*Welcome to the Consensus Show, where I cover the most popular cryptocurrencies in the world and give you unbiased information to help you come up with your own consensus.* This is not financial advice.

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Uniswap is a decentralized exchange (DEX) that allows users to buy and sell cryptocurrencies directly with each other, without the need for a central authority or intermediaries. It is built on the Ethereum blockchain and utilizes a unique trading mechanism called an “automated market maker” (AMM) to facilitate trades.

Uniswap was founded in 2018 by Hayden Adams, a software engineer and cryptocurrency enthusiast. Prior to starting Uniswap, Adams had been working on Ethereum-based projects and was looking for ways to improve the liquidity of decentralized exchanges.

Adams came up with the idea for Uniswap as a way to solve the liquidity problem faced by many DEXs by using an automated market maker (AMM) to facilitate trades. He built the platform on the Ethereum blockchain and launched it in November 2018.

Since its launch, Uniswap has grown rapidly and become one of the most popular DEXs on the market. It has a large and active user base, with a high volume of trading activity, and supports a wide range of assets.

# Key Features

One of the key features of Uniswap is its use of an AMM to facilitate trades. An AMM is a type of algorithm that automatically determines the price at which a trade can take place by using a formula to calculate the relative value of the two assets being traded. This allows for quick and efficient trades without the need for a traditional order book, as is used on many centralized exchanges.

Uniswap uses a specific type of AMM called a “constant product formula,” which means that the product of the amounts of the two assets being traded is always constant. This is based on the equation:

x \* y = k

Where “x” and “y” represent the amounts of the two assets being traded, and “k” is a constant value.

For example, let’s say that “x” represents the amount of Asset A being traded, and “y” represents the amount of Asset B being traded. If the value of “k” is set to 100, and someone wants to trade 10 units of Asset A for Asset B, the AMM would use the constant product formula to calculate the value of Asset B that the user would receive in exchange.

The formula would look like this:

10 \* y = 100

Solving for “y,” we get:

y = 10

This means that the user would receive 10 units of Asset B in exchange for their 10 units of Asset A.

The constant product formula is designed to ensure that the relative value of the two assets being traded is always in balance, regardless of fluctuations in their individual prices. This means that if the price of one asset increases, the price of the other asset must decrease by an equivalent amount in order to keep the product constant.

For example, if the price of Asset A increases by 50%, the price of Asset B must decrease by 50% in order to keep the product constant. This helps to ensure that trades on Uniswap are fair and transparent, and helps to prevent price manipulation.

In addition to its trading functionality, Uniswap also offers a “liquidity pool” feature, which allows users to provide liquidity to the platform by holding a balance of two different assets in a special contract. These users, called “liquidity providers,” earn a share of the trading fees generated by the platform in exchange for their contribution to the liquidity pool.

The idea behind the liquidity pool feature is to help ensure that there is always enough supply and demand for a given pair of assets to facilitate trades on the platform. By providing liquidity to the pool, users can help to smooth out price fluctuations and make it easier for others to trade the assets.

To participate in the liquidity pool, users need to deposit an equal value of two different assets into the pool. For example, if a user wants to provide liquidity for the ETH/DAI pair, they would need to deposit an equal value of ETH and DAI into the pool.

Once the assets are deposited, the user becomes a liquidity provider for that pair, and will earn a share of the trading fees generated by the platform in proportion to their contribution to the pool.

Liquidity providers can withdraw their assets from the pool at any time, although they may need to pay a small fee to do so. It is important to note that participating in the liquidity pool carries some risk, as the value of the assets in the pool may fluctuate due to market conditions. As such, it is important to carefully consider the risks before deciding to provide liquidity.

Another key feature of Uniswap is that it is fully decentralized, meaning that it is not controlled by any single entity or group of individuals. Instead, it is run on a decentralized network of computers, called “nodes,” which operate on the Ethereum blockchain.

The decentralized nature of Uniswap has several key benefits. First, it makes the platform resistant to censorship, fraud, and other forms of manipulation. Because the platform is run on a decentralized network, there is no central point of control that can be targeted or compromised. This helps to ensure that the platform is fair and transparent, and that users are able to trade freely without interference.

Second, decentralization helps to ensure the security of the platform. Because the platform is not controlled by any single entity, there is no single point of failure that could be exploited by hackers or other malicious actors. This helps to protect user funds and ensure that trades are processed smoothly and securely.

To understand how Uniswap’s decentralization works in practice, it is helpful to consider the way that trades are processed on the platform. When a user wants to trade on Uniswap, they send a request to the Ethereum network, which is broadcast to all of the nodes in the network.

The nodes then validate the request and execute the trade, using an automated market maker (AMM) to determine the price at which the trade can take place. The AMM uses a constant product formula to ensure that the relative value of the two assets being traded is always in balance.

Once the trade is complete, the updated balances are recorded on the Ethereum blockchain, and the transaction is confirmed. Because the platform is decentralized, there is no central authority that controls the process, and all of the nodes work together to ensure that the trade is processed accurately and securely.

# How To Use Uniswap

Using Uniswap is relatively simple, and involves the following steps:

* Set up an Ethereum wallet: In order to use Uniswap, you will need to have an Ethereum wallet that is compatible with the platform. There are several options available, including hardware wallets, software wallets, and browser extensions.
* Connect your wallet to Uniswap: Once you have your wallet set up, you will need to connect it to Uniswap in order to access the platform. This typically involves visiting the Uniswap website and clicking on the “Connect Wallet” button, which will allow you to choose your preferred wallet and authorize the connection.
* Choose the assets you want to trade: Once your wallet is connected, you will be able to see a list of available assets that you can trade on Uniswap. Simply select the two assets that you want to trade and specify the amounts that you want to buy or sell.
* Review and confirm the trade: Uniswap will show you the details of the trade, including the estimated price and the fees that will be charged. Review the information carefully, and if everything looks good, click the “Confirm Trade” button to complete the transaction.
* Wait for the trade to be processed: Once you have confirmed the trade, it will be sent to the Ethereum network for processing. This can take a few minutes, depending on network conditions. Once the trade is complete, you will see the updated balances in your wallet.

And that’s it! You have successfully traded on Uniswap. Keep in mind that fees may apply for each trade, and you should be aware of the risks associated with trading cryptocurrencies. It is always a good idea to do your own research and carefully consider the risks before making any trades.

**The Consensus**

Overall, Uniswap is widely considered to be a leading decentralized exchange (DEX) in the cryptocurrency market, with a strong reputation for security, transparency, and user-friendliness.

Let’s concisely reiterate the benefits, and the drawbacks of Uniswap in our final conclusion!

