Is Web3 an Internet Renaissance or a Scam?

Some people think that we are skeptical of the Web3 ecosystem, and even think that Web3 is a scam that could wreak havoc on us, while others see Web3 as a business enterprise and the future of the Internet. .

People have mixed reviews on Web3. Our team of engineers have developed many new and exciting Web3 projects. In the process, we gain a lot of knowledge, understand what tools can and cannot be used and see the opportunities that might arise in the future.

Note: This statement represents an analysis of the current state of the ecosystem. These assumptions are the thoughts of engineers who design innovative products that are unaffected by economics or finance. We cannot accurately predict how much better Web3 will improve due to differences of opinion, but we promise that this article is not a hoax or false advertisement.

The network gives new life

The Web3 culture is young and strong, and it reminds us of the early advancements of the internet and the many innovations that emerged on the internet in the 1990s. Strange new technology, countless blue sky experiences, culture and the joy of discovering new things , new ways of thinking and expressing oneself. for

Design just got more fun. Web3, like the 2021 version of "Slam Dunk in the Sky" (https://www.spacejam.com/1996/), it's like electronic music, sparkling and a bit like fauvism. Money is the base of it all, but it isn't modeled or organized, and you won't be bored. A place like a bar club, where I met a friend.

Web3 is the hotbed of design and criticism, and it's like the work of smart semiotics students. Just like when the internet was in its infancy, people today make a lot of hype about cryptocurrencies. Some even think it's a utopia.

Many dazzling websites continue. No one can understand and explain what they are doing. However, after relaunching these websites, you may find yourself confused as you will be exposed to new and exciting experiences.

We are delighted to see the emergence of a new generation of social networks. Next, let's talk about the technical details. After all, this new investment comes from really new skills.

Web3 is inextricably linked with blockchain and cryptocurrency.

"Web3" is a collection of peer-to-peer technologies commonly used to create modern "decentralized applications", in particular blockchains and distributed data.

A blockchain is our repository.

1. Historical tamper-evident wheel (the "chain" itself)

2. Distributed consensus protocol without trust

3. Support the process of rewarding participants and ensuring that they compete fairly.

Because participation is expensive, revival must include money. At the same time, the blockchain is the best data to manage trusted data. Therefore, cryptocurrency and blockchain are inseparable.

Block chain for growing machine of Internet technique

The history of the Internet includes the birth, adoption and governance of governance processes by the community at large. When blockchain follows this culture, it also breaks this rule. This is the first contract with the inheritance class.

Although many online rules have been developed to be profitable, their developers have been less profitable. For example, SMTP: a messaging protocol was born in 1981, TCP: a static packet transport protocol was born in 1983, HTTP: a web protocol was born in 1991; XMPP: Born in 1999, protocol meeting. However, the blockchain is disrupting this content and giving value to developers.

Historically, adoption of the Internet process has been relatively slow in its infants, often taking more than a decade to improve, and has increased at a steady rate, over a long period of time. The blockchain (and the services it creates) breaks this pattern and requires a lot of upfront investment. This raises a question. Blockchain projects come in many forms like Ponzi schemes or pyramid schemes. Often times, these scams will end up being exposed and many early blockchain projects will fail. However, a lot of things are uncertain. If the business model under the contract is reasonable and the product is desirable, then some work can create long term value, even at first glance it is like a ponzi scheme going to the market.

It remains to be seen how the venture capital behind the blockchain project will affect the life and development of the project itself. It is also important to know whether these activities can create value equal to the high operating costs.

Not all blockchains are the same. Programmable blockchains are rich and unique.

Bitcoin (released in 2009, total value of $ 1,000 billion) brings modern distribution to the world and lays the foundation for future development, but Bitcoin itself is very little. Bitcoin owners.

