://www.finextra.com/pressarticle/78452/number-of-atms-worldwide-drops-for-the-first-time-as-demand-for-cash-decreases#:~:text=Brand-new research shows that,rising popularity of mobile</a> %20payments.</p><p>5: Unser, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.coinnews.net/2022/01/18/penny-costs-2-1-cents-to-make-in-2021-nickel-costs-8-52-cents-us-mint-realizes-381-2m-in-seigniorage/">https://www.coinnews.net/2022/01/18/penny-costs-2-1-cents-to-make-in-2021-nickel-costs-8-52-cents-us-mint-realizes-381-2m-in-seigniorage/</a></p><p>6: BEP, 2020 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.bep.gov/currency/production-figures/annual-production-reports">https://www.bep.gov/currency/production-figures/annual-production-reports</a></p><p>7: USMint 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.usmint.gov/about/production-sales-figures/circulating-coins-production">https://www.usmint.gov/about/production-sales-figures/circulating-coins-production</a></p><p>8: Ahlers, C., Martin, M., Olsen, B., O’Neil, P., &amp; Sanchez Jr, M. 2010 How Green is Our Green? A Sustainability Assessment of US and Australian Currency.</p><p>9: GoldSilver, 2020 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://goldsilver.com/blog/what-are-us-coins-made-of-goldsilvercom/">https://goldsilver.com/blog/what-are-us-coins-made-of-goldsilvercom/</a></p><p>10: Federal Metals, 2022: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://federalmetals.ca/how-does-metal-recycling-conserve-energy/">https://federalmetals.ca/how-does-metal-recycling-conserve-energy/</a></p><p>11: Donahue, 2016 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.smithsonianmag.com/science-nature/penny-environmental-disaster-180959032/">https://www.smithsonianmag.com/science-nature/penny-environmental-disaster-180959032/</a></p><p>12: Goldstein, 2017 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.marketwatch.com/story/at-last-a-comparison-where-bitcoin-comes-out-environmentally-friendlier-2017-12-06">https://www.marketwatch.com/story/at-last-a-comparison-where-bitcoin-comes-out-environmentally-friendlier-2017-12-06</a></p><p>13: Cambridge, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://ccaf.io/cbeci/index">https://ccaf.io/cbeci/index</a></p><p>14: de Best, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.statista.com/statistics/247280/number-of-bitcoins-in-circulation/">https://www.statista.com/statistics/247280/number-of-bitcoins-in-circulation/</a></p><p>15: NYTImes, 2021 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html">https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html</a></p><p>16: CryptoClimate, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://cryptoclimate.org/">https://cryptoclimate.org/</a></p><p>17: CCRI (Crypto Carbon Ratings Institute)Energy efficiency and carbon emissions of PoS Networks. Industry Report.</p><p>18: Rosseau, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://earth.org/tokenized-carbon-credits/#:~:text=%E2%80%8B%E2%80%8BSince%20the%20launch,locked%20into%20the%20KlimaDA">https://earth.org/tokenized-carbon-credits/#:~:text=​​Since the launch,locked into the KlimaDA</a> O%20treasury.</p><p>19: Castor, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake/">https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake/</a></p><p>20: COTI, 2018 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://medium.com/cotinetwork/how-does-credit-card-processing-work-fcbc065f3a63">https://medium.com/cotinetwork/how-does-credit-card-processing-work-fcbc065f3a63</a></p><p>21: R3, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.r3.com/case-studies/spunta/">https://www.r3.com/case-studies/spunta/</a></p><p>22: Appinventiv, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://appinventiv.com/blog/blockchain-in-banking/">https://appinventiv.com/blog/blockchain-in-banking/</a></p><p>23: Infosys, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.infosys.com/industries/financial-services/white-papers/documents/blockchain-adoption-financial-services.pdf">https://www.infosys.com/industries/financial-services/white-papers/documents/blockchain-adoption-financial-services.pdf</a></p><p>24: Nasdaq, 2022 <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://data.nasdaq.com/data/BCHAIN/ETRVU-bitcoin-estimated-transaction-volume-">https://data.nasdaq.com/data/BCHAIN/ETRVU-bitcoin-estimated-transaction-volume-</a></p><p>usd</p><p>25: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.blockchain.com/charts/n-transactions-per-block">https://www.blockchain.com/charts/n-transactions-per-block</a></p><p>26: <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://www.blockchain.com/charts/avg-block-size">https://www.blockchain.com/charts/avg-block-size</a></p>]]></content:encoded>
