DAOs are legal entities in Marshall Islands.
The Pacific island state recognizes decentralized autonomous organizations.
The Republic of the Marshall Islands has recognized decentralized autonomous organizations (DAOs) as legal entities, giving collectively owned and managed blockchain projects global recognition.
The Marshall Islands' amended the Non-Profit Entities Act 2021 that now recognizes DAOs, which are blockchain-based entities governed by self-organizing communities. Incorporating Admiralty LLC, the island country's first DAO, was made possible thanks to the amendement. MIDAO Directory Services Inc., a domestic organization established to assist DAOs in the Marshall Islands, assisted in the incorporation.
The new law currently allows any DAO to register and operate in the Marshall Islands.
“This is a unique moment to lead,” said Bobby Muller, former Marshall Islands chief secretary and co-founder of MIDAO. He believes DAOs will help create “more efficient and less hierarchical” organizations.
A global hub for DAOs, the Marshall Islands hopes to become a global hub for DAO registration, domicile, use cases, and mass adoption. He added:
"This includes low-cost incorporation, a supportive government with internationally recognized courts, and a technologically open environment."
According to the World Bank, the Marshall Islands is an independent island state in the Pacific Ocean near the Equator. To create a blockchain-based cryptocurrency that would be legal tender alongside the US dollar, the island state has been actively exploring use cases for digital assets since at least 2018.
In February 2018, the Marshall Islands approved the creation of a new cryptocurrency, Sovereign (SOV). As expected, the IMF has criticized the plan, citing concerns that a digital sovereign currency would jeopardize the state's financial stability. They have also criticized El Salvador, the first country to recognize Bitcoin (BTC) as legal tender.
Marshall Islands senator David Paul said the DAO legislation does not pose the same issues as a government-backed cryptocurrency. “A sovereign digital currency is financial and raises concerns about money laundering,” . This is more about giving DAOs legal recognition to make their case to regulators, investors, and consumers.
More on Web3 & Crypto
Ren & Heinrich
3 years ago
200 DeFi Projects were examined. Here is what I learned.
I analyze the top 200 DeFi crypto projects in this article.
This isn't a study. The findings benefit crypto investors.
Let’s go!
A set of data
I analyzed data from defillama.com. In my analysis, I used the top 200 DeFis by TVL in October 2022.
Total Locked Value
The chart below shows platform-specific locked value.
14 platforms had $1B+ TVL. 65 platforms have $100M-$1B TVL. The remaining 121 platforms had TVLs below $100 million, with the lowest being $23 million.
TVLs are distributed Pareto. Top 40% of DeFis account for 80% of TVLs.
Compliant Blockchains
Ethereum's blockchain leads DeFi. 96 of the examined projects offer services on Ethereum. Behind BSC, Polygon, and Avalanche.
Five platforms used 10+ blockchains. 36 between 2-10 159 used 1 blockchain.
Use Cases for DeFi
The chart below shows platform use cases. Each platform has decentralized exchanges, liquid staking, yield farming, and lending.
These use cases are DefiLlama's main platform features.
Which use case costs the most? Chart explains. Collateralized debt, liquid staking, dexes, and lending have high TVLs.
The DeFi Industry
I compared three high-TVL platforms (Maker DAO, Balancer, AAVE). The columns show monthly TVL and token price changes. The graph shows monthly Bitcoin price changes.
Each platform's market moves similarly.
Probably because most DeFi deposits are cryptocurrencies. Since individual currencies are highly correlated with Bitcoin, it's not surprising that they move in unison.
Takeaways
This analysis shows that the most common DeFi services (decentralized exchanges, liquid staking, yield farming, and lending) also have the highest average locked value.
Some projects run on one or two blockchains, while others use 15 or 20. Our analysis shows that a project's blockchain count has no correlation with its success.
It's hard to tell if certain use cases are rising. Bitcoin's price heavily affects the entire DeFi market.
