Moving forward I’ll be posting a lot on the fundamentals of X blockchain or Y “staking” resulting in a higher APY. So here’s a fun article on that nonsense so my content hopefully makes a tad more sense. (maybe not so fun of an article, I’ll try my best)
It all started with Bitcoin’s blockchain. It ran and continues to this day to provide users with all of its’ incredible features and innovation. It also coined the term because it runs on what’s called Proof of Work, or more commonly seen on forums/blogs as PoW.
The nifty part about PoW is that it provides pretty much anyone with internet access and a power source on to mine/contribute to the network, making it pretty dang hard for someone to “hack” into the network and control it in its’ entirety. This is also known as a 51% attack, because the hacker only needs to be providing “the majority” of power and they’re considered the leader of what happens next (if anything at all).
In this sense a blockchain is incredibly similar to company’s stock board. If a proposal is made or for some reason a meeting is called and a vote is required, whomever owns 51% of existing stock shares immediately takes the lead. Blockchain is meant to be democratic, not tyrannical.
I won’t get into stock fundamentals (now) but a let’s say Starbucks stock shares are trading trading at $10/share.
Now me, ole cigar-tootin big business man am sick of you dang liberals and your chocolate chip hoo-dee-ha “nonfat milk so you can get whipped cream” want $sbux to only sell black coffee (you can beg and our baristas will consider milk n sugar) and scotch.
All I’ve gotta do is call my brokerage guy/gal and tell him to buy a majority stake in $sbux. Next thing I do is call a meeting on my idea to which normally we’d call a vote as aside from having all the equity (or owning private equity ((such as no sbux shares)), it also holds the company back from new ideas and entirely prevents any gays/nays like this selfie I posted today. ARE WE DOING THINGS RIGHT?
That’s what a PoW powered blockchain looks like visually.
While PoW 1000000% has its’ benefits, the nifty part about our community is how innovative we are.
How pragmatic we are. How some of us took a look back and thought’ you know what this was an awesome idea look how secure the network is compared to the last model. And others take a gander and think about how we can *make this even better Italic.
Anyways keep an eye out. We’ll be doing PoS (Proof of Stake) and the other that support mildly popular tokens.
PS/ on a side note I’m going through the hardest time of my life right now. No joke calling homeless shelters, worsening depression cause I lost my family due to parents spreading drama.
point being maybe it’s cause I’m a writer inside, or I finally have a community to interact with that has the ultimate goal of making the world a better place and somehow making a couple bucks in the process - but doing this makes me happy. Let’s be sure to keep this TikToker FREE 😤😤