            <author>terexitarius@newsletter.paragraph.com (Terexitarius)</author>
            <enclosure url="https://storage.googleapis.com/papyrus_images/f22183fcc74a96e547725264683ca98d323e71fb39954c20ed5b278d9bdf1dcb.jpg" length="0" type="image/jpg"/>
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            <title><![CDATA[dMeter UNA Foundation]]></title>
            <link>https://paragraph.com/@terexitarius/dmeter-una-foundation</link>
            <guid>4eYD2LISgOLfWhCUwB9F</guid>
            <pubDate>Fri, 23 Jun 2023 07:35:40 GMT</pubDate>
            <description><![CDATA[Trustless Unincorporated Nonprofit Association Agreement ("TUNAA") Article I - Organization Section 1.1 Status. dMeter (the "DAO") is a "nonprofit association" under the Delaware Uniform Unincorporated Nonprofit Association Act, Del. Code Ann. Tit. 6, §§ 1901-1916. The DAO is not intended to be, and shall not be deemed to be, a partnership. Section 1.2 Purposes. The DAO is organized to carry out the missions stated in its membership portal (available at https://shorturl.at/amIR7), related web...]]></description>
            <content:encoded><![CDATA[<p>Trustless Unincorporated Nonprofit Association Agreement (&quot;TUNAA&quot;)</p><br><p>Article I - Organization</p><br><p>Section 1.1 Status. dMeter (the &quot;DAO&quot;) is a &quot;nonprofit association&quot; under the Delaware Uniform Unincorporated Nonprofit Association Act, Del. Code Ann. Tit. 6, §§ 1901-1916.</p><br><p>The DAO is not intended to be, and shall not be deemed to be, a partnership.</p><br><p>Section 1.2 Purposes. The DAO is organized to carry out the missions stated in its membership portal (available at <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://shorturl.at/amIR7">https://shorturl.at/amIR7</a>), related websites or otherwise memorialized in a writing by the DAO. The DAO is not intended to be or become an entity required to register as an “investment company” as defined in Section3(a)(1)(A) of the Investment Company Act of 1940, as amended.</p><br><p>Section 1.3 Nondiscrimination. The DAO shall not arbitrarily discriminate on the basis of race, nationality, religion, age, gender, sexual orientation, disability, political affiliation, or otherwise.</p><br><p>Section 1.4 Decentralized Autonomous Organization (DAO). The DAO is an unincor-porated association of individuals, corporations, statutory trusts, business trusts, estates, trusts, partnerships, limited liability companies, associations, joint ventures, or any other legal or commercial entity, many, if not all, of whom agree to join together for a common, nonprofit purpose. For the DAO, that purpose is encapsulated in its mission statement.</p><br><p>Article II - Membership</p><br><p>Section 2.1  Eligibility.  Membership in the DAO, as defined in Del. Code Ann. Tit. 6,</p><br><p>§  1901, shall be voluntary and open to any individual whose purpose or presumed intent is to contribute to the DAO and is willing to accept the responsibilities and terms of membership.</p><br><p>Section 2.2 Admission. The DAO is a decentralized network of members and may admit or deny individuals for any arbitrary purpose or lack of purpose.</p><br><p>All of the DAO governing members shall have their membership determined upon receipt of voting tokens secured on a public blockchain (“Cryptographic Units”, and such holders, “Members”). Cryptographic Units are used for participating in and improving the governance of the DAO through affirmative votes effectuted via the Designated Smart Contract (defined herein) (such process, “Cryptographic Consensus”). Once the DAO admission requirements are met a prospective Member may be put up to a vote of the full membership or similar process enabled by the Designated Smart Contract. The DAO will consistently review, and if necessary, Members may make adjustments to the DAO admission requirements based on their evolving needs and as registered in a successful vote through the Designated Smart Contract.