The most important thinks you need to know about #Polkadot and #Kusama
1. @Polkadot is a platform on which blockchain networks are built and connected into one unified network. It is essentially an L0 on which L1 networks are built.
2. Kusama is like Polkadot’s cousin. It is similar in a lot of ways, and is considered the “canary” or “testing” network.
3. The blockchain networks built on Polkadot are called parachains. Polkadot serves as the decentralized blockchain that connects all of these parachains and allows them to communicate seamlessly and efficiently.
4. Polkadot’s main goal is to be scalable. Polkadot will serve as a decentralized blockchain that connects other blockchains and enables permissionless communication between them. Accomplishing such would revolutionize the way blockchains operate with one another.
5. These are the six key challenges that Polkadot is solving:
6. DeFi built on Ethereum, Cosmos, or Bitcoin will be able to communicate within the Polkadot ecosystem using a bridge. This is going to give future applications and users a lot of flexibility.
7. Kusama is the exact same as Polkadot. There is one key difference though. Kusama is built for speed and experimentation.
8. To use the Polkadot and Kusama networks, parachains must be leased. So far this leasing has been done through auctions and staking $DOT or $KSM. Last June Statemine the first parachain was officially launched on Kusama.
For a full guide to $DOT and $KSM check out this 101 I wrote:
I hope this was insightful. I regularly post 101s and breakdowns. Follow to keep up! Check out my Medium for some of my past write ups: medium.com/@pothu
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The multi-chain world is here. We’re not ready for it. But @SynapseProtocol is.
Here’s your everything guide to the Synapse Protocol ( $SYN).
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2. The L1 ecosystem is growing like crazy. In 2021 Ethereum lost around one-third of its smart contract market share. The smart contract space is moving to one composed of many blockchains.
3. Synapse aims to bridge these existing L1s and L2s, as well as blockchain protocols that come out in the future. We already live in a multi-chain world.
Taxes are due today and NFT taxes are complicated.
Here's a last minute guide for anyone that needs it.
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2. Reporting NFT taxes is daunting. A lot of people make it out to be simpler than it is too. If you’re a degen like me, then there’s a lot to report.
3. First you have to choose a tax software. @TaxBit, @ZenLedgerIO, and @koinly are a few. There are a lot of great ones out there, but that isn’t the focus of this thread.
My best tips for consistently making money with DeFi
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1. Create your own alpha group
This is a group chat of 3-6 peers that are equally obsessed with crypto as you. It’s like copying your friends homework, but you don’t get in trouble. Everyday, you trade ideas, debate strategies, and help each other on the emotional rollercoaster.
2. Figure out a goal
I have one goal in crypto. I never want to set foot in a corporate office. I need enough money to live off of. Wait I also want the freedom to go wherever I want whenever I want. I say a cool 3k ETH will get me there. Your goal will influence your strategy.
The most important things you need to know about $ROSE, the privacy platform for DeFi.
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1. The Oasis Network enables secure and private data-sharing and control. Oasis prioritizes applications and use-cases that promote data privacy and user confidentiality.
2. Your crypto address isn’t connected to your irl identity., but it’s possible to analyze transaction histories and identify people. As crypto becomes more mainstream, privacy is going to be key. Oasis is an L1 that introduces this privacy to the blockchain world.