November21-Crypto notes: Interesting Repos

Bonus: Product analytics for Web3 Moonstream.to

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Bonus: About scrt.network

Secret Network is the first blockchain with data privacy by default, allowing you to build and use applications that are both permissionless and privacy-preserving. This unique functionality protects users, secures applications, and unlocks hundreds of new use cases for Web 3.

With blockchain technology, we have the potential to create a more empowering and inclusive internet - what is often referred to as Web3. But current blockchains are public by default, exposing all data to everyone and putting users at risk. In order to enable meaningful use cases and achieve global adoption, users and organizations need control over how their data is used and shared - a concept we call programmable privacy.

Secret Network is an open-source, permissionless blockchain based on original privacy research and papers first written at MIT in 2015, including “Decentralizing Privacy,” now one of the most influential papers in the blockchain space with 2,000 academic citations. By combining blockchain technology with groundbreaking privacy technologies, Secret Network unlocks hundreds of new and powerful use cases for Web3 and opens them to all.

Brief Notes on the Paper “Decentralizing Privacy,”

The paper discusses a decentralized personal data management system that ensures users own and control their data. It implements a protocol that turns a block chain into an automated access-control manager that does not require trust in a third party. Unlike Bitcoin, transactions in the system are not strictly financial – but are used to carry instructions, such as storing, querying and sharing data.

In the Big Data era, data is constantly being collected and analyzed, leading to innovation and economic growth. Companies and organizations use the data they collect to personalize services, optimize the corporate decision-making process, predict future trends and more. Centralized organizations - both public and private, amass large quantities of personal and sensitive information. Individuals have little or no control over the data that is stored about them and how it is used. In recent years, public media has repeatedly covered controversial incidents related to privacy.

The recent increase in reported incidents of surveillance and security breaches compromising users’ privacy call into question the current model, in which third-parties collect and control massive amounts of personal data.

Bonus: About Bitcoin

It allows users to transfer currency (bitcoins) securely without a centralized regulator, using a publicly verifiable open ledger (or blockchain). Bitcoin has demonstrated in the financial space that trusted, auditable computing is possible using a decentralized network of peers accompanied by a public ledger.

Bonus: Consensus Switch in Ethereum (Switch in Consensus Algo: POW to POS)

In 2022 Ethereum will switch from proof of work consensus mechanism (POW) to proof of stake (POS), which is also known as the Merge. But what is proof of stake and what’s the difference between the two?

Both POW and POS are consensus mechanisms. Consensus in cryptocurrency is an agreement between computers whether a transaction is valid or not. Since blockchain is a decentralized ledger of balances there isn’t just one entity or organization that validates transactions. Mechanisms are in place to choose a different validator each time and to minimize chances of fraud.

Crypto currencies consensus mechanisms also have built-in financial incentives, meaning each time you get to confirm a transaction you “mine” new tokens.

Now, what is proof of work? POW is basically a technical term for mining. Every computer (or device) that is connected to the blockchain needs to solve mathematical problems. Once the problem is solved, the transaction is marked as valid and a new page of transactions (a.k.a. a block) is added onto the public blockchain. It requires a lot of computing power so the more devices you have connected the higher your chances are to validate transactions.

What does being eco-friendly have to do with consensus mechanisms and Ethereum switching to POS? The proof of stake protocol uses a different process to confirm transactions and reach consensus. Instead of using a large amount of computing power and energy to solve math problems and process transactions, a cryptocurrency is staked (or locked) on the blockchain to earn a right to do so. The more cryptocurrency you stake and the longer you stake it, the more likely you are to process transactions and create (”forge”) a block.

This consensus mechanism doesn’t need significant amounts of electricity and also is less limited in the number of transactions it can process at the same time.

You can deposit (or stake) funds on a network computer (Validator node). For Ethereum the minimum amount you stake to register a node is 32 ETH. What if you don’t have that amount right away? That’s when the staking pools come in.

There are different staking pools that you can join and deposit a smaller amount of cryptocurrency to participate. Newly created (mined) ETH is then distributed among all of the stakers in the pool.