r/Bitcoin - Bitcoin is a one time per sentient species event: what does digital scarcity mean, Bitcoin's "Je Ne Sais Quoi," and the first and only digital land grab

/r/Bitcoin/comments/o0zqd4/bitcoin_is_a_one_time_per_sentient_species_event/

Cross-chain Demand in Booming DeFi

As we all know that the outbreak of DeFi has made an over crowded Ethereum, thus other smart chains with higher performance have become the first choices for many newborn projects, even for some leading applications. The blockchain ecology has been gradually evolving from Bitcoin and Ethereum’s oligopoly towards the co-prosperity of multiple chains, such as Ethereum, Huobi Eco Chain, and Binance Smart Chain. And more new smart chains like Polygon and Solana are also emerging. The data on DeFi Llama（defillama.com）shows that the Total Value Locked (TVL) of DeFi on Ethereum has reached $100 billion, and the sum of TVL on BSC, Solana, Polygon has also exceeded $35 billion.

Smart chains like BSC can provide faster transaction service with lower gas fees, so users will naturally transfer some behaviors outside Ethereum; however, after a series of movements, many people will finally return value back to the latter. After all, assets need a universal application environment to maximize their value, and Ethereum always plays the role of a safe hub. Each public chain has its own self-positioning and mission, thus users hold different expectations on various chains in different functioning. To achieve mutual prosperity, it is not cutthroat competition for users and applications that ecosystems should be in, but cooperation to meet different aspects of user demand.

Such shift in user behavior has foster the demand for cross-chain: users tend to play with their assets on multiple chains according to the features of each chain and the allocation of varying applications, choosing the most suitable chain in each segmented demand. Currently the distribution of applications is already set, what needs more is breaking the wall among these diverse islands. However, the exclusivity of the public chains makes it impossible for users to integrate assets on each individual chains by themselves, since the consensus mechanism, the ledger, and the underlying technology are incompatible. This dilemma is bringing the data-isolation problem to the surface, booming the demand for cross-chain.

This demand can be understood from two aspects:

• To maximize the value of their assets, users need to participate in different kinds of financial activities on different chains at a cost as low as possible.
• As for developers, the realization of cross-chain not only adds to the liquidity, but also makes it possible for more novel scenarios. Moreover, it can also attract extra users from other chains, increasing the exposure of projects. Especially for those located outside Ethereum, since the congestion of a chain is positively correlated with the extent of prosperity, developers must think of how to bring in more users while enjoying the light traffic.

In terms of implementation, cross-chain means asset swap or transfer between two chains, i,e, either to swap CAKE on BSC to UNI and use it on Ethereum, or mapping CAKE to Ethereum. It sounds like a piece of cake but the underlying logic is quite sophisticated. One thing is to build mutual consensus to acquire and verify information from other chains; the other is to keep a high level of decentralization to guarantee the transparency and correctness of the data validation.

Decentralized cross-chain techniques and product types

It is still in the early stage for blockchain players to explore cross-chain solutions, which can be divided into three types according to different techniques: Notary schemes, Sidechains or Relay chains, and Hash TimeLock Contract.​

Notary schemes introduce one or more credible entities who take the responsibility of data collection and transaction verification. Only when the intermediary confirms that a specific event has actually happened and signs for it will the asset be unlocked and sent. That is how the consensus is built.

Instead of depending on trusted intermediaries, relay chains take on this task by themselves in order to maintain a higher level of decentralization. A smart contract that is monitoring the block headers of chain A is set on chain B and can verify them with a standard procedure, which is accepted by chain A’s consensus. Once the block header is reported to be finalized, the relay can then authorize the transaction.

Hash TimeLock Contract refers to a series of predetermined trigger conditions set in a smart contract, including a hash lock (the hash of a random secret) and a time lock. Both ends lock their assets into the smart contract, and only when the correct hash value is provided within the time interval can the transaction be successfully carried.

As has been said, there is no perfect solution, and each type of chain interoperability above has its own drawbacks: Notary schemes raise the risk of centralization; relay chains are difficult to be implemented, while hash-locking has limited functions and only supports cross-chain asset exchange. Despite their imperfections, more developers are involved in blockchain interoperability and create more and more multi-chain applications that are worth attention and learning. According to application scenarios and product design, the current projects can be divided into the following three types: ecotypes, cross-chain bridge, and multi-chain aggregation.

Ecotypes

Represented by Polkadot and Cosmos, these cross-chain ecosystems provide a new substrate framework that allow chains/applications in the same eco to interact with each other.

Polkadot, given birth by Gavin Wood (one of the founders of Ethereum), uses a heterogeneous sharding structure and creates a new ecology where data and assets on different parachains under Polkadot can interact with each other in the help of a relaychain without further restrictions. However, there is a cost for renting a parachain slot, and projects need to bid for its right to use and lock a certain number of DOT (the native tokens on Polkadot). Polkadot aims to achieve cross-chain composability and scalability, but by ‘cross-chain’ it only means the chains that inhabit on Polkadot (pay for its slot).

Cosmos, created by Jae (the inventor of Byzantine consensus engine Tendermint), is a decentralized network which contains multiple parallel and independent blockchains that use BFT consensus algorithm. Similar to Polkadot, it also adopts the relay model. Hubs (analogous to the relaychain on Polkadot) play the role of sorting, verifying and sending oders from and to different Zones in Cosmos eco(analogous to parachains on Polkadot). Cosmos focuses more on assets transfer rather than the wider concept of blockchain interoperability; however, it wins Polkadot in openness, offering more freedom for developers to customize their projects and to build consensus.

As for such ecotypes, the risk lies in the uncertainty of the quantity and quality of projects in each ecology, since the initiative is held in latter (including existing public chains), who can determine whether to agree with their cross-chain protocols and to be a sebset of these ecos. Afterall, an ecology without enough apps is only an empty shell.

Cross-Chain Bridges

The second type is the cross-chain bridge, which provides a compatible channel between two public chains with different protocols and consensus. The essence of a cross-chain bridge is that a same asset circulates on numerous chains, so that it can be minted and used on chain A, and be burnt on chain B to achieve a rebalance.

