In this smart tutorial, we explain blockchain, NFT, crypto concepts to developers! This article is not about investing. We are not financial advisors, cannot give financial advice. The article is for informational purpose only. Please read our full disclaimer.
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Welcome to the next iteration of internet, a digtal revolution, a crypto renaissance. We use crypto interchangeably for cryptocurrency and cryptography.
There are some code names like ERC-271. These are protocols, or specifications (specs), or standard, technical name, rules etc.
In alphabetical order. Not in order of importance.
High quality vocabulary list (not affiliated) for paid pro members
What's Alchemy? Alchemy Basics
What's Avalanche? Avalanche Basics
"Brave is a free and open-source web browser developed by Brave Software, Inc. based on the Chromium web browser. Brave is a privacy-focused browser, which automatically blocks online advertisements and website trackers in its default settings. It also provides users the choice to turn on optional ads that pay users for their attention in the form of Basic Attention Tokens (BAT) cryptocurrency. Users can then send contributions to websites and content creators, which support BAT in the form of tips along with the ability to keep the cryptocurrency they earned." -wikipedia The founder of Brave (CEO Brendan Eich) also co-founded Mozilla.
What is Blockchain?
"Blockchain is the innovative database technology that’s at the heart of nearly all cryptocurrencies." - Forbes
A blockchain is a public, distributed ledger, effectively a database. It can store data of any kind, usually texts and numbers, URLs in a block. A blockchain is a chain of blocks. Each block has a hard-to-tamper-with reference to the previous block.
Blockchain technology is often used to launch cryptocurrency and tokens. It is a public, relatively secure, distributed database (ledger, account of transactions).
Blockchain tech is often thought to be trustless - no need to entrust a 3rd party, a middle man. The code executes exactly as expected, consistently.
There are 5 layers of technology in blockchain tech stacks. The blockchain base layer for example is layer 0. For example Alchemy supports L1 and Atrium Layer 2. Polkadot is layer 1, connects the blockchains.
Consensus mechanism, voting. todo e.g. stellar consensus
A local blockchain for development. Faster, no need for test tokens, or chains.
"Hardhat, a development environment that facilitates building on Ethereum. It helps developers manage and automate the recurring tasks that are inherent to the process of building smart contracts and dApps, as well as easily introducing more functionality around this workflow. This means compiling and testing at the very core." hardhat documentation
Developer tool (tooling) for smart contract development. Smart contract development environment. Requires npm.
Hardhat: Why is hardhat library popular? public view
Many DEX functionalities are not available for USA 🇺🇸 users. USA regulations generally requires Know your customer (KYC) and tax reporting. Currently most DEXs don't provide that.
Ethereum-based tokens, hence Ethereum compatible. EVM code potentially compatible or with minimum code change. Example $MATIC token has an ERC-20 compatible token. It also has a polygon chain version, which can be bridged. Currently ERC-20 tokens all have high gas fees because ethereum has high gas fees.
Native currency of the ethereum blockchain.
If you see people using names such as .eth, they are using ENS service. Example Yourname.eth. Read more trivia like this on our blockchain landing page. You bet one of our staff has a .eth name. It's hyped right now. ENS is "Decentralised naming for wallets, websites, & more." If you see people using names such as .eth, they are using ENS service. Example Yourname.eth.
What is IPFS? IPFS defined.
gas = same amount for the compute size. gas cost = how you pay, priority. There are two parts to the gas total costs : gas and gas cost. disclaimer: our interpretation may contain mistakes or limited technical understanding. Use caution. Read full disclaimer.
Transaction costs can be very high on ethereum. Gas helps run the blockchain, e.g. incentivse miners to compute.
An ethereum wallet, in the browser, as a chrome extension. The most popular ethereum wallet in the browser. Its logo is a fox. It holds ETH. It can connect to mainnet as well as testnets. Can be used to authenticate into websites (use caution!! read more about it, potential security risk), hold ether. Anything under the mainnet is a testnet. Do not experiment or develop with your mainnet. Warning newbies have lost all tokens and NFTs in their wallet (any kind of wallet, not just limited to metamask) after clicking on malicious links or signing smart contracts that are shady. Warning! It's a live blockchain wallet.