Some of the key benefits of using Uniswap include:

* Decentralized nature: As a DEX, Uniswap is not controlled by any single entity or group of individuals. This makes the platform resistant to censorship, fraud, and other forms of manipulation, and helps to ensure that it is fair and transparent.
* Wide range of supported assets: Uniswap supports a wide range of cryptocurrencies, including popular assets like Bitcoin, Ethereum, and Litecoin, as well as many other lesser-known altcoins. It also supports trading of non-fungible tokens (NFTs), which are unique digital assets that represent ownership of a specific item or concept.
* User-friendly interface: Uniswap has a simple and intuitive interface that makes it easy for users to buy and sell assets on the platform. It also has strong security measures in place, including support for hardware wallets and other forms of multi-factor authentication.
* Liquidity pool feature: Uniswap’s liquidity pool feature allows users to provide liquidity to the platform by holding a balance of two different assets in a special contract. These users, called “liquidity providers,” earn a share of the trading fees generated by the platform in exchange for their contribution.

Some of the major drawbacks of using Uniswap include:

* Lack of traditional order book: Unlike many centralized exchanges, Uniswap does not have a traditional order book, which can make it more difficult for users to get the exact price that they want for their trades. This is because the price is determined by the AMM, which uses a constant product formula to calculate the relative value of the two assets being traded.
* Dependence on Ethereum network: Because Uniswap is built on the Ethereum blockchain, it is dependent on the performance of the Ethereum network. If the network is congested or experiencing other issues, this can affect the speed and reliability of trades on the platform.
* Risk of losses: As with any cryptocurrency investment, there is always the risk of losses due to market fluctuations and other factors. It is important for users to carefully consider the risks before making any trades, and to only invest what they can afford to lose.

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The Crypto Genie

Uniswap Looking Strong Amid FTX Scandal — Complete Overview of the DEX

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Welcome to the Consensus Show, where I cover the most popular cryptocurrencies in the world and give you unbiased information to help you come up with your own consensus.

## **Welcome to the world of NEAR Protocol!**

NEAR Protocol is an open-source, decentralized platform for building and deploying scalable, decentralized applications (dApps).

The NEAR Foundation, a non-profit organization, is responsible for the overall development and maintenance of the NEAR Protocol. It was created by a team of developers and researchers at NEAR, Inc., a company founded in 2017 with the goal of building a user-friendly platform for decentralized applications. NEAR Protocol was designed to be a user-friendly platform that allows web3 developers to build and deploy dApps with ease.

**The *Executive Team* at NEAR, Inc. includes:**

* Alexander Skidanov, co-founder and CEO: Alexander is a computer scientist with a background in distributed systems and blockchain technology. He has been involved in the development of NEAR Protocol since its inception and is responsible for overseeing the overall direction and strategy of the company.
* Illia Polosukhin, co-founder and CTO: Illia is a software engineer with a background in machine learning and natural language processing. He is responsible for the technical development and implementation of NEAR Protocol.
* Tatyana Dubinina, COO: Tatyana is a business development and strategy executive with a background in venture capital and corporate strategy. She is responsible for the overall operation and growth of NEAR, Inc.

Other key members of the NEAR team include researchers, engineers, and developers who are working on the development and maintenance of NEAR Protocol.

Overall, the team behind NEAR Protocol is a diverse group of experienced professionals with a wide range of expertise in computer science, software engineering, and business strategy.

## – Key Features –

One of the key features of NEAR Protocol is its use of *sharding*, which is a key feature of NEAR Protocol that allows it to scale horizontally and support a large number of transactions per second. It allows for better decentralization and a more seamless user experience, making it an attractive choice for developers building decentralized applications on the platform.

Sharding works by dividing the blockchain into smaller “shards,” each of which can process transactions independently.

In the context of NEAR Protocol, sharding is implemented by dividing the validator set (the nodes responsible for validating and committing transactions to the blockchain) into smaller groups, known as “collators.” Each collator is responsible for processing transactions within a particular shard. When a transaction is submitted to the network, it is assigned to a specific shard based on the account it is interacting with.

In addition to sharding, NEAR Protocol also uses a technique called *“cross-shard communication”* to allow transactions to interact with accounts on different shards. This allows for a more seamless user experience, as users can interact with accounts on different shards without experiencing any delays or disruptions.

Sharding allows NEAR Protocol to process transactions in parallel, rather than sequentially, which allows it to handle a larger number of transactions without experiencing the same level of congestion as other blockchain platforms. It also allows for better decentralization, as the validator set can be divided into smaller groups, making it more resistant to censorship and attacks.

Another key feature of NEAR Protocol is its use of the *“Nightshade” virtual machine*.

The Nightshade Virtual Machine (VM) is a runtime environment used by the NEAR Protocol to execute smart contracts. It is designed to be a highly performant and secure platform for executing these contracts, which are self-executing programs that facilitate, verify, and enforce the negotiation or performance of a contract.

It achieves this performance by using a just-in-time (JIT) compiler, which converts code into machine language just before it is executed, rather than ahead of time like in traditional compiled languages. This allows the Nightshade VM to execute code faster and more efficiently.

One of the main key features of the Nightshade VM is its support for a variety of programming languages, including Rust, AssemblyScript, and Solidity. This makes it easier for developers to build and deploy smart contracts on NEAR Protocol, as they don’t need to learn a new programming language.

In terms of security, the Nightshade VM uses a sandboxed execution environment to protect against potential vulnerabilities and malicious attacks. It also includes a number of security measures to ensure the integrity and security of the smart contracts being executed.

## – Governance –

NEAR Protocol uses a decentralized autonomous organization (DAO) model for governance, where token holders can participate in the decision-making process of the platform.

In the NEAR Protocol DAO model, token holders can propose and vote on governance proposals, which can range from technical decisions to community initiatives. These proposals are submitted to the NEAR Protocol governance forum, where token holders can discuss and debate them. If a proposal receives sufficient support, it is put to a vote, and if it passes, it is implemented on the platform.

The NEAR Protocol governance model is designed to be transparent and inclusive, allowing all token holders to have a say in the direction of the platform. It is also designed to be flexible, allowing for changes to be made as the needs and priorities of the community evolve over time.

The NEAR Protocol governance model is an important component of the platform, allowing for a decentralized and inclusive decision-making process that reflects the needs and priorities of the community. It is a key aspect of the platform’s decentralized nature, and helps to ensure that the platform is responsive to the needs and concerns of its users.

## – The Consensus –

Overall, NEAR Protocol is a promising platform for building and deploying decentralized applications. Its scalability, user-friendly design, and support for a variety of programming languages make it an attractive choice for developers looking to build on a decentralized platform. However, it is still a relatively new platform, and its long-term success will depend on its ability to attract developers and users and establish itself as a viable alternative to other blockchain platforms. So, it is important to keep track of its developments and its adoption in the market.

