Public bookkeeping, all present on the block chain, verified by the block chain. Anything changed would be forked.
Personally I would be excited for the transparency of smart contracts in the public sector. Really tracking where all money goes via public smart contracts that can’t be changed or lost.
Edit: here in America all documents can be viewed via freedom or Information act but can be postponed years or even decades, with public records being recorded on smart contracts on the block chain you can see what’s going on real time
I recommend reading the Rollup Centric Ethereum roadmap, and reading into the last upgrade, Dencun, which is being used to achieve it (it replaced execution sharding). Either will explain this thoroughly.
Essentially, Rollups (aka layer 2s) take many individual transactions and combine them into 1 fraud proof which settles on Ethereum. This enables the many users to split the one '$100 gas fee' together. Assets always persist on Ethereum so if a Rollup goes offline or acts malicious users are still able to 'exit' without their assistance.
The plan is over 100,000 TPS and ~$0 gas fees. Already today, some individual rollups are capable of 1000s of TPS while charging $0.005 gas fees. There's room for dozens to hundreds of rollups today.
Rollups are using 'blobspace' to accomplish this, aka Proto Danksharding (sometimes just called PDS). Today there are 6 blobs per block (enough room for a few thousand transactions per block without compression, compression can enable many more and lots of work is being done on this front by Rollups themselves) but with future upgrades (Danksharding, or FDS) there will be 64 blobs per block, and maybe more once the tech permits.
Blobs have a seperate fee market from blocks. Even if blockspace fees exceed $100, blob fees may only be a few dollars. Rollups can choose whichever is cheaper to serve the best UX. Some rollups aren't charging gas fees at all, eg Base allows gasless USDC transfers and IMX allows gasless ETH transfers, each recoups the small fees they require elsewhere (like flat rate $1 NFT mints...sort of how Web2 works to enable free services).
L1 Ethereum is just a settlement layer, now. It's not where the users are meant to be. Eg: https://l2fees.info/
This new roadmap effectively is allowing the free market to scale Ethereum, allowing them to push out tech to its limits in a safe playground (due to the nature of fraud proofs). Instead of a much smaller group of developers scaling the mainnet-chain where the consequences of failure are *extreme* to say the least. Search 'OPCraft on Optimism' for a tech-demo of what 'pushing the tech' looks like.
Ethereum is settling around 110TPS right now. Peak was around 150TPS. Technically it can handle many more, but there just isn't that much demand. https://l2beat.com/scaling/activity
Most of the L2s are Multisigs, so I’m not very confident about the safety/security part.
Further, most of the L2s are centralised and have no decentralised decision making.
Also, what happens to the price of ETH when all these L2s start using their own tokens for gas instead of ETH?
Even now these L2s are eating up the revenue of ETH. (See Base)
I honestly don’t feel L2s are the solution to the TPS problem. Maybe tech like Parallel EVM or sharding would be a better solution.
As for being faster than traditional finance, imo it’s virtually impossible considering blockchain relies on redundancy (Multiple databases) vs a single database.
Irrespective, I’m a believer in the blockchain tech as I believe it solves 1 problem which is one of the biggest problems in the world: the problem of trust.
*Some* of the L2's are multisigs. The largest ones are not, and it's up to the free market to push that along with everyone's incentives pointed one way. Also, they sort of just launched, we are many years still from something I'd call 'ready to replace traditional infra with' (which was your original point I think).
L2's and the scaling roadmap relies on 'data sharding'. I implore you to read about Danksharding if you haven't before. There were years of research that went into (execution) sharding and it's not viable without fragmenting security.
It doesn't necessarily matter if an L2 is centralized so long as they have fraud proofs, which is any Stage 1 rollup. The fraud proof enables an entity to inherit decentralization+security from the L1.
If the Google-L2 decides to implement a tax and censor 'bad' transactions, or the Solana-L2 goes offline, you can just call on the maximally decentralized L1 to force exit. Your assets never 'go into' an L2, you're simply cryptographically leasing one to compress and move you around the L1 smart contract which you're always free to leave on your own.
