Okay, so like I said before, I’m really trying to wrap my head around the core theories and assumptions that makeup the foundations of crypto; proof-of-work/stake, smart contracts, blockchain fundamentals, NTFs, etc. I don’t want to become just buzz-word compliant, to hold my own with any random fellow nerd, but to truly have a deep understanding of how this all became, how it works and the mechanics of the huge possibilities that exist within these new technologies, to truly change the world again, Web 3.0 if you will.
My next few posts will be laughable to crypto-geeks, as I’ll be learning to walk. There are some big questions that I am seeking answers to, namely:
- What does Proof of Work really entail? Is it an arbitrary puzzle that miners need to do in order to validate blocks, or is the computation intrinsic to the validation?
- With Proof of Stake, why does the staking of currency allow the same level of surety in terms of validation?
- How do these systems create the necessary security to ensure the operation of the whole thing?
- In the case of 2.0 currencies such as Etherium, what is the mechanism for allowing it to be a platform or OS with ‘apps’ (smart contracts etc) to run on the top of them?
- What makes 3.0 currencies such as Cardano a ‘3.0’?
Are there going to be more questions pop up along the way? Uhuh you bet your doge there are…
Cryptodrone 