09 Nov 2021
I spent this morning’s deep work
session studying more Blockchain.
1. The Oracle Problem
- blockchains cannot pull or push data to any external system as a built-in functionality due to being a completely isolated network
- bridging blockchain (on-chain) and external world (off-chain) requires an oracle
- oracle: secure piece of middleware that facilitates communication between blockchains and any off-chain system
- oracle example: Chainlink
2. Interesting Websites
3. Blockchain Attacks
- sybil attack: creating a ton of accounts, nodes, or computers to take over a blockchain
- 51% attack: take advantage of the longest chain rule by taking control of 51%+ of the blockchain
- mitigated through proof of work and proof of stake
4. How do miners make money?
- transaction fee = gas used x gas price
- block reward
- no block reward for bitcoin miners once total circulating bitcoin has been reached
- no limit on total number of Ether coins that can be minted so block reward will always be distributed
I really need to come up with an idea to present for my work’s braintrust. I’m clearly interested in blockchain and dedicating a decent amount of time towards it but that’s not something I can really share. Is there a way I can tie it into cloud engineering? They’re pretty much opposites…
I suppose I can run Geth as a docker container and then do some DevOps with it. I’m not even sure what that entails or if it’s possible because I’m still really new to this. Only one way to find out!