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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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Youssef 🫂🎩
@youssea
Enter... EigenLayer.. The idea is really very simple... To secure any new network or system, why can't we just use... Ether... again. Not even native $ETH, but staked $ETH 🤯 This is it, you can literally just stop here and go to sleep. This is literally what the fuss is all about, a solution which allows us to create new proof of stake system re-cycling old eth lol But wait...
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Youssef 🫂🎩
@youssea
If you want to know hoooow exactly that works, then you can head to my AlfaFrens channel, where I'll be explaining the role of each players and elements in the EigenLayer ecosystem to fully understand what they do: - Stakers - Operators - Slashers - Strategy Manager - AVS Stay tuned for more ! https://link.alfafrens.com/channel/0x0ea5c1755a38b5bd28826cca5afc88d530551eeb
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