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NEAR Protocol — Complete Overview

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If you are deep into the crypto world, and you keep your eyes on healthy competition in the market, then you know that one of the most prolific rivalries has left investors and enthusiasts alike guessing at a victor for a long time now, with their stunning similiarities, yet major differences, and capabilties, we are going to highlight these competitors attributes to help you best decide which one you like better! The final showdown of Algorand and Solana commences!

In this article, we’ll be diving into the differences between these two cryptocurrencies to help you make an informed decision. From scalability and transaction speeds to developer support and energy efficiency, we’ve got all the info you need to choose the right one for your needs. So sit back, relax, and let’s get comparing! You’ll notice that their pros and cons are virtually the same, which is what makes them such great competitors.

# Algorand

Algorand is a decentralized, open-source blockchain platform that was developed by Massachusetts Institute of Technology (MIT) computer science professor Silvio Micali. It uses a unique proof-of-stake (PoS) consensus algorithm called Pure PoS, which is designed to be fast, secure, and highly scalable. Algorand was founded in 2017 and launched its mainnet in 2019.

The executive team at Algorand includes Silvio Micali, who serves as the CEO and founder, and W. Sean Ford, who is the Chief Operating Officer. Micali is a computer science professor at MIT and a recipient of the Turing Award, which is considered the “Nobel Prize” of computer science. He has also founded several successful tech companies in the past. Ford has a background in software engineering and has held executive positions at various tech companies.

Other members of the Algorand executive team include Chief Scientist Laurent Massoulié, Chief Product Officer Steve Kokinos, and Chief Marketing Officer John Licciardello. The team also includes advisors from a variety of fields, including finance, security, and blockchain.

Algorand has received funding from a number of venture capital firms and strategic investors, including Pillar Venture Capital, Point 72 Ventures, and Union Square Ventures. It is headquartered in Boston, Massachusetts, with additional offices in New York, San Francisco, and Tokyo.

Now let’s take a look at some of the pros, and cons!

# Pros of Algorand

* High scalability: Algorand’s Pure PoS consensus algorithm allows it to process a high number of transactions per second, making it suitable for use in high-traffic environments such as online marketplaces and financial systems.
* Fast transaction speeds: Algorand’s high transaction throughput allows for fast transaction processing, which is essential for applications that require real-time updates.
* Energy efficiency: Because Algorand uses a PoS consensus mechanism, it does not require miners to solve complex cryptographic puzzles in order to validate transactions. This makes it more energy-efficient than proof-of-work (PoW) blockchains such as Bitcoin.
* Security: Algorand uses a secure, decentralized network of validators to ensure the integrity of the blockchain and protect against malicious attacks.

# Cons of Algorand

* Limited decentralized application (DApp) support: While Algorand is capable of supporting a wide range of applications, it is not as widely adopted as other blockchain platforms, which may limit the availability of DApps.
* Limited developer support: Algorand has a smaller developer community compared to some other blockchain platforms, which may make it more difficult to find support and resources for building on the platform.

# Solana

Solana is a decentralized, open-source blockchain platform that was developed by Solana Labs. It uses a novel consensus algorithm called Proof of History (PoH), which allows it to process transactions at high speeds while maintaining a decentralized network. Solana is designed to be scalable and energy-efficient, and it supports the development of decentralized applications (DApps).

Solana was founded in 2017 by CEO Anatoly Yakovenko and CTO Greg Fitzgerald. Yakovenko has a background in software engineering and has held leadership positions at various tech companies, including Qualcomm. Fitzgerald has a background in computer science and has worked on the development of several blockchain projects.

Other members of the Solana executive team include Chief Product Officer Tarun Chitra, Chief Marketing Officer Sam Bankman-Fried, and Chief Financial Officer Arul Kumaravel. The team also includes advisors from a variety of fields, including finance, blockchain, and cybersecurity.

Solana has received funding from a number of venture capital firms and strategic investors, including Multicoin Capital, Blockchain Capital, and Pantera Capital. It is headquartered in San Francisco, California, with additional offices in New York and London.

Now let’s take a look at some of the pros, and cons!

# Pros of Solana

* High scalability: Solana’s PoH consensus algorithm allows it to process a high number of transactions per second, making it suitable for use in high-traffic environments.
* Fast transaction speeds: Solana’s high transaction throughput allows for fast transaction processing, which is essential for applications that require real-time updates.
* Energy efficiency: Solana’s PoH consensus mechanism is more energy-efficient than PoW blockchains such as Bitcoin, as it does not require miners to solve complex cryptographic puzzles.
* DApp support: Solana supports the development of DApps, which allows for a wide range of applications to be built on the platform.

# **Cons of Solana**

* Limited adoption: Solana is a newer blockchain platform, and it may not have as wide an adoption as some other platforms.
* Limited developer support: Solana has a smaller developer community compared to some other blockchain platforms, which may make it more difficult to find support and resources for building on the platform.

# The Consensus

As I said in the beginning, you can tell, their pros and cons are virtually the same as one another, but it’s important to note that Algorand is a PoS blockchain with a high transaction throughput and energy efficiency, while Solana uses a PoH consensus mechanism to achieve high scalability and fast transaction speeds. So if you are looking for a more secure, and efficient blockchain Algorand may be the one for you, if you are looking for a higher scalability for DApps, and insanely fast transaction speeds then Solana may be the one for you!

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Algorand or Solana? - Competitive Overview

# The Algorand Consensus — Insights Into the Future

 ![](https://miro.medium.com/max/600/1\*DjKLqEgnLhz7IjERzrrP8g.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

Welcome to The Consensus Show, where I educate you about new innovators and companies involved in the crypto/blockchain world. I’m here to provide you with the best-unbiased reporting I can.

***It’s important to note that this is not financial advice, and it’s always important to do your own research before making any important decisions.***

Algorand ($ALGO) is a relatively new blockchain initially released in April of 2019, but its original research goes as far back as 2017. It’s already taken the crypto markets by storm cementing itself as a top 30 contender via market cap. ALGO, at the time of writing this article, currently sits with a $2.2 billion market cap and is trading at $0.33 USD. ALGO saw major success not only from retail investors but from firms and big-wigs alike, securing over $132 million in over 8 rounds of funding runs.

The success of Algorand stems from a few things, but most importantly one of those is the team behind it, and the second most important one is the problems that the technology actually solved at the time of its inception.

Algorand is a Pure Proof-of-Stake mechanism, which helps solve the problem of the environmental effects, as well as solving problems of congestion on the networks of Proof-of-Work mechanisms. *__[Read more about the differences of those here.](https://thecoinsphere.com/general/the-difference-between-proof-of-work-and-proof-of-stake-ethereum-merge-basics/)__*

Algorand has a major leg-up for future, and current competitors alike, because it’s one of the original pioneers of the Proof-of-Stake mechanism, with computer scientist titans like *__[Silvio Micali ](https://www.algorand.com/about/from-our-founder)__*being at the forefront of its design.