</p><br><p>Section 2.3 Rights. The DAO&apos;s Members shall utilize the “Designated Smart Contract” (a smart contract deployed to the Designated Blockchain at the Designated Blockchain Address) as the exclusive method of holding, allocating rights and obligations among the Members, and spending, or otherwise distributing any Tokens that are DAO Property, of minting and issuing Cryptographic Units and holding and recording votes among the Members. The DAO may also utilize the Designated Smart Contract to administer and facilitate certain other arrangements and transactions involving the DAO, the Members and/or third parties.</p><br><p>Members’ rights and responsibilities are controlled by the use of the Designated Smart Contact used to conduct the governance and activities of the DAO. Members will cast votes and carry out the decisions made on the Designated Smart Contract. Cryptographic Units are held in Account Addresses, i.e., key-paired wallets controlled by Members in a designated hexadecimal address (“Member Web3 Account”).</p><br><p>Section 2.4 Responsibilities. Each Member shall keep reasonably current in payment of any dues or membership fees and other financial obligations of membership, if applicable and determined by the DAO. Each Member shall notify the DAO of an e-mail address or other acceptable communication channel by which such Member may receive written or electronic materials required or permitted by this document or shall notify the DAO that such Member has no e-mail address and designate a mutually acceptable form of communication.</p><br><p>If you have received any Cryptographic Units or are otherwise a Member, you consent and agree to become legally bound by this Agreement as both a participant in the DAO and more specifically a &quot;DAO Member&quot;.</p><br><p>Section 2.5 Limitations. Status as a DAO Member does not (and shall not be deemed to) create, and the DAO does not (and shall not be deemed to) include, any authority, right or power on the part of a DAO Member to act as the agent, representative or attorney of or otherwise act on behalf of the DAO or any other Member, to bind the DAO or any other Member to any Contract or Liability or to convey any DAO Property or any asset, right or property owned or held by or on behalf of the DAO or any Member. Without limiting the generality of the foregoing, no Member shall be deemed the partner of the DAO or any other Member solely in virtue of being a Member. No Member shall state, purport, imply, hold out or represent to any person that such Member or any other Member has any such authority, right or power.</p><br><p>To the maximum extent permitted by applicable law, no Member shall be (or shall be deemed to be) liable for any liability of the DAO or any other Member. This shall not (and shall not be deemed to) create or imply any obligation of the DAO or any Member to indemnify or compensate any Member from, or hold any Member harmless against, any Liabilities incurred by such DAO Member under any applicable law, in connection with the Member&apos;s participation in the DAO or otherwise.</p><br><p>Section 2.6 Inactive Status. A Member who falls from good standing may have their membership revoked or suspended through a Guild Kick. References herein to the rights and entitlements of Members shall be understood to refer only to Members in good standing.</p><br><p>Section 2.7 Access to Information. Members shall have access to information concerning operational and financial affairs via the DAO&apos;s preferred treasury application. Currently the DAO treasury can be viewed via Designated Smart Contract.</p><br><p>Section 2.8 Settlement of Disputes. In any dispute between the DAO and any of its Members or former Members which cannot be resolved through informal negotiation, it shall be the policy of the DAO to prefer the use of mediation whereby an impartial mediator may facilitate negotiations between the parties and assist them in developing a mutually acceptable settlement. Neither party with a grievance against the other shall have recourse to litigation until the matter is submitted to mediation and attempted to be resolved in good faith. All Members agree that there is a preference to settle disputes amongst Members or between Members and the DAO via decentralized dispute mechanisms in smart contract protocols.