Ethereum Audible: Recent Episodes
Yehoshua Zlotogorski
Better than an Ethereum audiobook, Ethereum Audible brings (and reads) you the best articles, papers and thought leadership on the Ethereum ecosystem on-the-go so that you can listen and learn wherever, whenever!
Yehoshua Zlotogorski from Alpe Audio reads through the key papers and articles on Proof of stake, sharding, blockchains, crypto gaming and economies and everything else that you need to know.
"crypto markets are becoming highly interconnected with the traditional financial sector"
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
💎 Are you interested in Tokenomics? I'm collecting everything that I'm learning about tokenomics into a free email course & newsletter you can find here: https://designingtokenomics.com
DeFi is growing and is quickly on its way to becoming a new financial paradigm, yet there are financial risks in DeFi that manifest in new ways that we haven’t seen in the traditional financial system:
- Interconnections with the traditional financial system,
- Operational risks stemming from underlying blockchains
- Smart contract-based vulnerabilities
- Other governance and regulatory risks
- Scalability challenges.
In an effort to remove humans and automate as much as possible through smart contracts, DeFi has introduced or amplified these risks. This paper explores all of these aspects.
"crypto markets are becoming highly interconnected with the traditional financial sector"
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
💎 Are you interested in Tokenomics? I'm collecting everything that I'm learning about tokenomics into a free email course & newsletter you can find here: https://designingtokenomics.com
DeFi is growing and is quickly on its way to becoming a new financial paradigm, yet there are financial risks in DeFi that manifest in new ways that we haven’t seen in the traditional financial system:
- Interconnections with the traditional financial system,
- Operational risks stemming from underlying blockchains
- Smart contract-based vulnerabilities
- Other governance and regulatory risks
- Scalability challenges.
In an effort to remove humans and automate as much as possible through smart contracts, DeFi has introduced or amplified these risks. This paper explores all of these aspects.
"In this article, I’ll talk about L2s on Ethereum, the state of the current scaling ecosystem, and why I believe running L2s on top of Ethereum is the most economically and technically sustainable scaling solution long term."
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
💎 Are you interested in Tokenomics? I'm collecting everything that I'm learning about tokenomics into a free email course & newsletter you can find here: https://designingtokenomics.com
In this episode we're going to be be reading through part 2 of this epic guide on L2s on Ethereum by DCBuilder. After completing this guide you'll have a good grip on all the different acronyms and projects in the L2 ecosystem of Ethereum and you'll know the difference between optimistic rollups, ZK rollups, and EVM compatible or non compatible rollups. Enjoy!
Here is the original post with a plethora of links and resources: https://dcbuilder.mirror.xyz/QX_ELJBQBm1Iq45ktPsz8pWLZN1C52DmEtH09boZuo0
"In this article, I’ll talk about L2s on Ethereum, the state of the current scaling ecosystem, and why I believe running L2s on top of Ethereum is the most economically and technically sustainable scaling solution long term."
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
Are you interested in Tokenomics? I'm collecting everything that I'm learning about tokenomics into a free email course & newsletter you can find here: https://designingtokenomics.com
In this episode we're going to be be reading through part 1 of this epic guide on L2s on Ethereum by DCBuilder. After completing this guide you'll have a good grip on all the different acronyms and projects in the L2 ecosystem of Ethereum and you'll know the difference between optimistic rollups, ZK rollups, and EVM compatible or non compatible rollups. Enjoy!
Here is the original post with a plethora of links and resources: https://dcbuilder.mirror.xyz/QX_ELJBQBm1Iq45ktPsz8pWLZN1C52DmEtH09boZuo0
"I'll take the opposed, in that I think there is decent precedent to find ETH to not be a security in a post-merge environment. Let's breakdown some specifics:"
In this readthrough I'm going to Twitter for the first time to read a 43 long tweet thread (yup - 43 tweets) by @adamscochran, aka Adam Cochran, Partner at CEHV and Adj. Professor of Info Sci/Biz Analysis. He analyzes whether Ethereum's shift to Proof of Stake makes it eligible to be names a security by the SEC and analyzes Ethereum vs the Howie test, previous rulings in the US court system and theories of what different staking make ups could lead to.
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
Follow Adam on Twitter: @adamscochran
Adam Levitin's tweet thread making the case for why PoS is a security: https://twitter.com/AdamLevitin/status/1550990967670554624
Adam Chocran's tweet thread responding and making the case why PoS is NOT a security: https://twitter.com/adamscochran/status/1551278224218488832
Adam has put the thread into a website: https://isethereumasecurity.com/
Are you interested in Tokenomics? I'm collecting everything that I'm learning about tokenomics into a free email course & newsletter you can find here: https://designingtokenomics.com
IT'S MERGE WEEK!
