Episode 17: DGB and WAX

Episode 17: DGB and WAX

By SirGerardThe1st | Tokenomics | 27 Feb 2021


Almost no one is unaware that electricity made possible a quantum leap in the development of humanity. But it would be silly to say that electricity only gave us lighting.

However, the vast majority of people relate blockchain only to cryptocurrencies. And the huge prospect that this new technology is promising is lost sight of.

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Image of mrlong8989 in Pixabay 

Sir Isaac Newton would agree with me that working only during the day is inefficient, especially when you discover that your biotype finds the most creative ideas at night. Everyone took for granted in the seventeenth century that the only way to have light at night was through the use of candles, a fact cleverly used by candle makers to invent an economic law well known today:

If people don't ask why things are the way they are, then raise prices.

And that's what the monopolies that handled grease, a fundamental raw material for the manufacture of candles, did.

It took Newton's genius to start thinking in a new direction of things, which would end in the invention of electrical networks, which from the end of the 19th century made possible the second industrial revolution.

It is currently the case that the vast majority of people are unaware that there is an alternative to centralization that dominates the world as a concept, based on the corporate oligopoly of food, energy, medicine, finance, government, transportation, entertainment, and mass media. The common man and woman simply do not care how the corporate system works. The only concern of the middle class is "progress," which, as it has been taught, consists of growing financially, buying a new car, taking a new trip, and buying a new home.

In particular, the centralization of financial and banking power is so oppressive and arbitrary that the common man even thinks that it is okay for governments to issue money through debts that later all end up paying because it would be worse to fall into the famous default.

In this way, today's candle makers try by all means that people do not know how electricity works. As soon as people begin to understand the scope of blockchain technology and its disruptive decentralizing power, then the entire huge fantasy of fiat money is going to fall apart, and there is nothing that governments, much less central banks, can do with it.

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Image of Myriams-Fotos in Pixabay 

 

But it is not only the financial world that is going to change dramatically when the mass adoption of cryptocurrencies arrives.

It is the power of a ledger distributed among thousands of nodes that make the miracle possible. We no longer have to rely on politicians or managers, or second-and third-line employees, with what this means in terms of restructuring all economic institutions.

Blockchain technology got underway in the last decade and is still in kindergarten. However, candle manufacturers will continue to misinform society, because they are seeing a pyramid fall that will drag all the nodes of the corporate network mercilessly.

Why would a notarial registry be necessary to mediate in the purchase and sale of a property, if a smart contract can solve the problem without any influence, only with mathematics, and leave it indelibly registered forever in the blockchain?

Why would a central bureau for the control of maritime shipments be necessary, if the operators can register the operations between them with the P2P mode and leave the record indelibly engraved on the blockchain forever?

What good would a bank do if two people can lend/borrow through a DeFi platform, leaving the registration and control to a smart contract to resolve any dispute?

Why would you have to go through a car dealer to buy a 0 km car if you could buy it through the P2P mode with cryptocurrency, hire a P2P transport and record the operation indelibly on the blockchain?

Almost all operations that do not involve the manufacture of products that strongly depend on the economies of scale of an industrial assembly, would be subject to being modified from the current structure to a totally decentralized structure. However, the industrial activities will still be somehow controlled by a blockchain environment, allowing the devices involved in a process to communicate with each other (IoT) to make transactions and record the different steps of manufacturing.

But in the field of services and marketing, the examples of P2P operation that blockchain technology gives us are infinite, from the purchase of air tickets to the sale of books, music, or any artistic manifestation, from the author directly to the consumer, or the production of cinematographic art, without the need for production companies, publishers or gigantic film studios. The sale, rental, or construction of the real estate, the decentralization of financial services, the contracting of insurance and professional services, education, everything will be somehow encoded with blockchain technology and this will mean a dramatic restructuring of the social network, such as it is woven today.

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Image of Devanath in Pixabay

As we can see, it is not only the economies that are going to be dramatically changed by the blockchain but also all social, educational (university careers will have to be remodeled), professional, corporate, collecting, and government relationships.

Actually, when you look at everything that the blockchain has already brought us in the last ten years, the feeling of surprise is evident. It made us take care and value the decimals of currency. It taught us new security and transparency mechanisms. It taught us to use the second factor of authentication (I particularly had never used Google Authenticator before). It taught us the concept of “mining”, that is, proof of work or proof of stake to validate an operation and receive compensation in return. It taught us to build operating networks with consensus protocols that serve as a theoretical concept for almost all real-life operations these days ...

It is much more than cryptocurrencies than what we can expect from the blockchain. What happens is that you have to dismantle a very established pyramid system, which no one doubts, and which most people think is "normal" and "legal".

It is the system of the monopoly of candle-making.

Electricity is very dangerous. It can cause people to get electrocuted. With this message, at the beginning of the 20th century, the candlemakers of those times misinformed the population.

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Image of Hans Braxmeier in Pixabay 

 

You know, they just want to protect us ...

 

 

With that said, let's move on to today's two tokens.