</p><br><p>Section 2.9 Transferability of Membership. Membership rights and interests may not be transferred except by an affirmative majority vote of Members. Any attempted transfer contrary to this section shall be wholly void and shall confer no rights on the intended transferee and shall be cause (though none is needed) to burn the Cryptographic Units through a Guild Kick member removal procedure.</p><p>Section 2.10 Withdrawal and Expulsion. A Member may withdraw at any time upon notice to the DAO by electronic writing to an appointed representative of the DAO or by public display to the DAO’s online coordination systems (including, but not limited to, Discord or Telegram). Withdrawal shall be effectuated through the Member burning their Cryptographic Units, a vote to burn such withdrawing DAO Member&apos;s Cryptographic Units, or mechanisms otherwise authorized in the Designated Smart Contract. Any such withdrawal request will not be unreasonably denied and shall be deemed conclusively as the DAO Member’s intent to withdraw from the DAO. A Member may be expelled by the DAO through the Guild Kick procedure established in paragraph 2.6 of this document and adopted by the membership. Upon termination of membership, all rights and interests in the DAO shall cease except for rights to redemption of capital pursuant to Article V below (if any).</p><br><p>Article III - Meetings of Members</p><br><p>Section 3.1 Meetings. Meetings of members shall be described on a basis at the discretion of the Members. Typically, governance meetings are set on weekly cadence through online chats where parties agree to conduct such other business as may properly come before the meeting.</p><br><p>Section 3.2 Special Meetings. Special meetings of members may be called by a group (the &quot;DAO Advisory Group&quot;) designated by an affirmative vote of DAO Members in accordance with the governance procedures of the Designated Smart Contract. The DAO Advisory Group is not required and may never be formed. Creation and designation of the DAO Advisory Group will be approved via the Designated Smart Contract.</p><br><p>Section 3.3 Time and Place. The date, time and place of all meetings of the DAO Advisory Group shall be determined by the DAO Advisory Group or, in the event that the DAO Advisory Group fails to act, by a call for vote by the Members to be approved by the native governance processes to the Designated Smart Contract.</p><br><p>Section 3.4 Notice. Each Member is responsible for monitoring votes of concern on the Designated Smart Contract. Notice of votes can be set up by DAO Members via the Designated Smart Contract. Notices of meetings shall also be posted on the DAO’s official media outlets, including the DAO Member information roster, but the inadvertent failure to do so shall not affect the validity of the meeting. Any business conducted at a meeting of DAO Members other than that specified in the notice of the meeting shall be of an advisory nature only.</p><br><p>Article IV - Decentralized Governance</p><br><p>Section 4.1 Powers and Duties. Except as to matters reserved to members by law or by this agreement, all powers to be exercised on behalf of the DAO shall be exercised by or under the authority of Members or such agents or designees approved by Members through Designated Smart Contract voting.</p><br><p>Article V - Decentralized Governance</p><br><p>Section 5.1 Fiscal Year. The fiscal year of the DAO shall be the calendar year beginning January 1st and ending December 31st.</p><br><p>Section 5.2 Indemnification. The DAO shall indemnify its directors, officers, employees, or agents as required under Delaware law, and may indemnify such persons as permitted under Delaware law, including its Members for acts that do not involve bad faith or intentional misconduct, including fraud. Indemnification payments shall be made on a priority basis but only in such increments and at such times as will not jeopardize the ability of the DAO to pay its other obligations as they become due.</p><p>Section 5.3 Communication by Electronic Means. Unless otherwise required by law or by agreement, any notice, vote, consent, petition, or other oral or written communication required or permitted can be delivered by electronic means, provided that, in the case where such communication expressly or impliedly requires the signature of the person submitting the communication, means are in place to reasonably assure the authenticity of the signature.