Laisha Wadhwa | OpenToWork Profile picture
Aug 9, 2022 15 tweets 4 min read Read on X
How’s it going fellas?

Its day 13 of #web3glossary

Ready for some web3 gyaan?

👉M: metaverse, mining, master node, mempool, MEV

lessgoo 🚀
Metaverse is not a new concept. We have a multiple firms creating realistic metaverse
and its been a hot topic since late 2021. But what’s it all about in the web3 space?
It's an immersive & interactive virtual world where you can play, shop, dance,
party, make friends & much more using avatars & digital objects in 3D space.
With web3 tech people can buy and sell virtual property/ NFTs, earn money while playing
games - all using digital currency
Art, sports, social media & entertainment - All have jumped on the bandwagon of
building a metaverse experience for their users
Have you experienced a metaverse? How was it?
Let’s take the tech route today and understand some fundamental concepts in web3.
Let's start with Mining. Its the process of verifying
transactions, organizing them into blocks, and then adding blocks to the blockchain. "Miners" digitallly validate the transactions on chain.
Do ya'll know how does this work?🤔
Miners solve complex cryptographic hash puzzles to verify blocks of transactions that are updated on the decentralized blockchain ledger.
Pretty hectic right?
Miners earn rewards, paid in crypto, for verifying a new block🪙💰
You’ve heard this catchphrase around - mint your own NFT, but do ya’ll know what minting actually means?

Its the process of validating information, such as domain ownership, and registering that
onto the blockchain

In case of NFTs 👇👇👇
Its uniquely publishing your token on the blockchain to make it purchasable.
You can even mint your NFT for free! Say whaa 👀🤩

checkout by @0xCopeStudio powered by @0xPolygon
All this tech sounds really cool, but who does the heavy loading of all of this computation and validation?
Master node
Its a blockchain node that verifies and relays transactions, stores the blockchain’s complete history...
...and may participate in voting & governance of the blockchain, and other special operations. Master nodes generally operate on a collateral
based system, meaning the operators need to own a significant amount of the cryptocurrency.
Woah, that’s a lot of work. Where do these transaction reside before they are mined ?

Also known as the transaction pool or pre-chain, it’s a set of in-memory data structures propagated across blockchain nodes that store pending transactions before they're mined.
Mempool is where all the validated transaction hangout! Image
Miners have access to the mempool. They gotta get some value out of it😎
MEV (Miner/Maximal Extractable Value) is the profit a miner can make in excess of the standard block reward and gas fees by including, excluding,
or re-ordering transactions in a block
Doesn't sound right?
MEV is arguably the most serious issue Ethereum and similar smart contract blockchains face today. Image
That’s a wrap for Day 13!
I’ll be sharing information on the new vocabulary of the web for next 30 days.
It’s like a free crash course on the terms and methodolgies in Web3.
📌 Follow me @laishawadhwa for more such web3 gyaan!
📌RT the first tweet to share with more folks.

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More from @laishawadhwa

Sep 22, 2022
Whether its a brand fight b/w Pepsi & Coca Cola or Nike launching a new shoe collection, brands spend millions of $$ on marketing to win the battle. For brands to hold a prominent position in the eyes of their targeted audience, strategising is vital

Let me ask you question👇👇
How much does an Umbrella cost?
10$ - 12$ maybe

What's the function of an umbrella?
📌To Keep you dry when its raining

There’s a brand called Pasotti, whos’ umbrellas cost anywhere between 250$ - 800$
Obviously a more sturdy, luxurious umbrella, even opening it sounds good💯 Luxurious umbrella worth 375$
But, why would someone pay 500$ for an umbrella when the function is the same?🤔

When people are buying quality, they’re expecting something different. They take better care of it, and since they take better care of it, it lasts longer.
Read 5 tweets
Aug 26, 2022
Gm web3 fam!

Its finally day 26 of #web3glossary🚀
And with this, series has come to an end

Z: zk Rollups

By learning you'll teach and by teaching you’ll learn. Sharing on web3 terms & jargons for the last 1 month was a great learning experience for me and I hope for you too
Let's get to the thread now?

Having to spend $20 or more in gas fees for a single txn is not ideal if you want to complete a DeFi trade

If you've been hearing zk or zero knowledge, you're not alone. It's the next big thing in web3
With an increase in the number of Dapps, ...
there’s a need for faster processing speeds & cheaper txns.

That’s when layer 2 solutions came in.

Zk rollups are also a layer 2 scaling solution that increases throughput on Ethereum Mainnet by moving computation & state-storage off-chain

Read 14 tweets
Aug 23, 2022
Gm web3 fam!

Its Day 25 of #web3glossary

Decentralized networks can only provide 2 out of 3 benefits at any given time in terms of decentralization, security, & scalability Blockchain Trilemma

Let’s look at modular blockchains which aim at solving for scalability & flexibility
We’ll be comparing different modular blockchains today, but first

What’s modular blockchain?🧐
In monolithic blockchains such as bitcoin,Ethereum all the nodes & validators of the network are required to execute the same txns & do consensus on the chain

Modular blockchain..
..focuses on handling a select few duties (consensus, execution, Data availability & settlement) & outsourcing the rest to one or more separate layers

It’s just like separating a system into distinct components that can be combined in various ways to achieve specific objectives
Read 13 tweets
Aug 21, 2022
Hola folks 👋

Its Day 24 of #web3glossary 🚀🚀

Consensus mechanisms ensure that all the txns on the network are genuine & all participants agree on a consensus on the status of the ledger. PoS and PoW are the most commonly known.

Today we look at PoA, PoB, PoC and PoH

Need some background on consensus algos? Check out this thread on PoS vs PoW
Both PoS and PoW have their fair share of pros and cons, let's look at how other cosensus algos differ

PoA: Proof of Activity (not authority)
To verify participants blocks, it combines its tokens to allow both mining and staking. The blocks themselves do not contain transactions
Read 17 tweets
Aug 20, 2022
Gm Gm Web3 fam!

Its Day 23 of #web3glossary

W: WWW,Wrapped token,wei
Do you remember the first time you heard about Blockchain? Maybe you took it as a new technology that would change everything. Maybe you just wondered if you should start investing in crypto.
👀👇 were just getting your head around the concept of a decentralized web
The truth is web3 is indeed the decentralized internet of the future🚀

#web3glossary was started as a series of twitter threads to help people understand this space better and clear the air around...
.. the terms & jargons we hear around. We are almost at the end of the series and I would like to hear from you what value you gained from it and what more would you like to see😃
Until then, let’s get to today’s thread

Let’s go back to where it all started- the world wide web👇
Read 15 tweets
Aug 18, 2022
Gm gm folks 🫡

Its day 22 of #web3glossary 🚀🚀

V: Validators

Validators of blockchain technology aren't only its sower but its rewards reaper too. Let's get to the depth of it🧐

But first, here's some humor to start with
👇👇 Image
What are crypto validators and how do they work?
Crypto validators = Payment processors of the decentralized networks.
Technically, a crypto validator is a participant in a blockchain responsible for verifying txns.
After verifying the legitimacy of the txn, the validator adds.. to the distributed ledger.

Seems like the job of a blockchain validator is not that difficult!
You receive some data, check its accuracy, and validate it or not.
However, on a distributed ledger, it's easier said than done👀👀
Read 15 tweets

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