ALGO’s original conception wasn’t focused solely on business, the groundwork of the Proof-of-Stake mechanism was done in an ivy league education environment by Silvio and other researchers. It’s considered the mass brainchild of multiple Ivy-league computer scientists. You can read more about their official whitepapers here. — *__[Read here.](https://www.algorand.com/technology/white-papers)__*

Algorand is looking to solve the problem that fiat currencies currently bring to society, by creating a borderless economy, like all cryptocurrencies are pretty much here to do. Algorand is doing so in a green way, in a fast way, and a secure way. ALGO unlike most competitors has the luxury of marketing itself as the blockchain with zero attacks on its network!

Overall, I think Algorand has a very promising future, once we have a bull cycle, and mass adoption begins which the evidence has already proved true, then I think it’s safe to say ALGO has huge potential. Let’s take a look at some of the projects being built on the ALGO chain right now!

* *__[FIFA 2022 World Cup NFT project](https://thecoinsphere.com/general/fifa-announces-2022-world-cup-nft-plans/)__*
* *__[The Marshall Islands](https://www.algorand.com/ecosystem/use-cases/marshall-islands-sov)__*
* *__[Planet Watch](https://www.algorand.com/ecosystem/use-cases/planetwatch)__*

These are just a couple, there are MANY projects being built on the Algorand blockchain. If you want to read about some more, you can check out a whole list — *__[HERE!](https://www.algorand.com/ecosystem/use-cases)__*

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The Algorand Consensus — Insights Into the Future

The United States has recently bombarded us with a sloth of reports regarding cryptocurrency. A total of 3 reports, and 8 publications, from 6 different government bodies, totaling 244 pages. It can be a little overwhelming to absorb it all, so the Genie is here to make it easy for you!


---

## Department of Treasury

***There were 3 reports in total coming from the Department of Treasury.***

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-4.png)

***__[-READ THE REPORT HERE-](https://home.treasury.gov/system/files/136/Digital-Asset-Action-Plan.pdf)__***

This report is 20 pages long, and overall it’s pretty simple to digest. This is purely dedicated to anti-corruption in the crypto market, things like; Anti money-laundering and rug-pull scams. The government will be getting more involved with the cybercrime in cryptocurrency, which is rampant in the market so overall this will be a good thing for us that follow the law.

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-5.png)

***__[-READ THE REPORT HERE-](https://home.treasury.gov/system/files/136/CryptoAsset_EO5.pdf)__***

This report is 58 pages long, and it’s probably the most simple to contextualize. The government is obviously very aware of crypto scams happening, so they have employed a requirement for digital asset services too provide better consumer protection. What does this mean exactly? Well, basically they’re making digital asset services put more warning labels on things, it’s all about making the retail investor, everyday people like me and you know of the crypto scams plaguing the the market.

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-6.png)

***__[-READ THE REPORT HERE-](https://home.treasury.gov/system/files/136/Future-of-Money-and-Payments.pdf)__***

This report is 56 pages long, and it’s about bridging the gap between digital currencies, and the modern day US economy. It talks about how to handle regulation with payments, and how to incorporate the central banks into the system. It touches on government ideas such as “central bank digital currencies.”


---

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## Office of Science and Technology

***There were 3 reports in total coming from the White House Office of Science and Technology.***

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-7.png)

***__[-READ THE REPORT HERE-](https://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Crypto-Assets-and-Climate-Report.pdf)__***

This report is 46 pages long, and I wrote an article detailing this report better, because this one has a huge implication on Proof-of-Work mechanisms, aka crypto miners. *__[(You can read that here)](http://thecoinsphere.com/world-news/us-news/white-houses-stance-on-crypto-mining/)__* – This report is all about highlighting the adverse effects of mining in its current state, however they have no plan to out-right ban crypto mining. They are more focused on improvements in energy consumption/methods, and the general technology revolving around Proof-of-Work systems.

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-8.png)

***__[-READ THE REPORT HERE-](https://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Policy-Objectives-US-CBDC-System.pdf)__***

This report is only 6 pages long, and it’s laying the groundwork for the Federal Reserve research being conducted to create a digital currency for the US government abroad.

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-9.png)

***__[-READ THE REPORT HERE-](https://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Technical-Evaluation-US-CBDC-System.pdf)__***

This report is 58 pages long, and it’s highlighting the technological side of creating a digital currency, and provides different recommendations to improve technological infrastructure for the US.


---

## The Department of Justice

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-10.png)

***__[-READ THE REPORT HERE-](https://www.justice.gov/ag/page/file/1535236/download)__***

This report is 66 pages long, and it’s geared more for the law enforcement aspect of cybercrime. It provides different recommendations, to investigate, and prosecute cybercrime involving cryptocurrency.


---

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## The Department of Commerce

 ![](http://thecoinsphere.com/wp-content/uploads/2022/09/Untitled-design-11.png)

***__[-READ THE REPORT HERE-](https://www.commerce.gov/sites/default/files/2022-09/Digital-Asset-Competitiveness-Report.pdf)__***

This report is 19 pages long, and it’s set to move us forward in regulation with dealing with transactions with crypto. It talks about US competition with adversaries regarding technology.


---

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Overview of Recent US Policy on Crypto

# Nancy Pelosi’s Son Involved With Crypto Scam

 ![](https://miro.medium.com/max/633/1\*DfqMCG2jILO9cdlxS1GYGA.jpeg)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

Nancy Pelosi’s son, **Paul Pelosi Jr** was tied together with a crypto scam involving over $600,000 of money being stolen from investors. It was of course an Initial Coin Offering (ICO) scheme.

The scheme was pulled off by a man with the name of Asa Saint Clair, and the name of the coin he was offering was known as IGObit. Saint Clair claimed that Pelosi was “a long time-associate, both professionally, and personally”.

 ![](https://miro.medium.com/max/700/1\*XT7ycdfqW-744symjbwDkA.jpeg)

Paul Pelosi Jr Endorsing the Project.

The scheme involved Saint Clair using the United Nations as a cover story for his project. By the victim’s accounts, he was telling them that the coin was involved in a “World Sports Alliance”, of which he claimed close ties with the UN. He claimed the organization provided struggling youth around the world an outlet through sports.

Saint Clair was sentenced to 42 months in prison and was ordered to pay over $600,000 in restitution. Pelosi was not charged in the case.

* ***__[If you want to read the full case, you can do so here-](https://www.justice.gov/usao-sdny/pr/president-sham-united-nations-affiliate-convicted-cryptocurrency-scheme)__***

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

Nancy Pelosi’s Son Involved With Crypto Scam

# US Department of Justice Fights Cryptocurrency Crime

 ![](https://miro.medium.com/max/600/1\*1N1ZUWNYAIrFJaqoDyotKQ.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

According to multiple sources, the rough estimate of cybercrime profits for criminals related to cryptocurrency is over $2 billion.