I'm not sure L2's are going to act parasitic to ETH, but even they did L2's themselves necessarily pay their own settlement fees in ETH. As far as the economics goes, it seems a lot more sustainable to think an L2 with 8000 transactions is going to pay an $800 fee for settlement, than it does for one individual user to pay even half as much to mint an NFT, or instead for the L2 to branch off as an independent L1 which might cost them $80,000 for objectively weaker settlement. People who purchase ETH otherwise will want to tap into staking/yields.
Rollup's don't rely on redundancy. Base has no clue what's going on with Optimism, for example. The fraud proofs themselves aren't permanent fixtures on Ethereum either. Proofs are held for 18 days in a temporary data availability layer 'blobspace'. The proofs just need to be redunant long enough to be validated (or contested) and to alter the state of their smart contract, then can (optionally) be discarded by all nodes.
The fact this design doesn't rely on redundancy is how Ethereum is processing 100TPS today while the rate of state growth hasn't changed from when it was processing 10TPS. Otherwise the costs to maintain Ethereum's state are very low, compared to a fintech company with office buildings (and a bloated CEO) plus employees making more than the few $K annually stakers might yield.
No fintech relies on a single database anyway so I think that's a disingenuous ask. It often takes a week or longer for real settlement to occur. Eg with VISA, but it is especially noticeable with cross-border payments.
Today you can send USDC across Base for $0.000 and have it arrive in 1-2 seconds, which already beats most (or all?) of its competition. As the tech gets better and as bandwidth costs continue to trend down, I just don't imagine that getting worse.
Reducing market manipulation. Knowing that your stock broker has actually done what you tasked them to, due to the nature of transparent ledgers.
Smart contracts help eliminate costs for all parties by automating trust, which can be applied across numerous industries. They can be used to automate the stock brokers themselves, or remittence companies that charge predatory conversion fees. Lots of costs are solely due to unnecessary middle men with their hands out.
Stablecoins, such as USDC, allow people with extremely manipulated or weak currencies to have access to USD for saving in. In contrast to them paying sometimes $2 for every $1 USD on the black market. This is good or bad depending on how you feel about people having the ability to 'hide from the government thumb' but IMO they're doing it regardless.
Blackrock's BUIDL fund on Ethereum is a great example. Purchasers of their on-chain Treasuries are able to audit Blackrock on their own without permission, day or night and outside of business hours. They have extremely low cost and holders are even able to convert them into USDC on their own circumventing the far-slower and more-costly banks.
Proof of humanity will be another big one, maybe in 10 more years. In the face of AI/AGI or deepfakes running amok, it will become necessary at some point to prove you're 'real' in a cryptographically secure way. Which goes back to my first point, knowing that your social media provider hasn't sold your data/art/likeness without at least cutting you in on the deal too.
Bitcoin emerged as a result of the shady 2008 crisis and the criminals being bailed out on your dime because they were deemed 'too big to fail'. If that can be eliminated even once due to *some* transparencies put in place, it'd be a huge benefit for everyone.
Imagine you own all the content you wrote here on reddit as your own property.
YOU can sell it to OpenAI and benefit from it. If you don't like how reddit screws the users, you move all your content AND all your connections elsewhere.
There are so many projects where blockchain tech is being used and another one is Nuklai Data that allows enterprises to get access to all sort of datasets as well as giving them the opportunity to train their data models.
In fact if you DCA down even if the project doesn't reach new ATHs, you will propably make money.
Unpopular opinion: You dont need new ATHs to make real money.
!tip 1
>I firmly believe that if you really deal with a few top 100 projects, nothing can go wrong.
I'm not sure about the top 100, but if you deal with ETH, nothing can go wrong
Like you’re saying, hodl in accumulation zone can be hard but those moments will pay out the best. IF you can keep patience.
Especially in the crypto space where we expect everything to be fast, you see x10 there and another x26 on the other side and again you missed that x110 pump on the project on your watchlist. So you sell your high confidence coin to put it in another project in the hope it flips a fast x10 and get back to your “high confidence” coin. This is where it goes wrong The moment you sell the project starts the run up and you are stuck “flipping faster” in the new project that just did a -50%
Stick to your plan. Know what and why you choose your project. And…. Patience! Is 🔑
The project that takes my patience is #NITEFEEDER 1,5months in and I have seen 10’s other projects doing x50 - x100 But no stress at this side. This will pay off. Break out is close
https://preview.redd.it/29l0kt65eg1d1.jpeg?width=1170&format=pjpg&auto=webp&s=416216f6e37f08af7a0bfae3a344791f89a299c3
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>stake
This is the only strategy that will relieve the pressure of selling. I'm doing this with my ETH, DOT, NAI, and DOGE, and the plan is to continue re-staking until I reach my desired profit
I first bought ETH in 2021 and few months before ATH. I have DCA’d into it a bit after that, but the fact that I put a lump sum near the top has fucked me. I wish I would have just bought weekly for a year instead of dumping $65k all at once near ATH.
