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Start your formal crypto education for free and earn tokens at https://cryptoversity.com/ — Talking points Let’s start here. I made this point in a recent episode about blockchain based social networks.
We know that Metcalf’s law exists, the idea that the value of any network is the number of participants squared.
That’s why Facebook has an effective monopoly. The value is in the size of their network and the number of connections.
That’s why the Internet is the dominant global network. How are you going to get enough people to switch to your new Internet? It’s unlikely.
In the episode on blockchain based social networks though I spoke about how Metcalf’s law is still establishing itself in the world of blockchain based social media.
First off, in the blockchain world, there are general purpose networks and then there are special purpose networks.
So there isn’t yet one network to rule them all with a dominant network value according to Metcalf’s law.
More than that, the special purpose area of social media blockchains, there are multiple candidates within that.
So this brings us onto today’s topic of multi-chain decentralised apps.
My take is that app developers are fully aware of the circumstances I just laid out and are trying to avoid their success depending on picking the winning network.
The current trend seems to be towards multi-chain apps, that is apps that run on multiple networks simultaneously.
However, and here’s a question, doesn’t each app have a special unique instance of itself on each network?
Take Aave for example, you could say that is a multi-chain app because it runs on Ethereum, Polygon and Avalanche, but the list of assets and the liquidity are not shared.
Not sure what the solution to that is.
I saw talk the other day about a tool that would allow you to migrate your liquidity from one Aave instance to another.
At the moment I’d have to use an external bridge to move my assets from Ethereum Aave to Polygon Aave.
That makes me think that MetaMask really needs to integrate such a feature.
What are some other examples of multi-chain apps?
How many chains do we need?
Doesn’t Metcalf’s law dictate that over time the number of chains will be reduced?
Even if a special purpose chain has amazing tech, it may lose out to Metcalf’s law based on network value imbued by the users.
Tell the Rob Miles story of “How hard does a hoover need to suck?” If the user doesn’t perceive the value, it doesn’t have value.
What are the benefits of multi-chain apps to the users and investors?
For token holders it reduces the risk of being outcompeted by better performing apps on other networks.
For users it means the apps come to them.
If you just want to stick to using the Polygon network, you can.
What’s an investor to do in the light of multichain apps?
You’d think it a safer bet to buy the network token, rather than trying to pick a winning app
When it comes to multichain apps however, the power dynamic is reversed since the app is what is attracting the user and the network is simply providing the infrastructure.
Is this eventually going to turn the networks into a commodity? The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=UtKgL2jiDXE
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Crypto Currency Resources & Recommended Products
The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.
Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.
Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.
Crypto Currency Wallet & Coin Exchange
Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.
Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.
Cash Network & Affiliate Training
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Cryptocurrency Exchange
Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.
While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call.
In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.
Click Here Watch A Tutorial Guide On How To Use Binance.
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Cryptocurrency Hardware Wallets
One of the most popular Hardware Cryptocurrency wallets is that of
Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data.
Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.
It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.
Watch A Video Guide On How To Use The Ledger Nano S
Digital Crypto Currency Wallet
The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet. This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.
The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.
While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.
Cryptocurrency Browser
The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.
Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.
Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.
One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online
