Tuna Mayo DAO

01/06/2022

Today's spotlight is on non-fungible tokens, or more commonly known as NFTs that use the same new blockchain technology. You might have seen famous personalities such as Shaquille O'Neal, Shawn Mendes, and Pia Wurtzbach all dabbling in the world of quirky NFT art. But is there more to NFTs? Read more on them here 👇

26/05/2022

What's the importance of being aware of matters regarding blockchain technology, such as Axie Infinity? Get to know here.

26/05/2022

How is Axie Infinity played? Get to know about the mechanics of the said game in less than 3 minutes!

26/05/2022

Get to know more about the massive phenomenon Axie infinity!

19/05/2022

A topic that one can always almost see when learning blockchain is cryptocurrency. And for this reason, a quick dive into it is important. So back in the days, the term blockchain was not for general purposes, as how it is being used today, rather it is a specific website for trading Bitcoin. The Bitcoin Blockchain was originally created in 2008 by someone named “Satoshi Nakamoto” (a pseudonym). The Blockchain serves as a peer-to-peer network implemented on top of the internet that facilitates trading of virtual currencies, wherein Bitcoin was the first to be used inside it (The Truth About Blockchain, 2019).

Reference:
The Truth About Blockchain. (2019, August 21). Harvard Business Review. https://hbr.org/2017/01/the-truth-about-blockchain

19/05/2022

Back then, in order to get Bitcoin, an individual may simply exchange fiat (paper money like US dollar) for Bitcoin by depositing a certain amount of equivalent money on any Bitcoin exchanges. Bitcoin exchanges work exactly the same with money exchanger shops in real life, the only additional step is that one needs to create an own account for the chosen Bitcoin exchange platform. After that, one needs to have a digital wallet, preferably one that can accept Bitcoin tokens, and send the bought tokens from the exchange platform to the chosen digital wallet. Digital wallets are basically just online wallets with more security; individuals need to keep the given secret or recovery phrase since leaking it can enable others to access one’s wallet.

19/05/2022

When all of the necessary set-ups are done, an individual may freely use Bitcoin. One can barter it with other people using Bitcoin’s blockchain, buy goods digitally from merchants that accept Bitcoin as payment, or just simply hold the Bitcoin and gather more in hopes that Bitcoin’s value will increase in the future. All of that can be made without any middleman or third-party organizations – decentralization, without needing private identification – anonymity, without waiting for days – fast transaction times (mainly for financial transactions), and without feeling lost since one can easily track one’s transaction in the blockchain – audibility and transparency. That is the point why Satoshi Nakamoto created Bitcoin and Bitcoin’s blockchain. On a side note, since blockchain uses cryptographic algorithms, digital currencies like Bitcoin are more commonly called “cryptocurrencies” (Berentsen & Schar, 2018).

Reference:
Berentsen, A., & Schar, F. (2018). A Short Introduction to the World of Cryptocurrencies. Review, 100(1), 1–19. https://doi.org/10.20955/r.2018.1-16

13/05/2022

With all of that being said, why should people use blockchain in the first place? That is because blockchain technology offers different advantages. First is decentralization. In a blockchain network, no central part or organization fully owns it; every individual can take part in the building of the blockchain ecosystem and how it should proceed in the future. Every individual also has the voting right to suggest changes, and in conjunction, other individuals may approve or disprove any changes being discussed. This is different from traditional networks since most of them are centralized. For example, if the network service of Amazon goes down, a huge number of websites and services will be affected as well. This is a problem for end users, especially when one wants to use service during a crucial time. Another scenario is that Amazon can easily raise their service fees without notice, since they hold the most power. These two examples can be easily avoided when using blockchain technology.

Next, blockchain also gives anonymity to its users. For an individual to participate in a blockchain, one does not necessarily need to provide any private information such as one’s full name, birthplace, address, signature, and much more. In most cases, an individual only needs a digital wallet and a blockchain explorer in order to use it. Since blockchain utilizes various security mechanisms, peer-to-peer transactions can be safely done while maintaining the anonymity of both parties. On a side note, the concept of digital wallets and blockchain explorers will be discussed in the next sections.

Lastly, blockchain is an open book and can be audited by anyone at any given time. Since blockchain is basically an open record book, one can easily go to a blockchain explorer website and scan millions of transactions listed there. If an individual has a certain transaction that seems to be stuck on the blockchain, the transaction hash (key) can be searched on the blockchain explorer to see the status of that transaction. It also applies to viewing a digital wallet. Simply pasting and searching a digital wallet address will let someone see that wallet’s current holdings and transactions (Zheng, Xie, Dai, Chen, & Wang, 2017).