</p><br><p>Article VI - Interpretation and Amendment of TUNAA</p><br><p>Section 6.1 Interpretation. The DAO Advisory Group (if formed via vote of Members) shall have the power to interpret this TUNAA, apply them to particular circumstances, and adopt policies in furtherance of them, provided that all such actions are reasonable and consistent.</p><br><p>Section 6.2 Severability. In the event that any provision of this TUNAA is determined to be invalid or unenforceable under any statute or rule of law, then such provision shall be deemed inoperative to such extent and shall be deemed modified to conform with such statute or rule of law without affecting the validity or enforceability of any other provision of this TUNAA.</p><br><p>Section 6.3 Amendment. This TUNAA may be amended by presenting the redlined version of the amendments at a meeting of members, and adopted by a vote or merge request as recorded by Cryptographic Consensus. As an alternative to achieving Cryptographic Con-sensus, any Member may timely protest a merge request made to the TUNAA that has not been adopted as an approved version by Members via the Designated Smart Contract.</p><br><p>Article VII - Definitions</p><br><p>(a)     “Account Address” means a public key address on the Designated Blockchain Network that is uniquely associated with a single private key or equivalent.</p><br><p>(b)     “Consensus Rules” means the rules for transaction validity, block validity and determination of the canonical blockchain that are embodied in the Designated Client.</p><br><p>(c)     “Contract” means any: (i) written, oral, implied by course of performance or otherwise or other agreement, contract, understanding, arrangement, settlement, instrument, warranty, license, insurance policy, benefit plan or legally binding commitment or undertaking; or (ii) any representation, statement, promise, commitment, undertaking, right or obligation that may be enforceable, or become subject to an Order directing performance thereof, based on equitable principles or doctrines such as estoppel, reliance, or quasi-contract.</p><br><p>(d)    “DAO Property&quot; means any Token or other asset, right or property licensed to or on deposit with or owned, held, custodied, controlled or possessed by or on behalf of the DAO, including any Token on deposit with or held, controlled, possessed by or on deposit with the Designated Smart Contract.</p><br><p>(e)     “Designated Blockchain” means at any given time, the version of the digital blockchain ledger that at least a majority of nodes running the Designated Blockchain Client on the Designated Blockchain Network recognize as canonical as of such time in accordance with the Consensus Rules. The initial Designated Blockchain shall be the[ ] blockchain as recognized by the Designated Blockchain Client on the Designated Blockchain Network.</p><br><p>(f)    “Designated Blockchain Client” means the blockchain software client designated as the “Designated Blockchain Client” by the Members.</p><br><p>(g)       “Designated Blockchain Network” means the blockchain network designated as the “Designated Blockchain Network” by the Members. The initial Designated Blockchain Network shall be the Official Polygon client available at</p><p>&quot; <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://github.com/maticnetwork/">https://github.com/maticnetwork/</a>&quot;, as recognized by the Designated Blockchain Client.</p><br><p>(h)     “Designated Smart Contract” means the smart contract deployed at an address associated with the creation of the DAO on the Designated Blockchain associated with the Members and Cryptographic Units.</p><br><p>(i)     “Liability” means any debt, obligation, duty or liability of any nature (including any unknown, undisclosed, unmatured, unaccrued, unasserted, contingent, indirect, conditional, implied, vicarious, inchoate derivative, joint, several or secondary liability), regardless of whether such debt, obligation, duty or liability would be required to be disclosed on a balance sheet prepared in accordance with generally accepted accounting principles and regardless of whether such debt, obligation, duty or liability is immediately due and payable. To be “Liable” means to have, suffer, incur, be obligated for or be subject to a Liability.</p><br><p>(j)    “Guild Kick” means removal from the membership via vote by Members upon their Cryptographic Units to destroy another Member’s Cryptographic Units through a burn function or other similar process. Unless specifically provided otherwise, or in the Designated Smart Contract, a member subject to a Guild Kick shall not be entitled to any distribution or return of capital, funds, retains, etc.</p>]]></content:encoded>
