A brief overview of cryptocurrencies and web 3. I’ve tried to keep it at a high level but with enough depth so you can understand it’s potential in your life and business.
I’ve been on the internet for a long time! My first time connecting with others online was in the days of BBSs, where you would dial in and everything was just text, when IRC chat was how you talked to others around the world.
Then came web 1, with netscape and single page slow loading pages (remember modems?). As things sped up and we added CGI programming with perl (and php) it became a bit more dynamic. Forms and collecting data, collocating servers and all that fun!
Web 2 is identified by much more interactive sites, e-commerce, cloud computing, client/server and micro services. This is where most of us are now. It’s a very active space and will continue to be far into the future. It is also more or less centralization, where the large internet companies own the big services, think google, youtube, facebook (meta) and twitter (maybe).
There is a big future for Web 3 and it’s already been in progress for quite some time. Web 3 is associated with client apps that talk to decentralized global virtual machines (more on that in a bit). The decentralized aspect of web 3 is one of the big advantages.
Cryptography is at the core of decentralized global currencies. It is what allows the system to know who owns what on the network. In it’s basic form, Public Key Cryptography provides a user with a Private Key. This key must be kept secret and secure from everyone except the owner. From this Private Key a Public Key can be generated. When someone encrypts a message with a Public Key, only the Private Key owner can decrypt that message. Your Public Key should be shared with anyone that might send you messages. Remember, always keep your Private Key secure.
Your Private Key also gives you the ability to sign digital content. This signature can be verified using your Public Key, verifying it was you who signed the content.
You would usually use a wallet to store your private key. You can use a browser based wallet such as metamask, a browser like brave with a wallet built in or an app. You can also use a service such as coinbase, which would act like your wallet.
The blockchain is a distributed, immutable chain of blocks, where each block has a group of recent transactions. The blocks are created by miners who verify the transactions and add the blocks to the global chain. The miner is rewarded with crypto for each block they successfully verify.
There are many different blockchains. There are public primary block chains like the Bitcoin blockchain or Ethereum Mainnet blockchain. There are consortium blockchains, where a group of companies or people run a blockchain for their specific purpose. Testing blockchains for developers and private blockchains.
The public blockchains are an immutable, distributed record that provides proof of ownership. These chains are run on a vast array of nodes on the network, which provides distributed durability. This is part of the value of the system.
Ethereum is a crypto network that uses the ether currency. Ethereum provides a global virtual machine (read computer) that can be programmed with smart contracts (Dapps, distributed applications). The global virtual machine is a distributed computer that runs on the ethereum network. A smart contract is a program that anyone can write and deploy to the EVM (Ethereum Virtual Machine). When your smart contract runs, it uses gas, priced in Wei (1 ether = 10^18 Wei), to pay for the resources used in executing your smart contract (program).
An example might be helpful, this is one I came across in my research. Imagine you wanted to ensure that you were the first one to create a specific document. You could create a notary service. When you upload your document, it would take a hash of the document (a unique signature) and call your smart contract. The smart contract would store that signature with your name and date on the blockchain. If anyone ever wanted to check that document in the future, they would upload it and your smart contract would respond with the information from when you originally uploaded it. The job of the smart contract would be the two functions, to initially store the information on the public blockchain and to retrieve the information in the future.
I’m sure you can imagine many other uses for a global virtual computer that stores its data in a distributed immutable blockchain. While Bitcoin is independent of Ethereum, bitcoin is essentially a specialized Dapp that provides decentralized value transfer as it’s primary function.
NFTs are one example of a smart contract that is similar to the notary service. Anyone can sign digital content using the NFT smart contract and receive ownership of the NFT, that NFT can then be transferred to someone else with its transfer history stored on the public blockchain. That NFT is verifiable on the public blockchain, along with it’s ownership history. The signature by the original owner or creator also provides provenance. While some of the early uses seem a little silly, this is a quickly emerging area that may eventually be tied to physical assets. Imagine real estate transactions where the deed transfer is only a matter of transferring an NFT!
DAOs are a new form of organization that allows like minded people to work together. They are like businesses that are collectively owned and managed by its members. The members of the group propose ideas and they are voted on by all the members. Everything is open and the rules of spending for the organization are built into its code. Sometimes membership is based on owning the organizations NFT, only approved members are allowed to own NFTs which come with organizational rights.
Web 3 ties all these technologies together. Your Private/Public keys, web or mobile front-ends, smart contracts and the backing blockchain. As you can imagine, there are a lot of possibilities. There are many companies in the space doing new and innovative things. Some rethinking old services and some building entirely new products. What would you build now that you know a little about this field?
Crypto started as a backlash against centralized finance. Technologists saw that there was a way that didn’t centralize all the power to a small group of elite bankers. It has it’s roots in open source software, which was a backlash to the closed software development of the past. Ethereum and the EVM is the next step, a backlash against the big internet companies with their closed systems where a majority of the control is in their hands. In a global decentralized computer, one company can’t decide what is allowed and what isn’t. No doubt this has it’s issues also and will need to be figured out over time. In the long run though, I vote for freedom and decentralization.