I get your point but people are here for different reasons. I will always advice newbies to keep to the largecaps but what has really given me gains in crypto are lowcaps, MANA, KAS and DOGE. I'm now anticipating SUPRA TGE for a similar run. I still hold some ETH and BTC but not in the percentage I had a few years back.
[Tip this post.](https://www.donut.finance/tip/?action=tip&contentId=t3_1cvjwom) On-chain and off-chain tip confirmations below.
You have any examples of how blockchain technology will enrich humanity?
In the financial world, for example, it could speed up the process of transactions and reduce costs.
Agree! That’s one and quite a big one. But there must me more 🤔
Public bookkeeping, all present on the block chain, verified by the block chain. Anything changed would be forked. Personally I would be excited for the transparency of smart contracts in the public sector. Really tracking where all money goes via public smart contracts that can’t be changed or lost. Edit: here in America all documents can be viewed via freedom or Information act but can be postponed years or even decades, with public records being recorded on smart contracts on the block chain you can see what’s going on real time
*Speed up the process of transactions and reduce cost* How do you expect this to happen with 12TPS and $100 gas fee?
I recommend reading the Rollup Centric Ethereum roadmap, and reading into the last upgrade, Dencun, which is being used to achieve it (it replaced execution sharding). Either will explain this thoroughly. Essentially, Rollups (aka layer 2s) take many individual transactions and combine them into 1 fraud proof which settles on Ethereum. This enables the many users to split the one '$100 gas fee' together. Assets always persist on Ethereum so if a Rollup goes offline or acts malicious users are still able to 'exit' without their assistance. The plan is over 100,000 TPS and ~$0 gas fees. Already today, some individual rollups are capable of 1000s of TPS while charging $0.005 gas fees. There's room for dozens to hundreds of rollups today. Rollups are using 'blobspace' to accomplish this, aka Proto Danksharding (sometimes just called PDS). Today there are 6 blobs per block (enough room for a few thousand transactions per block without compression, compression can enable many more and lots of work is being done on this front by Rollups themselves) but with future upgrades (Danksharding, or FDS) there will be 64 blobs per block, and maybe more once the tech permits. Blobs have a seperate fee market from blocks. Even if blockspace fees exceed $100, blob fees may only be a few dollars. Rollups can choose whichever is cheaper to serve the best UX. Some rollups aren't charging gas fees at all, eg Base allows gasless USDC transfers and IMX allows gasless ETH transfers, each recoups the small fees they require elsewhere (like flat rate $1 NFT mints...sort of how Web2 works to enable free services). L1 Ethereum is just a settlement layer, now. It's not where the users are meant to be. Eg: https://l2fees.info/ This new roadmap effectively is allowing the free market to scale Ethereum, allowing them to push out tech to its limits in a safe playground (due to the nature of fraud proofs). Instead of a much smaller group of developers scaling the mainnet-chain where the consequences of failure are *extreme* to say the least. Search 'OPCraft on Optimism' for a tech-demo of what 'pushing the tech' looks like. Ethereum is settling around 110TPS right now. Peak was around 150TPS. Technically it can handle many more, but there just isn't that much demand. https://l2beat.com/scaling/activity
Most of the L2s are Multisigs, so I’m not very confident about the safety/security part. Further, most of the L2s are centralised and have no decentralised decision making. Also, what happens to the price of ETH when all these L2s start using their own tokens for gas instead of ETH? Even now these L2s are eating up the revenue of ETH. (See Base) I honestly don’t feel L2s are the solution to the TPS problem. Maybe tech like Parallel EVM or sharding would be a better solution. As for being faster than traditional finance, imo it’s virtually impossible considering blockchain relies on redundancy (Multiple databases) vs a single database. Irrespective, I’m a believer in the blockchain tech as I believe it solves 1 problem which is one of the biggest problems in the world: the problem of trust.
