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Youssef 🫂🎩
@youssea
I've been thinking lately about how to position my channel to bring value to subscribers. So I thought about what @wake mentioned at our last Superfluid Guild Demo Day about education in this space, and how it is rarer than what it should be. I thought it would be cool to have a place where I breakdown many of the seemingly complicated blockchain concepts. So here we go... Today I'm starting with EigenLayer: - Why is it needed? - What does it do? - How does it work I'll keep it simple 🧵
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Youssef 🫂🎩
@youssea
So, many people talk about EigenLayer, Re-staking, inheriting ethereum security blablabla 🥱 If you're an artist, an small influencer or a non-tech person in this space, you may wonder, what the hell is eigenlayer, you make a quick google search and you're even more confused... For a project that is attracting a lot of attention, most people don't really know what it does, so here's 10000th attempt to explain it for dummies Why do I believe I'll do a better job at it? I'm just more left curve than most trying to explain it lol
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Youssef 🫂🎩
@youssea
Basics: - Many of you probably have heard of proof of work vs proof of stake - Proof of work usually = mining coins using computing - Proof of stake = mining new coins by staking your old coins You probably also heard of the meeerge, when ethereum transitioned from PoW to PoS We good until now? I hope so...
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Youssef 🫂🎩
@youssea
More stuff: - Ethereum is the biggest most active smart contracts ecosystem - Its token $ETH is the gas/governance token powering its blockchain has a massive marketcap and very liquid market (compared to other cryptoassets) This makes ethereum, the network, pretty secure However, now if you want to create a new system secured by proof of stake... you have to build another secured network, by another liquid token, which takes years to build and a lot of luck, and attracting capital... oof... and for that to happen you need a strong network first... So you're left with a chicken and an egg problem... how do we solve this?
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