At current stage, cross-chain bridges mainly function via mapping assets. For example, suppose that a cross-chain bridge deploys a smart contract on both Binance Smart Chain and Ethereum, when a user wants to transfer UNI from Ethereum to Binance Smart Chain, it can be managed by the following steps:

1. The user deposits and locks UNI to/in the smart contract on Ethereum.
2. The smart contract verifies the change in state and send it to a companion on BSC.
3. On BSC, the smart contract receives this information, and mints the same number of UNI-BEP20 (the mapping token of UNI on BSC, while BEP20 is the token standard on BSC).
4. The user acquires the mapping assets and can use them on Binance Smart Chain.

The advantages of cross-chain bridges are that they are not only easy to implement, but also maintain high decentralization. For users, cross-chain bridges can meet their needs with a cheap and friendly user experience; and for developers, the underlying logic and coding are relatively simple to build such a bridge, thus most cross-chain projects on the market are based on this model, represented by:

Anyswap: a Biance-founding project that supports seven public chains namely Ethereum, Huobi Eco Chain, Binance Smart Chain, Fantom, Fusion, xDAI and Polygo, with a gross transaction volume over $10 billion.

Chainswap：Launched by ANTIMatter and with a strategic funding of $3 million, Chainswap has been deployed in 5 public chains (Ethereum, Huobi Eco Chain, Binance Smart Chain, OKEx、Polygon) and supports 61 cryptocurrencies, with TVL exceeding $100 million.

Multi-Chain Aggregation

While the core of cross-chain bridges is mapping assets, the concept of multi-chain aggregation protocals as its name implies, is to aggregate the liquidity of multi-assets on different chains and to create a cross-chain pool, which makes it possible to achieve cross-chain transaction rather than simply token transfer. Based on this main idea, there are some disparity in the way of implementation. Taking O3 Swap as an example, if a user wants to swap CAKE on Binance Smart Chain for MDX on Huobi Eco Chain, the steps are as follows:

1. The user initiates an exchange request to O3 Swap and lock CAKE to its smart contract on BSC.
2. CAKE is swapped into BUSD, a stable currency on BSC.
3. BUSD is swapped into HUSD, a stable currency on Huobi Eco Chain, in O3’s cross-chain pool (which contains various stablecoins on different chains).
4. HUSD is swapped into the targeted MDX.
5. The User receives MDX in a Huobi Eco Chain wallet

A different solution is to introduce an intermediate token as a joint that replaces stablecoins on different chains. Taking THORChain as an example:

1. The user initiates an exchange request to THORChain and lock CAKE to its smart contract on BSC.
2. THORChain swaps CAKE into equivalent numbers of RUNE (the native currency of THORChain).
3. THORChain swaps RUNE into equivalent numbers of MDX.
4. The user received MDX.

Steps 2 to 4 in the example of O3 Swap and steps 2 to 4 in the example of THORChain are performed behind the scene, meaning that users do not need to execute these steps by themselves. Multi-chain aggregation is just a conceptual idea, on top of which there are more than one practical solutions. Moreover, multi-chain aggregation has made it possible for one-chain applications to provide multi-chain experience (for example, pledging idle UNI for BUSD so that to mine on BSC), thus achieving the interoperability of assets on different chains at the application level and solving the problem of data isolation in real sense.

Expectations

2020 has witnessed the booming of DeFi, but it just begins, with huge potential and more application scenarios in the future. This is bound to drive a greater demand for cross-chain. As for the latter, there is no denying that the goal of each stakeholders remains the same, i.e., connecting all ecosystems and realizing the seamless finance across chains. The exploration of cross-chain technologies also leads to the positive collision of different projects, which pushes the development of this segmented demand in mutual learning.

At present stage, to land the solutions mentioned above requires sophisticated knowledge in mathematics and cryptography, as well as strong coding capability of developers; it is also a must for a project to achieve great user experience, friendly and readable codes, openness, and commercial implementation; while user experience can also be digged deeper into aspects like easiness of operation, transaction speed, waiting time for transaction finality, transaction fees, and so on.

By far, it can be said that the users’ demand for the most basic cross-chain functions is already met. However, in the level of product design, how to provide a faster, cheaper and more convenient user experience is still to be explored. In analogy with the evolution of mobile phones, cross-chain is a basic function as dialing, but on top of that, blockchain interoperability has made it possible for more creative DeFi applications like facetime and online shopping, realizing the revolutionary progress from landline phone to PHS, and finally to the smart phone.

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Making money from Tethers collapse. Opinions?

Okay, so we all know Tether is dogshit based on lies and run by con men. In all likelihood, it will eventually implode. They'll want to exit at some point, and not sure how they're going to do that without it imploding.

So... How can money be made from this event?

USDC seems a lot more legitimate as a stable coin. Visa seem to be okay working with them, and having worked with Visa they do a ton of due diligence. On top of that, Circle release independent reports from an accountant in NYC verifying they hold the cash they claim to.

So, on the face of it, USDC is legit and actually backed. So 1 USDC should always be $1.

However, in the event of Tether imploding the liquidity will dry up super fast. Tether is basically the backbone of liquidity in the crypto space.

But bam, Tether becomes worthless... What do all the people holding shitcoins on sketchy exchanges that only operate using stablecoins do?

The markets crashing, they need to cash out ASAP. They'll try buying Bitcoin, but will probably quickly buy all the Bitcoin on offer.

So then they'll flood into stable coins.

I think this will mean the price of a USDC will rise above $1, and probably by a fair bit.

So, could simply sitting some money in USDC net some decent profits while being relatively risk free?

Bitcoin is a one time per sentient species event: what does digital scarcity mean, Bitcoin's "Je Ne Sais Quoi," and the first and only digital land grab (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/o0zqd4/bitcoin_is_a_one_time_per_sentient_species_event/

Bitcoin is a one time per sentient species event: what does digital scarcity mean, Bitcoin's "Je Ne Sais Quoi," and the first and only digital land grab

Prior to the first Bitcoin block and the absolute scarcity that the network introduced to the world, every single object or resource in the physical realm had no absolute cap of availability. But now we have Bitcoin, the first truly scarce "thing" known to man. And it just happens to be digital. Yet, what does this actually mean--an absolutely scarce digital thing?

Well in my view, it is something that can happen only once.

Here is a hacked together logical proof replete with logical errors and random commentary:

PROOF:

1.) Absolute scarcity is not possible in the physical realm (barring extinction of living creatures and plant life of course).

2.) Therefore, absolute scarcity can only occur in the digital realm.

3.) Since absolute scarcity can only occur in the digital realm, what is it about the digital realm that allows that scarcity? With adequate security, computers have the ability to execute immutable rules.