Ethereum (born 2015, valued at $ 400 billion) is completely different. The Ethereum blockchain manages the state of the virtual machine rather than maintaining a simple list. A programmable computer that anyone on the Internet can use. Developers can write and use "smart contracts" (numbers executed on Ethereum virtual machines) to influence the future development of the system. This gave birth to new digital models such as NFTs and DAOs.

Solana (born in 2018, total value of 50 billion USD) is a programmable blockchain after Ethereum. Solana's goal is to achieve high performance and low cost, which is currently the second lowest in the Ethereum network. Solana's performance is largely due to the many innovations in the development of the shared vision. Recently, A16z invested $ 314 million in Solana Labs token sales.

There aren't a lot of file types that are compatible with the blockchain.

Is the blockchain suitable for your data? It may not be suitable. There are a lot of things to consider, including:

to believe. The data is not in the blockchain if it can or should be managed by a trusted intermediary. Tokenization looks like the technology of the future, but I don't think it will make a difference in the real world.

Communion. Information on the blockchain is fully public. Personal information or data that only trusted people can access cannot be placed on the blockchain. For example, medical information cannot be used on the blockchain.

the price. Blockchain storage and metering is more expensive than cloud or traditional. (As for current prices, the 256-bit storage cost of the Ethereum blockchain is around $ 7.50.) Although the cost of the blockchain has dropped several times, it is still a use very efficient cash flow. for

Receive and create value. Once the data is placed on the blockchain, the balance of benefit and design will change dramatically. The design of the token entry around the data also affects the equivalence of the two.

It's time to keep records. When the blockchain dies, the data stored on the chain is lost. So how long can a blockchain last? Nobody knows.

difficult. Blockchain programming is a relatively new and sophisticated technology, and despite its many features and security features, best practices have yet to be developed.

review. In extreme cases, if you want to find a home for information that doesn't break down easily, you can consider blockchain.

The golden rule here is that the blockchain is only worth considering if two conditions are met: (1) you must tell the world that action A will be executed at time T, and (2) the world will be aware of your action. Listen carefully. . (Just because you don't want a blockchain doesn't mean it can't build successful apps in this situation.) Budget updates are good examples, but there are a few examples of hope but widely used by defenders. .

Ledger, Virtual Currency, and Token are ambiguous terms and all cryptocurrencies are created by them.

As mentioned above, blockchains are a useful resource for list management i.e. the list of who owns what.

Here, "who" refers to the account. In the case of the programmable blockchain, the “who” can be the holder of the private key or the smart contract.

By "what" we mean here virtual currency or tokens. The difference between virtual currency and token is a bit vague, but in summary, virtual currency is the internal currency of a blockchain such as Ethereum, Bitcoin, Sol, and Dogecoin. And the token is a token that is listed on a programmable blockchain like Shiba Inus or CryptoPunk # 1772.

Everything in the crypto ecosystem is based on these key principles.

Anyone can create new digital tools through blockchain.

A programmable blockchain allows anyone to create new digital tools with the light wave of the magic wand.

Tokens are abstract tools and come in two forms. Homogeneous tokens are a medium of exchange and their products are governed by rules. A non-fungible token (NFT) is a unique asset provided by its related inheritance. The model of these assets determines that blockchain users must respect the ownership of these digital assets.

Of course, value cannot be generated by shaking the “magic wand” of cryptocurrency. Creating value around tokens is very important. At first, communities tried to post pictures of punks and gorillas on the token. They then tried to provide standard metadata such as the role of NFTs. Today we see all kinds of intricate complexes around tokens. Numbers for authorization and access, numbers for interpreting and managing behavior, and numbers that describe the interaction of tokens and the new payment process in cryptocurrencies. It is a large manufacturer. If the crypto industry can disrupt commodities, it will definitely take these steps.

You have to be careful about the impact of the “magic wand” of cryptocurrencies. Tokens exist on the blockchain and can only play a role when other software connects to those blockchains. The entire crypto ecosystem is expected to support abstractions in exotic databases. However, there is no real reason to support this notion. And there are no limits to the capabilities of new digital tools that may appear. As a result, everyone is blind. As a result, blockchain cannot be a global, interconnected digital heritage ecosystem that some people think of. Anyone who is currently playing DeFi on Solana and the Ethereum ecosystems can see it!