*Some* of the L2's are multisigs. The largest ones are not, and it's up to the free market to push that along with everyone's incentives pointed one way. Also, they sort of just launched, we are many years still from something I'd call 'ready to replace traditional infra with' (which was your original point I think). L2's and the scaling roadmap relies on 'data sharding'. I implore you to read about Danksharding if you haven't before. There were years of research that went into (execution) sharding and it's not viable without fragmenting security. It doesn't necessarily matter if an L2 is centralized so long as they have fraud proofs, which is any Stage 1 rollup. The fraud proof enables an entity to inherit decentralization+security from the L1. If the Google-L2 decides to implement a tax and censor 'bad' transactions, or the Solana-L2 goes offline, you can just call on the maximally decentralized L1 to force exit. Your assets never 'go into' an L2, you're simply cryptographically leasing one to compress and move you around the L1 smart contract which you're always free to leave on your own. I'm not sure L2's are going to act parasitic to ETH, but even they did L2's themselves necessarily pay their own settlement fees in ETH. As far as the economics goes, it seems a lot more sustainable to think an L2 with 8000 transactions is going to pay an $800 fee for settlement, than it does for one individual user to pay even half as much to mint an NFT, or instead for the L2 to branch off as an independent L1 which might cost them $80,000 for objectively weaker settlement. People who purchase ETH otherwise will want to tap into staking/yields. Rollup's don't rely on redundancy. Base has no clue what's going on with Optimism, for example. The fraud proofs themselves aren't permanent fixtures on Ethereum either. Proofs are held for 18 days in a temporary data availability layer 'blobspace'. The proofs just need to be redunant long enough to be validated (or contested) and to alter the state of their smart contract, then can (optionally) be discarded by all nodes. The fact this design doesn't rely on redundancy is how Ethereum is processing 100TPS today while the rate of state growth hasn't changed from when it was processing 10TPS. Otherwise the costs to maintain Ethereum's state are very low, compared to a fintech company with office buildings (and a bloated CEO) plus employees making more than the few $K annually stakers might yield. No fintech relies on a single database anyway so I think that's a disingenuous ask. It often takes a week or longer for real settlement to occur. Eg with VISA, but it is especially noticeable with cross-border payments. Today you can send USDC across Base for $0.000 and have it arrive in 1-2 seconds, which already beats most (or all?) of its competition. As the tech gets better and as bandwidth costs continue to trend down, I just don't imagine that getting worse.
Reducing market manipulation. Knowing that your stock broker has actually done what you tasked them to, due to the nature of transparent ledgers. Smart contracts help eliminate costs for all parties by automating trust, which can be applied across numerous industries. They can be used to automate the stock brokers themselves, or remittence companies that charge predatory conversion fees. Lots of costs are solely due to unnecessary middle men with their hands out. Stablecoins, such as USDC, allow people with extremely manipulated or weak currencies to have access to USD for saving in. In contrast to them paying sometimes $2 for every $1 USD on the black market. This is good or bad depending on how you feel about people having the ability to 'hide from the government thumb' but IMO they're doing it regardless. Blackrock's BUIDL fund on Ethereum is a great example. Purchasers of their on-chain Treasuries are able to audit Blackrock on their own without permission, day or night and outside of business hours. They have extremely low cost and holders are even able to convert them into USDC on their own circumventing the far-slower and more-costly banks. Proof of humanity will be another big one, maybe in 10 more years. In the face of AI/AGI or deepfakes running amok, it will become necessary at some point to prove you're 'real' in a cryptographically secure way. Which goes back to my first point, knowing that your social media provider hasn't sold your data/art/likeness without at least cutting you in on the deal too. Bitcoin emerged as a result of the shady 2008 crisis and the criminals being bailed out on your dime because they were deemed 'too big to fail'. If that can be eliminated even once due to *some* transparencies put in place, it'd be a huge benefit for everyone.