4.) Given that all computers with adequate security can execute immutable rules, what differentiates Bitcoin from ETH, Shibacoin, Fortnite V-Bucks, Fedcoin, or RuneScape party hats?

5.) Bitcoin is a decentralized consensus based P2P open source network with absolute scarcity as its founding principle. All of those other digital tokens are subject to the whims of their owners with varying degrees of centralization and unpredictability.

Still, this isn't quite satisfying, is it? After all, couldn't this sub just make a new bitcoin called "hodlcoin" with a 3.1 million coin limit, using exactly the same software as the bitcoin protocol. Yep! Could every sub on reddit do the same thing? Yep! Then we would have a trillion new coins floating around with 3.1 million coin limits for each sub protocol (dibs on WSBcoin) and some of the protocols would probably even be decentralized.

So what is that extra "je ne sais quoi" about Bitcoin that makes it unique? Bitcoin is both a discovery and an invention. Satoshi invented Bitcoin and discovered absolute scarcity in the process as a byproduct (the potential for which always existed in the digital realm). This is why absolute scarcity cannot be replicated. The discovery has been made.

Interestingly enough, this also aligns with what the world needs. The world only needs 1 absolutely scarce digital asset because Bitcoin can effectively store decillions of dollars of USD value right now. The price of a bitcoin in USD is essentially meaningless to the network.

So then, what does all this word salad mean? Pretty simple really. This is the age of the digital land grab. Those who understand Satoshi's discovery earliest will be the landed gentry of tomorrow. Those who don't, serfs servicing the robots that replaced them for one years salary.

Cardano Rumor Rundown JUN 16 2021

Hey Everyone!

Let's go...

Newly covered today:

1. With exploits like this one being all too common in the legacy smart contract networks, we’re not even going to have sell the Cardano use case for DeFi. The competitor networks have already made the case that something better must be on the way. https://twitter.com/zapper_fi/status/1404429179794362369
2. World Mobile CEO tweets out a tantalizing response to the Tanzanian President’s call for her nation’s central bank to prepare for crypto. https://twitter.com/MrTelecoms/status/1404375153191141377
3. If you are new to Cardano and you would like to get a handle on the terminology involved in the ecosystem, you may want to check out these Cardano flashcards produced by Coconut Pool. https://twitter.com/coconut_pool/status/1403442954434269185
4. While renewable energy is certainly a wonderful thing, there may be a problem with your technology when your path to compete on clean energy consumption involves you talking about harnessing the power of a whole series of volcanoes. Maybe just use fewer volcano’s and more proof-of-stake? https://twitter.com/_eLaPs_/status/1404125569093029889 https://twitter.com/gladstein/status/1402718041557725184

Previously covered but still interesting:

1. Charles makes the case for collaboration with Starlink in Africa. https://twitter.com/IOHK_Charles/status/1392916783854616577
2. People are starting to realize what the real value of NFTs will be. It’s not in collectibles. https://twitter.com/RaoulGMI/status/1392939118355783682
3. The Cardano Development Update for this week is out. https://roadmap.cardano.org/en/status-updates/update/2021-05-14/
4. The Cardano 360 team also dropped a video with specific mid-month Alonzo testnet updates. At the timestamp in the link below the vid lays out the various test groups and when they will participate. https://twitter.com/InputOutputHK/status/1393258090703826944 https://youtu.be/5mPC4uLMdEw?t=532
5. We are seeing some small pools retiring. We’ll obviously see more and more of this as time marches on. But, here’s a salute to the small pools that gave it a go! This SPO also brought us poolpeek.com which we have covered here before. https://twitter.com/CardanoBudz/status/1393252321845465088 www.poolpeek.com
6. John O’Connor on CNBCAfrica! He gave a really good explanation of how Africa with it’s already very high adoption of mobile payment wallets can leapfrog the legacy payment systems currently in use in more developed countries. He also reiterated that Cardano will expand to five countries this year and 20 next year! https://youtu.be/RET8hIQQLUA
7. This tweet by u/TheADAApe pretty much sums it all up. When people ask me how I knew, I’m going to point them to this post. https://twitter.com/ArmySpies/status/1393606491110662146
8. To hear about something truly good happening in the Cardano ecosystem check out this interview with Mickey Watkins, CEO of World Mobile, on the Hotel Cardano podcast. Really good details on World Mobile's connecting the unconnected in sub-Saharan Africa! https://youtu.be/L15bn_b2moA
9. What if these two got to talking about what Atala Prism could bring to the table for students in the city of Miami? https://twitter.com/IOHK_Charles/status/1393574632305868805
10. The saga of BTC maximalists being angry at Elon continues with Elon implying that Tesla could sell its BTC while Cardano continues just doing its thing like normal. https://twitter.com/elonmusk/with_replies
11. Likewise, Marc Cuban tried to FUD real world use of Cardano only to be confronted with a giant infographic of use cases and partnerships along with an explanatory video just for him. https://twitter.com/mcuban/status/1393646131708665858 https://twitter.com/IOHK_Charles/status/1393689887648272384
12. Initial Stakepool Offerings (“ISOs”) are here. Crypto is no stranger to novel means of capital formation and now the Cardano ecosystem is getting in on the action. Here is SundaeSwap’s explanation of how ISOs will work. https://sundaeswap-finance.medium.com/iso-sundae-with-the-works-c5c335101ef5
13. ICYMI, Manuel Chakravarty reminds us all that his Cardano Summit 2020 talk is publicly available for questions on native assets. Really interesting discussion of the asset identifier just being a hash of the policy script and how that helps create a super lightweight easy to use system. https://twitter.com/TacticalGrace/status/1394263629088923649
14. Elon confirms that Tesla has not sold any BTC. https://twitter.com/BTC_Archive/status/1394051036462071808
15. Charles makes a whole video about how to fix Doge. https://youtu.be/iQd9XjEm8EE
16. The Ecosystem is getting even bigger every day we inch closer to Alonzo! https://twitter.com/TyIsDigital/status/1394345977952284676
17. The Cardano Foundation is out to do something incredible with supply chains as described in the fireside chat! In his previous Cardano Live appearance, Frederik Gregaard, CF CEO, also expressed a very healthy and sustainable perspective on what DeFi should become. He compared the current state of DeFi to just moving funds from your left pocket to your right pocket and taking profit. https://youtu.be/d8uPMZplfeM https://youtu.be/xbMSQUA1lss
18. The ISO model entering the capital formation toolbox in Cardano is going to make the stake pool game extremely interesting with SPOs scrambling to find the right balance between rewarding ADA and giving their delegators other things like tokens. Some stake pools could even become like portfolio funds with relationships with many different projects the tokens of which are given to delegators. Babel Fees could also play a role here for smart SPOs as they may allow access to a wide variety of tokens in the ecosystem that could be used to reward delegators with a sort of index fund exposure to a wide variety of Cardano projects.
19. May Cardano 360 coming one week from today (always the last Thursday of the month). https://twitter.com/InputOutputHK/status/1395117067960045569
20. New delegations from IOHK are out. Congrats to the selected SPOs. https://twitter.com/InputOutputHK/status/1395087751746310156
21. The Cardano Foundation has released the full video of the Fireside Chat with Eva and Fred. Lots of questions answered on a variety of fronts. Very interesting remarks including that in discussions with financial institutions, Fred has found they are interested in exposure to the alpha provided by the asset class in general, tokenization of assets, and the yield provided by staking rewards. Fred counters that they SHOULD be far more interested in the Cardano standard including the concepts of reference accounts, programmability of money, and transaction metadata. https://youtu.be/JW6s9Jkyazg
22. In a video press release yesterday, the Fed finally admitted that it’s moving toward a central bank digital currency (just like every other central bank). This will eventually be impactful on Cardano and every other crypto ecosystem. https://youtu.be/WOAQxpG79Ag
23. The Treasury is trying to figure out how to get cryptocurrency regulation in a headlock. This will probably go hand-in-hand with the Fed’s March toward a CBDC. Afterall, what good is all the tracking and monitoring afforded by a CBDC if it’s easier for everyone to just use a non-central bank digital currency? Tax evasion in crypto is also obviously a target problem since we know only about 800 people a year paid taxes on crypto in 2013-2015. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf https://www.businessinsider.com/bitcoin-taxes-overview
24. The Cardano Foundation has released the full video of the Fireside Chat with Eva and Fred. Lots of questions answered on a variety of fronts. Very interesting remarks including that in discussions with financial institutions, Fred has found they are interested in exposure to the alpha provided by the asset class in general, tokenization of assets, and the yield provided by staking rewards. Fred counters that they SHOULD be far more interested in the Cardano standard including the concepts of reference accounts, programmability of money, and transaction metadata. https://youtu.be/JW6s9Jkyazg
25. In a video press release yesterday, the Fed finally admitted that it’s moving toward a central bank digital currency (just like every other central bank). This will eventually be impactful on Cardano and every other crypto ecosystem. https://youtu.be/WOAQxpG79Ag
26. The Treasury is trying to figure out how to get cryptocurrency regulation in a headlock. This will probably go hand-in-hand with the Fed’s March toward a CBDC. Afterall, what good is all the tracking and monitoring afforded by a CBDC if it’s easier for everyone to just use a non-central bank digital currency? Tax evasion in crypto is also obviously a target problem since we know only about 800 people a year paid taxes on crypto in 2013-2015. https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf https://www.businessinsider.com/bitcoin-taxes-overview
27. Charles has now added the Jack Dorsey edition to his series of “Let’s Educate Crypto Adjacent Celebrities” videos. https://youtu.be/lMZ1xQzWtl4
28. ...and still...KINGS OF THE GITHUB! May our reign never end. https://twitter.com/ProofofGitHub/status/1395771379929255945
29. Some banks still won’t allow customers to buy crypto with their accounts. In 2021, this is still a thing. https://twitter.com/CryptoCardano_/status/1395933037192437763
30. Even the Pope is condemning Proof-of-Work? At least, that’s how the crypto community took a recent tweet. https://twitter.com/Pontifex/status/1394993742226939905
31. Apparently, you can now have your own Stakepool run for you for $122/month in a Stakepool-as-a-Service arrangement. https://twitter.com/ChrisGraff/status/1396169061487333380
32. If you want to see how the Cardano NFT space has been heating up, you can check out CNFT resale listings at Lovelace Marketplace. https://lovelacemarketplace.io/all-categories/
33. Ethiopia awards new Telecom license as promised. The winner, a consortium including Vodafone, Safaricom, and Sumitomo; will invest $8 billion in their network in Ethiopia in the next 10 years and will cover the country in 4G. https://www.bloomberg.com/news/articles/2021-05-22/ethiopia-awards-new-telecoms-license-to-vodafone-consortium https://twitter.com/AbiyAhmedAli/status/1396060475184533505
34. Check out this new infographic explaining how World Mobile Works! https://blog.worldmobile.io/post/how-world-mobile-is-connecting-the-unconnected-infographic/
35. Cardano hits 1MM wallets! https://twitter.com/Cardano/status/1396331888093061121
36. Set your calendars! The May Cardano 360 is this Thursday! https://twitter.com/Cardano/status/1396331908632653830
37. Charles releases a 90 Day Countdown to Alonzo video. https://youtu.be/u6negi1yAQQ
38. Institutional inflows into Cardano get some coverage by the crypto press. https://cointelegraph.com/news/cardano-sees-largest-weekly-inflows-from-institutional-managers-coinshares