The current smart contract model has its drawbacks.

Modern programmable blockchains such as Ethereum and Solana have achieved excellent performance. At the same time, smart contracts have major limitations.

1. Smart contracts do not depend on the “real world” and can follow the blockchain itself. This problem is also referred to as the "oracle problem" which causes the blockchain to shut down. It doesn't sound like a lot, but it sure has a huge impact. For example, if a smart contract developer wants to refer to the real value of an asset, they will have to work hard to create an "oracle machine of value". Companies like Chainlink follow oracles and collect the world's most valuable data for the blockchain. However, the cost of storing blockchains is very high, so if you want to store real data, especially data that needs to be updated regularly, the cost shouldn't be worth it. In the real world, for the most part, smart contracts are not yet valid. You must also trust the data provided by Oracle to use it. Whether it's technology or thinking, the question of trust in the Web3 world torments us.

2. Smart contracts cannot be changed. Smart contracts can only be used once, can be completed permanently, and the code cannot be changed. There are several export models in the software development industry. Years of experience have shown that "policies cannot be changed" is not possible due to cockroaches and lack of security. Some engineers were looking for ways to respond. For example, the developer of EVM can send all numbers from one contract to another, thus setting the name of the Ethereum model. Keeping a contractual organization is difficult! For other blockchains like Tezos, the developer himself takes into account the need for code changes, so the Tezos base protocol provides direct control over the policy.

3. Smart contracts require a decentralized process that is difficult to achieve and efficient. We don't know how long a blockchain can survive or scale. Not only do blockchain networks need to be implemented regularly, but today smart contracts need to run smoothly without changing their behavior. However, the industry has no previous experience with “ongoing management” systems and policies.

These major issues have yet to be resolved and still create potential for improvements and amenities in the home. We believe that the major impact of these issues will lead to significant changes in the future.

The distribution of technology approvals could change dramatically over the next decade.

As mentioned above, blockchains today allow users to “talk to the world”. For this reason, every node involved on the internet has to copy the history of the entire blockchain. Even today, for 6 year old Ethereum, it is expensive and very slow. More importantly, this approach does not apply to the real world. Although people need to "talk" to each other, they often don't need to meet all over the world. In theory, private blockchains should be limited to both parties, but modern blockchains should be open to the world.

A new group of zero-knowledge scientists who have studied at the Stanford Blockchain Research Center (and many other universities) will allow private groups to report on company history and the information they need without having to get a central blockchain account. If so, this technology may affect the performance of the cryptographic technology and affect the current measurement. The development prospects for these new techniques are very good, but they are still theoretical and have not yet been implemented.

We can be in a lot of blockchain worlds.

The total market value of many blockchains today exceeds tens of millions (20+!) And often doesn't seem to be going away any time soon. Each blockchain defines its own data, so it also defines its own digital assets.

As with any other technology used on the Internet, there may be some integration of blockchains and interference between them. Circumstances such as concept, company, and technology should be taken into account when deciding whether to connect two blockchains together or keep them separate.

There are also some examples of connections like the "wormhole" model of Solana and Ethereum. The tokens created by the Ethereum blockchain can represent the strengths of the Solana blockchain and be reusable. It is a technically complex structure. The smart contract placed on one side of the wormhole must be the “owner” of the property transferred outside, and the smart contract outside must be marked with new “wrapped” tokens. Like a distant agent for real things. There are also a lot of issues with this model. Since smart contracts cannot reference smart contracts from other blockchains, code outside of the wormhole contract must send data to both ends!

Some negative hypotheses on the blockchain

Below we want to discuss some of the misconceptions about blockchain.