TVL seems to be a good indicator of a DeFi platform's success and quality. Higher TVL platforms are cheaper. They're a better long-term investment because they gain or lose less value than DeFis with lower TVLs.
Isaac Benson
3 years ago
What's the difference between Proof-of-Time and Proof-of-History?
Blockchain validates transactions with consensus algorithms. Bitcoin and Ethereum use Proof-of-Work, while Polkadot and Cardano use Proof-of-Stake.
Other consensus protocols are used to verify transactions besides these two. This post focuses on Proof-of-Time (PoT), used by Analog, and Proof-of-History (PoH), used by Solana as a hybrid consensus protocol.
PoT and PoH may seem similar to users, but they are actually very different protocols.
Proof-of-Time (PoT)
Analog developed Proof-of-Time (PoT) based on Delegated Proof-of-Stake (DPoS). Users select "delegates" to validate the next block in DPoS. PoT uses a ranking system, and validators stake an equal amount of tokens. Validators also "self-select" themselves via a verifiable random function."
The ranking system gives network validators a performance score, with trustworthy validators with a long history getting higher scores. System also considers validator's fixed stake. PoT's ledger is called "Timechain."
Voting on delegates borrows from DPoS, but there are changes. PoT's first voting stage has validators (or "time electors" putting forward a block to be included in the ledger).
Validators are chosen randomly based on their ranking score and fixed stake. One validator is chosen at a time using a Verifiable Delay Function (VDF).
Validators use a verifiable delay function to determine if they'll propose a Timechain block. If chosen, they validate the transaction and generate a VDF proof before submitting both to other Timechain nodes.
This leads to the second process, where the transaction is passed through 1,000 validators selected using the same method. Each validator checks the transaction to ensure it's valid.
If the transaction passes, validators accept the block, and if over 2/3 accept it, it's added to the Timechain.
Proof-of-History (PoH)
Proof-of-History is a consensus algorithm that proves when a transaction occurred. PoH uses a VDF to verify transactions, like Proof-of-Time. Similar to Proof-of-Work, VDFs use a lot of computing power to calculate but little to verify transactions, similar to (PoW).
This shows users and validators how long a transaction took to verify.
PoH uses VDFs to verify event intervals. This process uses cryptography to prevent determining output from input.
The outputs of one transaction are used as inputs for the next. Timestamps record the inputs' order. This checks if data was created before an event.
PoT vs. PoH
PoT and PoH differ in that:
PoT uses VDFs to select validators (or time electors), while PoH measures time between events.
PoH uses a VDF to validate transactions, while PoT uses a ranking system.
PoT's VDF-elected validators verify transactions proposed by a previous validator. PoH uses a VDF to validate transactions and data.
Conclusion
Both Proof-of-Time (PoT) and Proof-of-History (PoH) validate blockchain transactions differently. PoT uses a ranking system to randomly select validators to verify transactions.
PoH uses a Verifiable Delay Function to validate transactions, verify how much time has passed between two events, and allow validators to quickly verify a transaction without malicious actors knowing the input.
Ashraful Islam
4 years ago
Clean API Call With React Hooks
| Photo by Juanjo Jaramillo on Unsplash |
Calling APIs is the most common thing to do in any modern web application. When it comes to talking with an API then most of the time we need to do a lot of repetitive things like getting data from an API call, handling the success or error case, and so on.
When calling tens of hundreds of API calls we always have to do those tedious tasks. We can handle those things efficiently by putting a higher level of abstraction over those barebone API calls, whereas in some small applications, sometimes we don’t even care.
The problem comes when we start adding new features on top of the existing features without handling the API calls in an efficient and reusable manner. In that case for all of those API calls related repetitions, we end up with a lot of repetitive code across the whole application.
In React, we have different approaches for calling an API. Nowadays mostly we use React hooks. With React hooks, it’s possible to handle API calls in a very clean and consistent way throughout the application in spite of whatever the application size is. So let’s see how we can make a clean and reusable API calling layer using React hooks for a simple web application.
