Laisha Wadhwa | OpenToWork Profile picture
Aug 14, 2022 16 tweets 4 min read Read on X
Its day 18 of #web3glossary 🚀🚀

R: Relayer, Rug pull,Rollup

Blockchain is still in its infancy and stuck transactions can be a frustrating experience. There’s got to be a solution, right?

Relayer it is💯

As the name suggests, it takes individual orders and organizes them into an order book to simulate the experience of an exchange without actually being one.

Send your meta transactions, the relayer takes care of the rest!

What is a meta txn?🤔🤔
Meta txn = standad txn (from, to value, sign etc) except instead of sending it directly to a blockchain, its sent to a third party which takes care of the gas

1⃣The third party builds a new txn containing the meta-transaction and sends it to a smart contract proxy
2⃣ It then checks the validity of the meta-transaction (using sign) before executing it.

P.S. Relayer is the third party here. it’s like hosting an off-chain orderbook.
0x is an example of a popular Ethereum relayer protocol.
You might wonder: if the application can relay the transactions by itself for its users, when and why do we need a relayer?
It improves the transaction outcome in the blockchain & also facilitates implementation of gasless transactions.

If you want to send 3 txns, you’ve to..
..wait till the first 2 txns are processed. Now, the no. of pending transactions for an account is limited by the node.(64 in case of Geth). In case of say 3 accounts it can upto 192. Beyond this limit, the node can arbitrarily delete transactions from its queue.🤯
To overcome these limitations, a relayer can dispatch its meta-txns & send them from multiple accts
More so, when a txn is stuck on one of the accounts, the relayer can displace it to one of the two remaining accounts and thus keep sending its transactions

How to implement?🤔
Checkout to know more on how to implement relayers!
Ethereum, the most popular blockchain, has seen scaling issues for quite a long time now, with high gas fees due to congestion being the primary pain point. With the increasing cost to use the network, a plethora of scaling solutions have emerged.
Rollups is one of them🥁
Rollups is an infrastructural layer 2 scaling solution for the Ethereum network. Rollups settle the transactions outside of the main Ethereum network but post the transaction data back to the Ethereum network and still derive its security from the Ethereum protocol.
📌The txn is executed off the chain on a rollup specific chain
📌Next, the batched transaction data is compressed, and sent to the main Etheruem chain
👉 this reduces the load on the main Ethereum network freeing up the computational power on layer.
There are different ways of approaching this problem from a technical pt of view
📌Zero Knowledge(ZK) & optimistic rollups

Rollup not only help in reducing the fees but also enable redeployment of all the existing Ethereum smart contracts to a rollup with little or no change💯
Where there’s money, scams follow👀
Rug pull is a crypto-token based scam
Let’s scratch the surface!
In rug-pulls, the creators of the token create hype, through injecting liquidity into their token, airdropping, and other schemes, and once investors pile in and boost the price..
..of the token to a certain point, the creators pull as much value out of their share of the tokens,
leaving their investors with close to nothing.
It’s a DeFi exploit and seemingly common.😬😬
There are different types of rug pulls, some illegal and some unethical. Also there are several clear signs that investors can watch out for, to protect themselves from rug pulls.
Let me know, if you’d like to learn more on them.🚀🚀
Thats a wrap for Day 18!

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 the community

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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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