Whether it’s more personalized hacking, adversaries like North Korea creating front companies and stealing all the investor’s funds, or your simple NFT rug pulls, the United States has decided it’s cracking down on cybercrime in the crypto industry for good.

Attorney General Merrick B. Garland announced that the department of justice will be creating the “Digital Asset Coordinators Network”, in order to allow the “National Cryptocurrency Enforcement Team” to do its job properly within the confines of the law, which has yet to be created let alone interpreted/practiced.

The Digital Asset Network (DAC) will consist of more than 150 federal prosecutors, ranging from a huge variety of U.S attorney’s offices. The DAC’s main goal is to train and educate prosecutors in the industry so that they can prosecute these cybercriminals with merit.

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

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US Department of Justice Fights Cryptocurrency Crime

# Coinbase to Launch in Japan

 ![](https://miro.medium.com/max/700/1\*_R8PuGsLaWq5ElTsE6UubA.png)

*__[— Sign up for Coinbase, and claim 10$ in bitcoin today here —](https://coinbase.com/join/51kvr7)__*

There is big news happening all over the world regarding Crypto, and Japan is happily joining in on the exciting time. Prime Minister Fumio Kishida has shed positive light in the web3 space, and has encouraged the adoption, and development of blockchain technology avidly. Japan has consistently been a major crypto player globally, and many would consider Japan as a leading country in development and adoption of the technology.

Coinbase has decided to enter the Japanese market, and compete head on with domestic exchanges such as bitFlyer. Coinbase, and many other Western exchanges have been slow to reach the Eastern markets, however Coinbase is coming in strong for their debut in Japan. Coinbase plans on releasing their exchange with more than 30 crypto-assets on the Japanese market, which is on par with it’s current competitors. For most Westerners, at least Americans this seems like a small list to choose from, and in retrospect it is, but it’s important to remember the political climate a little bit in Japan.

Like all governments, Japan is not indifferent to political debate, and like all governments in this day in age, crypto is a hotly debated topic among the political scene in Japan. Many Japanese companies are lobbying, and advocating for less strict regulations regarding crypto-assets, and crypto related funding. The road to list more coins is a slow one, but it seems to be pushing through for the country of the rising sun.

 ![](https://miro.medium.com/max/700/1\*QDp43N2-cXy-7A8LlBVx7Q.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

Coinbase to Launch in Japan

# Dogecoin is the 2nd Biggest Mining Asset After Ethereum Merge

 ![](https://miro.medium.com/max/600/1\*DrVDSN6IwcmpR0HPndhmkA.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

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DOGECOIN is back in the spotlight today baby!

\
The Ethereum Merge has either changed or will change the entirety of the crypto market, and the infamous DOGECOIN is no different.

Dogecoin which has consistently been in the top 3 proof-of-work blockchains in market-cap, has now been placed #2 with a whopping $3 billion dollars of market-cap above its competitor.

 ![](https://miro.medium.com/max/700/1\*D-k3r09fq-8njr48jzctKg.png)

**__[-Ranked by Cryptoslate.com-](https://cryptoslate.com/cryptos/proof-of-work/)__**

Dogecoin is still regularly peddled by Elon Musk on Twitter, and other social media.

Elon Musk has actually provided a real-world application to Dogecoin, by allowing customers to purchase different gimmicky items such as the “Cyberwhistle”

 ![](https://miro.medium.com/max/610/1\*shjNEcnsVzFMGGCCvMd6Ww.png)

**__[Cyberwhistle](https://shop.tesla.com/product/cyberwhistle)__**

If you decide to click on the link, you’ll be sad to realize that the Cyberwhistle is sadly sold out. If you were lucky enough to pick one up, you would have paid 1000 Dogecoin, which is equivalent to roughly $60 at the time of this article.

Think we all can agree it’s a little pricey for a whistle, but none less would have been a cool piece to own for the sake of crypto history, and the idea is very creative!

 ![](https://miro.medium.com/max/516/1\*5gW3e8ejYk0VVJe-7KMq2Q.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

 \n 

Dogecoin is the 2nd Biggest Mining Asset After Ethereum Merge

# Coinbase Gets Political

 ![](https://miro.medium.com/max/700/1\*VcRYEs-sUl-EmsGz56IcYg.jpeg)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

\
Coinbase has made a huge stride forward in pushing for proper policy regarding crypto. It’s safe to label Coinbase, and their CEO Brian Armstrong as true Crypto patriots today.

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It’s perfect timing for midterms, and it’s obvious that Coinbase is interested in having crypto-friendly politicians in office. They’ve decided to incorporate a politician checker into their app, in-order for you to gauge their policy on cryptocurrency.

 ![](https://miro.medium.com/max/611/1\*iVX2VtbZWvCIWk4Kt8XOQA.png)

**__[Watch the full video on Twitter — Here](https://twitter.com/brian_armstrong/status/1570133078022160384?s=20&t=1MfGsxSQI2TO70fqOdqiXA)__**

Right now the plan is just enacted in the United States, but eventually, the Coinbase CEO has announced that it will eventually span globally, and the candidates will be able to solicit donations through crypto.

Users on Coinbase are given the option to rate their local politicians on “crypto friendliness” and will also be provided with information on where your town-hall is located, and how you can get involved in making change.

*__[— Sign up for Coinbase, and claim 10$ in bitcoin today here —](https://coinbase.com/join/51kvr7)__*

 ![](https://miro.medium.com/max/700/1\*QDp43N2-cXy-7A8LlBVx7Q.png)

__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__

Coinbase Gets Political

# Russia Will Pass New “Digital Currency” Laws

 ![](https://miro.medium.com/max/600/1\*p9h2pcfscbFum7XZrgqRjg.png)

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Whether you live in *__[China](http://thecoinsphere.com/world-news/how-a-case-involving-litecoin-changed-chinas-stance-on-crypto/)__*, the *United States*, *__[Armenia](http://thecoinsphere.com/world-news/armenia-the-new-mining-capital/)__*, or now *__[Russia](http://thecoinsphere.com/world-news/russia-creates-a-stablecoin-china-north-korea-and-belarus-to-join-in-using-it/)__*, there has been news happening in Crypto all across the board.

Before deciding to invade Ukraine, Vladimir Putin back in January of 2022 ordered together all of his financial ministers to come together with concrete laws for the future of “the digital financial asset.”

This leads us to today, where Prime Minister Mikhail Mishustin has pushed the financial sector of the government, to join forces with the Russian central banks to come together with a proposal by December of this year.

