Round 11 Cryptowriter NFT Engagement Winners!
Each week we reward our readers for high-quality comments and general engagement with our Cryptowriter publication.
Learn more about the NFT engagement rewards HERE.
Top 10 Most Engaged Users
The top 10 most engaged users across our entire publication. Our analytics take into account the total amount of likes, comments, and shares over the past 7 days.
Most engaged winners receive 1 Genesis Finney Coin.
Bahadir
Barringston
JNK
Pilscoop
Arif Işık
Siferdub
Saurav
badumtisss
Taha Birşen
Helallensana
Comment of the Week
We handpick 1 comment from each Crypto, NFT, EOS, Ethereum, and Bitcoin section of our publication. The length of a comment does not affect the selection process. We like to see that the reader has taken in the article and is providing a well-thought-out response that brings value to our community.
Comment of the week winners receive 1 Publication NFT.
Crypto Section
Helallensana’s comment on Competition is Heating Up in DEX Aggregation
Of course, the future will mostly be built on decentralized applications, as this is the nature of crypto assets.
That is, they give you an uncensored and unblockable range of motion as well as full control over your money.
Although we have seen this field grow with great momentum, I still think it is far from its true potential.
There are several simple reasons for this, high transaction fees and the dilemma of whether it is secure enough.
The release of many new tokens on feature-def protocols every day creates a risky environment.
At this point you mentioned DEXTools and . Apps like DEXGuru will make things more attractive to the user.
EOS, with its experience and community, has created Newdex to gain a serious place in this field. this is exciting.
I will continue to watch and learn.
Thanks for your great article.
NFT Section
JNK’s comment on Ellie Gonsalves is Crypto Girl
Finney wants to bring Blockchain to the masses so it's only natural to welcome someone who's aiming at educating people on Crypto.
Ellie is a cosplay Goddess, a celebrity and a great entertainer.
Doesn't look like she's in it for a short stick up.
Efforts have been put on the Art and we can feel that she's dedicated at what she does.
A lot of celebs will definitely try and jump on the Crypto train for the wrong reasons.
Crypto villains do exists.
Let's praise our Super Heroes and let's spread the Crypto word!
EOS Section
Barringston’s comment on EOSIO DAO Legal in Wyoming, 49 to Go
Imagine a vending machine that not only takes money from you and delivers food, but also uses that money to order products. This machine also buys cleaning services and pays its own rent. In fact, as you deposit money into the machine, you and other users have a say in what the machine will order and how often it will be cleaned. There is no manager, all these operations are written in the code.
This is more or less how the Decentralized Autonomous Organization called DAO works. The idea of such a governance model has been circulating in the cryptocurrency community ever since Bitcoin eliminated the middleman in financial transactions. Similarly, the main idea of DAO is to establish a company or organization that can function without hierarchical management.
So what does a DAO need to be fully functional? First, some rules to follow. These rules are encoded into smart contracts, which are a type of computer program, and while they exist autonomously on the internet, they simultaneously require people for jobs that they cannot do on their own.
Once the rules are set, the DAO enters the funding process. This is very important for two reasons. First, the DAO must have an internal feature; tokens that can be spent by the organization or rewarded for certain activities. Second, by investing in the DAO, the user gains voting rights with the ability to influence how it works.
Once the funding process is over and the DAO is ready, it becomes completely autonomous, completely independent of its creators and everyone else. They are open source, meaning their code is publicly viewable. More importantly, all rules and financial transactions are recorded on the blockchain. This makes DAOs completely transparent, immutable, and honest.
Once the DAO becomes operational, where and how the funds will be used is decided unanimously. Anyone who buys a stake in the DAO can make proposals for their future. To prevent the network from flooding with offers, a monetary deposit may be required.
Thus, shareholders vote on the proposal. To take any action, the majority must agree. It can vary between DAOs, as can be written in the percentage code required to reach the majority.
Basically, DAOs allow people to exchange money with each other from all over the world. It can be an investment, a charitable donation, fundraising, borrowing, etc., without any middleman. A potential issue with the voting system cannot be fixed without a majority vote if a vulnerability is discovered in the startup code. Until the vote takes place, malicious programmers can exploit the vulnerability in the code.
Dapps, or decentralized applications, are unstoppable applications that run on smart contracts and run on the Ethereum blockchain. Its main difference from ordinary applications is that Dapps are completely autonomous; they don't need middlemen to work and they are not censored. In an other saying; they establish a direct connection between a service and a user. With this, users have full control over the data and information they share.