To celebrate I'm going back to the OG episode for this podcast - Vitalik's article on Why Proof of Stake!
On Nov 6th 2020 Vitalik Buterin wrote a short article on why the Ethereum ecosystem is migrating to Proof of Stake (PoS). Despite the shift being planned for years there's a lot of discussion in the ecosystem on why Ethereum is doing this, what are the benefits to PoS over Proof of Work (PoW) and whether this migration is fair to all the players in the ecosystem.
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
To read the original blog: https://vitalik.ca/general/2020/11/06/pos2020.html
For a summary of the article: https://thewizardstower.com/ethereum-primer#32c8bb249298410ebd37305fb7543c93
The merge is coming - right next week! Here are some of my recent favorite pieces of content that cover the bull and the bear case.
To read:
The Complete Guide to Rollups: https://members.delphidigital.io/reports/the-complete-guide-to-rollups
The Hitchhiker's Guide to Ethereum: https://members.delphidigital.io/reports/the-hitchhikers-guide-to-ethereum
Bankless:
https://shows.banklesshq.com/p/debrief-arthur-hayes
https://shows.banklesshq.com/p/debrief-ethereum-unsensored
http://podcast.banklesshq.com/dissenting-from-chinas-censorship-with-jiajun-zeng-layer-zero
Unchained:
Given the sanctions on Tornado cash is Ethereum Censorship Resistant? https://youtu.be/_ohvRtxJzrc
Magic Internet Money:
https://www.bradmills.ca/podcast/navigating-the-cryptocurrency-chessboard-with-guests-lyn-alden-dylan-leclair-and-checkmate
The Bitcoin whitepaper! This is a plain readthrough of the whitepaper.
Here is the conclusion of the Bitcoin Whitepaper, if you can understand this section, you've understood the whitepaper: "We have proposed a system for electronic transactions without relying on trust. We started with
the usual framework of coins made from digital signatures, which provides strong control of
ownership, but is incomplete without a way to prevent double-spending. To solve this, we
proposed a peer-to-peer network using proof-of-work to record a public history of transactions
that quickly becomes computationally impractical for an attacker to change if honest nodes
control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes
work all at once with little coordination. They do not need to be identified, since messages are
not routed to any particular place and only need to be delivered on a best effort basis. Nodes can
leave and rejoin the network at will, accepting the proof-of-work chain as proof of what
happened while they were gone. They vote with their CPU power, expressing their acceptance of
valid blocks by working on extending them and rejecting invalid blocks by refusing to work on
them. Any needed rules and incentives can be enforced with this consensus mechanism."
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to whitepaper: https://bitcoin.org/bitcoin.pdf
The Bitcoin whitepaper explained! This is a readthrough of the whitepaper interspersed with commentary that breaks down the important parts and offers explanations and meaning.
Here is the conclusion of the Bitcoin Whitepaper, if you can understand this section, you've understood the whitepaper: "We have proposed a system for electronic transactions without relying on trust. We started with
the usual framework of coins made from digital signatures, which provides strong control of
ownership, but is incomplete without a way to prevent double-spending. To solve this, we
proposed a peer-to-peer network using proof-of-work to record a public history of transactions
that quickly becomes computationally impractical for an attacker to change if honest nodes
control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes
work all at once with little coordination. They do not need to be identified, since messages are
not routed to any particular place and only need to be delivered on a best effort basis. Nodes can
leave and rejoin the network at will, accepting the proof-of-work chain as proof of what
happened while they were gone. They vote with their CPU power, expressing their acceptance of
valid blocks by working on extending them and rejecting invalid blocks by refusing to work on
them. Any needed rules and incentives can be enforced with this consensus mechanism."
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to whitepaper: https://bitcoin.org/bitcoin.pdf
"I continue to view the digitization of money as a key theme for the 2020s decade and beyond, both in bottom-up ways (e.g. bitcoins) and in top-down ways (e.g. central bank digital currencies), and am interested to see the directions that it goes in."
Today we're reading part 3, the final part, of Lyn Alden's 1:30 hour long article on the state of network. This will be a 3 part series due to length. In the first part we'll cover why a medium of exchange first needs to be built on top of a store of value. Lyn uses the lessons learned from previous Bitcoin forks and imitators to bring this point home.
In part 2 we cover why layers make sense to scale and how the Lightning Network is structured.
In part 3 we cover the critiques of the network and a summary of thoughts.
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper: https://www.lynalden.com/lightning-network/
Analysis of Bitcoins maximum price: https://thewizardstower.com/the-bitcoin-maxi-price-whats-the-maximum-price-of-bitcoin
"All manner of individual hardware electronic devices became mostly-obsolete as they became applications on a smart phone.
I view the Bitcoin/Lightning stack as being similar. The network is still tiny and has a lot of development work still to do, and nothing is for certain. But to me it looks like a powerful monetary network with a ton of upside potential over the next decade."
