NEST Roundtable 21: Crypto for beginners

Participants:

Host:

Woody: web3 researcher

Hana: Ph.D. in Economics and co-founder of NEST

Nicole: Analyst at NEST Protocol

Conference recording：

https://twitter.com/i/spaces/1vAxRALogoZJl?s=20

Part 1. Blockchain concepts

Woody: What is Blockchain?

Hana: Blockchain is a system of recording information in a way that makes it difficult to change, hack or cheat the system. It is a secure database shared across a network participant. There is up-to-date information available to all participants at the same time. It is a technology that enables you the secure sharing of information data using distributed ledger technology. It enables permanent, immutable, and transparent recording.

Nicole: How do blockchain work and the difference between proof of work and proof of stake?

Hana: When new data is added to the network, the majority of nodes must verify and confirm the legitimacy of the new data based on permissions or economic incentives this is known as the consensus mechanism and when consensus is reached, a new block is created and attached to the chain and almost are then updated to reflect the blockchain ledger.

In the proof of work system, the first node or participant to verify a new data addition or transaction on the digital ledger receives a certain number of tokens as reward. To complete the verification process, the participant or miner must solve a cryptographic question and the first miner who sold the puzzle is rewarded.

In proof of stake, investors deposit crypto tokens in a pool in exchange for the chance to earn the tokens as reward. The miners with the most coins at stake have a greater chance to be chosen to validate and transaction and receive a reward.

Nicole: How can businesses benefit from blockchain?

Hana: There are many new opportunities arising from blockchain, such as decreasing risk, reducing a compliance costs, creating more cost-efficient transactions, driving automated and secure contract fulfillments and increasing the network transparency.

Nicole: How are blockchain, cryptocurrency and decentralized finance connected?

Hana: Blockchain enables sellers to trade cryptocurrencies online without the need for the banks or other intermediaries. All digital assets are based on blockchain. DeFi is a group of applications in cryptocurrency or blockchain designed to replace current financial intermediaries and those are like the banks are regulators with smart contract-based services. Applications or protocols that are built to facilitate this new term of intermediation are referred to as the decentralized applications and are built on public blockchain infrastructure. So defi projects are open source, interoperable, internet-based protocol.

Uncle Umar: When the hack happens, is it possible to trace the hack?

Hana: If you are connecting from A to Bm the hackers could know that this bridge is the most vulnerable and the hacks happened and a lot of resources were permanently lost. In terms of tracking and IP is very hard because the hackers will disperse the funds into millions of addresses. But we have many new solutions working on fixing the bridges.

Jay: How to transition users from web2 to web3?

Hana: We believe education is the number one. We try out to communicate and share everything what is happening on blockchain. The second is to make our things more user friendly.

Part 2. Practical usage

Hana: How to use wallet?

Woody: There are two types of wallets: hot and cold wallet. We also have cex as another type of wallet. Hot wallet is like MetaMask, while cold wallet is a physical wallet, which is more secure. The cex, like MEXC, Huobi, has certain risks, such as the asset belonging to the exchange, not you as they keep the keys.

Hana: How to avoid scam when using wallet?

Woody: Firstly, do not copy the seed phrase, other applications can detect the words you copied. Secondly, you should write down the seed phrases on the paper.

Hana: How to use Dapp?

Woody: Dapps are written on Ethereum by smart contracts. When you interact with Dapps, you are using our hot wallet. When you use a Dapp, the first step is to connect, and the second is signature. But take care of the signature, there might be scams. You need to be aware of the content of the signature. And do not search on google, as there are many fake websites. You should search on Twitter.

Hana: What is airdrop?

Woody: People can get airdrop when you participate. For NEST, you can get airdrops from two sources. One is for product users, we want to incentive you to use our product, so we will give you the airdrop. The other is when a new project is launched, we will send some tokens to make people know about our projects. Also on a daily basis, we have some activities, like the Twitter space, people can get airdrops when finishing their tasks.

NEST is growing the number of communities, so you can be rich along with us as we are giving away airdrops every day. We also give NFT holders NEST tokens.

Hana: Any suggestions to collect airdrops?

Woody: You could use MetaMask, join telegram or discord to do some tasks to get an airdrop. The truth is that you are spending time exchanging for tokens. However, the time is limited while the token number is unlimited. Therefore, you need to choose valuable airdrops and projects. Usually, you could look at the websites that teach you how to get an airdrop efficiently or give airdrop information. NEST is working with galaxy and link3 etc. In addition, if you really want to make a lot of money, you should choose a project and grow with it.

LM10: What is your upcoming development plan? How do you generate income? Are you focusing on communities or market or product?

Woody: We just launched NESTFi, and its tvl is the top five. We use a similar model like GMX but our model is more general than it. You can see our model in details on our white paper. We are trying to make more users to our platform and we are also building Turkish and Russian community. We will move to next level this year.

We are focusing on both product and community now.

Saad: I lost the phrase of your cold wallet; how can I recover it?