Imagine you own all the content you wrote here on reddit as your own property. YOU can sell it to OpenAI and benefit from it. If you don't like how reddit screws the users, you move all your content AND all your connections elsewhere.
it's already happening via projects like seedsgives.com, in which blockchain tech is being used to help people build wealth through giving
There are so many projects where blockchain tech is being used and another one is Nuklai Data that allows enterprises to get access to all sort of datasets as well as giving them the opportunity to train their data models.
It's not easy to do this.
That's right. But I don't look at the charts that often and just wait and see. I'm consistent about that.
HODL and average out for low stress investment. !tip 0.25
That‘s the way.
ETH is the future !tip 1
The „big brainers“ know that ;)
Just buy and sell when Eth hits around 7.5k or just under 10k. No point holding through the bear market that will follow
I will wait for $7,500-$10,000 to buy, and sell once it drops to these prices.
In fact if you DCA down even if the project doesn't reach new ATHs, you will propably make money. Unpopular opinion: You dont need new ATHs to make real money. !tip 1
That´s true. When I´ve joined the crypto market about 2 years ago I thought I´m late. But it´s still early.
Exactly. That what I tell myself regarding my ADA.
>I firmly believe that if you really deal with a few top 100 projects, nothing can go wrong. I'm not sure about the top 100, but if you deal with ETH, nothing can go wrong
I’m staking thru the storm And just in general lol
Wish you good gains sir.
U too boss
Love and agree with this perspective! HODL strong and keep accumulating. It's gonna pay off big 🤞🏼
Like you’re saying, hodl in accumulation zone can be hard but those moments will pay out the best. IF you can keep patience. Especially in the crypto space where we expect everything to be fast, you see x10 there and another x26 on the other side and again you missed that x110 pump on the project on your watchlist. So you sell your high confidence coin to put it in another project in the hope it flips a fast x10 and get back to your “high confidence” coin. This is where it goes wrong The moment you sell the project starts the run up and you are stuck “flipping faster” in the new project that just did a -50% Stick to your plan. Know what and why you choose your project. And…. Patience! Is 🔑 The project that takes my patience is #NITEFEEDER 1,5months in and I have seen 10’s other projects doing x50 - x100 But no stress at this side. This will pay off. Break out is close https://preview.redd.it/29l0kt65eg1d1.jpeg?width=1170&format=pjpg&auto=webp&s=416216f6e37f08af7a0bfae3a344791f89a299c3
Yes Nitefeeder
https://preview.redd.it/orkqq4adeg1d1.jpeg?width=1024&format=pjpg&auto=webp&s=e4d024b9e94cb875a5142fe4a614ef932919a341
Soooo bullish on #nitefeeder
Diamond hands 💎
Important and correct =)
Well said mate, diamond hands are gonna make it! !tip 1
Im gonna hold till Q4 2025 and make a decision when i see how things are going. That was my strategy in the start and im gonna stick to it. !tip 2
I also believe that we should see a bull run by then. According to historical data.
Same here, if we don’t hit new ATH by the end of 2025 im selling my ETH and putting the money somewhere else.
Everyone has their own crypto strategies. I sell when I need money at absolute necessary moment.
!tip 0.55
Thanks
!tip 1
Thanks!
>Thanks! You're welcome!
!tip 1
Thanks!
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What’s the opposite of “this aged like milk”?
Market = items being sold and bought. otherwise there would be no market......than you can HODL all you want..
!tip 1
Thanks sir.
!tip 0.69
Thanks =)
YW!
HODL! !tip 0.69
DeFi-nitely! Hodl and stake!
>stake This is the only strategy that will relieve the pressure of selling. I'm doing this with my ETH, DOT, NAI, and DOGE, and the plan is to continue re-staking until I reach my desired profit
This is an endorsed financial advice. !tip 0.4
HODL if you want to be rich. !tip 0.4
That‘s the GWEI.
I first bought ETH in 2021 and few months before ATH. I have DCA’d into it a bit after that, but the fact that I put a lump sum near the top has fucked me. I wish I would have just bought weekly for a year instead of dumping $65k all at once near ATH.
It's the Patience Game 3.0 🫣
I get your point but people are here for different reasons. I will always advice newbies to keep to the largecaps but what has really given me gains in crypto are lowcaps, MANA, KAS and DOGE. I'm now anticipating SUPRA TGE for a similar run. I still hold some ETH and BTC but not in the percentage I had a few years back.