🎯Centralization VS 🌐Decentralization thread.

Do you remember NAPSTER?

If YES, sorry you are old my friend.

It was a centralized system for distributing pirated music.
Turned off the server, it stopped working.

Let's see PRO/CONS of centralized VS decentralized systems

Table of Contents:

Network
Performance
Conflicting Data
Points of Failure
Coordination
Censorship
Participation

Network

🎯Centralized
- All participants are connected to the central authority.
- Info propagates quickly.
- The central authority handles propagation.

🌐Decentralized
- Participants may be many edges away from each other.
- Information broadcasts may take a long time
Performance

🎯
- Higher performance (usually): higher throughput, less power required.
- easier to implement.

🌐
- Lower performance (usually): lower throughput, more power required.
- harder to implement.
Conflicting data

🎯
- easier resolution: the central authority is the ultimate source of truth.

🌐
- harder resolution: in case of conflict a complex protocol is needed to sync the participants
Points of Failure

🎯
- Single point of failure! if the central authority goes down, the system collapses

🌐
- No single point of failure: network can still function if some participants are taken down.
Coordination

🎯
- easier, handled by a central authority.
- the upgrade is easy as it's compelled by the central authority

🌐
- harder
- there is no central authority to coordinate upgrades and changes.
- network can fracture in case of hard disagreements!
Censorship

🎯
- easier: Central authority can censor data

🌐
- harder: info can propagate in different ways across the network.
Participation

🎯
- central authority controls the participation.

🌐
- anyone can participate.
- no gatekeepers.
- the participation's cost is low (ideally).
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More from @FrancescoCiull4

Feb 2
10-Steps transaction mining process thread.

What are the main steps in the process of the mining of a new transaction on Ethereum?

Let's see this in 2 minutes in this thread.

10 Steps:

1 Transaction signing
2 Transaction broadcast
3 Request added to mempool
4 Transaction request aggregation
5 Miner awards transaction fee
6 proof-of-work certificate
7 Block broadcast
8 Other nodes' verification
9 Mempool cleanup
10 New nodes sync

Start
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Feb 1
🔲Ethereum Mining and mining pools thread.

What is mining and what are mining pools?

Let's see it in 1 minute.

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Table of Contents

- What is mining?
- Why miners?
- Who can become a miner?
- Cost of mining.
- Mining polls.

What is mining?

Ethereum uses the proof-of-work consensus mechanism.

Mining: the process of creating a block of transactions that are added to the current Ethereum blockchain.

Ethereum miners use their time and power to:
- process transactions
- produce blocks.
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Jan 29
🔲The Merge thread.

In 2022, is planned one of the most important moments for Ethereum: the Merge.

The Beacon Chain will merge into the Mainnet.

And we complain about Git conflicts.

Ethereum enthusiasts are waiting for it as Marvel fans were waiting for "Avenger Endgame".

Web3 thread. The Merge. a blender with a beacon and the ethe
Table of Contents

What is the Merge?
Merging with Mainnet
After the merge
When?

What is the Merge?

The Mainnet currently works with the proof-of-work consensus.

The Beacon Chain, already shipped in 2020, runs in parallel using proof-of-stake.

The MERGE is when these two systems will collapse in a single one.
Read 7 tweets
Jan 28
🔲The Beacon Chain thread.

The Beacon Chain is an exciting new feature for Ethereum.

You can think about it as a lighthouse for the Ethereum Blockchain.

It will introduce:
- staking
- shard chains

Let's see the key concepts.

Web 3 threads. Beacon Chain
Table of Contents

- Definition
- What will the Beacon Chain do?
- Beacon Chain & staking
- Beacon Chain & Shard Chains
- Connection with Mainnet
- Shard Chains release
- Beacon Chain's shipping date
Definition

The Beacon Chain is a brand-new, proof-of-stake blockchain.

You can think of the Beacon Chain as the main spine that will support the new Ethereum 2 system

It will coordinate all the concurrent actors.
Read 10 tweets
Jan 27
🔲Shard Chains thread.

Today's thread was the most exciting one so far.

Shard chains could decide the future of the Ethereum blockchain (in a positive or negative sense).

Here are the concepts of sharding.

Web3 threads. Shard Chains
Table of Contents

- What is sharding?
- Basic concepts
- When is sharding shipping?
- Everyone can run a node
- Sharding & Validators
- More devices => More security
- Shards & Beacon Chain
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What is sharding?

"Sharding" is the process of splitting a DB horizontally to spread the load.

For Ethereum, sharding will create new chains (the shards)

Sharding will:
📉 reduce network congestion
📈 increase transactions per second

This is not just for scalability
Read 10 tweets
Jan 26
🔲Proof of Stake thread.

After the proof of work thread, the proof of stake thread is a must.

This is the new consensus that will be used by Ethereum.

Many concepts will require a dedicated thread in the future

Image
Table of Contents:

- What is Proof of Stake (POS)
- POS & Validators
- Attesting
- Sharded Chains
- Beacon chain
- How validation will work
- Committee
- Epoch
- Crosslink
- Finality
- Security
- POS Pros
- POS Cons
What is Proof of Stake (POS)

Users stake their ETH to become VALIDATORS.

Validators responsibilities:
- ordering transactions
- creating new blocks

Improvements:
✅more energy efficiency
✅reduced HW requirements
✅more centralization immunity
✅more nodes
✅shard chains
Read 16 tweets

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