Today we're reading part 2 of Lyn Alden's 1:30 hour long article on the state of network. This will be a 3 part series due to length. In the first part we'll cover why a medium of exchange first needs to be built on top of a store of value. Lyn uses the lessons learned from previous Bitcoin forks and imitators to bring this point home.
In part 2 we cover why layers make sense to scale and how the Lightning Network is structured.
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper: https://www.lynalden.com/lightning-network/
Analysis of Bitcoins maximum price: https://thewizardstower.com/the-bitcoin-maxi-price-whats-the-maximum-price-of-bitcoin
"If the purpose of sanctions is not to punish, but to change behavior, then it makes no sense to add to the SDN List an immutable smart contract that cannot change its behavior because it has no agency. It is not a person nor is it under the control of any person. By conflating the Tornado Cash Entity and the Tornado Cash Application and adding both to the SDN List, the government has essentially accomplished a ban on Americans using a particular internet tool without any clear prospect that the restriction will ever be lifted."
Today I'm departing from our analysis to read Coincenter's analysis of the Tornado cash sanctions that OFAC laid down last week. This is a critical time for the web3 and general crypto ecosystem - the first real attempt at censoring by a nation state and it's on us to understand the legal case and ramifications.
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Read the full analysis: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/
https://www.coincenter.org/about/
"A truly decentralized and permissionless payment network requires its own underlying self-custodial digital bearer asset. If instead it runs on top of the fiat currency system or relies on external custodial arrangements at its foundation, then it is neither decentralized nor permissionless."
Today we're reading Lyn Alden's 1:30 hour long article on the state of network. This will be a 2 part series due to length. In the first part we'll cover why a medium of exchange first needs to be built on top of a store of value. Lyn uses the lessons learned from previous Bitcoin forks and imitators to bring this point home.
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper: https://www.swanbitcoin.com/a-look-at-the-lightning-network/
"Bitcoin is a disruptive new crypto-currency based on a decentralized open-source protocol which has been gradually gaining momentum. Perhaps the most important question that will affect Bitcoin’s success, is whether or not it will be able to scale to support the high volume of transactions required from a global currency system. We investigate the implications of having a higher transaction throughput on Bitcoin’s security against double-spend attacks. We show that at high throughput, substantially weaker attackers are able to reverse payments they have made, even well after they were considered accepted by recipients. We address this security concern through the GHOST rule, a modification to the way Bitcoin nodes construct and re-organize the block chain, Bitcoin’s core distributed data-structure. GHOST has been adopted and a variant of it has been implemented as part of the Ethereum project, a second generation distributed applications platform."
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper: https://www.ifca.ai/pub/fc15/89750476.pdf
Link to my summary of the whitepaper: https://www.notion.so/yehoshua/Ethereum-6f74eacc4f374ee49ba8c792009c87cb#dd6134662902483382fe03c9e19506c9
"Tendermint is awesome. The future is now"
Today we're diving into the original whitepaper on modern proof of stake blockchains: Tendermint. This paper from 2014 lays the groundwork for many of the proof of stake blockchains that come after and is the basis for the entire Cosmos ecosystem.
We'll breakdown why proof of stake over proof of work how consensus is reached and the game models and theory for cooperation in the system. This is a great place to start from when you're exploring what proof of stake is and how it works, in depth.
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the whitepaper: https://tendermint.com/static/docs/tendermint.pdf
Link to the Tendermint docs: https://docs.tendermint.com/master/introduction/what-is-tendermint.html
Link to my summary of the whitepaper
When should you use tokenomics in your web3 project? What purpose does a token serve?
Let's break down the core 'why' behind adding a token to your project and when you should or shouldn't use a token. This is the core question to ask when you evaluate a projects token or consider using a token in your own project.
"We introduce Casper, a proof of stake-based finality system which overlays an existing proof of work blockchain. Casper is a partial consensus mechanism combining proof of stake algorithm research and Byzantine fault tolerant consensus theory. We introduce our system, prove some desirable features, and show defenses against long range revisions and catastrophic crashes. The Casper overlay provides almost any proof of work chain with additional protections against block reversions."
Today we're diving into Casper, the finality gadget that is the base for Ethereum PoS finality mechanism.
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As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper https://arxiv.org/pdf/1710.09437.pdf
"Honest-but-rational or ideologically motivated validators could use this attack to increase their profits or stall the protocol, threatening incentive alignment and security of PoS Ethereum. The attack can also lead to destabilization of consensus from congestion in vote processing."
Part 2!
Today we're reading through a recent paper that pokes some serious holes in the security of Proof of stake Ethereum. As we get closer to the merge, it's more important than ever to understand the different attack vectors on Ethereum, what the consequences are and how likely these attacks are to come to fruition.
