2/ If the prior distributed consensus rendition was focused on better understanding security, this one by the Multicoin team focuses on better understanding scalability. @RyanTheGentry does a fantastic job breaking this down for us - thankfully, we have him to learn from!
3/ Recall distributed systems lack a global clock (covered more in the below thread). Thus, whether by partial synchrony or asynchrony, the global state of a blockchain is locked until the order/sequence of events is determined & the next block is added.
57/ In this last part, I will share my key takeaways from this exercise & examine them in the context of a risk/reward framework. If you have been following along this whole time, I encourage you to share your takeaways as well!
58/ First, we can often surprise ourselves with what we can accomplish if we set our minds to something. Prior to transitioning into #crypto full-time, I had virtually no technical understanding of technology, computer science, or distributed systems (I was a PE/VC guy).
59/ Everything I covered in this 3-part thread, I learned for free, thanks to the (quite special) open source ethos of the #crypto community. The tradeoff was time – a sacrifice I deemed worthwhile, because I had a strong desire to learn more engineering & share those learnings.
22/ Here I focus on an exploration of common attack vectors inherent in blockchains, & what solution(s) can combat them (to the best of my knowledge). Will use project-specific examples to keep this as tangible as possible.
23/ Some people have asked about hybrid PoW/PoS - I'm going to hold off on that for this Part Two to stay on course, but will touch on this in an appendix after Part Three.
24/ First up: Sybil attack. This seems to be tossed around pretty loosely on #cryptotwitter. This is a type of attack seen in p2p networks in which a node in a network operates multiple identities actively at once & undermines/subverts the authority/power in reputation systems.
1/ Introducing a three-part thread on the current state of distributed consensus & the engineering tradeoffs therein in PoW & PoS (as I understand them) for anybody (particularly non-technical folks) seeking to enhance their technical expertise within #crypto.
Here's PART ONE:
2/ What follows isn't for everyone. This was inspired by an observation of people seeking to broaden their knowledge of #crypto yet getting frustrated when things get too technical, resulting in plateaued learning curves & in some cases, lost interest.
3/ Let's begin. If you haven't already read @iam_preethi 's piece on distributed consensus, I highly recommend you give it a read. It offers terrific coverage of the basics of distributed systems + their history, & is a fantastic starting point for this:
1/ Just attended a very interesting @duffandphelps luncheon on valuing #cryptoassets. Here’s a thread on my key takeaways, as I understood them.
2/ Note: this is NOT a thread on experimental valuation methodologies for #cryptoassets like Metcalfe’s law, MV=PQ, discounted expected utility, etc. Rather, this is on how trad. valuation experts and accounting rule makers are currently thinking about valuation best practices.
3/ "Currency Tokens"
Valuation approach(es) to consider:
Market Approach – considering the robustness of the market
-Timeliness and volume
-Quality of information
1/ Sharing some thoughts on what happens to #crypto & digital assets during the next economic downturn. Some think digital assets are still “risk-on” assets & thus expectedly carry the risk of contagion (w/ higher correlations) in a global macro bear market.
2/ @fredwilson, as part of his 2019 theses, said he believes the startup/tech economy is (somewhat) immune to macro trends. I actually disagree with this latter view, at least in the short term.