I’m using a code sandbox for this blog which you can get here.
import "./styles.css";
import React, { useEffect, useState } from "react";
import axios from "axios";
export default function App() {
const [posts, setPosts] = useState(null);
const [error, setError] = useState("");
const [loading, setLoading] = useState(false);
useEffect(() => {
handlePosts();
}, []);
const handlePosts = async () => {
setLoading(true);
try {
const result = await axios.get(
"https://jsonplaceholder.typicode.com/posts"
);
setPosts(result.data);
} catch (err) {
setError(err.message || "Unexpected Error!");
} finally {
setLoading(false);
}
};
return (
<div className="App">
<div>
<h1>Posts</h1>
{loading && <p>Posts are loading!</p>}
{error && <p>{error}</p>}
<ul>
{posts?.map((post) => (
<li key={post.id}>{post.title}</li>
))}
</ul>
</div>
</div>
);
}
I know the example above isn’t the best code but at least it’s working and it’s valid code. I will try to improve that later. For now, we can just focus on the bare minimum things for calling an API.
Here, you can try to get posts data from JsonPlaceholer. Those are the most common steps we follow for calling an API like requesting data, handling loading, success, and error cases.
If we try to call another API from the same component then how that would gonna look? Let’s see.
500: Internal Server Error
Now it’s going insane! For calling two simple APIs we’ve done a lot of duplication. On a top-level view, the component is doing nothing but just making two GET requests and handling the success and error cases. For each request, it’s maintaining three states which will periodically increase later if we’ve more calls.
Let’s refactor to make the code more reusable with fewer repetitions.
Step 1: Create a Hook for the Redundant API Request Codes
Most of the repetitions we have done so far are about requesting data, handing the async things, handling errors, success, and loading states. How about encapsulating those things inside a hook?
The only unique things we are doing inside handleComments and handlePosts are calling different endpoints. The rest of the things are pretty much the same. So we can create a hook that will handle the redundant works for us and from outside we’ll let it know which API to call.
500: Internal Server Error
Here, this request function is identical to what we were doing on the handlePosts and handleComments. The only difference is, it’s calling an async function apiFunc which we will provide as a parameter with this hook. This apiFunc is the only independent thing among any of the API calls we need.
With hooks in action, let’s change our old codes in App component, like this:
500: Internal Server Error
How about the current code? Isn’t it beautiful without any repetitions and duplicate API call handling things?
Let’s continue our journey from the current code. We can make App component more elegant. Now it knows a lot of details about the underlying library for the API call. It shouldn’t know that. So, here’s the next step…
Step 2: One Component Should Take Just One Responsibility
Our App component knows too much about the API calling mechanism. Its responsibility should just request the data. How the data will be requested under the hood, it shouldn’t care about that.
We will extract the API client-related codes from the App component. Also, we will group all the API request-related codes based on the API resource. Now, this is our API client:
import axios from "axios";
const apiClient = axios.create({
// Later read this URL from an environment variable
baseURL: "https://jsonplaceholder.typicode.com"
});
export default apiClient;
All API calls for comments resource will be in the following file:
import client from "./client";
const getComments = () => client.get("/comments");
export default {
getComments
};
All API calls for posts resource are placed in the following file:
import client from "./client";
const getPosts = () => client.get("/posts");
export default {
getPosts
};
Finally, the App component looks like the following:
import "./styles.css";
import React, { useEffect } from "react";
import commentsApi from "./api/comments";
import postsApi from "./api/posts";
import useApi from "./hooks/useApi";
export default function App() {
const getPostsApi = useApi(postsApi.getPosts);
const getCommentsApi = useApi(commentsApi.getComments);
useEffect(() => {
getPostsApi.request();
getCommentsApi.request();
}, []);
return (
<div className="App">
{/* Post List */}
<div>
<h1>Posts</h1>
{getPostsApi.loading && <p>Posts are loading!</p>}
{getPostsApi.error && <p>{getPostsApi.error}</p>}
<ul>
{getPostsApi.data?.map((post) => (
<li key={post.id}>{post.title}</li>
))}
</ul>
</div>
{/* Comment List */}
<div>
<h1>Comments</h1>
{getCommentsApi.loading && <p>Comments are loading!</p>}
{getCommentsApi.error && <p>{getCommentsApi.error}</p>}
<ul>
{getCommentsApi.data?.map((comment) => (
<li key={comment.id}>{comment.name}</li>
))}
</ul>
</div>
</div>
);
}
Now it doesn’t know anything about how the APIs get called. Tomorrow if we want to change the API calling library from axios to fetch or anything else, our App component code will not get affected. We can just change the codes form client.js This is the beauty of abstraction.