This readthrough is dense and build on previous episodes we've done, so if you haven't been a long time listener, go back and listen to these first, otherwise it will be hard to understand:
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Why Proof of Stake
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The Beacon Chain Ethereum 2.0
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What is Byzantine Fault Tolerace
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Flashboys 2.0
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As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper "Three attacks on Proof of Stake Ethereum": https://arxiv.org/pdf/2110.10086.pdf
Have you heard the sentence "I believe in blockchain just not Bitcoin"?
I have - many times. It's usually said by people who have a tech background and want to sound tech savvy but anti crypto. They want to hedge their bets: sound techhie but not crypto fanatics.
They're missing the whole innovation that crypto and web3 bring. They're missing all of it.
"Honest-but-rational or ideologically motivated validators could use this attack to increase their profits or stall the protocol, threatening incentive alignment and security of PoS Ethereum. The attack can also lead to destabilization of consensus from congestion in vote processing."
Today we're reading through a recent paper that pokes some serious holes in the security of Proof of stake Ethereum. As we get closer to the merge, it's more important than ever to understand the different attack vectors on Ethereum, what the consequences are and how likely these attacks are to come to fruition.
This readthrough is dense and build on previous episodes we've done, so if you haven't been a long time listener, go back and listen to these first, otherwise it will be hard to understand:
-
Why Proof of Stake
-
The Beacon Chain Ethereum 2.0
-
What is Byzantine Fault Tolerace
-
Flashboys 2.0
____________________
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Link to the paper "Three attacks on Proof of Stake Ethereum": https://arxiv.org/pdf/2110.10086.pdf
A lot has been argued about whether crypto is or isn't an inflation hedge over the past few months.
IMO the answer is clear: for any realistic time horizon, yes it is. But to understand why, we need to zoom out and dive into what inflation is and how an inflation hedge acts.
Let's explore inflation, Bitcoin and Ethereum.
"So beyond a token, how can web3 protocols and companies build competitive moats that help them capture part of the value they’re creating?
Below is a ‘five power’ framework on moats that web3 projects can utilize, beyond tokens."
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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The playbook for competitive moats for traditional companies has already been written. Hamilton Helmer’s ‘7 Powers’ has emerged to be a popular favorite, but other frameworks abound.
But in web3 it's more complicated. Here is a framework for web3 moats that builders should be aware of.
For the full article: https://thewizardstower.com/how-to-build-a-moat-in-web3
Connect with Yehoshua on Twitter: https://twitter.com/yehoshzl
Today I'm diving deep into the oracle problem with probably the most qualified person out there: Nick Fett, CTO of Tellor protocol.
Tellor is a decentralized oracle protocol aimed to help Ethereum based projects solve the oracle problem. As we discuss, the oracle problem is a tough nut to crack, especially in a decentralized manner. It opens up protocols to a whole host of other issues, risk vectors and attack surfaces that developers, builders and investors need to be aware of.
This was a fantastic conversation which I enjoyed thoroughly, and Nick schooled me on a lot of topics.
Links and resources:
Nick on Twitter: https://twitter.com/themandalore9
Tellor on Twitter: https://twitter.com/WeAreTellor
The future of Money by Bernard Lietaer
As always, you can support the show by supporting and subscribing to Alpe Audio: 👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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"With 'The Merge' coming, up to 64 million total ETH will be available to be staked and become activated within one year. Lido’s size and network effect gives them a major advantage in absorbing this potential inflow as well."
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👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Today we're diving into the Lido centralization debate, a risk factor to PoS Ethereum. Lido is a staking protocol that lets people with less than 32 ETH to stake under one of Lido's node. In return for your Eth, you also get their derivative token - stETH, which can be used in a variety of DeFi use cases. Lido control ~25% of Ethereum PoS nodes - is this a risk to Ethereum consensus? Let's give this article by suresats.com a read.
For the full article: https://www.suresats.com/post/ethereum-s-centralization-dilemma-through-lido-staking
BFT, aka Byzantine Fault Tolerance, is a key part of distributed systems consensus mechanisms. As we approach The Merge and discussions heat up about Proof of Work vs Proof of Stake, I thought it would be a good time to go back to basics and discuss a core part of any consensus mechanism.
"We additionally show that high fees paid for priority transaction ordering poses a systemic risk to consensus-layer security. We explain that such fees are just one form of a general phenomenon in DEXes and beyond—what we call miner extractable value (MEV)—that poses concrete, measurable, consensus-layer security risks. We show empirically that MEV poses a realistic threat to Ethereum today."
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👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Today we're reading through part one of the Flashboys 2.0, the seminal piece of research that introduced the concept of MEV. This readthrough is slightly different as the complexity of the paper required me to stop and offer explainers throughout. MEV is a concept that is critical to understand as it poses consensus layer risks to Ethereum 2.0 and opens up attack vectors which we'll be exploring in future read throughs.