            <author>terexitarius@newsletter.paragraph.com (Terexitarius)</author>
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            <title><![CDATA[We're Blooming]]></title>
            <link>https://paragraph.com/@terexitarius/we-re-blooming</link>
            <guid>ODwdwyH4RVe1YNwhapRy</guid>
            <pubDate>Tue, 14 Jun 2022 01:02:24 GMT</pubDate>
            <description><![CDATA[Bloom Network&apos;s Landing Page Header (https://bloomnetwork.org/)For over a decade, Bloom Network has been working towards global systems change. With 16 local organizations, located in 8 countries and over 50 different projects incubated through the network. A social network for in real life climate action movement has been created. With hundreds of thousands of dollars worth of volunteer labor contributed so far. The projects collaborating together exemplify an intersection of climate, e...]]></description>
            <content:encoded><![CDATA[<figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/f866d65289e254c83993727b70cd4eeede0f7b8d3cb7d83bdd36dc2a0d23d486.png" alt="Bloom Network&apos;s Landing Page Header (https://bloomnetwork.org/)" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Bloom Network&apos;s Landing Page Header (https://bloomnetwork.org/)</figcaption></figure><p><strong>For over a decade, Bloom Network has been working towards global systems change. With 16 local organizations, located in 8 countries and over 50 different projects incubated through the network. A social network for in real life climate action movement has been created. With hundreds of thousands of dollars worth of volunteer labor contributed so far. The projects collaborating together exemplify an intersection of climate, economy and social justice. Out of the 30,0000 people carrying out regenerative actions on the ground, most are focused on regional food security and local food movement.</strong></p><figure float="none" data-type="figure" class="img-center" style="max-width: null;"><img src="https://storage.googleapis.com/papyrus_images/cca40a2a486bdaea06796b48695dd05f0b3244e45cba46f18b8d492d67638b2a.png" alt="Map Of Bloom Network Local Orgs" blurdataurl="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=" nextheight="600" nextwidth="800" class="image-node embed"><figcaption HTMLAttributes="[object Object]" class="">Map Of Bloom Network Local Orgs</figcaption></figure><p>In Rio de Janeiro, <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="http://mudaoutraseconomias.com/">Muda Outras Economias</a> are doing socio cultural environmental regeneration</p><ul><li><p>Fully functioning regional tokenomics</p></li><li><p>Community Supported Arts and Agriculture (CSAA).</p></li><li><p>Beach cleanups</p></li><li><p>Organic food production</p></li><li><p>Connecting people in favelas to this network</p></li><li><p>Supporting black owned businesses</p></li><li><p>Restorative justice.</p></li></ul><p>In Costa Rica the Diamante Bridge Collective</p><ul><li><p>Involvement of Giveth</p></li><li><p>Regional economy focused on land and watershed care</p></li><li><p>Very Holistic</p></li><li><p>Bamboo Construction</p></li><li><p>Hemp</p></li><li><p>Healing Retreats</p></li><li><p>Grey Water Filtration</p></li><li><p>Education</p></li><li><p>Care for Water</p></li></ul><p>In Long Beach, California- Long Beach Fresh</p><ul><li><p>10,000 person local food movement</p></li><li><p>Cultural Regeneration</p></li><li><p>Empowering Diversity</p></li><li><p>Local food movement</p></li></ul><p>In Kampala, Uganda-  <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="http://www.broadfieldpermaculture.org/Aboutus.html">Broadfield Enterprises Uganda – Permaculture Group</a></p><ul><li><p>Commercially viable permaculture agroforestry (3 export crops intercropped with 500 indigenous species)</p></li><li><p>Women lead coops</p></li><li><p>Regenerating soil</p></li><li><p>Nature Based Disaster Risk Reduction (flooding)</p></li><li><p>Microclimate regeneration</p></li></ul><blockquote><p><strong>However, “Our project very likely would have died if we hadn&apos;t had a very successful Gitcoin grant round 12” said Magenta Ceiba.