Apart from the abstraction of API calls, Appcomponent isn’t right the place to show the list of the posts and comments. It’s a high-level component. It shouldn’t handle such low-level data interpolation things.
So we should move this data display-related things to another low-level component. Here I placed those directly in the App component just for the demonstration purpose and not to distract with component composition-related things.
Final Thoughts
The React library gives the flexibility for using any kind of third-party library based on the application’s needs. As it doesn’t have any predefined architecture so different teams/developers adopted different approaches to developing applications with React. There’s nothing good or bad. We choose the development practice based on our needs/choices. One thing that is there beyond any choices is writing clean and maintainable codes.
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Isaiah McCall
3 years ago
There is a new global currency emerging, but it is not bitcoin.
America should avoid BRICS
Vladimir Putin has watched videos of Muammar Gaddafi's CIA-backed demise.
Gaddafi...
Thief.
Did you know Gaddafi wanted a gold-backed dinar for Africa? Because he considered our global financial system was a Ponzi scheme, he wanted to discontinue trading oil in US dollars.
Or, Gaddafi's Libya enjoyed Africa's highest quality of living before becoming freed. Pictured:
Vladimir Putin is a nasty guy, but he had his reasons for not mentioning NATO assisting Ukraine in resisting US imperialism. Nobody tells you. Sure.
The US dollar's corruption post-2008, debasement by quantitative easing, and lack of value are key factors. BRICS will replace the dollar.
BRICS aren't bricks.
Economy-related.
Brazil, Russia, India, China, and South Africa have cooperated for 14 years to fight U.S. hegemony with a new international currency: BRICS.
BRICS is mostly comical. Now. Saudi Arabia, the second-largest oil hegemon, wants to join.
So what?
The New World Currency is BRICS
Russia was kicked out of G8 for its aggressiveness in Crimea in 2014.
It's now G7.
No biggie, said Putin, he said, and I quote, “Bon appetite.”
He was prepared. China, India, and Brazil lead the New World Order.
Together, they constitute 40% of the world's population and, according to the IMF, 50% of the world's GDP by 2030.
Here’s what the BRICS president Marcos Prado Troyjo had to say earlier this year about no longer needing the US dollar: “We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China.”
Ick. That's D.C. and NYC warmongers licking their chops for WW3 nasty.
Here's a lovely picture of BRICS to relax you:
If Saudi Arabia joins BRICS, as President Mohammed Bin Salman has expressed interest, a majority of the Middle East will have joined forces to construct a new world order not based on the US currency.
I'm not sure of the new acronym.
SBRICSS? CIRBSS? CRIBSS?
The Reason America Is Harvesting What It Sowed
BRICS began 14 years ago.
14 years ago, what occurred? Concentrate. It involved CDOs, bad subprime mortgages, and Wall Street quants crunching numbers.
2008 recession
When two nations trade, they do so in US dollars, not Euros or gold.
What happened when 2008, an avoidable crisis caused by US banks' cupidity and ignorance, what happened?
Everyone WORLDWIDE felt the pain.
Mostly due to corporate America's avarice.