The full paper can be read here: https://arxiv.org/pdf/1904.05234.pdf
The merge is coming!
Don't believe the FUD, things are happening and this blockchain bite, a read of Anthony Sassano's Daily Gwei newsletter is a little primer on the status of the merge.
You should subscribe to the Daily Gwei: https://thedailygwei.substack.com/
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"We additionally show that high fees paid for priority transaction ordering poses a systemic risk to consensus-layer security. We explain that such fees are just one form of a general phenomenon in DEXes and beyond—what we call miner extractable value (MEV)—that poses concrete, measurable, consensus-layer security risks. We show empirically that MEV poses a realistic threat to Ethereum today."
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
__________________________
Today we're reading through part one of the Flashboys 2.0, the seminal piece of research that introduced the concept of MEV. This readthrough is slightly different as the complexity of the paper required me to stop and offer explainers throughout. MEV is a concept that is critical to understand as it poses consensus layer risks to Ethereum 2.0 and opens up attack vectors which we'll be exploring in future read throughs.
The full paper can be read here: https://arxiv.org/pdf/1904.05234.pdf
"As in normal economics, the two forces we are most interested in are Supply and Demand. Understanding how those are baked into the tokenomics give us a good sense of how desirable a given token or cryptocurrency should be."
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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Today's readthrough starts a 'back to basics' approach to crypto tokenomics and token design. Nat Eliason is the tokenomics designer of Crypto Raiders, a popular web3 game (Diablo meets blockchain) where he's been the architect of the on and off chain economy. This readthrough starts with the basics of token design and thinking about supply vs demand.
Original post: https://every.to/almanack/tokenomics-101
Follow Nat on Twitter: https://twitter.com/nateliason
Today is a special episode! We're diving deep into the Liquity protocol with a guest: Robert Lauko, the co-founder of the protocol.
Liquity is a great case study in everything we've been discussing these past few months:
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The importance of decentralization
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Immutability vs governance
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DeFi risks and trade offs.
I really enjoyed this conversation and hope you will as well.
Resources:
Liquity protocol docs and information: https://www.liquity.org/
Follow Robert on Twitter: https://twitter.com/robert_lauko
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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"EIP-1559 is poised to greatly enhance the user experience on Ethereum for processing transactions. Of course, most people like to focus on the fee burn aspect of EIP-1559 (and so do we), but the overall benefits of EIP-1559 go far beyond the fee burn and will have a positive impact on end-users."
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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After Yuga Labs' bad drop/mint over the past weekend and the huge amount of misunderstanding regarding Ethereum gas prices, I wanted to review a post by Anthony Sassano's Daily Gwei breaking down EIP-1559 and how Gas actually works on Ethereum.
There are lots of misconceptions over how gas works, hopefully this will clear things up!
Link to original post: https://thedailygwei.substack.com/p/this-is-eip-1559-the-daily-gwei-300?s=r
It's been a while since we first discussed why Ethereum is adamant on the shift to Proof of Stake, so as the merge gets delayed a bit yet again, I wanted to chat about why we care about proof of stake and the reasons for the shift to it.
Full readthrough of Vitalik's 'Why PoS' Can be found here: https://open.spotify.com/episode/6pL31iFiUj5ncIL8lPd9K2?si=15roUb4XSC-ySFhySPrBMg
"Tokens can be an effective way to bootstrap networks that need passive user participation, but they can be counterproductive for those that need active participation"
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Token incentives have been all the rage over the past two years in the DeFi and Web3 world. But can tokens be used to solve the cold start problem? Are they an edge that all web3 companies have on web2 companies?
Or is reality more complex? As you might guess, it is and tokens can't be used for everything.
"crypto markets are becoming highly interconnected with the traditional financial sector"
In Part 2 of this read we're going to complete all 5 risk factors that DeFi brings to the table.
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DeFi is growing and is quickly on its way to becoming a new financial paradigm, yet there are financial risks in DeFi that manifest in new ways that we haven’t seen in the traditional financial system:
Interconnections with the traditional financial system, Operational risks stemming from underlying blockchains Smart contract-based vulnerabilities Other governance and regulatory risks Scalability challenges.
In an effort to remove humans and automate as much as possible through smart contracts, DeFi has introduced or amplified these risks. This paper explores all of these aspects.
The Howey Test is one of those terms that gets thrown around a lot in the crypto world when it comes to the legality of many projects. But most don't know where it comes from and what it actually means. Let's break it down.