Woody: I am afraid the technology cannot support it, but if you know some developers, they might help you to recover.

Part 3. Crypto information gathering

Nicole: The information nowadays has inflated to a point where it gets harder to find really useful information. All the while being saturated with the stuff we don’t need. For beginners, if you’re tired of looking around for trusted outlets on the ever-changing topic of crypto, here’s a section for you to share some reliable sources we have found.

Woody: Do you have some suggestions for media? Can you give us an analysis of the pros and cons?

Nicole: It’s hard to find unbiased news reports these days, but that’s exactly what you’ll get on Crypto Daily. The site covers a variety of topics, mainly Bitcoin, Ethereum and other trending crypto. So, it is friendly to beginners, I think.

CoinMarketCap focuses heavily on crypto data, such as market analysis, including price charts, market cap and trading volumes. You can get daily trading volumes as well as historical details, such as coins in circulation and historic highs/lows are all at your disposal.

Daily Coin uses a global approach in delivering news. Most of their content is international and reports the happenings in cryptocurrency around the world. There is a diverse group of writers on the platform so you’ll get to experience many colorful voices and different perspectives.

Forbes has a wide range of topics, and cryptocurrency is only a section on the site. The best features are the advice and strategies provided in their articles. Forbes covers talks with experts in the field and presents their insights in well-written paragraphs. We suggest checking it out if you want to learn more about crypto.

CoinTelegraph has some sweet topics on everything crypto and blockchain. The articles are informative and well-written. There’s a big team of writers at work. Personally, I worked in their team for two months before. and I found them really emphasis on data visualization, they are trying to avoid obscure words and phrases and present things in a simple and easy to understand way. So, it is really friendly to beginners.

Similar to Forbes, CoinDesk has a wide variety of topics and most revolve around technology and business. There’s an element of cryptocurrency in most articles regardless of the headline. Beginners can easily find helpful articles under the Education section.

Woody: How about twitter?

Nicole: You have two ways to get information on Twitter, the first is to follow some KOLs and go through their opinions. You can just Google accounts of famous local crypto in the cryptocurrency space and so on, I won’t give you an example here because their names are difficult to read. But for newcomers, I suggest reading more local Kol’s opinions, otherwise the amount of information will confuse you.

The second way is to follow projects that regularly share fresh information, such as those that focus on education, such as our old buddy whalecointalk, and NEST is also holding weekly Roundtable events where we invite project operators of all types to share and discuss market conditions, conceptual issues, etc. And our aim is to build the bridge between the east and west, you may also have the opportunity to ask questions. So, I strongly suggest you stay with our roundtable, as you can learn things with the chance to receive rewards.

Woody: And about the telegram? As far as I know, most of crypto’s activity takes place in the telegram

Nicole: Although they initially faced regulatory roadblocks, Telegram crypto groups have become somewhat of suitable habitat for the nascent crypto industry. As the crypto market expands and more people jump into the industry, finding a helpful community could help them grow in the crypto ecosystem. Here’s our pick for the top Telegram channels where crypto enthusiasts can get information.

RocketWalletSignal’s group of channels offers benefits including trading signals across different exchanges and live trades and market updates. These all help members make more informed decisions.

Verified Crypto Traders is popularly referred to as one of the best crypto signals providers for derivatives trading. With over 40k subscribers, they claim to offer 90% accuracy on spot trades and 80% for margin trades. In addition to trade calls, they offer videos to help traders improve their skills.

DeFi Million is created to keep you up to speed with all the trends in the decentralized finance sector. The focus is on DeFi protocols, news, reviews, and predictions. If you are an investor searching for high quality signals to predict market movements in the DeFi space, there is probably no better telegram group to join than DeFi Million.

Metaverse | NFT | News is a news source that is also a free channel that gives out free crypto signals. It is the perfect starting point for anyone looking to start their journey into the world of metaverse and non-fungible tokens (NFT).

Crypto Mountains is one of the most established crypto channels on Telegram. Crypto Mountains is an excellent place to learn about cryptocurrencies, blockchain, web 3, and emerging topics and trends in the crypto universe.

Crypto Profit Coach is popularly referred to as one of the most profitable cryptocurrency groups due to the very high accuracy of trade calls provided by the admin of the Telegram crypto group. This makes it easier for them to get in front of major market events before they even happen. Traders can even get access to crypto trading bots that make auto trading super easy.

Also, after getting these signals, you can operate in NESTFi.

Matt: Is your protocol audited by the third party?

Woody: We were audited by CertiK, and we will launch our new version of code which will also be audited, but might not be CertiK as actually we help CertiK to improve their audit process.

Python: What marketing strategies will you do to gain mass adoption?

Nicole: Firstly, this year we will have a new developer community based on our PVM. We also have live discussions on Twitter and Huobi, etc. We are also holding activities with other projects to let more people know what we are doing. So basically, we are exchanging the resources, to let more people who are interested in web3 could move to NEST. Lastly, the NESTFi is based on game theory. From my perspective, it’s like a game and very interesting. I do believe this could attract more players here.