39. Charles and Kim Dotcom have a conversation about PoW miners possibly fleeing China with all of their hardware. https://twitter.com/KimDotcom/status/1396964996693708801
40. Cardano gets a little coverage on NBC for it’s energy efficiency. https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030
41. Plutus Pioneers Lecture #7 is out. https://youtu.be/_EDJt55vOB0
42. Yesterday was ADA Payday with the end of Epoch 267. I hope everyone made lots of sweet delicious staking rewards! https://adapools.org/epochs
43. Paypal moving away from the “walled garden” model. This is decentralization teaching the legacy institutions a lesson. https://www.coindesk.com/paypal-will-let-customers-withdraw-crypto-exec-says
44. Charles is interviewed on Yahoo Finance where he explained: 1) how the lack of an obvious decentralized governance system in ETH and BTC will cripple their efforts as they attempt to scale and the founders/core developers start losing prominence, 2) the ADA EUTXO system is vastly more scaleable with it’s local state being so much more amenable to sharding than ETH’s global state system, 3) Cardano has a high willingness to bring on users in hypergrowth areas like Africa where ETH seems to have little interest, and 4) ETH does not seem to be as highly concerned with interoperability which might become highly valuable in the future. https://twitter.com/YahooFinance/status/1397593275826151424
45. Cardano 360 is tomorrow. Don’t miss it if you want to hear about all the awesome things happening with Alonzo (smart contracts), Hydra (scalability), and everything else! https://twitter.com/InputOutputHK/status/1397549347592675338
46. The May Cardano 360 was yesterday and we had lots of updates including the Color Coding for the different stages of the testnet! https://www.youtube.com/watch?v=SS33gRj9JYE
47. Alonzo “Blue” Era Testnet (through mid June; <50 user cohort) will include the basic functionality of the system for testing basic contracts . Initially the SPOs will be included, then some of the Plutus Pioneers will be allowed in, then a few of the outside development firms (Plutus Partners). The Plutus Partners will be working on specific areas including oracles, DEXs, stablecoins, NFTs, and DeFi. This will produce code and documentation that will be publicly available.
48. Alonzo “White” Era Testnet (mid June to mid July; <500 user cohort) will add more Plutus Pioneers and more functionality. They will develop various dApps and there will be interaction on the user side of these dApps. They will do some benchmarking at this stage.
49. The Alonzo Hard Fork Combinator Event requires a lot of different pieces come together at the same time. But, this is not their first rodeo and they have a lot of experience with this from the ITN, Shelley, and etc.
50. Alonzo “Purple” Era Tesnet (mid July to mid August; fully public) will involve a full public network with all of the Plutus pioneers, the Rosetta Api to the exchanges, Daedalus, hardware wallets, graphQL, and full functionality. The purpose of this phase will be optimization.
51. Alonzo “Red” Era Tesnet (August; a very short phase) will involve a new network where they can test scalability and stability.
52. Alonzo “Black” Era Tesnet (August; a very short phase) will be the final public testnet where they will ensure they have their candidate mainnet releases ready to launch on the mainnet.
53. They are committed to making sure there is a very large group of people who are familiar with using the Alonzo testnet by the time the mainnet launches.
54. Alonzo Mainnet (August-September). It’s looking like Alonzo mainnet launch was positioned in very late August through September in the infographics. That makes me assume there is a chance of August, much better chance of September, and also some chance of October or later. This is blockchain development after all. Also, we’ve waited years. Why care about a few weeks?
55. There will be another Plutus Pioneers Cohort later this summer.
56. Marlowe Run will be a browser product that can run on mobile or desktop. It can be linked to your wallet and be used to run Cardano smart contracts simultaneously on a distributed basis across multiple user browsers. The user interface is light years ahead of anything we saw in Marlowe Meadow or the Marlowe Playground simulations. It will include a library of off-the-shelf contracts.
57. There will be a Marlowe Webinar on June 3. Register here: https://webinar.marlowe-finance.io/
58. The ERC-20 converter was looking very intuitive and seamless in the new demo. It should be on the testnet in June.
59. Manuel Chakravarty gave a big update on Hydra (layer 2 scaling). Hydra will not require that the base layer be modified since it will be implemented via Plutus smart contracts. Hydra is actually a collection of protocols including Hydra Head and Hydra Tail. Hydra Head is a symmetric protocol where multiple participants will be online simultaneously for the whole period of the head exchanging messages. Hydra Tail is an asymmetric protocol involving a high performance server and many clients that may be mobile and could be offline for large portions of the tail’s existence. There will also be “inter head & tail networking” which will allow for a network of heads and tails. They have a published research paper on Hydra Head. They are currently writing the Hydra Tail paper.
60. Hydra is distinguished from other layer 2 protocols by its isomorphic properties. This means you will be able to run any smart contract that works on the base layer in a Hydra Head! This is very special. We won’t need special purpose contracts built out just for layer 2. There are some big implications to this. Since a Hydra Head is essentially just a Plutus smart contract, this means you can run a Hydra Head inside another Hydra Head. It’s turtles all the way down, guys. It sounds like they can do this iteratively as much as they want.
61. Aggelos also gave a good presentation on the importance of “skin in the game” in resource based consensus protocols (both proof-of-work and proof-of-stake) and its effect on promotion or discouragement of centralization. He explained how Ouroboros has built-in safeguards to prevent centralization including the K parameter (currently at 500) which caps total rewards per pool and the alpha parameter (currently at 0.3) which splits rewards into a 77% piece and a 23% piece. A pool can take its share of the 77% piece based on the pool’s total stake and its share of the 23% piece based on the pledge of the SPO. A higher alpha parameter makes it less attractive for individual SPOs to proliferate multiple pools since they can’t be as leveraged on their available pledge and still get as big a share of the 23% piece. This also discourages Sybil Attacks. As Cardano on-chain governance progresses, these parameters will be controlled by the community.
62. There will be a Cardano Goguen Summit in September. It will be hybrid digital/in-person.
63. Charles is helping to bring the cryptographer who broke SHA-1 to the University of Wyoming. The Cardano funded blockchain lab there could be on the road to be a powerhouse. https://twitter.com/CaitlinLong_/status/1398290866419105802 https://en.wikipedia.org/wiki/Yiqun_Lisa_Yin
64. We don’t often get to hear from the engineers behind Yoroi over at Emurgo. But, here’s a podcast with Vicente Almonacid from Emurgo. Check out 12:50 where he mentions the dApp Connector (Cardano’s Metamask Equivalent). https://twitter.com/vacuumlabs/status/1397847633696280576
65. Check out this great article from Cardanians.io on the work being done at the University of Wyoming on a physical chip for transfer of private keys in day-to-day cashlike transactions. https://cardanians.io/en/cardano-can-give-crypto-a-cash-like-experience-58
66. Professor Aggelos Kiayias recently dropped a video explaining exactly how Mithril (apparently neckbeard dungeon master talk for elf armor) is going to allow for Perfect Cardano (ADA) wallets that combine the ease of use and convenience of light wallets with the trustlessness of full node wallets. We also learned exactly how Mithril is going to work. https://youtu.be/LhepJFCyWRk
67. In proof-of-work, bootstrapping can be done with blockheaders. This won’t do in proof-of-stake since we need information about stakeholder distribution to confirm block validity.
68. Mithril fixes this by being a cryptographic construction that enables a population of stakeholders to issue a signature consistent with certain constraints.
69. For Mithril to work in proof-of-stake, it needs three crucial properties: 1) it needs to enforce a threshold ratio of stakeholders before the signature is issued; 2) the pre-signature fragments must be independently verified and subject to public aggregation; and 3) it must be efficient in the sense that the final signature is of constant size and is logarithmically dependent on the # of stakeholders.
70. Stakeholders will issue special Mithril keys along with the normal cryptographic key material. Then at regular intervals, full nodes will test whether they can produce a pre-signature fragment. Only a random subset of stakeholders will be eligible to produce a pre-signature fragment. When a sufficient # of pre-signature fragments have been issued by eligible stakeholders then it will be possible to aggregate the fragments into a final signature.
71. This will be a checkpoint that will be verifiable with respect to previous check points all the way back to the genesis block. Such checkpoints will be cryptographic commitments of the relevant UTXOs.
72. Since the checkpoints will be trustless, a light client (i.e. wallet) will only need to verify the sequence of checkpoints up to the current time to trustlessly bootstrap.