A lot of people ask, why does it have value? The value comes from it being a decentralized network of computers that store an immutable record of data. This does several things.
To build a network of this scale requires the buy in of many nodes, this only happens if the node operators see value in running a node.
This was a whirlwind tour with a lot of details being glossed over. I hope you find it valuable in your exploration of crypto. I didn’t touch on any of the many other crypto currencies, which offer features that might be useful to your application (more privacy of transactions for instance). The web 3 movement is happening with our without you. I think you should be part of it. It will give power back to individuals in a way we’re only just beginning to imagine.
airdrop – a way for projects to distribute coins to holders of certain coins
altcoin – any coin other than bitcoin
aml – anti money laundering
ape – invest in something without doing you’re own research
ath – all-time high
bags – what you’re holding (your investments)
btd/btfd – buy the f***ing dip, buy when the market is red
bpd – bitcoin pizza day, big pay day
capitulate – sell
cbdc – central bank digital currency
cex – centralized exchange (e.g. coinbase)
dao – decentralized autonomous organization
defi – decentralized finance
degen – degenerate as in a degenerate gambler
diamond hands – not going to sell
dex – decentralized exchange (e.g. 1inch)
dyor – do your own research
erc-20 – any coin built on ethereum is an erc-20 token
fomo – fear of missing out
fud – fear, uncertainty, and doubt
hodl – a misspelling of “hold” or “hold on for dear life”
hold – don’t sell
kyc – know your customer
lp – liquidity provider
moon – when coins drastically rise in price
nft – non-fungible token
ngmi – not gonna make it
nyknyc – not your keys, not your coins
paper hands – someone who sells easily
poh – proof of history, to measure time before consensus used by solana
pos – proof of stake, a consensus mechanism used by ethereum 2.0
pow – proof of work, a consensus mechanism used by bitcoin
pump and dump – artificially inflate the price of an asset and sell high
rekt – when you lose a bunch of money
rug pull – get scammed
satoshi – the pseudonymous founder of bitcoin and 0.00000001 BTC
shill – to peddle a coin
shitcoin – a useless coin or a coin with poor fundamentals
tor – the onion router, a browser used to access the “dark web”
tps – transactions per second
wagmi – we’re all gonna make it
whale – an investor with a large amount of crypto
when lambo – when will you have enough money to buy a lambo
xbt – an alternative abbreviation for bitcoin (btc)
Here are some links to projects that I’ve found interesting, either on the crypto currencies themselves or web 3 projects:
https://metamask.io (browser based wallet)
Data about the recent PPP loans was released today. We downloaded it and took a quick look at it. While the company names were only provided for companies who received greater than $150k, that was still 661,218 small businesses.
A couple notable points. California by far received the most loans at 87,689. Texas, New York, Florida coming up next, in that order. Most of the loans were granted in April, but it looks like they’re still being approved. There are many more business types than I realized! I didn’t realize all of them had employees, do trusts employ people?
4820 businesses received between 5 and 10 million! That’s a big number for a “small” business. The top three lenders were JP Morgan Chase, Bank of America and Truist Bank d/b/a Branch Banking & Trust Co (which I’ve never heard of, but was BB&T which I have heard of). I’m sure there is lots more analysis that can be done with this data set, but I just wanted to provide a little taste.
To get to analyzing quickly. We imported the csv into MongoDB and then connected that to MetaBase. What a nice workflow! Thanks to those two products for making it so painless to explore new data sets.
Download the original data here.
Web hosts provide the ‘space’ where your website lives on the Internet. Making wise hosting choices will ensure your visitors have a pleasant and productive experience on your website.
Let’s explore the factors that comprise web hosting, what your particular website requires to run optimally and what services are available to help you make the most prudent choice for your customers and for your bottom line.
The first question is, “What does your site need?” There’s a continuum of what websites ‘do’ — from being a static, informational page to providing a full-blown e-commerce experience. Here are some terms with which you should be familiar when assessing your specific hosting needs:3
With those factors in mind, you can make an informed decision concerning the server (hugely powerful computer). You’ll choose among:
Shared server: Your website is one of perhaps thousands running on a single server. Because you share resources with those other sites, the possibility exists that resources your site requires could be periodically distributed to meet the needs of other sites, temporarily affecting your site’s performance. If your site’s requirements are minimal, however, this won’t be a cause for concern and makes this the ideal — and least costly — choice for most businesses.
Other website hosting considerations include:
Reliability: While all hosting services promise a high degree of uptime, it’s more important to some businesses than others. If your company will suffer with even minor and infrequent variations in reliability, host with a provider who offers a Service Level Agreement (SLA), which is a contract that defines and guarantees the level of reliability you can expect. SLAs come with hefty price tags which are only worth it if your business will suffer should your site go down.
Security: It’s important to learn the procedure a host has in place to safeguard the information you’ve stored on their equipment. “Redundancy” is a term that refers to the backup measures a host will implement to prevent data loss.
This is a page to show how the Google translate widget works on a website. Google no longer provides new access to Google Translate for websites. They prefer you utilize the chrome translation function.