"crypto markets are becoming highly interconnected with the traditional financial sector"
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DeFi is growing and is quickly on its way to becoming a new financial paradigm, yet there are financial risks in DeFi that manifest in new ways that we haven’t seen in the traditional financial system:
- Interconnections with the traditional financial system,
- Operational risks stemming from underlying blockchains
- Smart contract-based vulnerabilities
- Other governance and regulatory risks
- Scalability challenges.
In an effort to remove humans and automate as much as possible through smart contracts, DeFi has introduced or amplified these risks. This paper explores all of these aspects.
Welcome to Blockchain bites!
This is a new format where I'll cover topics, terms, debates but in short bite size takes. Think of it as your lexicon for your blockchain discussions at a cocktail party.
This bite is about why crypto can't just be 'copied' - which is one of the most ridiculous arguments that keep on popping up on Twitter or in discussions with friends.
"For a blockchain to be decentralized, it's crucially important for regular users to be able to run a node, and to have a culture where running nodes is a common activity."
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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This weeks read we're exploring the limits of scalability to blockchains and why those limits exist.
What are the tradeoffs for increasing scale? Transactions per second? Lowering fees? Everything has a tradeoff and that's what we're going to be exploring this readthrough.
Original article: https://vitalik.ca/general/2021/05/23/scaling.html#its-crucial-for-blockchain-decentralization-for-regular-users-to-be-able-to-run-a-node
"While there are many paths toward building a scalable and secure long-term blockchain ecosystem, it's looking like they are all building toward very similar futures. There's a high chance that block production will end up centralized"
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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What's the endgame that Vitalik Buterin has in mind for Ethereum? Where do we go after the merge, what should concern us and what should we be planning for and thinking about already?
That's the topic of this readthrough, Endgame. We'll cover:
- What concerns Vitalik post merge and rollup centric Ethereum
- Ways to solve future problems
- Break down of the decentralization matrix
Full article: https://vitalik.ca/general/2021/12/06/endgame.html
Limits of blockchain scalability: https://vitalik.ca/general/2021/05/23/scaling.html#its-crucial-for-blockchain-decentralization-for-regular-users-to-be-able-to-run-a-node
"To most users, the freedom to pack up and move your digital assets and identity does not matter. But it might matter one day, and when it does, it will matter a lot."
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Why does web3 matter and how can we define it and what matters exactly about it?
Definitions matter and in this last installment of our exploration into why the web3 ecosystem matters and what it brings to the table we read Dror Poleg's reply to Moxie's piece from last week.
Here's how I define web3: It's property rights brought digital facilitated by open protocols, tokenization and decentralization. Without those three components, there is no web3.
Read the full article: https://www.drorpoleg.com/unpacking-the-web3-sausage/
"This was surprising to me. So much work, energy, and time has gone into creating a trustless distributed consensus mechanism, but virtually all clients that wish to access it do so by simply trusting the outputs from these two companies without any further verification."
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Today we'll be continuing our exploration of why web3 matters with this take by Moxie, the founder of Signal. He took some time to play around with building on web3 and shared his well thought reflection.
The first part is reading his article, the second is a readthrough of Vitalik's rebuttal/thoughts followed by the 'Yosh's take'.
Link to original article: https://moxie.org/2022/01/07/web3-first-impressions.html
Link to Vitalik's answer: https://np.reddit.com/r/ethereum/comments/ryk3it/my_first_impressions_of_web3
"But wherever this leads us next, it's clear to me now that I was too hasty to completely dismiss crypto on the basis of all the things wrong with it at the moment. Instead of appreciating the fundamental freedom to transact that it's currently our best shot at protecting.
You don't need laser eyes or an NFT avatar to appreciate that."
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Today we're reading to pieces: I was wrong, we need crypto by David Heinemeier Hansson and @punk6529's thread on the freedom to transact. Both pieces articulate really well the importance of decentralized, non custodial crypto.
DHHs article has lots of good links and references: https://world.hey.com/dhh/i-was-wrong-we-need-crypto-587ccb03
Punk 6529's thread: https://twitter.com/punk6529/status/1494444624630403083
"Thanks to L2s users will finally be able to enjoy low fees using their favorite web3 applications, a much better UX emerges as transaction confirmations are almost instant (thanks to L2 sequencers), and help scale blockchains massively."
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In this episode we're going to be be reading through part 2 of this epic guide on L2s on Ethereum by DCBuilder. After completing this guide you'll have a good grip on all the different acronyms and projects in the L2 ecosystem of Ethereum and you'll know the difference between optimistic rollups, ZK rollups, and EVM compatible or non compatible rollups. Enjoy!
Here is the original post with a plethora of links and resources: https://dcbuilder.mirror.xyz/QX_ELJBQBm1Iq45ktPsz8pWLZN1C52DmEtH09boZuo0
"In this article, I’ll talk about L2s on Ethereum, the state of the current scaling ecosystem, and why I believe running L2s on top of Ethereum is the most economically and technically sustainable scaling solution long term."