73. The ecosystem is growing so fast, it’s hard to keep up with all the projects without these infographics at this point. https://twitter.com/Dr_shwetaPHD/status/1398783893638103040
74. The Cardano subreddit is at 487k users. Half a million isn’t far away. https://www.reddit.com/r/cardano/
75. Epoch 268 is a wrap as of yesterday with 22.83 billion ADA staked. https://adapools.org/epochs
76. Check out the telegram AMA tomorrow with the CEO of World Mobile! https://twitter.com/ZwijBerg/status/1399377659105320962
77. A very interesting stat on Cardano user growth. https://twitter.com/cex_io/status/1398959088684445699
78. Don’t forget, the Marlowe webinar is this Thursday! https://twitter.com/InputOutputHK/status/1399444331556225027
79. More and more people in the youtube sphere are jumping on the Cardano train. https://twitter.com/techleadhd/status/1399398373384351744
80. Reuters reports on an EU digital identity wallet project. https://www.reuters.com/business/finance/eu-step-up-digital-push-with-digital-identity-wallet-2021-06-01/?taid=60b6e171efd84f0001b64ae1&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
81. The U.S. Currently has Issued Sanctions on Ethiopia, but they are not all-encompassing economic sanctions as with rogue nations, they have just barred entry into the U.S. for certain government personnel. https://www.nytimes.com/2021/05/24/world/africa/ethiopia-us-sanctions-tigray.html
82. Vitalik is saying it’s highly unlikely we see ETH 2.0 before late 2022. I’m guessing that means mid 2023 which will be after two years of Cardano slaughtering the entire ETH user base. Things are looking so bad that Vitalik says he doesn’t even like using the ETH 2.0 label anymore since he knows the changes will be more incremental. This is what early capitulation sounds like guys. https://cointelegraph.com/news/even-vitalik-buterin-is-surprised-at-just-how-long-eth2-is-taking
83. Cardano-Nervos cross-chain bridge to be built. This would be at least the second cross-chain bridge after the Cardano-AGI bridge. https://www.coindesk.com/cardano-nervos-force-bridge-network-first
84. Sundaeswap ISO delayed due to regulatory concerns. This brings up interesting questions for the whole space about requesting regulatory permission vs. possibly being forced to ask for forgiveness. https://www.sundaeswap.finance/posts/iso-update
85. Tim Harrison has announced that the transition to Alonzo Blue was successful. https://twitter.com/timbharrison/status/1400481879883649034
86. Finally, 500k users in the Cardano Subreddit! https://www.reddit.com/r/cardano/
87. We got a nice update on the first week of Alonzo Blue. https://twitter.com/InputOutputHK/status/1400876181122174977
88. And….still! Kings of the github! https://twitter.com/CryptoDiffer/status/1400744567956180993
89. Epoch 269 is in the bag with active stake of 22.77 Billion. Hope everyone made lots of delicious staking rewards! https://adapools.org/epochs
90. Binance has 63 stakepools charging 6%. Please stop paying so much for the right to stake your ADA. You don’t have to pay that much. You have a huge number of better options. You are literally giving away your ADA rewards to a large corporation. It’s easy: just download the Yoroi Chrome extension, send your ADA there, and pick from the 2k+ available stakepools right inside Yoroi. https://twitter.com/BraveHeartStak3/status/1401204563189940231 https://adapools.org/groups/binance-20 https://play.google.com/store/apps/details?id=com.emurgo&hl=en_US&gl=US
91. Nigeria Bans Twitter after Twitter censors Tweet from Nigerian President. This emphasizes the need for decentralized social media. A decentralized solution running on Cardano could fix this. https://www.cnn.com/2021/06/04/africa/nigeria-suspends-twitter-operations-intl/index.html https://www.youtube.com/watch?v=JilEb42q-CI
92. A Really Big Deal: El Salvador is on the verge of making Bitcoin legal tender in the Central American nation. https://www.youtube.com/watch?v=3uGOfqN2y9k
93. This could have huge ramifications for bank and accounting treatment of Bitcoin potentially including that banks might suddenly be allowed to handle Bitcoin as a foreign currency. Today it was BTC. But, wait until they find out what Cardano can do. https://twitter.com/CaitlinLong_/status/1401334421773504517
94. Nayib Bukele, President of El Salvador, also clarified that there will be no capital gains taxes on Bitcoin since it is a “legal currency” and crypto entrepreneurs will be given instant permanent residence. https://twitter.com/nayibbukele/status/1401622548396314631
95. Bitcoin enthusiasm seems to be off to a great start among other Latin American politicians after the fervor around the El Salvador announcement. This will serve as a great gateway drug that only leads to Gen 3 projects and Cardano. https://twitter.com/gilson__marques https://twitter.com/carlitosrejala https://twitter.com/gabrielsilva8_7/status/1401965129051389958 https://twitter.com/FabioOstermann
96. We are always the Github Kings. It’s amazing. https://twitter.com/CryptoIRELAND1/status/1402011593995603975
97. Charles basically just laid out what 4th Gen Cryptos are going to be all about in his video yesterday. https://www.youtube.com/watch?v=nkr1EKQrVeQ
98. Here’s a good Emurgo blog article on the use of Emurgo Trace in the Oil and gas industry. https://twitter.com/emurgo_io/status/1402339278097502210
99. IOHK gives us a closer look at everything being upgraded for Alonzo. https://iohk.io/en/blog/posts/2021/06/08/a-close-look-at-the-software-running-cardano/
100. We’re currently at 71.52% of ADA staked. This is a pretty incredible ratio and shows the strength of the Cardano community. https://twitter.com/CardanoPoolPeek/status/1402378400803794950
101. SEC Commissioner Hester Pierce warns about the regulatory impulse being displayed by her colleagues toward crypto and the impact it could have on the stifling of innovation. https://www.ft.com/content/ae0d40a1-8a4a-4885-a6a7-b157e27b3311
102. El Salvador passes the statute to make Bitcoin legal tender in the country. https://twitter.com/nayibbukele/status/1402827595339681794
103. Cardano gets more positive coverage on the Nasdaq website with a second article following the one from April 7 earlier this year. https://www.nasdaq.com/articles/be-part-of-a-historic-crypto-moment-with-cardano-2021-06-08
104. Prof. Aggelos Kiayias releases an article on a tri-coin system called Stablefees that could fix the problem of appreciating transaction fees in crypto. https://iohk.io/en/blog/posts/2021/06/10/stablefees-and-the-decentralized-reserve-system/
105. There’s very interesting speculation circulating out there about how El Salvador’s Bitcoin adoption might impact relationships with the U.S. and the IMF. https://twitter.com/cardano_whale/status/1403136968456765443
106. Elizabeth Warren is now talking about the U.S. needs to regulate crypto. https://twitter.com/BloombergTV/status/1402749016845262851
107. The mid-month Alonzo development update from IOHK is out. Alonzo blue is in full swing and they are working on “hello world round trips” going from the node to the ledger and back. Plutus Partners (third party functional dev firms) are working on different use cases ahead of the Alonzo launch. https://twitter.com/InputOutputHK/status/1403314932968574981
108. Miniswap gives us the dev perspective on why Cardano’s Plutus is such an improvement over Ethereum’s Solidity. https://twitter.com/MinswapDEX/status/1403411522110427137
109. Here’s a great ETH vs. Cardano DeFi project comparison infographic. https://twitter.com/Coin98Analytics/status/1403397242707320835
110. Charles recorded for the Lex Fridman Podcast. It went over five hours. This is a big deal given that Lex has 1.12 million subscribers and it’s closer to mainstream than a crypto audience. https://twitter.com/IOHK_Charles/status/1403498549300584448 https://www.youtube.com/user/lexfridman
111. The Marlowe Webinar with Shruti is now available on youtube. Very interesting discussion of DeFi in general and also specific topics like “deep interoperability” in DeFi. Cardano is obviously already doing the very involved thinking about the future of DeFi. https://youtu.be/vzsUSG5CSj0
112. John O’Connor recently tweeted about a day where he “wrote a letter to a president” and “found a million users to bring into Cardano”. Sounds like the Cardano train is rolling along as smoothly as ever in Africa. https://twitter.com/jjtoconnor/status/1402565547716399104
113. Zach Guzman and Mike Novogratz get an opportunity to prove once again how extremely threatened they are by the fact that they can’t frontrun Cardano at this point. https://twitter.com/IOHK_Charles/status/1404100510525841408
114. John O’Connor appeared on the Disrupt Network Podcast. bit.ly/3znqyB7
115. President of Tanzania calls on the central bank to prepare for the adoption of cryptocurrencies and blockchain technology. I wonder what crypto ecosystem already has experience working with an African government on a big crypto project and has partnered with a mobile company that is already bringing connectivity to rural Tanzania? https://twitter.com/DocumentingBTC/status/1404126444863766533
116. Hedgefund Billionaire Paul Tudor Jones tells the world to buy crypto and certain other assets if the Fed doesn’t address inflation in their policy meeting that concludes on Wednesday. JP Morgan’s Jamie Dimon concurs that the current inflation is very likely not transitory. This could be tremendously good timing for Cardano given our top five status and the impending mainnet launch of smart contracts. https://www.cnbc.com/2021/06/14/paul-tudor-jones-says-bet-heavily-on-every-inflation-trade-if-fed-keeps-ignoring-higher-prices.html https://www.cnbc.com/2021/06/14/jamie-dimon-jpmorgan-is-hoarding-cash-because-very-good-chance-inflation-here-to-stay.html