Reference:
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. 2017 IEEE International Congress on Big Data (BigData Congress). https://doi.org/10.1109/bigdatacongress.2017.85

13/05/2022

Moving on, what if Ana now gets a hold of Bob’s private tally and writes that Bob owes Ana money when in fact it is not true? To resolve this, Bob must use a private key that he only knows. Now, when Bob comes to update the master tally with his private tally, he will use that private key + message (current version of Bob’s private tally) in order to generate his own signature on the public ledger. The public ledger then needs to have a public key. The public key will be used, alongside Bob's “supposed signature” and “supposed message” in order to verify that Bob is telling the truth – Bob is really presenting his own signature, and no fraud has been mixed in the process. This combination of keys, messages, and signature and verifying basically sums up the cryptographic techniques used in blockchain (But How Does Bitcoin Actually Work?, 2017).

Reference:
But how does bitcoin actually work? (2017, July 7). [Video]. YouTube. https://www.youtube.com/watch?v=bBC-nXj3Ng4&list=RDLVSSo_EIwHSd4&index=6

13/05/2022

Since blockchains may store valuable data, how can one be sure that one’s chosen blockchain is secure and consistent? Well, most modern blockchain uses standard safety features such as asymmetric cryptography and distributed consensus algorithms (Zheng, Xie, Dai, Chen, & Wang, 2017). And to better understand them, consider again the same scenario of Ana, Bob, and Charlie. Suppose that Ana forgot to list down that she borrowed money from Bob. So, on Ana’s tally, she is debt-free while on Bob’s tally, Ana owes her. Now, the monthly update event has come and they need to update the master tally. There will be now conflict between Ana and Bob, and Charlie will have no way to mediate since he does not know who is telling the truth. So, in order to prevent this, we need to implement some safety mechanisms in the first place. To do that, every transaction between 2 individuals will be broadcasted to other individuals so that they can also list the transaction down on each of their own tally. This will ensure that when conflict arises between two private tallies, the major consensus of other private tallies can mediate before the monthly update of the master tally. This safety mechanism is basically how the distribution consensus algorithms work. This safety feature basically ensures that the information being fed to the blockchain is consistent with the majority of the private ledgers before the block containing that information gets executed. This ensures that no malicious private ledger can feed false data to the blockchain and execute them.

Reference:
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. 2017 IEEE International Congress on Big Data (BigData Congress). https://doi.org/10.1109/bigdatacongress.2017.85

13/05/2022

To visualize what blockchain really is, consider the following scenario: Ana, Bob, and Charlie are all good friends. As they have full trust in each other, when one needs money, the other two are always willing to lend theirs. Of course, each give and take will be tallied to keep track of things. Each of them will have their own tallies, and each individual tally can be likened to a private ledger. To further strengthen the security, they may meet up once in a while to compare tallies, and then compile it and store it in a location that all of them know. That master tally is now a public ledger (basically a blockchain of its own) and that every transaction on each individual private tally will only be executed once the master tally is updated. In short, if Bob owes Ana as listed on Bob’s and Ana’s private tallies, they cannot execute that transaction on their own until they send it to the public ledger. Now, if they decided to only update the master tally every month, and they started in January, it can be said that the first block is the January’s version of the public ledger. If they decided again to update the master tally in February, January’s version will not be erased, instead, the February’s version will be chained to the previous version. Hence, the term blockchain.

13/05/2022

In today’s term, blockchain can be regarded as a public ledger that has all of the committed transactions to it stored in a list of blocks. This list of blocks then forms a queue and each block is chained to the block in front of it and to the block behind it. This chain then grows as new blocks are appended to it continuously (Zheng, Xie, Dai, Chen, & Wang, 2017). And in conjunction, a public ledger is a system which maintains member identities in a secure and pseudo version. It is a digital book-keeping service performed between its members with a mutual understanding for operations (Seth, 2021).

References:
Seth, S. (2021, August 26). What Is a Cryptocurrency Public Ledger? Investopedia. Retrieved from https://www.investopedia.com/tech/what-cryptocurrency-public-ledger/
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. 2017 IEEE International Congress on Big Data (BigData Congress). https://doi.org/10.1109/bigdatacongress.2017.85

06/05/2022

Digital Kuya aims to provide and raise awareness on topics that are concerned with blockchain technology. Now that we are entering a time where blockchain projects are gaining both recognition and notoriety, obtaining knowledge regarding this would be essential for anyone, whether one wants to step in the world of blockchain, or just be knowledgeable enough to be conversational. By providing a space for beginners and enthusiasts alike, a strong awareness about blockchain can be formed and developed, through a like-minded community.

Decision making is an integral part in the world of blockchain. Making easy money here is a common misconception that can easily cloud judgment, enticing people to make rash decisions.
If money can be gained easily here, we have to remember that it can be easily lost as well. A small mistake can cost all of your hard-earned savings. The purpose of this project is not
to help people obtain life-changing winnings or persuade them to “bet”, but rather to help them form better decisions for themselves. Knowing how to consider the risks and rewards, as
well as being knowledgeable on what constitutes a scam, all of these are essential in the protection of one’s assets.

06/05/2022