</strong></p></blockquote><p>The system level change that Bloom Network is creating, was not able to find sufficient financial resources outside of web3 to enable this organization to survive. Potential funding sources were confused when they started talking about international organizational structures functioning in a level field where anything was possible. However, in web3 DAOs are common and people regularly work with an international community to push ideas forward. Thanks to Gitcoin and Giveth, Bloom Network is growing and in a few months time will be in full blossom after over a decade of work.</p><p>Come July 2nd they will have their first legal entity for supporting the DAO structure, a Colorado Limited Cooperative Association (LCA) (thanks to an <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://jrwiener.com/">all female legal team</a>). Membership fees collected go 80% to local Bloom Network Orgs and 20% to Bloom International. Once the LCA is established Bloom Network will be able to issue the $FLO or Flower token.</p><p>$FLO token basic design</p><ul><li><p>Tokens distributed when Regenerative Actions Logged</p></li><li><p>COOP Patronage Reward Tokens</p></li><li><p>Governance Power</p></li><li><p>Further Decentralizing the Organization</p></li><li><p>Connecting the International Regenerative Network Together</p></li></ul><p>These tokens will allow all of the people that have been and will be part of Bloom Network to inter cooperate across many different countries, which would be very clunky if using a fiat finance system and would have intermediary fees (not to mention <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://globalfindex.worldbank.org/sites/globalfindex/files/chapters/2017%20Findex%20full%20report_chapter2.pdf">31% of adults are unbanked</a>). The tokens embrace the values of Bloom Network and are able to connect people together through that. Tokens can be put up as bounty rewards to encourage a decentralized community to work together on internationally relevant projects and support each other. These tokens will be one of the cheapest and fastest ways to get funding channeled to grassroots projects on the ground. Bloom Network also realizes they are part of a larger ReFi movement and have already started conversations with Orgo and other ReFi organizations to see how they can allow their members to benefit from the shared infrastructure for regeneration this movement is building.</p><p>On the other side of the tech stack, with over a decade working on Bloom Network, a lot of knowledge has been accumulated and needs to be channeled for increased scalability and replicability. Bloom Network has been working on a <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://bloomnetwork.org/preview-of-bloom-networks-forthcoming-platform/">multi user blogging platform</a> that is completely focused on regenerative actions. This platform will feature templates people anywhere can use to start a community garden or a crop swap, or know what to do year one on the land with forest repair or how to do regenerative agriculture in different areas. These templates will allow people to harness what it has taken Bloom Network members years to learn and run with it. Allowing people to carry our regenerative climate action a lot faster. Along with that, it will help more people find and participate in regenerative action projects and grassroots projects. This platform is somewhere between three weeks to a couple months out depending on funding resources.</p><p>The Bloom Network is GROWING and it is all possible thanks to people connecting with one another and the local community around them. If you’d like to be part of the movement contact us (community(at)bloomnetwork.org), find a <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://bloomnetwork.org/find-a-bloom/">Bloom near you</a>, learn from <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://bloomnetwork.org/wiki/">templates available</a>, and <a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://gitcoin.co/grants/1595/bloom-network">any contribution helps</a> (at the time of writing a donation could get anywhere from $16-$88 in matching funding).</p><p><a target="_blank" rel="noopener noreferrer nofollow ugc" class="dont-break-out" href="https://twitter.com/Avano_io/status/1536468880771944450?s=20&amp;t=aV_CLSQvkW77bmeFqvy_xg">Link to Our Chat</a></p>]]></content:encoded>
            <author>terexitarius@newsletter.paragraph.com (Terexitarius)</author>
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