The legislation will include provisions regarding crypto mining, outsourcing of Russian energy, regulation of digital assets, and setting up the framework for the Digital Ruble to be a part of the international system. *__[Here you can read more about Russia’s plans for the official digital coin.](http://thecoinsphere.com/world-news/russia-creates-a-stablecoin-china-north-korea-and-belarus-to-join-in-using-it/)__*

Russia has seen major success with cryptocurrency because it can blatantly avoid western sanctions, so the government has deemed it an important asset. They also outsource their cheap energy to the entire Euroasian region countries like Armenia and Kazakhstan, so economically there is a huge incentive to adapt to the market.

Overall, I think this is good for the crypto market as a whole, and seeing more adoption and acceptance from governments around the world is a positive sign for crypto enthusiasts. It’s an exciting time to be alive, the opportunities and possibilities are endless if we see mass adoption globally.

 ![](https://miro.medium.com/max/700/1\*QDp43N2-cXy-7A8LlBVx7Q.png)

**__[For the best Crypto News in the world, visit TheCoinSphere.com](http://thecoinsphere.com/)__**

Russia Will Pass New “Digital Currency” Laws

# How a Case Involving Litecoin Changed China’s Stance on Crypto

 ![](https://miro.medium.com/max/600/1\*k_z0nm3WsEYO3sEHQpOWkg.png)

For the best Crypto News in the world, visit __[TheCoinSphere.com](http://thecoinsphere.com/)__

Today a Chinese court ruling has potentially revolutionized the interpretation of the laws regarding digital assets and digital currency in China.

Litecoin was in the spotlight during the case and got some free advertisement in the process, however, it’s important to note that Litecoin’s position within the crypto market, helped the prosecutor in the case immensely.

The fact that Litecoin is one of the pioneers of the industry, and it’s consistently ranked in the top 20 in market cap worth a whopping $4 billion probably helped solidify it as a real asset in the case. If this were some bottom-of-the-barrel startup company, who knows where this case would have gone? It’s also important to note that the case has been on trial since 2015, with it finally being ruled in 2022.

I’ll cover the important parts in this article, but if you are interested in reading the full case, you can check it out: *__[here](https://www.bjcourt.gov.cn/cpws/paperView.htm?id=da20e617cb2341a2828a4a39d375938e&n=1)__*

A Chinese man loaned his “friend” 50,000 Litecoin which is $3 million USD, and in return, his friend promised to pay an interest fee of 1,000 Litecoin per month. Well, the friend decided against paying him and avoided doing so because he thought he was protected by the law.

The Chinese law does in-fact have an outright ban on cryptocurrency trading, and digital asset services, however, this case has shed some light on the perception of things.

The Chinese judge acknowledged the ban, and said this:

*“According to real administrative regulations and cases, our country only denies the monetary attributes of virtual currency and prohibits its circulation as currency, but the virtual currency itself is a virtual property protected by the law,”*

To many people’s surprise, the judge proceeded to cite the lack of laws banning the perception that Litecoin is an **ILLEGAL** asset.

Therefore, the judge favored the prosecutor in the case, because he was able to prove that the defendant borrowed the “virtual asset” and agreed to pay it back, with interest.

This is one case of many revolutionizing the pace of digital currency and digital assets in China. China has become a top 10 player in the industry, imagine what it can do, and what will happen to the global market *without* regulation. The days are numbered for the government’s crypto ban in China, the people have spoken.

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

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How a Case Involving Litecoin Changed China’s Stance on Crypto

# The Metaverse Version of Pokemon Go — Play to Earn Metaverse Game

 ![](https://miro.medium.com/max/700/1\*ZjZwi0wSnKe0WhoMZ5zZ4Q.png)

To check Dropverse out and signup for the beta, visit — __[Dropverse.com](https://www.dropverse.com/)__

There’s always new and exciting technology being released in the world of cryptocurrency, and thankfully gaming is a part of that evolution. The play-to-earn approach that developers have introduced has seen some success, and proved that the model can work, games such as Axie Infinity.

It’s only a matter of time before the creativity of developers abroad catches up with the technology that we’re currently using, and we start seeing more interesting games developed within the Metaverse.

Today we have a showcase of a very creative, and interesting app in beta, created by a very ambitious set of developers. It’s a dapp/game called *__[Dropverse](https://www.dropverse.com/)__*, and it’s a play to earn game almost identical to Pokemon Go in functionality, with the main difference is that its PLAY TO EARN!

For those unfamiliar with Pokemon Go, the idea is the game uses your local GPS data, and spawns in different items around for you to walk/bike/drive around and collect. In __[Dropverse](https://www.dropverse.com/)__, you first start by collecting a set number of a variety of orbs.

 ![](https://miro.medium.com/max/700/1\*eT7VZcazmKDHM_emIntUtQ.jpeg)

As you can see, they don’t spawn far apart from each-other

**You’re outside, you’re getting some sunshine enjoying the nice weather, and you’re collecting orbs havin’ a good time, now what do you do with the orbs?**

 ![](https://miro.medium.com/max/700/1\*MsMOVD0eh5kSMbEVsSBACQ.jpeg)

Loot Boxes Spawn Less Frequently Around the Map, and require orbs to open.

Your next mission is to find a loot chest in which you possess the necessary assortment of orbs to open! Here you can see I need 20-midnight orbs, and 5 blue orbs to open this loot chest.

Once I have collected enough orbs and opened this chest I will be awarded a random reward ranging from $5 in APE coins, or some creative NFTs, and last but not least other in-game rewards.

Overall, I think the idea is very cool, and it’s a unique way to introduce the real outside world, gaming, and the play-to-earn metaverse model all in one well-designed Dapp/game. If you would like to join the beta for yourself, and start earning Ape Coin, *__[check them out here.](https://www.dropverse.com/)__*

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

__[Check us out on TheCoinSphere.com — We have the best articles on Crypto in the world!](http://thecoinsphere.com/)__

The Metaverse Version of Pokemon Go — Play to Earn Metaverse Game

For the best Crypto News in the world, visit __[TheCoinSphere.com](http://thecoinsphere.com/)__

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A former Coinbase product manager’s brother pleaded guilty to insider trading on 9/12/2022. He is facing a sentence of up to 20 years in federal prison for his crimes committed. He has been in custody since July, of 2022.

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The man’s name is Nikhil Wahi, and his brother Ishan Wahi was the product manager responsible for leading the asset listing team.

 ![](https://miro.medium.com/max/700/1\*LBWDYpk2NHvS0b9yYJ2vIw.png)

Nikhil Wahi | The First Ever Department of Justice case regarding Crypto Insider Trading.

It’s obvious here what happened now, Ishan was providing tips to his brother Nikhil, who would use multiple anonymous Ethereum wallets to stack up loads of shares/tokens of projects right before they were about to be listed on Coinbase’s official exchange, and then right when they would post he would proceed to sell for massive amounts of profit.

