Layer 1: Ethereum
Token to be used to execute smart contracts.
Second biggest cryptocurrency in the world.
Deflationary token since implemented EIP-1559 (burning mechanism) at 2021.
No supply limit. Supply pressure controlled by EIP-1559.
Moving towards Proof of Stake (PoS) mechanism from Proof of Work (PoW)
Staking requires 32 ETH to be a node operator. Node can be a laptop, no longer need heavy electric consumption mining machine. Eco-friendly.
Smart Contract
A programmed contract where the third party or middleman excluded from the process. No longer need to trust anyone, you may verify the code by yourself, it's an open source on GitHub. Have to pay for the smart contract fee (gas fee).
Pros:
You make your own decision whether to interact with the contract or not.
No middleman needed.
Many bug bounties and new job opportunities.
You can build amazing things and easily get funded by GitCoin Grants, the only limitation is your imagination.
Cons:
Smart contract risk, bug, exploits, rug pulls.
What have been implemented using smart contract?
Decentralized Exchange (DEX) 🦄
Borrowing and Lending Protocols
Decentralized Perpetual Futures Exchange
Decentralized Hedge Fund
Decentralized Portfolio Manager
Interplanetary File Storage (IPFS)
Burning mechanism 🔥
NFT marketplace 🖼️
Multi-sig wallet 👝
Launchpad
Yield Farming 🌾
Blockchain gaming (P2E) 🎮
Move to Earn 🏃
Infrastructure to Interact with Smart Contracts
Metamask
Trust wallet
xDeFi wallet
Rainbow Wallet 🌈
Coinbase Wallet
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Talk soon,
-SmolRun