 

 

 

 

DGB

CoinGecko # 79

https://digibyte.io/en-us/

DigiByte blockchain is an international decentralized blockchain created in 2013, focused on security, decentralization, and speed. The DigiByte blockchain was developed in 2013 and launched in January 2014 and is one of the oldest existing blockchain projects.

DigiByte has become one of the safest, longest, and most decentralized UTXO blockchains in the crypto-sphere.

What is UTXO? DigiByte uses the same consensus protocol as Bitcoin, i.e. Proof of Work (PoW), and many of Bitcoin's methods. UTXO is an acronym for Unspent Transaction Output used by Bitcoin. DigiByte does not keep track of each account's "balances", but rather determines that the amount of DGB a person has is the sum of the "unspent" transactions. Each UTXO is a "check" in our favor. Once the UTXO is spent and registered on the Blockchain, it cannot be used in another transaction because the miners would reject it.

Initially, Bitcoin led the way, making those miners agree to save that information with the aforementioned Proof of Work protocol. PoW turns out to be very safe, although it consumes a lot of power and is slow.

Then Ethereum showed us a much bigger project, an EVM, an Ethereum Virtual Machine, a gigantic machine distributed all over the planet. Each Ethereum node is a "part" of that computer. With Ethereum not only can "value" be transferred as in the case of Bitcoin but now, any computing work can be done on the network, because that network is not a network but a huge Turing complete computer. The ETH token is a utility token that is used to pay for the transactions that are carried out on that planetary-sized computer. Ethereum's consensus protocol at its birth and until the end of 2020 was also PoW, like its daddy Bitcoin.

But why all this explanation and what does it have to do with DigiByte?

Well, DigiByte looks like Bitcoin, but now it looks like Ethereum too! DigiByte uses Pow, but allows smart contracts to run on its platform! It's kind of like the best of both worlds.

Jared Tate is the founder of DigiByte. He worked with the Bitcoin development team since 2012. In 2013 he proposed a series of major changes to the Bitcoin core protocol that resulted in the creation of DigiByte, which was launched in 2014.

Jared thinks that 2021 is going to be the best year for the DigiByte blockchain.

DigiByte was also the first of the major blockchains to adopt SegWit. What is SegWit? SegWit is a solution devised in order to solve the problem of the possible manipulation of Bitcoin transactions, also seeking to improve its scalability. DigiByte blocks occur every 15 seconds, that is, 40x faster than Bitcoin. The early adoption of SegWit allows up to 1066 on-chain transactions per second with negligible fees.

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In October 2017 DGB had a value of $ 0.0087, and a volume of 23K. In February 2021 it has a value of $ 0.056, and a volume of 54.6M.

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DigiByte is really decentralized. It never received money from an ICO. It does not have a CEO and no company controls the DigiByte blockchain.

The platform is composed of a three-layer sandwich.

The top layer is the applications and “DigiAssets” layer. Developers can place their smart contracts there to tokenize virtually any asset.

The second layer is the public ledger in which transactions are posted.

The third layer is the core protocol, which provides communication and operation procedures. Any server, computer, tablet, or smartphone connected to the DigiByte network becomes a node that helps relay transactions.

DigiByte uses PoW, so the network has miners that validate blocks using 5 different algorithms and receive rewards in DGB coins.

DigiByte has a maximum of 21 billion of issuance (compared to 21 million for Bitcoin) and that prepares DGB much better for mass adoption.

The platform uses Digi-ID, which is an identification method that removes the username, password, and 2FA to authenticate.

Digi-ID does not store any user data on the DigiByte blockchain.

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Source

The DigiByte blockchain is distributed over 100,000 servers, computers, phones, and nodes around the world. It uses five secure and advanced cryptographic mining algorithms. In this way, it avoids the centralization of mining compared to single algorithm blockchains. By creating and implementing DigiShield and MultiShield, DigiByte has the most advanced difficulty stability of any current blockchain.

DGB is widely accepted on the most popular exchanges. Bittrex, Poloniex, Sistemkoin, HitBTC, Kucoin, Upbit, and YoBit have significant daily trading volumes of the cryptocurrency. Its trading pairs include BTC, USDT, and ETH. It offers wallets for all operating systems, and there is third-party support from Coinomi, Ledger, Trezor, Guarda, Exodus, Satowallet, and more. Due to its fast processing speed, DigiByte is the longest active blockchain, easily outperforming Bitcoin with no slowdown.

 

Conclusion. Several times I read around someone referring to DGB as the “sleeping giant”. Why does such a solid project rank # 79? In reality, Digibyte seems like a mysterious project. It is so low-profile that very few are aware of the robustness of this blockchain. Its fans claim that it is at the forefront of crypto technology. Thousands of volunteers from all over the world have contributed to DigiByte in countless ways for years to make it what it is today. Which makes me think of something like a "mystical" effect. Could it be the Apple of cryptocurrencies? Its network is faster, more scalable, and more secure than other major currencies. They say their superior technology will eventually beat Bitcoin, Litecoin, and other proof-of-work options. In particular, I think it is going to be one of the great protagonists. The combination of technological prowess and low-profile are variables that make this project seem somewhat mysterious.

