1/ Gentlemen, I think we might get something ๐ฏ๐ฒ๐๐๐ฒ๐ฟ ๐๐ต๐ฎ๐ป ๐ฅ๐๐ป๐ฒ๐.
I mean, would you rather buy ๐๐ผ๐ธ๐ฒ๐ป๐ ๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ๐ฑ ๐ฏ๐ ๐ธ๐ถ๐ป๐ด๐ or peasants?
Exactly.
A brief explanation of ๐๐ฒ๐ฟ๐ผ๐ด๐น๐๐ฝ๐ต๐:
๐งต
2/ Heroglyphs is a new protocol on the Ethereum blockchain that is not for us, regular crypto bros, but for Complete Validators
Complete Validators are those who keep Ethereum "alive"
"bro idc, shill me some good sh*t lmao"
That's what I'm literally doing right now?
3/ Heroglyphs lets Complete Validators create (or mint) their special coins, and only they can create such.
There won't be many
They will be elite coins
No, it's not some casual memecoin or something
(I mean it technically is)
It has a deeper meaning and greater intention
4/ Ethereum faces the risk of centralization
And centralization in the decentralization-based industry is no bueno
5/ Centralization is no bueno because if there are 3 large Validators & they have the majority of "power", then we might have a problem
E.g., those 3 Validators live in some country that delegalizes crypto & forces the Validators to do some things we, crypto bros, wouldn't like
6/ Due to increasing popularity of liquid staking, we have a lot of "economical validators" who don't really contribute to securing the Network
Those "economical validators" just stake ETH for rewards, and those staked ETH are "managed" by single protocols
7/ Even if those protocols have good intentions, centralization is no bueno
Centralization is centralization and it poses several risks
8/ Heroglyphs is a protocol that is supposed to incentivize people to become Complete Validators to decentralize the validator landscape as much as possible
Currently, it might appear not profitable to become a Complete Validator if you don't have a large stack of Ether
9/ CVs with large amounts of ETH have greater chances to be chosen to confirm the blocks and receive rewards for that
While the entire process of chosing Validators is random, large ETH holders can create multiple Validator clients to increase their chances to be chosen
10/ So both liquid staking protocols and large Validators are kind of contributing to centralization of Ethereum
(centralization is no bueno)
11/ And here comes the Heroglyphs project created by crypto masterminds
The project wants to incentivize people to become Complete Validators by giving them the ability to exclusively mint tokens only they can mint
Elite tokens, huh?
12/ It's like having tokens created by kings, the overlords who control the network and ensure it keeps running
I mean, currently, anyone can create a token
It literally takes a few clicks
13/ But Heroglyphs opens a new venue for token creation: elite tokens created by Complete Validators - those who actually secure the network
Heroglyphs wants to add an additional revenue source based on crypto's tendency for speculation and degening.
14/ Speculation and degening, yeah.
How many of you have already minted heroglyphs without understanding it?
Don't be shy to admit, we all in the trenches here
Okay, but how does it all work?
15/ A validator that has been randomly chosen to propose a block can "inscribe" (just as in the case of Runes/Ordinals) some short data into the block
It can be anything, but up to 32 bytes
16/ The Heroglyphs protocol is made of 2 components: one for encoding the information and one for translating it
It would be difficult to fit all the necessary information for token creation into 32 bytes
So we have to establish some "gang signs," but on the blockchain & for CV
17/ Those "signs" will be short tickers that CMs will be able to lease and use them to mint more tokens (and do other things related to token management and creation)
Yes, lease, not buy
It is supposed to work on the Herberger taxation basis
18/ You lease it for how much you think it's worth, and you pay that amount on a regular time interval
You think such a ticker is worth 5 ETH?
OK
But if there is someone else who thinks it's worth more and is willing to pay more, then say bye to your ticker
19/ Okay, but how will the Validators be rewarded?
According to the whitepaper, all Complete Validators will be rewarded equally
The minting rewards will be shared equally
20/ It's an interesting approach that is nteresting for both, us regular crypto bros, & for the entire Ethereum network as it will improve its security
Not long ago, Vitalik, the co-founder of Ethereum, wrote a piece about memecoins and their potential to become something more
21/ By investing in CMs' NFTs/memecoins, you will contribute to a better decentralized future