Slowly forming a deeper understanding of cryptocurrency
20 entries
First: Feb 18, 2021
1 contributor
Not just in Canada. This stuff needs to ...

Transcribing Zora's Whitepaper, "Zora: Universal Media Protocol" and noting anything I do not understand or that requires further research.

A bit more transcription and processing on Kinopio. Learned about ~ block time ~ lol

Rolling some questions about Futureland as a social network for multidisciplinary projects built on the blockchain into Kinopio.

I've mentioned before that when I really want to understand something I transcribe it. Transcribing allows me to validate that I understand every sentence I am reading. I note anything that I do not understand and then those notes guide future transcriptions.

It seems like I might need to take a break from this and pick it up in the morning.

By documenting screenshots of this Kinopio space evolving over time, we will be able to observe my knowledge and understanding of Cryptocurrency grow.

You can see how things are fragmented right now. Slowly showing signs of connection and inter-relation.

Ethereum on Wikipedia, transcription:

The DAO event
In 2016, a decentralized autonomous organization called The DAO, a set of smart contracts developed on the platform, raised a record US$150 million in a crowd sale to fund the project. The DAO was exploited in June 2016 when US$50 million of DAO tokens were stolen by an unknown hacker. The event sparked a debate in the crypto-community about whether Ethereum should perform a contentious "hard fork" to reappropriate the affected funds. It resulted in the network splitting into two blockchains: Ethereum with the theft reversed and Ethereum Classic which continued on the original chain. The hard fork created a rivalry between the two networks. After the hard fork, Ethereum subsequently forked twice in the fourth quarter of 2016 to deal with other attacks.


Ethereum on Wikipedia, transcription:

Launch and milestones
Several codenamed prototypes of Ethereum were developed by the Ethereum foundation as part of their proof of concept series. "Olympic" was the last prototype and public beta pre-release. The Olympic network provided users with a bug bounty of 25,000 Ether for stress testing the limits of the Ethereum blockchain. In July 2015, "Frontier" marked the tentative experimental release of the Ethereum platform.

Since the initial launch, Ethereum has undergone several planned protocol upgrades, which are important changes affecting the underlying functionality and/or incentive structures of the platform. Protocol upgrades are accomplished by means of a hard fork.

The latest upgrade to Ethereum was "Muir Glacier" implemented on 1 January 2020.

Just made this journal public. Slowly forming a more fundamental understanding of some of these concepts. Perhaps some of the entries will be private notes to myself and others will be public. Hard to say right now.

Whenever I decide to form an understanding of something I do a lot of transcribing. I am not sure why this works for me but it helps me think more deeply about each of the smaller concepts that are part of constructing a larger concept. I've transcribed many Wikipedia pages and white papers. I do this while reviewing software documentation as well. Just helps me form a deep understanding of concepts and become more aware of areas I do not understand.


Transcription for understanding:

Ethereum is a decentralized, open-source blockchain featuring smart contract functionality. Ether (ETH) is the native cryptocurrency of the platform. It is the second largest cryptocurrency by market capitalization after Bitcoin. Ethereum is the most actively used blockchain.

Ethereum was proposed in 2013 by programmer Vitalik Buterin, Development was crowdfunded in 2014, and the network went live on 30 July 2015, with 72 million coins premined. The Ethereum Virtual Machine (EVM) is Turning-complete, can execute scripts and run decentralized applications. Ethereum is used for decentralized finance, and has been utilized for many initial coin offerings.

In 2016, a hacker exploited a flow in a third party project called The DAO and stole $50 million of Ether. As a result, the Ethereum community voted to hard fork the blockchain to reverse the theft and Ethereum Classic (ETC) continued as the original chain.

Ethereum has started implementing a series of upgrades called Ethereum 2.0 which includes a transition to proof of stake and an increase in transaction throughput using sharding.

Ethereum was initially described in a white paper by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine, in late 2013 with a goal of building decentralized applications. Buterin argued that Bitcoin and blockchain technology could benefit from other applications besides money and needed a scripting language for application development that could lead to attaching real-world assets, such as stocks and property, to the block chain. In 2013, Buterin briefly worked with eToro CEOO YOnia Assia on the Colored Coins project and drafted its white paper outlining additional use cases for blockchain technology. However, after failing to gain agreement on how the project should proceed, he proposed the development of a new platform with a more general scripting language that would eventually become Ethereum.

Ethereum was announced at the North American Bitcoin Conference in Miami, in January 2014. During the conference, a group of people rented a house in Miami: Gavin Wood, Charles Hoskinson, and Anthony Di lorio from Toronto who financed the project. Di lorio invited friends Joseph Lubin, who invited reporter Morgen Peck, to bear witness. Six months later the founders met again in a house in Zug, Switzerland, where Buterin told the founders that the project would proceed as a non-profit. Hoskinson left the project at that time.

Ethereum has an unusually long list of founders. Anthony Di lorio wrote: "Ethereum was founded by Vitalik Buterin, Myself, Charles Hoskinson, Mihai Alisie & Amir Chetrit (the initial 5) in December 2013. Joseph Lubin, Gavin Wood, & Jeffrey Wilcke were added in early 2014 as founders". Formal development of the software began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse). The basic idea of putting executable smart contracts in the blockchain needed to be specified before the software could be implemented. This work was done by Gavin Wood, then the chief technology officer, in the Ethereum Yellow Paper that specified the Ethereum Virtual Machine. Subsequently, a Swiss non profit foundation, the Ethereum Foundation, was created as well. Development was funded by an online public crowd sale from July to August 2014, with the participants buying the Ethereum value token (Ether) with another digital currency, Bitcoin. While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.

Buterin chose the name Ethereum after browsing a list of elements from science fiction on Wikipedia. He stated, "I immediately realized that I liked it better than all of the other alternatives that I had seen; I suppose it was the fact that [it] sounded nice and it had the word 'ether' referring to hypothetical invisible medium that permeates the universe and allows light to travel". Buterin wanted his platform to be the underlying and imperceptible medium for the applications running on top of it.

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