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Image of Jerzy Górecki in Pixabay





WAX

CoinGecko #222

https://on.wax.io/wax-io/

 I already told you several times that I am totally convinced that the next big thing in the crypto sphere is NFT. Well, WAX is the king of NFTs.

The Worldwide Asset eXchange ™ (WAX) is the world's leading decentralized video game and entertainment network.

Wax delivers the safest and most convenient way to create, buy, sell, and trade virtual items (NFTs) - to anyone, anywhere in the world.

NFTs cannot be interchanged with each other, as no two NFTs are alike: your crypto kitty card is unique, as is that digital artwork or any other intangible asset. NFTs are stored as data on a blockchain and kept in NFT-compatible wallets. But, unlike most digital assets, NFTs have a property known as “non-fungibility” which, in the case of digital assets, is synonymous with uniqueness.

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Some NFTs are very valuable, with several NFTs reaching over $ 100,000 on the open market, including a Decentraland pack that sold for $ 215,000 in November 2018 and a rare Cryptokitty known as Dragon that sold for 600 ETH, at that time with a value of about $ 170,000.

Since NFTs are unique and can vary in their rarity, desirability, and utility, a market has developed around highly coveted NFTs, which sees collectors and traders buying and selling NFTs, with their value established by speculation, supply, and demand, and other factors.

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The number of potential use cases for NFT continues to grow over time, with increasingly innovative examples appearing regularly. The most popular use cases are game assets, trading cards, land and real estate, domain names, and artwork.

WAX is a Blockchain that has been specifically designed for trading virtual items, particularly those that are rare and collectible related to video games and virtual worlds.

In this way, the platform is completely decentralized and, it is precisely this characteristic that has made it possible to run a fully functional virtual market without having to invest in other expensive processes, such as infrastructure or security.

The WAX ​​team is the same behind OPSkins, the world's leading marketplace for online video game assets, and this platform was designed to serve more than 400 million players online.

William Quigley is the current CEO of WAX and OPSkins. Jonathan Yantis is the COO of WAX and was the pioneer of virtual products in 1997. OPSkins' growth has been impressive, serving millions of customers in 95 countries and facilitating more than 100 million purchases per year. In 2017 the WAX ​​ICO was carried out.

The total supply of tokens is 1,850,000,000 WAX. The price started at its peak of $ 4.60 on December 21, 2017, but stayed below a dollar during 2018 and 2019. The WAX ​​ICO took place from November 15 to 29, 2017, at which time 64,750,000 WAX were sold in exchange for $ 9,600,000 in ETH, BTC, and USD.

WAX is a utility token, which allows you to easily tokenize and exchange virtual goods for cryptocurrencies. Although this token was intended to be used in video games, the reality is that it can also be used outside of them.

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The WAX ​​Blockchain is fully EOS compliant, which means dapps built-in EOS can easily be duplicated in WAX.

One of the great competitive advantages of WAX is the team behind it, being an undeniable leader and with significant experience within the industry.

WAX is available for trading or purchase on crypto exchanges such as Huobi, Bibox, EtherDelta, Red Bancor, and Tidex.

WAX recently launched a model that can be truly revolutionary, combining NFTs with DeFi. This tokenomic model marries the explosive growth of NFTs with the superior monetization capabilities of DeFi. It enables anyone who participates to earn rewards in the form of Ethereum Tokens (ETH) and WAXG Governance Tokens.

An application also gamechanger is Tokenhead, powered by WAX. Developed especially for NFTs, Tokenhead allows you to track and showcase your digital collectives.

All your collections can be seen together with their value in WAX at the moment and from your phone thanks to Tokenhead.

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Source 

Conclusion. Like standard digital assets, NFTs are also used as speculative investment instruments, traded on NFT markets such as OpenSea and The Sandbox, typically by experienced traders and investors. A large proportion of NFTs currently represent gaming items and crypto collectibles, but they have myriad potential use cases, many of which are currently being explored.

Non-fungible tokens have been gaining considerable popularity in recent years due to their potential to tokenize virtually anything and confer true ownership of digital assets on holders. As practically everything known can be tokenized, we are in the presence of a market without limits. And WAX defines itself as the king of that market. In my case, I spend much of the week selecting NFTs, I think they will be the most important part of my portfolio shortly.

 

 

As usual, none of the things written in this post are financial advice and are not intended to replace personal research.

 

 

Thank you for reading!

 

If you have any questions or comments, please feel free to leave them down below

 

You can also contact me at gerardo.saporosi@gmail.com

Twitter https://twitter.com/SirGerardThe1st

LinkedIn https://www.linkedin.com/in/gerardosaporosi/

 


SirGerardThe1st
SirGerardThe1st

Franchise veteran, Dapps developer, DeFi evangelizer, Bitcoin and Ether since a long time


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