This should have been a warning that China and Russia had enough of our bs. Like when France sent a battleship to America after Nixon scrapped the gold standard. The US was warned to shape up or be dethroned (or at least try).
Nixon improved in 1971. Kinda. Invented PetroDollar.
Another BS system that unfairly favors America and possibly pushed Russia, China, and Saudi Arabia into BRICS.
The PetroDollar forces oil-exporting nations to trade in US dollars and invest in US Treasury bonds. Brilliant. Genius evil.
Our misdeeds are:
In conflicts that are not its concern, the USA uses the global reserve currency as a weapon.
Targeted nations abandon the dollar, and rightfully so, as do nations that depend on them for trade in vital resources.
The dollar's position as the world's reserve currency is in jeopardy, which could have disastrous economic effects.
Although we have actually sown our own doom, we appear astonished. According to the Bible, whomever sows to appease his sinful nature will reap destruction from that nature whereas whoever sows to appease the Spirit will reap eternal life from the Spirit.
Americans, even our leaders, lack caution and delayed pleasure. When our unsustainable systems fail, we double down. Bailouts of the banks in 2008 were myopic, puerile, and another nail in America's hegemony.
America has screwed everyone.
We're unpopular.
The BRICS's future
It's happened before.
Saddam Hussein sold oil in Euros in 2000, and the US invaded Iraq a month later. The media has devalued the word conspiracy. The Iraq conspiracy.
There were no WMDs, but NYT journalists like Judy Miller drove Americans into a warmongering frenzy because Saddam would ruin the PetroDollar. Does anyone recall that this war spawned ISIS?
I think America has done good for the world. You can make a convincing case that we're many people's villain.
Learn more in Confessions of an Economic Hitman, The Devil's Chessboard, or Tyranny of the Federal Reserve. Or ignore it. That's easier.
We, America, should extend an olive branch, ask for forgiveness, and learn from our faults, as the Tao Te Ching advises. Unlikely. Our population is apathetic and stupid, and our government is corrupt.
Argentina, Iran, Egypt, and Turkey have also indicated interest in joining BRICS. They're also considering making it gold-backed, making it a new world reserve currency.
You should pay attention.
Thanks for reading!
Aure's Notes
3 years ago
I met a man who in just 18 months scaled his startup to $100 million.
A fascinating business conversation.
This week at Web Summit, I had mentor hour.
Mentor hour connects startups with experienced entrepreneurs.
The YC-selected founder who mentored me had grown his company to $100 million in 18 months.
I had 45 minutes to question him.
I've compiled this.
Context
Founder's name is Zack.
After working in private equity, Zack opted to acquire an MBA.
Surrounded by entrepreneurs at a prominent school, he decided to become one himself.
Unsure how to proceed, he bet on two horses.
On one side, he received an offer from folks who needed help running their startup owing to lack of time. On the other hand, he had an idea for a SaaS to start himself.
He just needed to validate it.
Validating
Since Zack's proposal helped companies, he contacted university entrepreneurs for comments.
He contacted university founders.
Once he knew he'd correctly identified the problem and that people were willing to pay to address it, he started developing.
He earned $100k in a university entrepreneurship competition.
His plan was evident by then.
The other startup's founders saw his potential and granted him $400k to launch his own SaaS.
Hiring
He started looking for a tech co-founder because he lacked IT skills.
He interviewed dozens and picked the finest.
As he didn't want to wait for his program to be ready, he contacted hundreds of potential clients and got 15 letters of intent promising they'd join up when it was available.
YC accepted him by then.
He had enough positive signals to raise.
Raising
He didn't say how many VCs he called, but he indicated 50 were interested.
He jammed meetings into two weeks to generate pressure and encourage them to invest.
Seed raise: $11 million.
Selling
His objective was to contact as many entrepreneurs as possible to promote his product.
He first contacted startups by scraping CrunchBase data.
Once he had more money, he started targeting companies with ZoomInfo.