1. “The blockchain can build machines like Lego blocks”. These words have a negative connotation on the number itself and can be used as "Lego blocks". The fully open source ecosystem is a collection of community-created “Lego blocks”. From 2007 to 2012, the internet as a whole completely transformed traditional monolithic applications and moved to open API-centric network applications. Blockchains and smart contracts use them for nothing special in this regard.

2. “The blockchain allows reusable assets in all services. Now people are eagerly awaiting the development of reusable digital devices in the context of NFTs and blockchains. Overall, they are very interested in creating digital tools that can be used in the “metamonde”. However, when it is possible to hold all or part of a blockchain asset, how and what the asset is said to be and how it behaves remains a serious challenge. Axie can only be reused when you have the following two applications: In other words, to successfully complete a collaboration, the two teams must sit down and agree on a specific instruction or summary behind the engineering. In the real world, every blockchain is used this way! The cryptocurrency itself is unchanged and there are no other factors that facilitate cooperation with each other. Some groups want to collaborate and create heritage, while others refuse. The blockchain is nothing special about it.

3. "Blockchain can solve personal problems." This sentence is very confusing and we skipped it several times. If "self" means "who you are," that term sounds a bit too easy to understand. In the crypto ecosystem, identity is the only private key. This private key will not enter the blockchain. Because they are, after all, private and everything on the blockchain is public! It is also used for identification since the creation of the private key. On the other hand, if self means "something you have the right to do" then you can use blockchain to solve a personal problem, but many other solutions are not. Blockchain is also possible. The blockchain is nothing special about it.

4. "The blockchain has ushered in a new era of open access." The profitability and growth of the public record is truly incredible. However, the blockchain only provides one type of data storage, the storage cost of the blockchain is very high and it is not easy to access the data (especially data unit) of the blockchain. To put it bluntly, there are some people who think that the root of the blockchain “solves” the open file problem just because it gives open files. This view seems to mislead many of the advocacy policies and practices embedded in open documents today. . These problems will not go away just because of blockchains.

5. “The blockchain has ushered in a new era of distribution.” There is nothing wrong with these words, but there is no particular direction. Basically, since the Internet itself is decentralized, we use protocols like SMTP, TCP, HTTP on a daily basis and we always take the rules into account. The development of decentralization in the clear cannot be stopped. In fact, big groups like W3C, WHATWG and IndieWeb take this problem seriously. Today we have unencrypted decentralized social networks that have evolved on a certain scale, like Mastodon. In addition, if the blockchain is a very widespread medium, we cannot say that it is a pioneer of decentralized systems. Indeed, the role of blockchain classification is to create a global database for all other software applications. Blockchain doesn't seem special in this regard, and this statement is not strict enough and deserves more explanation.

Think of tokens as abstractions with some potential.

Chris Dixon recently tweeted that "tokens give consumers the right, the ability to own online."

It sounds good, but now there is no such thing. However, we cannot say that there is no possibility in the future, and in the future NFTs could be bad solutions with the inheritance process.

Of course, knowing this concept will require public / private partnerships to connect the world of cryptocurrency to real world laws and regulations. It is undoubtedly a long and difficult process.

Sometimes you don't need a blockchain, but that doesn't mean it won't change.

A lot of people (like us) think that sometimes blockchain is just data and still not ideal data.

But just because you don't want blockchain doesn't mean your business won't use it. There is a “path to addiction” in the tech industry. Especially when a lot of money comes out, a cycle of advice is created and the result is almost inevitable. Many experts and investors have invested heavily in cryptocurrencies. Of course, this has some variability, and when more money flows into an area, the value of the product includes the minimum value of that money, and that value increases even more if the investment is right! With constant advertising, investment, and communication, blockchain can be the future (with some unfortunate circumstances).

Cryptocurrencies are now starting to soar

The news of the rapid rise in cryptocurrencies is definitive. I think we will not be surprised.