The current charges are being pressed by the department of justice(DOJ), but it’s important to note that the US Securities and Exchange (SEC) has also proceeded with separate insider trading charges.

Nikhil Wahi purchased at least 25 different crypto assets, and at least nine of them were deemed as securities.

The earnings reported that the feds could actually find were amassed to be over $1 million, however, it’s believed that much more profit was made, and was not fully accounted for.

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

__[Check us out on TheCoinSphere.com — We have the best articles on Crypto in the world!](http://thecoinsphere.com/)__

First Crypto Insider Trading Case — Facing 20 Years in Prison

For more the best Crypto News in the world, visit __[TheCoinSphere.com](http://thecoinsphere.com/)__

Ethereum swapping from Proof-of-Work (PoW) over to Proof-of-Stake (PoS) will inevitably cause some confusion to those not fully familiar with the technical aspect of Crypto, and that’s where the Genie’s got your back! Let’s cover some of the basics here

Proof-of-Work, which I will now refer to by its acronym PoW was the old system Ethereum used, and what other blockchains like Bitcoin, or Litecoin are still using today. It uses a community-based node system using raw computing power to confirm transactions among the blockchain (crypto miners). This requires a ton of energy consumption since it requires so much computing power to confirm these transactions, so in turn, it’s very expensive to accomplish anything on the blockchain for developers, and consumers alike. This is where the Proof-of-Stake, comes into play.

Proof-of-Stake, which will be referred to as PoS, while still a blockchain, and uses a community node system, has now replaced the raw computing power needed, with a much more efficient staking system to confirm transactions. Basically, you lock up a certain amount of Ethereum into a smart contract, and it sits on the network solely to confirm other transactions on the network while you reap staking rewards for doing so. PoW and PoS are very similar in the end function, you invest something into the network and you get rewarded back, that’s one of the core generalized ideas of blockchain in the first place. PoS solves a problem that not many anticipated with the creation of the PoW system, and it’s going to be a very exciting future to see the most popular blockchain used by developers become drastically more accessible.

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

__[Check us out on TheCoinSphere.com — We have the best articles on Crypto in the world!](http://thecoinsphere.com/)__

The Difference Between Proof-of-Work, and Proof-of-Stake —Blockchain Basics

For more the best Crypto News in the world, visit __[TheCoinSphere.com](http://thecoinsphere.com/)__

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With 2022 inching closer to an end, humanity still has the luxury of enjoying one of the most exciting moments in sports to happen every 4 years, the FIFA world cup for football/soccer. This is a momentous occasion for not just avid sports fans, but also patriotic citizens who watch and support the world cup simply to cheer on their home country, and this year it’s also panning out to be a very important event for the world of crypto.

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Releasing sports clips as NFTs is nothing new to the likes of organizations like the NBA, in which it’s worked very successfully, but FIFA has decided to join in on the fun, and give basketball a run for its mon-… I mean crypto. FIFA has announced that this year for the 2022 Qatar World Cup, they will launch their very own NFT collection for fans to purchase featuring clips posted from the World Cup.

The NFTs collection blockchain deal has already been secured with Algorand ($ALGO.) The company ALGO sports low transaction fees, and a fast proof-of-stake network. When the deal was announced, ALGO saw a nearly 20% surge in price. Many wonder what the future of the Algorand blockchain is, and many see the deal with FIFA as cementing it in the market.

The appeal to buying a clip from a game that you can re-watch any time seems a bit… well stupid and it might be, however, to give the optimistic enthusiasts the benefit of the doubt, I do think it’s very interesting that you can essentially own a piece of the game from a legendary event that only happens once every 4 years. It’s exciting for the fans to participate in, and it’s exciting for the crypto world because it’s positive media, we are one step closer to mass adoption! One can only wonder what the next world cup in the coming years will be like.

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

__[Check us out on TheCoinSphere.com — We have the best articles on Crypto in the world!](http://thecoinsphere.com/)__

FIFA Announces 2022 World Cup NFT Plans with Algorand blockchain

This is an opinion piece written by **__[TheCoinSphere.com](http://thecoinsphere.com/)__**

Governments around the world have taken notice of crypto, and the United States is no different. There has been a recent bipartisan push for regulation, and while this may be a pretty unpopular opinion among crypto patriots, I do think that regulation is relatively important to keep cryptocurrency relevant among investors, as well as ensure its foothold in the world. The only problem with the current regulation is, that it’s decided by a government that has an inherent interest in following a completely different system, and that system is known as a debt-based monetary system, which is the bread and butter of how the US dollar operates.

The importance of having people who have an innate understanding of not only the technology but also the passion behind that technology being built in the first place, **the community** then there will never be a true bridge between what the government wants, and what the people want, and it could be a dangerous future if it’s not handled in a timely manner. If we the people, the crypto patriots don’t get involved that future could very well spell out RECENTRALIZATION, instead of DECENTRALIZATION.

A political party is in my opinion, and many others’ opinions necessary to pushing the true narrative of the people and ensuring a world of decentralized finance, and a world where we can control our own lives, no matter our status or class. It’s no secret that whichever party/candidate decides to fully adopt and meaningful cryptocurrency policy, will be hugely popular in upcoming elections, and I hope for the sake of the bipartisan hardship in America, that it can be a completely new entity.

# RECENTRALIZED, OR DECENTRAILIZED?

Recentralization is very well possible if the government manages to regulate a government-backed/traced digital coin into the mix, and corporate entities buy everything in sight regarding the blockchain, things like exchanges, mining farms, and entire blockchains themselves, __[which is already happening](http://thecoinsphere.com/general/coinbase-saved-by-blackrock-the-acquisition-of-a-crypto-giant/)__; then we won’t see a new system for the better, it will be a system for the worse of us common folk. There are a ton of problems with a centralized one-pay system in the crypto world. You will have a system in which they can arbitrarily shut down your ability to access your finances, a system more vulnerable to cybercrime, and a system that could be inherently manipulated by evil government and corporate greed.