His VC urged him not to hire salespeople until he closed 50 clients himself.
He closed 100 and hired a CRO through a headhunter.
Scaling
Three persons started the business.
He primarily works in sales.
Coding the product was done by his co-founder.
Another person performing operational duties.
He regretted recruiting the third co-founder, who was ineffective (could have hired an employee instead).
He wanted his company to be big, so he hired two young marketing people from a competing company.
After validating several marketing channels, he chose PR.
$100 Million and under
He developed a sales team and now employs 30 individuals.
He raised a $100 million Series A.
Additionally, he stated
He’s been rejected a lot. Like, a lot.
Two great books to read: Steve Jobs by Isaacson, and Why Startups Fail by Tom Eisenmann.
The best skill to learn for non-tech founders is “telling stories”, which means sales. A founder’s main job is to convince: co-founders, employees, investors, and customers. Learn code, or learn sales.
Conclusion
I often read about these stories but hardly take them seriously.
Zack was amazing.
Three things about him stand out:
His vision. He possessed a certain amount of fire.
His vitality. The man had a lot of enthusiasm and spoke quickly and decisively. He takes no chances and pushes the envelope in all he does.
His Rolex.
He didn't do all this in 18 months.
Not really.
He couldn't launch his company without private equity experience.
These accounts disregard entrepreneurs' original knowledge.
Hormozi will tell you how he founded Gym Launch, but he won't tell you how he had a gym first, how he worked at uni to pay for his gym, or how he went to the gym and learnt about fitness, which gave him the idea to open his own.
Nobody knows nothing. If you scale quickly, it's probable because you gained information early.
Lincoln said, "Give me six hours to chop down a tree, and I'll spend four sharpening the axe."
Sharper axes cut trees faster.
Merve Yılmaz
3 years ago
Dopamine detox
This post is for you if you can't read or study for 5 minutes.
If you clicked this post, you may be experiencing problems focusing on tasks. A few minutes of reading may tire you. Easily distracted? Using social media and video games for hours without being sidetracked may impair your dopamine system.
When we achieve a goal, the brain secretes dopamine. It might be as simple as drinking water or as crucial as college admission. Situations vary. Various events require different amounts.
Dopamine is released when we start learning but declines over time. Social media algorithms provide new material continually, making us happy. Social media use slows down the system. We can't continue without an award. We return to social media and dopamine rewards.
Mice were given a button that released dopamine into their brains to study the hormone. The mice lost their hunger, thirst, and libido and kept pressing the button. Think this is like someone who spends all day gaming or on Instagram?
When we cause our brain to release so much dopamine, the brain tries to balance it in 2 ways:
1- Decreases dopamine production
2- Dopamine cannot reach its target.
Too many quick joys aren't enough. We'll want more joys. Drugs and alcohol are similar. Initially, a beer will get you drunk. After a while, 3-4 beers will get you drunk.
Social media is continually changing. Updates to these platforms keep us interested. When social media conditions us, we can't read a book.
Same here. I used to complete a book in a day and work longer without distraction. Now I'm addicted to Instagram. Daily, I spend 2 hours on social media. This must change. My life needs improvement. So I started the 50-day challenge.
I've compiled three dopamine-related methods.
Recommendations:
Day-long dopamine detox
First, take a day off from all your favorite things. Social media, gaming, music, junk food, fast food, smoking, alcohol, friends. Take a break.
Hanging out with friends or listening to music may seem pointless. Our minds are polluted. One day away from our pleasures can refresh us.
2. One-week dopamine detox by selecting
Choose one or more things to avoid. Social media, gaming, music, junk food, fast food, smoking, alcohol, friends. Try a week without Instagram or Twitter. I use this occasionally.
One week all together
One solid detox week. It's the hardest program. First or second options are best for dopamine detox. Time will help you.
You can walk, read, or pray during a dopamine detox. Many options exist. If you want to succeed, you must avoid instant gratification. Success after hard work is priceless.