February Halftime Thoughts
DAOs (Decentralized Autonomous Organizations)
A decentralized autonomous organization, or DAO, is like a virtual company that operates on the internet. It's different from a regular company because it doesn't have a boss or employees who make decisions. Instead, decisions are made by all the people who have invested in the DAO. Computer code writes the rules of the DAO making it fair and transparent because everyone gets to vote on important decisions. Because a DAO doesn't have a physical location, it can operate from anywhere in the world and can never be shut down by any one government. There are many problems that organizations face today and here is three problems DAOs fix:
1. Lack of Trust - One of the main problems in traditional organizations is the lack of trust between members and stakeholders. DAOs solve this problem by creating a transparent system that runs based on set rules, without the need for someone to tell people what to do like a boss.
2. Centralization - Many organizations today are controlled by a small group of individuals, leading to unequal distribution of power. Centralization breeds corruption and ends with less productivity in the organization. DAOs are decentralized, meaning that decisions are made collectively and everyone has an equal say, regardless of their position or influence.
3. Inefficiency - Traditional organizations can be slow and over regulated and even complex as decisions have to go through many layers of approval. DAOs use smart contracts to automate processes and make decision-making faster and more efficient.
Overall, DAOs are different from traditional organizations in many ways. They are ran by code and algorithms, not by one person or group of people. This makes them more fair and democratic, and helps to prevent corruption. DAOs are also more efficient because they can make decisions and do tasks faster. They are also more secure because they are protected by cryptography, making things more secure. DAOs are becoming more popular because they offer many benefits to those who use them, and they help to build trust and accountability in the world of business.
Alt-coins (Cryptocurrencies other than Bitcoin)
The alt-coins I follow are the following; Algorand, Shiba Inu, Ethereum, Cardano, Hedera, Dogecoin, & Polygon. Algorand is a great coin, it uses proof of stake for its blockchain which means it’ll pay you just to own it. Algorand is a coin that is under $1.00 right now and will most likely pump further up and go way above its all-time high. Shiba Inu is well below a penny each, so when you buy them you get millions of Shiba Inu and people are just waiting for it to pump to just one cent. One cent multiplied by millions is a lot so some even have billions of Shiba Inu. Shiba Inu, the token, or cryptocurrency; whichever you call it, has had its pumps before when it first came out and will most likely continue to have large pumps. It’s on Robinhood too, but most people view coins with Inu in their name to be just what they are “meme coins”. Once Shiba Inu first pumped in 2021 it sparked a bunch of other meme coins with “Inu” in their name to be created and basically just be a pump and dump. Shiba Inu has been trying to brand itself as a good cryptocurrency, and it’s working because it’s close to the top 10 of all cryptocurrencies. Cardano is a top 10 cryptocurrency and is under a dollar and will most likely pump back past its all-time high from last crypto cycle. Cardano has it’s own programming language called Plutus that you can program smart contracts and decentralized applications to its blockchain. Dogecoin, the king of puppy tokens, Shiba Inu is a puppy token too but Dogecoin was the first and has stayed in the top ranking of market caps. It made its way to Saturday Night Live in the fall of 2021 at the peak of crypto, when Elon Musk did a skit talking about it.
A lot of Dogecoin people are holding for a later time at a higher price to sell, most bought at a much higher price. Dogecoin & Shiba Inu are meme coins and sometimes bring new people into crypto with these coins. Compared to someone who may be first buying Algorand or Cardano, the meme coins get new people into cryptocurrencies. Dogecoin is a Top 10 cryptocurrency also, big market cap and will most likely pump up further but as it goes up people will sell this coin more than other coins. Most people call Hedera HBAR by its ticker name but it’s a good coin and has had a great start to the year in 2023. Hedera has NFTs with it but not sure where to buy or which ones; I think with NFTs you need a separate wallet that’s connected to that coin. Polygon and Ethereum are the best two coins other than Bitcoin in my opinion. Polygon has lots of companies teamed up with it and Ethereum is the main alt-coin other than Bitcoin. Ethereum has its own programming language called Solidity, where you can also code smart contracts and decentralized applications to the Ethereum blockchain. Polygon is unique because it is designed to solve problems other blockchains have, like slow transaction speeds and high fees. It uses a layer 2 scaling solution which allows people to do more with fewer fees. The coffee company Starbucks, teamed up with Polygon for its reward system to allow NFTs. I have always felt Bitcoin is the number 1 cryptocurrency and Ethereum is 2nd best, with Polygon being 3rd best overall.
Web3 is a new and exciting technology that is changing the way we use the internet. It's like a big network of computers that work together to make sure that everyone has control over their own information and can do things safely and securely. It has got the hype over the past couple of years but not many people see its potential. It is sort of an evolution of the internet into a data ownership system. One special thing about Web3 is called blockchain which is like a big book that keeps track of all the things that happen on the network. Instead of writing things down by hand, blockchains use computers to do it and are special because they are not controlled by one single person or company. Many computers all around the world work together to keep the record book up-to-date and accurate. That makes it very difficult for anyone to cheat or change the information on the blockchain.
Web3 evolution makes sure that no one can change anything without everyone else knowing about it. Another important part of Web3 is smart contracts. Smart Contracts are like agreements that can be made between people using the internet, and they happen automatically without anyone having to be in the middle. I started learning smart contracts in Solidity for Ethereum but other cryptocurrencies have their own programming languages. Web3 also has the creation of special apps called dApps, or decentralized applications, where their apps run on the network and no one person has control over them. Web3 technology is making the internet a better place for everyone by giving people more control and fairness. Non-fungible tokens, or NFTs, are also a big thing that is part of web3, basically, pictures that can be traded and have a value in crypto attached to them.
Be a nice human.
New vlog coming next blog;