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In this episode we're going to be be reading through part 1 of this epic guide on L2s on Ethereum by DCBuilder. After completing this guide you'll have a good grip on all the different acronyms and projects in the L2 ecosystem of Ethereum and you'll know the difference between optimistic rollups, ZK rollups, and EVM compatible or non compatible rollups. Enjoy!
Here is the original post with a plethora of links and resources: https://dcbuilder.mirror.xyz/QX_ELJBQBm1Iq45ktPsz8pWLZN1C52DmEtH09boZuo0
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
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"In the future, it’s likely that the average person will not work for a company. Instead, people will earn income in non-traditional ways by taking actions such as playing games, learning new skills, creating art, or curating content. This kind of shift in how we work is not unusual or unexpected — the idea that most people would be employed by large corporations would have seemed crazy to someone in the year 1800."
Today we're diving into the world of DAOs and the future of work. How will it unfold? In this essay Ben Schecter lays out his vision for the future of work in a DAO enabled world, at the end I layout my anti case.
In this readthrough you'll learn:
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What DAOs are
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How DAOs are forming to create a future of work around different themes: contribute-to-earn, learn-to-earn & play-to-earn.
Other referenced articles:
On blockchain gaming and play to earn: https://thewizardstower.com/Web3-game-economies-If-Pokemon-was-built-on-Blockchain
On DAOs: https://www.readthegeneralist.com/briefing/dao, https://www.notboring.co/p/the-dao-of-daos
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"Rollups are all the rage in the Ethereum community, and are poised to be the key scalability solution for Ethereum for the foreseeable future. But what exactly is this technology, what can you expect from it and how will you be able to use it? This post will attempt to answer some of those key questions."
We've been reading the Ethereum roadmap shift from sharding centric to rollup centric, this episode we'll be diving into what are L2s: channels, Plasma and Rollups.
Original post: https://vitalik.ca/general/2021/01/05/rollup.html
Additional resources: https://docs.ethhub.io/ethereum-roadmap/layer-2-scaling/optimistic_rollups/, https://docs.ethhub.io/ethereum-roadmap/layer-2-scaling/zk-rollups/, https://yehoshua.notion.site/Layer-2s-Rollups-7fb45c4027994d51a98be4736968e28e
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The Ethereum 2.0 roadmap has undergone some massive shifts. Most recently in 2020 the roadmap shifted from being sharding centric to being rollup centric. What does that mean & What are rollups anyway?
That's what we'll be discussing in this readthrough!
Original post here: https://ethereum-magicians.org/t/a-rollup-centric-ethereum-roadmap/4698
Two previous episodes are very relevant for this one:
1) Why Proof of Stake? https://podcasts.apple.com/gd/podcast/why-proof-of-stake/id1590744686?i=1000539054647
2) Ultra Scalable Ethereum
https://podcasts.apple.com/gd/podcast/ultra-scalable-ethereum-by-david-hoffman/id1590744686?i=1000540303142
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"Ethereum’s Beacon Chain is the heart of a system where most content is too technical, niche, or not deep enough.
Here, you’ll gain a gratifying understanding of the Beacon Chain’s elements and mechanics.
Examples will explain key details at the right level to make you proficient and save time.
We assume you have a solid foundation of Ethereum or Bitcoin, and some familiarity with Proof of Stake.
Let’s dig into the bigger picture of shards, staking validators, attestations, committees, checkpoints, and finality."
https://ethos.dev/beacon-chain/
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What are the pits and falls of coin voting governance? How can we avoid them? In this article from August 16,2021, Vitalik Buterin lays out the problems with coin voting governance and offers possible solutions. Some futuristic, some applicable now.
For the original article: https://vitalik.ca/general/2021/08/16/voting3.html
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Continuing on our exploration of governance and communities, today we're reading Social Token Paradox by Gaby Goldberg.
What is the social token paradox? According to Gaby it's: "that with this mental model, tokenized communities are incentivized to uphold exclusivity."
In this readthrough we'll be reviewing:
- How to think about token governance and participation
- Problems with one token - one vote dynamics
- Alternative ways to think about community contribution beyond tokens
You can follow Gaby on Twitter: @gaby_goldberg and read her writings on Medium or Mirror.
Link to the full article: https://gabygoldberg.medium.com/social-token-paradox-598080f0cf85
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Description Lyn Alden has put out a great article pushing back on Proof of Stake and so we simply had to give it a read through an analysis. Lyn's analysis is well researched and articulated and even though I don't agree with all of it, it's always worth taking the time to read through and think through.
In part 2 we cover:
- Hard forks
- How Stablecoins can be a centralization vector
- How important is decentralization
- Protocols vs operating systems
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Lyn Alden has put out a great article pushing back on Proof of Stake and so we simply had to give it a read through an analysis. Lyn's analysis is well researched and articulated and even though I don't agree with all of it, it's always worth taking the time to read through and think through.