Sure, we can/have tried to lobby to protect our interests but the problem with lobbying is that it embodies almost everything wrong with our system now, it’s controlled by the very interests who wish to push us common folk out, and it’s hard to beat someone at a game that they created. We need grass-roots political initiatives and a wave of candidates who are more aware of the community as a whole. We need people from the trenches of the crypto world, who have a firm understanding, of everything it embodies, the good and the bad. More than likely if you’re reading this article, w***e need people like you!***

 ![](https://miro.medium.com/max/700/1\*FxjoTMlScrSJ5484TB8AuA.png)

**__[Check us out on TheCoinSphere.com — We have the best articles on Crypto in the world!](http://thecoinsphere.com/)__**

The Need for a Crypto Political Party

 ![](https://miro.medium.com/max/700/1\*YbGq2nJkEnPqYlxrv6sM9w.png)

In-depth Overview of Solana

> \
> Solana is bringing a revolution to the entirety of the Crypto community, I’m personally surprised Solana hasn’t blown up at least 5x what it’s worth today. Granted, it’s very fresh on the market it's only been there since roughly April of 2020, almost straight out of beta but with that being said it’s already one of the biggest in the game, and that alone, says a lot, especially with how saturated Cryptocurrency is. Today I’m gonna discuss why Solana is considered the Ethereum killer, and with that how Solana is VASTLY different from Ethereum. Solana down to its brass tacks is a blockchain-based development tool for web3, Defi, gaming, NFTs, you name it Solana’s got it. Right on their website, you can see the current application processes you can use with Solana, and since we’re in the infancy of blockchain tech, and in Solana’s case particularly is in its infancy with just recently the Solana main-net coming out of beta. The possibilities of Solana are already up to par, if not better depending on who you ask than its competitors in terms of what you can develop, but let's dive into each of these as best we can, without stretching things too long because it could easily be done. With that being said, that means I’m gonna be lightly tapping each of these topics, with a bit more emphasis on the ones that make Solana a killer in the game RIGHT NOW, and then we’ll talk a bit more about why I think Solana’s here to stay.
>
> \

First, let’s highlight why Solana is vastly different from Ethereum in how it operates. It’s no more complex than saying, these are just two different types of blockchains. Their end goal is the same, but how they get to that goal is different. The two big names right now Bitcoin and Ethereum are both proof of work blockchains, meaning they require computing power and a community or pool of miners to validate each transaction in the blockchain; Whereas Solana is a proof of stake blockchain, and it uses holders of Solana staking their very own crypto to validate each transaction. What does this mean in terms of the pros and cons when it comes to the real application? Well it’s simple, the computational power that Ethereum miners are using to validate transactions brings with it extremely high gas fees due to high energy costs, and it also severely affects the speed of the transaction because of how much power is required to successfully validate a transaction, and Solana reigns supreme in both of these departments because it virtually has no computational power. Solana also has an unlimited amount of tokens in theory, because it adds to the supply yearly automatically and it adjusts accordingly with inflation, but I suppose someone or something meaning a corporation or even a government could purchase say 51% of the token and have a majority control, however, we’ve seen the same kind of things happen with Bitcoin with giant ASIC mining companies using Airplane hangars full of computers to mine bitcoin, but this is where we see a pro in Ethereum because unlike bitcoin Ethereum has an unlimited supply of tokens, that can be mined, so nobody can truly own 51% of the blockchain… I don't think. But.. yeah, it’s a lot more feasible to own the majority of a proof of work system if it's a fixed amount like bitcoin is, at 21 million. So there is that to keep in mind when you are using a proof of stake setup, even with the annual addition to tokens an entity could potentially control majority ownership in it. It’s a little less decentralized.. but let's delve more into the benefits of Solana, and why developers are seemingly pretty excited about Solana.

The first thing we’ll cover here is the NFT development because I think right now this is easily the biggest marketplace where Solana shines its best and again it’s simple why it’s being competitively compared to Ethereum. Because it is EXTREMELY cheap to mint NFTs on Solana, there are no gas fees being a proof of stake blockchain. There is a downside to this however because since Solanas mint fees are so cheap, it attracts a lot of attention from “rug pull projects” where the creator or creators will hire paid actors, maybe buy some followers on Twitter and some members on discord to make the project look decent to lure in their prey. It happens, and it will continue to happen. it’s just the sad reality of the NFT world right now; the uncertainty is forever present. Aside from this issue, the genuine community building around Solana NFTs is ever seemingly growing at the moment, and I think a big reason for that is a positive note that’s certainly worth mentioning here and that is the fact that Solana NFTs are extremely intuitive to set up, and they're intuitive to start selling, with again very little fees involved, and even fewer fees involved if you choose a more decentralized approach because you can actually set up shop straight through Github if you want and avoid an NFT marketplace altogether. But that’s not to say there aren’t plenty of selections to choose from when it comes to that department with Solana NFTs.

In the gaming department, it does seem to have some work to do, however, it's the biggest attractor right now, Star Atlas seems to be doing pretty well. The fact that its gaming section has some work to do in my mind really means nothing aside from the fact that this blockchain has only been out for roughly 2 years, and that the gaming section, in general, is very lackluster right now I mean you look at the total market cap of just gaming alone, and it’s not even close to saying the likes of what I consider a hype coin-like “Shiba Inu” and this is a discussion for another time. I’m also not hating on Shiba here I’m actually a hodler of it, that is also a discussion for another time. Overall I’ll be honest the benefits of it being involved in gaming are really applying the same to the NFT market right now, because eventually from my understanding of it NFTs and Gaming are hand and hand.

The same benefits really go hand and hand with all of these as I’m sure you can imagine, but I want to mention something from the development side of things, which I will admit my understanding of is very rudimentary but I can say that this is just something you’ll have to pick up on your own. I do watch the community of mostly FREELANCE developers, talk about the wonders of this project and it really seems to get a ton of love. I can also say that I have personally developed my own SPL token, which is like the ERC20 equivalent to Ethereum so say.. like a Shiba Inu token and I’ve attempted it with Solidity and Ethereum in the past and I’ve gotta say going with the Solana route as someone with very little development experience it saved me about 20 bucks worth of ibuprofen for that headache. I may also create a tutorial on how you can create your own SPL token with Solana, and get it registered OFFICIALLY to the Solana mainnet, ready to be liquidated and eventually exchanged! Solana has personally completely changed my perspective on web3 development, like I said as someone who had no development experience being able to make my own cryptocurrency that smoothly was a huge eye-opener, and it made me want to get more involved in the community not only of Solana but crypto in general. This isn’t any sort of advertisement for Solana either, it’s just genuine love for a project, and a tingle in every inch of my body says this project will eventually be a very tough competitor for Ethereum.

Now there is one downside to Solana I forgot to mention, but I also try my best to stay optimistic in situations like this and you’ll understand why. With Solana being fresh out of beta, and it being a fresh project and all, it does encounter some issues from time to time, and here pretty recently their mainnet ran into some malfunctions. So… not everything is perfect, but like I said optimism when things are fresh I think is a good thing, and this really wasn't that huge of a hiccup at least it wasn't weeks, and It hasn’t happened again.

But that’s kind of my overall hypothesis of Solana, and as things get updated and changed along the way and I myself get more involved in development I will be bringing all the knowledge I gain along the way to you guys, and we’ll see where things are at in say a year or two from now. But that’s it for me, today folks, thanks for reading me ramble on about the future of finance. Do your own research of course!

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In-Depth Overview of Solana

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