There is no doubt that there is a huge bubble in cryptocurrencies. Assuming you invested $ 1,000 in Shiba Inu tokens on March 1, 2021, you will have $ 2,815,000 at the start of October! The development of the entire cryptocurrency ecosystem is similar. Earn 300% annual refund of SUSHI tokens used on Contract Farm Income or Mirage, but it can last a long time.

We have seen the result in the huge cryptocurrency market. Although the value of traditional businesses (especially technology companies) has grown significantly in recent years, the core of these businesses remains businesses that have stood the test of time. Although a venture capital firm has grown in recent years, a few simple clues can confirm its growth. However, the situation with cryptosystems is completely different. The cost of crypto processes is determined by other parts of the ecosystem, such as users or communities. Usually no company! The investment in the system also increases due to the number of users (in particular, some users receive support). Since there is no way to measure the market value of cryptocurrencies, the new system is not unique, resulting in gold prices for cryptocurrencies that have risen overnight.

Illegal use of cryptocurrency

The illegal use of cryptocurrencies is far beyond human imagination. In many ways, the cryptic world is full of uncontrolled nooks and crannies where all gamers, crooks, money laundering, and ransomware roam. This situation may change in the future. But we haven't seen the rules yet. for

People who are not in touch with the ecosystem should not be concerned about this issue, but everyone in the industry should think carefully.

Crypto is an experiment (with enough money) to use travel to find good business goals.

After all, the healthcare industry needs the right goals. Cryptocurrency has a lot of features, but it has a lot of limitations, so it will always be seen that good intentions can be seen. Fortunately, this ecosystem is full of capital and a culture of rapid experimentation, you can find "gold mines".

The target market for cryptocurrencies needs to be seen in the tokens. The digital asset itself must be capable of value.

As mentioned above, the design space for tokens is very large and has not been used much. This site is about token trading and access, membership and intelligence. This includes encouraging collaboration between different groups. It also includes the breakdown of all modern finances.

Getting started with cryptocurrency is easy, but going deep is tough.

The best way for users to trade in the crypto ecosystem for the first time is through a law like Coinbase. Coinbase is your wallet. User experience is similar to using the Internet. You can access your resources by logging in by entering your username and password.

To access the Web3 world, users need to install a supervised wallet like MetaMask, a software tool with similar functionality. "Manage encrypted private keys with 1Password". However, unlike 1Password, the user experience of MetaMask is dangerous whether it is an introduction to the device or daily use. If a 1Password user makes a mistake, they can reset their password via email. However, if MetaMask users make a mistake, they can lose their investment forever. And as advanced users use more blockchains besides MetaMask, they need more crypto wallets (like Phantom).

In fact, we can make better e-wallets. Despite the terrible knowledge of MetaMask, it has over 10 million monthly users!

Companies like Brave have used various ways to build encryption and build it into browser functionality. While its user base is still low on most browsers (still less than 1% of the global product market), Brave has reported strong demand with over 40 million users each for hli.

Wallets and browsers are two services that use Web3. If you visit OpenSea regularly you won't see anything, but if you visit Mirror.xyz you will get less. However, it is a very good and deep service for the people who know how and how to use it.

Coinbase and Robinhood can attract users quickly.

As of October 2021, Robinhood had around 10 million crypto users, while Coinbase had around 50 million users. MetaMask claims that users make up more than 1/6 of the cryptocurrency trading ecosystem. All of these services are growing rapidly, but according to the data, the growth of encrypted users with storage (cloud-based and medium-sized) wallets has been faster than that of neglected wallets, whereas previously it was not. the case. must be defined later.

The main driving force behind the development of MetaMask appears to be the purchase of NFT and various DeFi uncertainties. The launch of CoinbaseNFT proves that Coinbase wants to support this development. Coinbase may soon create a connection to the more popular DeFi project.

Coinbase also provides API rules that developers can use as a supplement or alternative to non-custodial wallets. While these APIs are not yet approved, there are plenty of ways to improve them first. For example, Coinbase can give developers the ability to create payment services that cannot be integrated with the blockchain itself (since each exchange must be signed separately).