In part 1 we cover:
- What is Proof of work
- What is Proof of stake
- Attack vectors on proof of stake
- Why Proof of Work is a reliable consensus mechanism
For the full article: https://www.lynalden.com/proof-of-stake/
For a full breakdown, summary and links to referenced article, check out Ethereum audible in Alpe Audio.
Share your thoughts on Twitter: https://twitter.com/yehoshzl
"Governance minimized protocols will see the most use. It is the core attribute which kicks off the positive feedback loop between trust and adoption as a standard. It also puts powerful, basic tools in the hands of all creators, generating more opportunity and faster progress for the entire crypto ecosystem." -- Governance minimization, Fred Ehrsam and Dan Robinson.
https://fehrsam.xyz/blog/governance-minimization
Today we're exploring Governance minimization and why credible neutrality is foundational to building in crypto.
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How can we govern blockchain entities? DAOs, L1s, L2s are all new kinds of organizations, groups, entities - and they all need to be governed.
How can we use tokenomics, on chain and off chain mechanisms to govern and what are the pitfalls to watch out for?
To read the full article: https://vitalik.ca/general/2017/12/17/voting.html
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Ethereum Protocol Update - Nov 2021 Trent Van Epps shares this guest post in the Bankless newsletter on the Ethereum Roadmap, giving us an update on what's happening and the prospective future timelines!
To read the full blog post: https://newsletter.banklesshq.com/p/ethereum-roadmap-update-end-of-2021 To Follow Trent on Twitter: https://twitter.com/trent_vanepps
Referenced articles:
The state of Eth2, Jan 2021 by Danny Ryan: https://blog.ethereum.org/2021/01/20/the-state-of-eth2-january-2021/
Join the Ethereum R&D Discord🎮: https://discord.gg/sFZFEQDc
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Where can Ethereum be in 2025? What will it look like? What will it be made up of? In this post, Polynya lays out a vision for Ethereum:
- Modularity
- Rollups
- Data availability
Read the article by Polynya: https://polynya.medium.com/a-vision-of-ethereum-2025-bb92a0d4dc4f
Follow Polynya on Twitter: https://twitter.com/epolynya
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This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
Welcome to Ethereum Audible! today we’ll be reading through David Hoffman’s Ultra Scalable Ethereum.
A debate that’s been going on for a long time in the crypto community is about how to scale blockchains and the blockchain scalability trilemma. And these days it’s more relevant since we’ve got on the one hand blockchains like Solana that are ultra scalable and on the other hand Bitcoin layer 2 solutions like lightning.
David Hoffman is one of the Bankless duo and has been diving deep into this space recently. This piece is from the Bankless newsletter.
The Bankless podcast & newsletter (definitely worth subscribing to):
- http://podcast.banklesshq.com/
- https://newsletter.banklesshq.com/
- Ultra Scalable Ethereum: https://newsletter.banklesshq.com/p/ultra-scalable-ethereum
Follow Bankless & David on Twitter: https://twitter.com/TrustlessState, https://twitter.com/BanklessHQ
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
On Nov 6th 2020 Vitalik Buterin wrote a short article on why the Ethereum ecosystem is migrating to Proof of Stake (PoS). Despite the shift being planned for years there's a lot of discussion in the ecosystem on why Ethereum is doing this, what are the benefits to PoS over Proof of Work (PoW) and whether this migration is fair to all the players in the ecosystem.
This seems like a great place to start our reads as the discussion is still alive and kicking and who better to read for our first article than Vitalik, one of the co-founders of Ethereum?
👉 Start learning with Alpe: https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.
Ethereum in depth! Welcome to Ethereum audible, where I’ll be reading the papers, research and articles of the Ethereum ecosystem.
Why am I doing this?
The web 3 rabbit hole is a real things and I’ve been fascinated by it over the past few years. But I’ve yet to find a good resource out there that dives in depth into the great papers, research and thought leadership out there on the Ethereum ecosystem. And now is the time to explore it. The Ethereum ecosystem is gearing up for some massive changes over the coming months; Layer 2 scaling, the merge of the proof of stake and proof of work chain and eventually sharding.
It’s tough to tell what’s fake and what’s not, so I’ll be reading the best in Ethereum so that you can decide.
👉 Start learning with Alpe:https://link.alpeaudio.com/70to/d895de1
This episode is brought to you by Alpe Audio. Want to learn on the go but need more depth than a podcast? Alpe is the app for you. It’s an audio education app that brings great in depth courses that are as fun as podcasts but as educational as well, a degree. Each lesson comes with summaries, additional resources, flash cards and more. You can even find Ethereum Audible on Alpe with all those additional resources.