9:30am, Weds 9th Nov 2022, Draper Startup House My Khe Beach, Danang, Vietnam

Key Words: Ultrasound ETH, Insolvent FTX, Scourge of Ethereum, Elon buying Twitter, Overline Network, Metaverse

Contents

• Introductions

• New Format – Hodfords

• Meetups

• ETH has gone deflationary

• FTX insolvency and Binance buyout

• Updated Ethereum Roadmap with “The Scourge”

• Social Media – Elon’s Twitter buyout, and web3 alternatives

• Overline Network and Open Router

• Quick review: what metaverses are there?

• POAP claim

• Mirror

• Glossary

Introductions

Go round the group, make brief introductions, does anyone have questions to ask today, or topics to discuss?

New Format – Hodfords

This group will be meeting in a new format from next week on. Please join our study group’s Discord server to keep up to date with where/when we are meeting, and to continue the discussion of all things blockchain.

A local software development company called Hodfords are offering to host our group, you can find out a bit more about them here:

Meetups

• Tues 8th Nov there was a Solana presentation for students at VNUK university

• Sozu Haus hackathon 15-22 Nov in Hoi An (registration now closed)

• ETH Vietnam 25-27 Nov, a few of us are going, so please mention on Discord if you book the ticket (www.eth-vietnam.com)

• Digital Nomads meets every 2 weeks on Friday nights:

ETH has gone deflationary

At time of writing, -37 ETH have been issued since merge date (15th Sept 2022) making ETH a deflationary cryptocurrency, and ultrasound money compared to Bitcoin’s “sound money”. This is because the majority of transaction fees are burned in Ethereum, which now has completely offset the issuance to ETH stakers.

ETH issuance had been hovering at +1000 to +2000 from merge for the last couple of weeks, but the insolvency of FTX combined with a 600 gwei base fee spike has made ETH deflationary at last.

FTX insolvency and Binance buyout

Another centralised exchange has bit the dust in 2022, in this case FTX, with the value of the FTT token plummeting from $22 to under $6, and many users’ funds trapped. There has been an offer from CZ of Binance to buy FTX, we’ll see how that goes. However will user deposits be protected 100%? Another case study for the importance of self-custody of crypto funds, using a wallet like Metamask or Rainbow. “Not your keys, not your crypto”.

Updated Ethereum Roadmap with “The Scourge”

A new section called “The Scourge” has been added to Vitalik Buterin’s roadmap diagram for Ethereum, which aims to make sure every transaction will be included, and combating some of the problems of MEV.

Social Media – Elon’s Twitter buyout, and web3 alternatives

Elon has bought Twitter, we discussed whether this is a good or bad thing. He has fired around half of the staff. Will Twitter become profitable as a result?

Meanwhile web3 / decentralised alternatives exist:

• Lens Protocol, this is a base layer of the social web, on top of which are built specific apps such as Lenster (twitter.com/LensProtocol)

• Farcaster, we had a brief demo of this app, currently it is invite only so PM me if you’re interested (twitter.com/farcaster_xyz)

XMTP providing secure messaging to Lens ecosystem:

Overline Network and Open Router

This was presented by a group member. This project is doing a few different things. Starting off with viral “oLand” NFT sales in the metaverse, its aim is to bootstrap a mesh network using a physical “LoRa” (long range) wireless connectivity device. This device weighs around 150g, can be carried in the pocket, and promises a range of approx 1 to 8 km in urban and rural environments respectively.

Find out a bit more about the LoRa IoT technology from the Semtech website:

An alternative wireless internet service is Helium:

Quick review: what metaverses are there?

Open Metaverse: twitter.com/OM100m

Sandbox: twitter.com/TheSandboxGame

Cryptovoxels: twitter.com/cryptovoxels

Meta will do one (as the name suggests) but this is not expected to be Open, but to be owned by themselves. Recommend we go with an Open Metaverse which is not owned by anyone, but a public good for all.

POAP claim

Claim a free NFT on the Gnosis chain for attending this event. You can also download the POAP app for your phone. Here is an example claim link:

Mirror

Each week we publish the meeting notes in a web3 native way using Mirror!

Glossary

POAP – Proof Of Attendance Protocol, free NFT for attending an event

NFT – Non Fungible Token – unique token that represents something like a piece of digital art, and can be bought, sold, or held

MEV – Maximum Extractable Value – extra value captured by Ethereum block builders by adding in arbitrage transactions

LoRa – Long Range wireless communication for IoT

IoT – Internet of Things