The prospects for decentralizing the Internet seem empty. However, starting with distributed servers and open communications, many businesses worth billions of dollars or more have grown over time. Web3 may be different, but these opportunities are always possible. Take a step back. The power of commerce will always be strong and the law of exponents is the norm. Web3 may create new winners, but the income will not change.

DAO breaks down the concept of "society" into various forms.

There are roughly two ways to describe a Decentralized Autonomous Organization (DAO). First, it's a smart contract that engages and engages people for some reason, and second, it's a group working for a common goal in the crypto industry, whose behavior is in part (or in whole) ) governed by the rules.

Almost all DAOs have two things in common: (1) the administration of the symbol which gives holders the right to vote, and (2) an advocacy and a vote (for or against).

But beyond that, the scope of "group goals" is vast. Some DAOs have more than one symbol, others only one. While some DAOs directly tie elections to actions performed by smart contracts, most do not. There are many different types of “wild” DAOs.

DAO protocol manages business modernization without smart contracts. These DAO ballots usually focus on a very narrow process (modified X measure, updated Y contract), and the result is usually achieved through smart contracts. (MakerDAO, Uniswap, mixed financials, etc.).

Investing in DAOs focuses your resources on other crypto investments. (LAO, Komorevi)

Collector DAO is a DAO investment primarily focused on NFTs (PleasrDAO, Flamingo, SquiggleDAO).

Grant DAOs are also capital DAOs, and they often focus on funding other DAOs, with most DAOs looking for further crypto development. (MetaCartel, MolochDAO, Uniswap grants)

Social DAOs are real-world communities, and ideas of writing, art, and business often affect the creation and secrecy of the world. ($ FWB, Song Camp, Cabin Dao)

DAOs usually organize organizations working in the real world, such as graphic design and smart contracts (Raid Guild, MetaFactory).

DAO Services provides several service groups for the crypto ecosystem (PartyDAO, TheGraph).

Media DAO is a team composed mainly of journalists, filmmakers and educators around the development of the crypto ecosystem. (DAO without bank, REKT)

There are many DAOs around the world and we are also seeing the birth of a modular service ecosystem designed to help people create and manage multiple DAOs. Currently, this ecosystem is only in its infancy and there is no specificity of activities, except for election monitoring tools (like snapshot.org) and the growing use of contracts. intelligent (such as the management of OpenZeppelin contracts). The absence of legal and fiscal implications will further affect the adoption of the DAO.

Decentralized Finance (DeFi) is a minefield in the crypto world.

In August 2018, a new term was coined in the history of Telegram telegrams: Decentralized Finance (aka DeFi). Soon the term became a general term for a group of peer-to-peer financial services that appeared to be public blockchains. DeFi fans have borrowed all of the midsize bank's operations, including loans, real estate, and derivatives, to have the same impact on the relationship. Being with friends is not without limits.

Because Ethereum has a programmable basis, it provides the best time and place for successful early DeFi projects. This causes a flywheel effect. Ethereum contributed to the expansion of early DeFi services, leading to further increases in the usage, costs, and fuel costs of the Ethereum network.

With the growing demand for DeFi, it turns out that ETHereum is not the best choice for DeFi services. Due to Ethereum's poor scalability, Ethereum's low throughput and fuel costs recently exceeded $ 150. This makes certain operations easier, less expensive! Since DeFi's inception, several other L1 channels (such as Solana and Avalanche) have become popular places for DeFi developers to set their exchange rates. Additionally, Ethereum itself is facing an "ETH2" upgrade issue.

DeFi services provide business intelligence with smart numbers

DeFi is still a hype, but experience is gained in the design and implementation of decentralized financial services such as MakerDAO, Uniswap, and compound finance.

