Anyone Can Participate in Proof of Work

Anyone Can Participate in Proof of Work

By CPix | Everything Crypto | 1 Dec 2020


Thought Of The Week

Bitcoin continues to be the most secure and decentralized computing network in the world mainly because it uses a Proof of Work consensus mechanism. All miners exhaust great deals of energy in the form of electricity, both renewable and non-renewable, to select the next block in the blockchain. Michael Saylor, CEO of Microstrategy, suggested there is another way for other stakeholders to partake in Bitcoin’s Proof of Work. Simply by buying and holding Bitcoin. Microstrategy invested $500 million of their corporate treasury into Bitcoin a few months ago. That is a very large display of Proof of Work if you ask me. Microstrategy doesn’t plan to sell Bitcoin in the next year or so but rather an asset they plan to keep on their balance sheet for the next 100 years. 

As the Bitcoin Network further develops and is understood by more and more people, it will seem rather obvious why a global reserve currency secured by a decentralized public blockchain is such a noteworthy monetary experiment to be a part of.

Market Update (Monday 9:30 AM ET)

Percent Change (Rounded) Based on Last Monday Open (9:30 AM ET)

Bitcoin- $19,279 (+4%)

Ether- $603 (+1%)

Gold- $1,773 (-4%)

DJI Average- 29,854 (+2%)

NYSE Composite Index- 14,140 (+1%)

NASDAQ Composite Index- 12,224 (+2%)

S&P500 Index- 3,634 (+3%)

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New Developments

  1. What Fidelity Is Doing With the Bitcoin It’s Mined, UnChained

  2. Guggenheim Opens Door For Exposure to Grayscale GBTC, The Block

  3. A Vision for Empty Set Dollar, Scott Lewis

  4. Mining Pool 51% Attacks BCHA In Attempt To Destroy It, Vitalik Buterin

Industry Insights

Dev Talk

  1. Guide for New Developers Learning Blockchain Development, William Schwab

  2. OpenZeppelin Contracts 3.3 Adds TimeLock, OpenZeppelin

  3. Random Number Generation Using Solidity and Chainlink, Chainlink

Blockchain Activity

*Operational mistakes to consider if you’re running an ETH2 Validator

phil_eth.jpgphil.eth 🦏 @phil_eth 1/n With the upcoming #ETH2 launch I’d like to remind all my fellow stakers what operational mistakes they should avoid at any cost. Here are some ‘Do NOT’s for Eth2 staking: #1❗️Do NOT run your validators in multiple machines or in multiple validator clients at the same time!

November 29th 2020

41 Retweets123 Likes Dev Activity

Analyze EIP 3135- Exclusive Claimable Tokens:
*Tools: Metamask (Wallet), Remix IDE (Development Environment), Solidity (Smart Contract Language) Ethereum (Blockchain), Etherscan Block Explorer
**Created by Ungigdu on Github

# set pragma

pragma solidity  ^0.6;

# imports

import "./IERC20.sol";
// SPDX-License-Identifier: MIT

# contract (Source)

interface IStamp is IERC20{

    function iconUrl() external view returns (string memory);
    function issuer() external view returns (address);
    function claim(address from, uint256 credit, uint256 epoch, bytes calldata signature) external;
    function transferIssuer(address newIssuer) external;
    function deposit(uint256 amount) external;
    function withdraw(address to, uint256 amount) external;
    function depositBalanceOf(address user) external view returns(uint256 depositBalance, uint256 epoch);

    event Deposit(
        address indexed from,
        uint256 amount
    );

    event Withdraw(
        address indexed to,
        uint256 amount
    );
    
    event TransferIssuer(
        address indexed oldIssuer,
        address indexed newIssuer
    );

    event Claim(
        address indexed from,
        address indexed to,
        uint256 epoch,
        uint256 credit
    );
}

Earn Opportunity

Compound Finance is one of the earliest DeFi dApps alongside MakerDAO providing a very important piece for other financial lego pieces on Ethereum. Compound is a borrowing and lending protocol at its core. It has a governance token, $COMP, who’s holders choose the direction of the protocol. For anyone holding Ether or several other Ethereum tokens like DAI, USDC, WBTC lending and borrowing rates are available depending on what the individual needs. Interest rates are variable and are handled through the use of Compound tokens like cDAI which have interest accruing mechanisms built in.


CPix
CPix

Goal is simple. Speed up mass adoption!


Everything Crypto
Everything Crypto

In this blog I cover major public blockchain developments, cryptocurrency shifting from speculation to utility, and personal opinions as to how the space will develop going forward.

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