~Army of Spies

The American Blockchain 3

The American Blockchain

The Blockchain is more than just the means of moving money or wealth on a secure network. It is a way to securely move information, at the code level; anything that that is already on a computer is already just code. Anything that is tracked on paper can be converted to digital code, it is the same basic idea we have for most things in our lives. A house has a Title or Deed, a vehicle has a pink slip and registration, these are paper representations for the things of value in our lives. The information or wealth you are trying to store is difficult, different States have different types of registration for everything from cars to boats to houses, and paper documents can be lost destroyed or stolen. Current digital versions of information, including any digital representation of a physical asset like a digital car pink slip, are not secure. Hacks happen all the time and the losses can be data or access and control to a private network. Coins are basically the Blockchain, the numbers of Coins there are and who currently holds them. It tracks the Coins every single time a Coin moves wallets, each Coins value is identical to another Coin. The creation of Coins is controlled by the code of the Blockchain, either a max limit, or some form of inflation is how Coins are made. Coins are typically divisible to 8 decimal places 1.00000000. Tokens can be built on a Blockchain; a Token is similar to a Coin however Tokens are built onto the Blockchain not into the Blockchain code. Tokens are representations of information or wealth; they are stored on the Blockchain and follow the Blockchain code. However Tokens can be created at anytime and attached to some form of wealth or information on the Blockchain, the information or wealth are all equal. They must be traded at a 1 for 1 value; they are also divisible to 8 decimal places 1.00000000. Non-Fungible Tokens can also be built onto the Blockchain; NFTs as they are called are still Tokens. Each Token is unique; they are valued based on the information stored in the NFT. Most NFTs would not be divisible, however because the NFT is just code it can be split if written into the code of the NFT. Tokens and NFTs run on the same Blockchain as the Coin, so the Blockchain would be what protects all information and wealth stored in the Tokens and NFTs. The Miners, Pools, and Nodes run the network or Blockchain, however the blocks they verify are just hashed code on the Blockchain, they have no real access to any of the information on the Blockchain. Knowing the basic principles about Blockchain, we can start to imagine how we can safely transfer current wealth, information and assets to a safer more secure network. There are many use cases on the Blockchain, not all of them are good and not all of them are bad. What follows is an example of how Tokens and NFTs can replace every single major system for storing information and wealth we have today. It would not happen overnight and with Government support we could stream line the entire economy and help level the financial playing field for the American people To simplify things Tokens are a currency, they are traded at equal values and valued at an agreed upon rate, compared to the value of the Coin of that Blockchain. A simple comparison would be stocks, shares in a company that can be divided and traded at the current value of the stock; Blockchain is a 24 hour a day 7 days a week network. NFTs would be tied to physical assets or objects in the world, a Deed or Title to a house, a person’s medical records, the ‘start’ code for the owner of a vehicle. Because all these would run on The American Blockchain everything would be secure and transactions would be trusted to be authentic by all users. What follows are a few examples of how we will transition to the Blockchain, not everything will benefit everyone; however the wheels are in motion. Bitcoin itself can be traced back to the 2008 financial crisis; there are papers on Bitcoin’s open source code and the history of Bitcoin, this paper will not explain where Bitcoin came from. What the American people need to understand is the code it out there, if we don’t use it someone else will, this means a CBDC and/or The American Blockchain is not an ‘if’ but more of a ‘when’, and it all started 12 years ago. The rate of adoption for Bitcoin and other Blockchain Coins is growing fast, HR 1602 passed the House of Representatives in April 2021, and is currently being discussed in the Senate, Senator Elizabeth Warren lead a Senate hearing posted to YouTube in June 2021. The hearing discussed CBDCs and how Blockchain tech would be incorporated at a Federal level. The path set out on in 2008 is finally starting to have repercussions; the American people must understand the changes that are coming, for better or worse.

