The BlockDown Conference, in the beautiful Croatian city of Sibenik, covered topics well from NFT to DeFI, from gaming to DAO and featured protocols from across the blockchain spectrum: Ethereum Polkadot, Cosmos and more.
Cryptographic tokens found applications not only in art, finance and payments, gaming, or social sharing, but also sparked the utilization of goodness. NFTs and the metaverse are a new economy with games to win, NFT rentals, or NFT authentication. $160 million worth of NFTs go missing every year. #EthereumKillersRace is heating up with Moonbeam (on Polkadot) and Evmos (on Cosmos) opening new frontiers of scalability and interoperability. A good time won’t last forever. Raise more money than necessary. Mass adoption is simple. Ask degens for tips on cryptocurrencies.
Introduction: use of tokens
There are many tokens (sometimes called currencies): cryptocurrencies, stablecoins, NFTs,… What is the purpose of so many tokens?
Use of finance and payment
This is what Satoshi proposed in his famous white paper: a payment system without intermediaries (such as banks) and he called this network: Bitcoin.
With Ethereum enabling smart contacts, DeFi started (and cut out any form of middlemen in any kind of financial service) Utilizing art and beauty
Artists from around the world through the NFT marketplace gain immediate access to a global audience on day 0. Art: social and democratized. Use of social participation
Who has not heard of DAOs: Decentralized Anonymous Organization. Having a (democratic) organization has not been so easy in history. Use of Experimentation and Games
Game to End Authentication or NFT for games. Use of ethics and kindness
NFT artists buying NFTs from new comments to support them, developers of any chain and protocol sharing their practical experience with anyone… blockchain brought back the generosity… Huge thanks to @sreyeMnayR for pointing this out!
NFT and metaverse…
Metaverse is so much more than just logging in with NFT to an AwS-hosted game. Creating a new chain game has never been easier. RMRK.app with its framework is here to help. And when you need to borrow NFT, go to reNFT.
Beware: NFTs worth millions disappear every year
Blockchain is famous for keeping the complete history of every transaction from its inception, the genesis block, to the present day. In reality, each node on the blockchain stores this history. How then is it possible that more than $160 million worth of NFTs disappear each year?
Storing data on the blockchain is expensive. NFTs solve this problem by storing on the blockchain only an absolute minimum of information: a link to the metafile, which is somewhere (in the cloud) outside the blockchain. Those metafiles contain more information related to NTF, such as links to files with media. Those media files are stored in a distributed or non-distributed file storage system. Everything in this process can go wrong:
lost metafile from cloud serverlost media files from file storage system
The most insecure are NFTs, which store media in (centralized) file storage systems. Fortunately, Top Dog Studios, co-founded by Paul, is here to help if you missed your NFT.
Ethereum Killers Race Accelerates
How to expand your protocol? How to avoid congestion in Ethereum? One option is to opt for L2s on Ethereum (listed here), sidechains (EVM compatible chains), or build a new L1. Thanks to Polkadot and Cosmos building L1 has never been easier.
polkadot vs cosmos
Who will be the killers of Ethereum? Lunar or Cosmos? Both ecosystems have EVM-compatible chains: Moonbeam and Acala in Polkadot and Evmos in Cosmos.
Polkadot and Cosmos are L0 solutions that allow easy development of new L1 strings (no more forks!). Both Polkadot and Cosmos allow L1 chains to reuse their consensus mechanism and easily communicate with other chains within the ecosystem. The main difference is that parachains (Polkadot L1) also reuse Polkadot validators and need to win, so call auction slots to connect to the Polkadot relay chain. In the case of Cosmos, there is no broadcast chain or any other major chain in the ecosystem. However, each L1 must have its own validators.
Other challenges for Smart Economy: Neo
Neo is an L1 blockchain that proposed a new smart economy that aligns value creation and value capture. Thank you @lili_zurich for highlighting it.
DeFi goes mainstream
Bridging the gap between Degens and Regulator
The degens are early adopters of an experimental financial system whose battle of risk taking tests new distributed software systems and economic mechanisms. or even 1000% pa), and you can easily distinguish between real crypto advancement and scum. The degens are breaking and testing a new DeFi frontier for everyone. Regulators still see DeFi as a casino.
Thank you Zaki (from Sommelier Finance) for summing it up so well!
DAO and VC in Web3
A Tip for Web3 Founders from the VC Panel
The good times won’t last forever. How will first-time founders react when things go wrong?
-> Raise more money than necessary. You compete with Bank of America and other giants. 1+1 > 2
-> The team with excellence in several areas can do more The best founders make difficult decisions (often difficult, related to the team) quickly. To hatch or not to hatch? I personally did the Google Campus Incubator with my first startup on Web2. For a technician it was a great experience as I learned what CRM or sales funnel is and why a tech company needs sales and marketing ;).
-> Incubators are good for first-time founders.
A tip for Web3 founders from the DAO panel
Mass adoption is simple We are in the trial and error phase of DAO Don’t start from scratch. Fork, improve, succeed! DAO has the unique ability to align all stakeholders to go in a common direction Provide incentives not only for the community but also for developers
Final thoughts with Luna/Terra in the back
Web3 is here with its new smart economy, making the amazing possible. It is easy to get lost in the flow of innovation and it becomes more important than ever to get tips for crypto professionals, especially in situations like the fall of Luna/Terra. Degens is here to help. And platforms like Sommelier or Yanus Protocol find degens for you.
Follow me on Twitter for the latest news: https://twitter.com/cYanusTech
Guest post by Chris Gogol of Yanus Protocol
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This post Key Takeaways from BlockDown Croatia 2022
was published first on https://cryptoslate.com/key-takeaways-from-blockdown-croatia-2022/