A general guide to participating in the decentralized blockchain revolution
INTRO
This guide will be helpful to those who have not spent much time in blockchain or cryptocurrencies yet but want to get involved. This is meant for newbies. If you only heard of bitcoin and squint funny when someone asks you about blockchain, crypto, ico, etc. Then this is for you. I aim to give you a detailed, easily digestible understanding of blockchain and decentralization. Plus an effective course of action you can easily follow and will guide you on you're own unique path. By the end of this short read I hope to provide you with some clarity to your experience in the revolutionary crypto space. If you still have questions please ask in the comments below. No question is bad and others in the community can benefit from these interactions too. Finally lets get into it.
We live in a parasitic society. A very flawed society. Many of us fail to even see it because were so immersed in it. Lost in it's illusion and it is killing us. Right now I am talking primarily about the centralized banking system that ultimately governs our world. Has poisoned so many sectors of humanity. Our educational systems, medicine, food, governance and allocation of resources and natural bounty. The list goes on. Blockchain with decentralization and human intuition. Result in an environment/society where everyone is held 100% accountable for their actions. EVERYONE.
Decentralization adds security to our information as well as efficiency too our actions. Blockchain makes verifying the truth easy and creates a dynamic where the incentive is always to do good. Bad actors will be easily targeted. With both of these ideas combined we get a flood of opportunity unlike anything before it. Already we have DAC's (decentralized autonomous communities) that offer opportunity to people all over the world. At full scale global participation this alone could end poverty and in the very near future. Even though we have proven blockchain works and have benefited from DAC's. There still remains resilience and a holding back of adopting these systems. As well as a lot of horrible news coverage, threatened biased thinking and pure ignorance that promote mis information. Confusing people and altering their perception and ultimately their judgment. This is a major issue since for these systems to reach their full potential and work the way we should all want. The whole world really needs to be on board. This is not wishful thinking. Our current model also requires faith in it and when we learn that we can move our faith then we can truly change the world for the better.
The Basics
Before you jump back into that messy Internet. Here is a quick list of common terminology used amongst crypto/blockchain communities. It is quite simple but it often throws people off at first. You will find you will pick things up fast as you start researching for yourself, so there is no point in over detailing things here.
cryptocurrency
A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Block chain
is a continuously growing list of record, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a time stamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger, a blockchain is typically managed by a peer to peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Dapps
DApp is an abbreviated form for decentralized application. A DApp has its back end code running on a decentralized peer-to-peer network. Contrast this with an app where the back end code is running on centralized servers.
Dac's
DAC is an "entity" without any central point of control, with a certain agenda, business plan, and protocol.
ICO
An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tenders other cryptocurrencies
AirDrop
A means of token distribution for a DApp, Dac or crptocurrency project other then the traditional ICO. AirDrop's are typically orchestrated through a snapshot of a Genesis Block on a blockchain. But various experimental methods have been popping up. Such as referral and sign up incentives.
HODL
"Hold On for Dear Life". It reinforces the financial concept that you don't sell in a Bear Market. You ride it until the bitter end, or the price comes back up.
FUD
fear, uncertainty and doubt, usually evoked intentionally in order to put a competitor at a disadvantage.
Bubble
is trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value
Bear Market
A bear market is a condition in which securities prices fall and widespread pessimism causes the stock market's downward spiral to be self-sustaining. Investors anticipate losses as pessimism and selling increases.
Bull run
A period of time when prices rise in a financial market.
Decentralization/Decentralized
Decentralization is the process of distributing or dispersing functions, powers, people or things away from a central location or authority. While centralization, especially in the governmental sphere, is widely studied and practiced, there is no common definition or understanding of decentralization. The meaning of decentralization may vary in part because of the different ways it is applied.[3] Concepts of decentralization have been applied to group dynamics and management science in private businesses and organizations, political science, law and public administration, economics and technology.
NOW YOU BEGIN
Hopefully understand impact of crypto currency and that it can be used like regular money. which is fiat being "physical" form of money. If not yet then soon you will recognize the power of dapps and dac's and they roles they have in building strong beneficial communities. These innovations will put more power in the hands of creators and end users. Better connect people and effectively change how we govern and distribute resources and wealth.
STEP 1.
The most important thing anyone can do is educate themselves. The more people understand the effects of these disruptive techs the better. This lessens the chance of manipulation. You can only fool the uneducated and inexperienced. Although many of you might find it hard to follow I am suggesting you read the bitcoin whitepaper here. The ethereum whitepaper here. finally the eos whitepaper here. In my personal opinion the order is a good representation of the evolution blockchain which is still really premature but maturing quick. You can get a really good understanding of all of this with 1-2 hours of reading about blockchain and decentralization. I would encourage more time then that spent researching. Which you can do while you get to step three.
STEP 2.
Next is to discuss these topics with an open mind. Steemit is a great place to start. Sign up today if you are not already. There is also an ever growing list of dapps on the steemit platform that offer alternatives for image, sound and video hosting. If you already have a website or blog you can connect steemit to your existing platforms. How about good old face to face? Bring up topics like blockchain, decentralization, cryptocurrency, dapp's and dac's with people in your daily life. Hash tags on twitter do amazing things as well. You don't really need a ton followers to connect with a wide range of people. Telegram, reddit, github and discord often host communities built around popular projects. If something interest you check if they are on those platforms.
STEP 3.
Invest. Whether it s your time or money. Now you need to make a plan. I suggest going onto coinmarketcap and cross reference projects with popular communities such as reddit, telegram, twitter.. Find some projects that interest you and that you believe in. Invest within your means. Investing your time would be staying up to date with current solutions and proposals. Offer your ideas and incites or create new solutions yourself. The possibility to get involved is really limited to your imagination.
Now that you have a starting point you need to carve your own path. Express yourself. Share with the crypto communities and be apart of its evolution. It can be hard to imagine sometimes but all of our actions are very important and have big impacts. With such opportunities presented to us I am hopeful many people will play a positive role. Good Luck everyone HODL to your futures 😀
First time buying crypto? You will need. Photo ID, a verification picture, recent bank statement or bill. I recommend using QuadrigaCX, Binance to begin and remember to be responsible.