Tokens on the Blockchain would allow for the creation of the stock market on the Blockchain, hedge funds and long or short trades would still be possible. However the number of shares of a stock could never be changed, preventing incidences like the GameStop short. A public video posted on YouTube recorded the almost 5 hour Federal hearing, where inefficiencies with the stock markets T1 or T2 settlement dates basically proved the shares were created in order to meet buying volume. This would never be an issue on The American Blockchain, the Tokens would be created at a predetermined rate and not allow this kind of market manipulation. The individual American would be able to access the stock market instantly regardless of how much money they have, and they could trust the Tokens because they run on The American Blockchain. NFTs would be anything that has value to an individual, as a former Realtor the first NFT use case I will present will be a real estate transaction and how NFTs will be adopted and incorporated into the real estate transaction. The NFT will record the parcel number, the limits of the property and structures on the property; it will include Title reports and easements on the property. It will be a full history of the property and eliminate many of the costs incurred during a real estate transaction. If a physical home or building is represented by an NFT the entire sale process of a home could be accomplished with far fewer 3rd parties. The NFT would move from the sellers wallet to the brokers wallet, a trusted 3rd party, the broker would work with a real estate agent and the seller. Once a buyer was found Coins would fund the broker’s wallet, either from a cash buyer or from a buyer getting a loan, the Coins in that case would come from a financial lender. The broker and real estate agent would write up the contract and have all parties agree, Coins would be sent to the seller and the NFT of the house would be sent to the buyer. Home inspections and appraisals would still be needed, however escrow companies, Title reports, many of the additional fees normally associated with a real estate transaction would no longer be needed. The information or security provided by these industries would be replaced by the security of the Blockchain.

This sounds bad for people in industries that will be replaced, however we must remember what a truly free economy is, it’s the secure transfer of information or wealth between individuals. If the people can’t trust the Blockchain code then they can’t trust transactions on that Blockchain. Inevitably a Blockchain will secure our information and wealth digitally. A great analogy would be horses and cars, most people in America do not ride a horse to work, simply because cars are available for purchase and they are more efficient. If an individual was looking to buy a house, would they spend extra money with a broker on escrow fees and Title reports, or would they use a broker that charges them less because less 3rd parties are involved. The inevitability is the cheaper faster more secure path would be the new standard. Those that did not adapt to the consumers needs would fail, leading to the eventuality that will be complete adoption of the Token and NFT asset class. Benefiting the individual with lower costs for services; also benefiting those companies that did adopt the NFT and Token Blockchain system. The use of Tokens and NFTs, either being traded like stocks, or information updates on NFTs, add transactions to the Blockchain. Transactions are put into blocks by the Pools, those blocks produce the Blockchain and the block rewards for the Pool. The use of Tokens and NFTs not only is inevitable, but also beneficial to individuals and industries that move or store digital information and wealth. It may be hard to understand, but imagine if everything you use or have today from a house that is represented by paper Deed; to a vehicle that has a metal license plate and paper or digital registration. All of it could be represented by NFTs, and paper stocks that a company issues would be Tokens, the list of assets, wealth, or information that could be represented by Tokens and NFTs is more than can be covered in this paper. If we break them into the fungible and non-fungible groups we have a better idea of the scope of use cases for Tokens and NFTs, when imaging current systems and the sensitivity of personal information involved in these systems remember Tokens and NFTs run on The American Blockchain. The code of this Blockchain is set up to reject invalid transactions, and to store the information in such a way that only you have access to it, and only you can give the access to allow someone to view that information. I will talk more about a digital ID NFT later in this paper, what follows is a short list of systems or things that could be represented by a Token or NFT… Token​​​​​​Non-Fungible Token Stocks​​​​​​Deed or Title for a home Tickets for events​​​​Vehicle pink slip and registration Coupon or discount for a product​​Identification card or driver license Gift cards​​​​​Medical records Airline ticket​​​​​City permits Hotel reservations ​​​​Government issued business license Bus passes​​​​​College degree

With so much information and wealth stored on the Blockchain it becomes easy to understand the need for that Blockchain to be absolute when it comes to invalid transactions; who controls the Miners and Pools of that Blockchain, and who controls the updates to the code of that Blockchain. It all plays a factor in how much of the information stored in the Blockchain, can be accessed by 3rd parties. The American Blockchain will be built from the underlying code up, if we focus at the code level to ensure the individuals freedom and privacy we will have a solid foundation to add use cases to the Blockchain, like Tokens and NFTs. If implemented correctly this American Blockchain will bring a bright future to the American people. If we allow a CBDC or any Blockchain to be ran at the Federal level of government we must ensure they do not give themselves access to change the Blockchain code or access the NFTs. Doing so would give the Federal Government unprecedented access and control over the individual’s information and wealth on the Blockchain. -JRO