Thread by @explain_briefly

1/ Gentlemen, I think we might get something 𝗯𝗲𝘁𝘁𝗲𝗿 𝘁𝗵𝗮𝗻 𝗥𝘂𝗻𝗲𝘀.

I mean, would you rather buy 𝘁𝗼𝗸𝗲𝗻𝘀 𝗰𝗿𝗲𝗮𝘁𝗲𝗱 𝗯𝘆 𝗸𝗶𝗻𝗴𝘀 or peasants?

Exactly.

A brief explanation of 𝗛𝗲𝗿𝗼𝗴𝗹𝘆𝗽𝗵𝘀:

🧵

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

Complete Validators are heroes

But so will be you, gentlemen!

Brief explanation of Heroglyphs, cc:
@hmalviya9
@0xGoldenDegen
@eli5_defi
@SherifDefi
@adamscochran
@alpha_pls

If you are a 5-year-old with a short attention span, you probably struggle with understanding the complex crypto world

Stay assured, I'm here to @explain_briefly

If you want to see more of my mustache on your timeline, like and retweet the post:

https://twitter.com/explain_briefly/status/1784609023314022697?t=LgkRmywlhP_fAInVVEhztw&s=19