Metamask is a crypto wallet, the gateway to the blockchain, metaverse, NFT world, and many decentralized apps (dapps).
The word meta is made famous by facebook recently, but the word is about so much more. There are already great companies and apps built on metaverse: gamefi, play-to-earn P2E, in-game economy, game algorithms / design. Metaverse include Facebook which is changing to Meta, game world, imaginary world. Some companies and tokens in-play include : $MANA, $SAND. There has been speculative land sale, real estate, office space residency even an embassy established in metaverses. Metaverse often has some kind of in-game economy, tokens, in-game currency etc. We have seen NFTs being used as avatars, playable assets, even land and real estate in game. They can be bought and sold at in-game marketplaces. Even convert to in-game tokens such as $SAND, which can be converted to dollars minus a lot of gas fees.
Facebook changed its name to META, but the metaverse concept is not created by Facebook. Despite that, Facebook attracted some great metaverse talents. Follow their best design practice at Design at Meta. Facebook is also the home of Oculus, Augmented Reality (AR). Also check out its design best practice.
What is polygon (blockchain)? Polygon + Alchemy.io
Miners have the burden of verifying transactions - a high computation power task. Associated with high energy cost. Each transaction needs to contribute to rewarding miners, hence transactions can be expensive.
Number of transactions processed per minute can be low.
Smart contract development
How to program smart contracts? Smart contracts are programmed using a Java class, object oriented programming (OOP), syntax like language called Solidity. Here's what Patrick Collins said about solidity. The file extension is dot sol (.sol). Check out their hackathons, documentation, and developer advocates Chainlink learning resources. Chainlink provides Price Feeds, Any-API, VRF for use in smart contracts.
Some say the smart contracts are neither smart nor are they contracts. They just faithful execute codes as the codes are written. It is public, every one can see the smart contract, and its codes are public.
This is great for transparent, however, it is also great for hackers to exploit, as the inner workings of the contracts are public. For this season, smart contracts must be thoroughly tested, audited and reviewed by security experts.
Anatomy of a Smart Contract : Line by line walkthrough of a Solidity smart contract coming soon ... todo
Development blockchain, test blockchain, testnet. Example of Ethereum testnets : Rinkbey, Roposten? todo
You can get test Ether (Ethereum) from faucets. Be sure to always check you are using a legitimate faucet.
If you are participating in a hackathon, please ask the organizer, tutorial author for official test faucet. Generally you will enter your address to the test faucet, await a bit of time to get the test tokens in your wallet.
Claims to be an energy efficient blockchain (probably because of use of proof-of-stake instead of proof-of-work). Partners with Cambridge on climate change NFTs.
Vitalik Buterin: founder of ethereum. Once donated $SHIB to India COVID relief.
tarique sha explains web1, web2, web3 in simple terms, with content consumption and monetization as context. Web3 tech explained [web3, flash card, high quality, pro tip]
Next section: we discussion new and upcoming technology
Chainlink : chainlink provides the on-demand tech, software, infrastructure to decentralized oracle networks. Test link URL
"What is Chainlink? Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications." -official documentation
Avalanche : offers DeFi, yield
City of Miami using Internet of Things (IoT) sensors on Algorand for monitoring air pollution.
WARNING crypto currency, blockchain, NFT and any financial activities can be extremely volatile and risky. We are not financial advisors. The information we provide is informational only. And there may be mistakes in technical understanding, financial understanding, we are not responsible for any loss, damage. Please read our Full Disclaimer here In general, our content is only informational. None of our content is production ready, cannot be used for commercial use. Our understanding of the blockchain is extremely limited. We may own crypto and stocks of all kinds. Mentioning a tech, blockchain, token is not an endorsement! Cryptos and any related tech / assets / investment are highly risky.