If you’re thinking about using the Google Translate widget, you can implement it by going to the Google Translate page, clicking on Translate Website at the bottom of the page, set up a site, and add some code to your website. It will then take all the text on your website and update it to the language the user selects.
Use the code below to add the widget to your website:
Machine translation is only about 70% accurate, so if you need to make sure your content is translated exactly as you want, then you are better off doing it manually and implementing a system that allows you to maintain it as easily as possible. Also, keep in mind that Google Translate doesn’t do images, so any images with text will still have the original text in them (notice the language on the books doesn’t change when you select a different language).
Google Translate is a good tool if you need some quick translations, but we don’t recommend it as a solution for everyone.
The features your website offers will determine how much professional assistance you’ll require to create your presence on the Internet. Even if your website is entirely a leave-it-to-the-experts job, you’ll want to have a basic understanding of the terms used in web design.
As Web developers, we often throw around terms in meetings that our clients may or may not know. Terms like themes, CSS, SEO and a bunch of others.
Here’s a primer on some of the jargon associated with designing a website so you’ll be in-the-know when the acronyms start flying about:
CMS (Content Management System) — Your designer may choose to use a program called a CMS to create your website. WordPress and Drupal are two popular CMSs. They include the interface in which text, photos and the other content that comprises your website are entered. When created in a CMS, oftentimes, you can update your site’s content on your own without needing to hire a designer every time you change a price or add a photo. However, the CMS systems need to be maintained so they stay up to date and don’t get hacked.
Theme — Often this word is used in relation to a website’s design, or overall presentation. A website’s theme is its appearance, including the number of columns, location of particular features that appear on the page and the look of any graphical elements. The design, or theme, is the foundation upon which the look of the site is built.
Many platforms on which websites are built, like, WordPress or Drupal, use the theme to keep the design of the site consistent. While the client can change the content on the site (the text, images, posts, etc.) typically, updating the theme requires more technical knowledge.
CSS (Cascading Style Sheet) — This is the technical term for the computer code that creates the ‘style’ of your website. In other words, CSS dictates how all the elements of the site’s appearance will be displayed, such as:
so that whenever these elements appear, they are consistently displayed site-wide. The CSS also controls how your site displays on various screen sizes, for example if your site is responsive, it will display differently on a mobile device with a smaller screen size.
Browser – This is the program on your computer or mobile device that you use to view websites. Internet Explorer (IE), Safari, Chrome, and Firefox are all browsers. There are also different versions of each browser, for example IE 8, 9, or 10.
SEO (Search Engine Optimization) — Search engines are the means by which Internet searches are conducted. SEO includes measures you take when developing your site (including proper keyword insertion and search engine-friendly site development tactics) to make the content on your website more likely to come up in Internet searches. Optimized content ranks higher in search results – and is therefore more easily found by interested people.
A basic understanding of web design jargon will help you feel like you speak the language as you tackle creating your website on your own or consult with a designer.
As a business owner, you can’t afford to focus all your time and energy on web design: you’ve got to hustle to find customers, handle your accounting and manage all the different parts of your company. That doesn’t mean that you can get away with knowing absolutely nothing about web design, though.
In order to make sure that you get a website that will actually help your business to grow, you need to know at least a little about actually designing a website, as well as how to find the best possible web designer. After all, you wouldn’t buy a car without knowing how to drive it or how to find a good mechanic.
Knowing the basics of web design is a matter of vocabulary, and understanding the definitions of the words on your list. Here are a few terms to get you started.
A good web designer is always willing to discus the technology aspects of your website with you. Not only should your designer be able to come up with the right design and appearance for your site, but they should be ready to talk to you about the decisions that go into creating a reliable and useful website. If your designer isn’t comfortable with the technical elements required to develop your website, you can always work with multiple vendors with one supplying the design and the other doing the production.
The next website you have created for your company isn’t likely to be the last site you’ll ever need. Most companies find it necessary to update their sites regularly, as well as may need specialized sites or pages for individual promotions or projects. That makes it worth your while to keep up to date on what’s going on in the world of web design.
For most websites, the number of visitors using mobile devices — smart phones, iPads and similar gadgets — is on the rise. That makes it truly important that you take your mobile visitors into account when planning any changes to your website. Doing otherwise is simply a fast way to miss out on sales.
There are three key questions that you need to ask in order to make sure that you’re presenting the best experience to anyone visiting your site from a mobile device.
With a growing percentage of all online traffic coming from mobile devices, you don’t have any option but to make sure that visitors to your site can read what you have to offer. They have to be able to interact with your site whether they’re on an iPad, on the phone or anywhere else.
When you consider that it’s even more likely that a business owner or manager is likely to be out and about when they need information online, it’s especially important for B2B companies to make sure that their websites are ready for mobile users.
We believe in providing the best possible hosting service at WalkerTek. To accomplish this we have an enterprise infrastructure which provides the best possible performance for your site. Below are some of the steps we take to ensure this performance.
A lot of planning and engineering go into making WalkerTek one of the best possible places to host your website. Before you decide on where to host your company’s website, make sure that their infrastructure is appropriate for your needs.