MakerDAO is a DeFi building block whose main purpose is to create a 'stablecoin', a token (DAI) pegged to the US dollar one for one. The process is very simple, first of all you need to understand that the price of Ethereum and other popular tokens on the Ethereum network fluctuates, but even these exchanges have certain limits. For example, the price of Ethereum might be $ 4000 today and $ 2000 tomorrow, but it can never be less than $ 1000. MakerDAO can and will use 4 Ether to create the DAI, and will keep this value in the future. The DAO itself can vote by joining the MKR token and regularly trade trades for easy trades.

UNIswap is a non-profit trading platform that uses exchanges. Users can exchange one token for another at a reasonable price. The main role of exchanges is always to maintain a list of buyers and sellers. In a decentralized world, there is no one else to manage this information. In return, Uniswap encourages participants to invest their money in “pools of water”. These are tokens that other users want to trade (such as SHIB and SUSHI). Vendors can receive payment when they put in their tokens, and users can redeem tokens to get the special tokens they need. Each pool has a variable exchange rate (ie a “continuous run” curve) which is measured by a matching token on either side of the liquid pool. Uniswap v3 increases service flexibility, allowing service providers to focus on specific topics in the business curve. By connecting all of this to DAO (via the UNI token), the business management process, we can create new rules and real finances.

Compound Finance is called a decentralized 'market of interest', which is also the world's leading cryptocurrency. From a business perspective, this approach can bridge the gap between those who have the most assets and those who want them. Compound financing allows consumers to negotiate based on the current price of that asset. Like a small bank, lenders provide tokens for the system and lenders can choose to borrow at the current interest rate. The main functions of the system are managed by COMP management token keys.

Another financial discussion

If you are a trader who wants to get in and out of a company that does a lot of business every day, you will not be able to defend crypto. It's another world with a lot of money. There may be “gold” in this area, and the Gold Rush soon will be, or it may be a once in a lifetime to rebuild the raffle financial system.

Sam Bankman-Fried has a clear vision and vision for how the global financial industry hopes to create a profitable crypto system. It is well known that some smart marketers who understand design and marketing very well want to be on the seller's side in their business, and he takes this into account when creating FTX.

By the way, it should be noted that Sam Bankman-Fried did serum on Solana. The reason is simple. Its clients are drawn from the traditional financial world, bent on exchange rates, latency and costs, and the global financial process has accelerated.

Blockchain is a bad database

Blockchain is a repository, but it's not data designed for online monitoring and processing, and it's not designed for quick queries.

An industry has grown around the development of a blockchain ETL system. The code removes the affected data from the target blockchain and then loads it into an SQL database or data warehouse that provides fast queries. In addition, many open source tools have appeared in the industry, including the ethereumetl project, which is recent but profitable.

Deleting data accessible from the blockchain is difficult. First of all, with the volume of data, deleting data quickly and in any case is difficult in itself. Second, the interpretation of data in a programmable blockchain must be based on the last smart contract deployed and the ecosystem around the smart contract.

Some projects have started around the use of blockchain data. The two most popular are dune.xyz and nansen.ai. Both positions are visible because they use the most advanced technology and find unique ways to market.

There are also many developer tools in this area. Since the field is very new, there are many ways to improve the experience, including, but not limited to blockchain data.

system

The future development of the token is not yet known. Fans have been making guesses. Users can control the ownership of multiple tokens and travel the digital world. Tokens can provide payments, rewards, participation, and access to a wide range of services. Of course, tokens can be redeemed in the open store. In our opinion, it's a solution, it's hard to tell the difference between right and wrong, it's hard to explore, and it's something the average person doesn't care about. . In the future, there may be new users of technology and technology.

For the average user, the encryption is not clear. Because MetaMask is very difficult to use, it is easy to understand how it works. If cryptocurrencies are to further improve their users, from wallets to storage services, they need to think about how to attract more users. If the big manufacturers (Google, Apple, Microsoft) can integrate crypto wallets, the future of the token world will become a reality.

Liens:

https://www.psl.com/feed-posts/web3-engineer-take