DAOs are also a very ambitious type of decentralized application. As explained in the Ethereum whitepaper, they fall into the 'other' category, which includes voting and governance systems. The other two types of Dapps are money management apps and apps where money is involved but other parts (insurance, property, etc.) are also required.
In this context, with Wyoming
We may see a way where merchants will have more options to accept payments.
It is clear that the EOS blockchain is user-friendly and more useful than other blockchains, and is increasingly becoming everyone's favourite.
My final thoughts
I think that the steps taken by countries on smart contracts today will greatly affect the future.
I congratulate and support the countries that have taken these steps.
I hope it will become widespread in a short time and we can see these examples in our own countries.
As John Drechny said, "Wyoming paves the way for legal certainty in the crypto space"
Thanks for the article.
Ethereum Section
badumtisss comment on The Race to the Moon: Why Crypto Projects Have to Modernize their Blockchains
Each unique investment tool didn't emerge out of nowhere, the steps where: they initiated themselves, developed and improved themselves, secured themselves. Then they became wide-spread around the world.
In this sense, we can refer to emergence of technological devices. Recently I saw a demonstration that showed which device reached 50M user in which time. It took radios almost 40 years, televisions 13 years, internet 4 years and Facebook only 2 years. If we apply this to investment channels, blockchain technology has passed any of the investment channels.
Yes, investing in gold is more safe, because it has enormous amount of volume. But, it is like this because gold has been one of the initial investment channel. It evolved through time, just like blockchain. I believe there will be so much more to come.
Nothing is staying at dormant phase, everything is changing and evolving. In future, we will see how blockchain will complete its evolution. I believe Etherium's new update will distribute cards of the game again. We cannot prevent the inevitable, it will be one of the updates that will shake the ground. Blockchain promises us a better future, there is no way it would end just like that.
Thanks for the article.
Bitcoin Section
Arif Işık’s comment on Saying Bitcoin Has No Utility? You Need To Rethink Your Definition of Utility
The reason most people accept our current monetary system without question is because it is the only system they have ever seen in their lives.
Since people living today only live with this system, almost everyone has accepted that the price increase of everything from food prices to education is a natural phenomenon. We accept that these increases are the natural consequence of inflation (which is theoretically true), but the primary cause of inflation is manipulations by the central authority. Unfortunately, after people get used to something for too long, they have a hard time believing that a new path will be better for their life.
So why should you trust bitcoin?
Bitcoin
It cannot be controlled by any authority, so money cannot be manipulated or printed as the authority wishes, and no one can tell anyone what it can and cannot be used for.
As a currency, it cannot be restricted by any borders such as country or region, so you can easily exchange it with people anywhere.
It is apolitical in order not to privilege a particular political system or group of people.
Bitcoin is the world's first decentralized digital currency. Bitcoin's value comes primarily from being the first digital currency that no entity or authority can control. Anyone can buy and use Bitcoin, and no one can tell anyone what they can and cannot do with Bitcoin.
It is a currency free of political control, repression, and hyperinflation, and a safe space for anyone living under these conditions.
Bitcoin has a limited supply of about 21 million that will never change, and we know how many Bitcoins will be produced and when.
It is often more difficult to understand why a decentralized currency is valuable to people living in developed countries because their money is, or appears to be, more resistant to inflation. For people in the developed countries of the world to understand why Bitcoin is valuable, they must understand why the fiat money system is unreliable.
The central bank system is fraught with problems.
Any money controlled by a central bank isn't really solid when you think about the big picture. Generally speaking, governments have promised that the value of money will always equal one value when operating within a monetary system that allows them to fully control their country's money supply. The problem is that since fiat money was removed from the gold standard, the value of fiat money has been decreasing.
The reason for this is simple: Governments tend to spend much more than they state in their budgets; that is, they print money with their own power for their own needs. As more money is printed and incorporated into the economy, it lowers the value of all money currently in circulation.
Bitcoin's ingenious properties have a positive impact on people's lives in the most unstable economies where the government heavily manipulates their money.
Some countries have experienced periods when their governments have printed large amounts of money in their own currency. Citizens could not spend fast enough before their national currencies depreciated or their savings depreciated.
This cycle has been experienced many times in many countries and resulted in the collapse of the monetary system. Affected citizens had to find an alternative medium of exchange.
Bitcoin is a transparent savior, it doesn't hide anything from you and puts all the power in your hands.
I think the reasons that prevent people from buying Bitcoin are doubt, habit and prejudice against new ideas.
thanks for the article.
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Amazing stuff -
Another very well done to all winners!
It has been an amazing week. Thanks for the all publications. I got my first comment reward, thank you for thinking so :)
I'm excited for the next week and Finney 2.0
Cheers!