Learn about Blockchain and Cryptocurrency

We are in the beginning of a financial and electronic privacy revolution. Blockchain technology and the resulting crypto tokens or "cryptocurrency" is the innovation that has sparked the change. Two words can sum up the magnitude of the innovation: 

 We no longer need a third party to create a secure and trusted transaction between two parties. 

Banks, Brokers, money transfer agents, all third party entities that we think we need to have to make the global economy go, we no longer need. That means less expenses for everyone, but the hidden gem of this revolution is 

. Without the need for a broker or banker, we are no longer subject to their control. Without the need for government to provide us with a medium of exchange, we are no longer under the thumb of government. When the government no longer controls the value of money, it removes many sources of corruption. We can finally be governed, by the people, for the people.

A trusted form of money is only one use case for cryptocurrency. Forked One aims to help you understand and thrive in this new world in three distinct areas:

There is no stopping the innovations that have sprung from Bitcoin, the first overwhelming success of blockchain technology. Imagine a life without the Internet. Now imagine an attempt to shut down the Internet. Cryptocurrencies will go away when humans no longer yearn to be free.

Why Cryptocurrency?

Absolute power corrupts absolutely. When we cede control of our money to a government, we cede control of our freedom. Government was intended to serve the people. The power to control individual freedom, security, and stability belongs with each human being. The only way for a government to truly serve is to remove its ability to control money. 

In the US, the western part of the country represented great risk and great reward when it was first settled. It represented a wealth of opportunity with land to farm, gold to mine, and abundant resources. There was a real possibility of building generational wealth. This risk/reward is similar to cryptocurrency today. The difference then, and the difference now between success and failure lies in hard work and preparation. Physical skills made the difference then, mental skills make the difference now.

Many people know about cryptocurrencies. Few understand the innovations and technologies that make them possible. Few know the reasons why. Few understand the driving forces that push the entire segment. Rarely in human history is there an opportunity to distinguish yourself in such a dramatic way simply by working hard to gain knowledge.

Over the next 20 years, the entire financial infrastructure of the world will transition to a blockchain-based decentralized system. How many Blockbuster stores still rent video cassettes? DVD wiped out the video cassette and then DVDs were wiped out by streaming video. 

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Cryptocurrency Training for Everyone

I love the crypto sector because of the potential to improve the lives of so many, but the thing that excites me about it is the incredible opportunity it presents right now to make and grow a fortune. Similar to the gold rush in early American history, anyone who is willing to work hard and take a risk can be rewarded handsomely.

Work Hard: In today's economy, your brain is your most important asset. Working hard today means dedicating time and effort to thinking and learning. Learning something new isn't easy, but if you put in the time and effort, you will build generational wealth if you take a long-term approach and understand the crypto market.

Limited Supply with Growing Demand -> Higher Value

If you believe that cryptocurrency is a disruptive innovation, and if you understand the fact that we are at the beginning of the disruptive innovation curve, then you'll understand that there is only one direction for the value of cryptocurrency to go, and that is up, over time.

You should, if possible, hold your crypto for 5+ years to maximize your value. In the short term, emotional reaction to the news cycle causes volatility. Speculators try to take advantage of this volatility by investing borrowed money (leverage) to accelerate their profits from the movements of the market. As the leveraged positions lose enough value, they are liquidated (forced to buy or sell to close out the position). Liquidated positions cause a more drastic movement which causes more liquidations to happen. Cascading liquidations are the reason for dramatic moves both up and down 99% of the time.

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Build Generational Wealth with Cryptocurrency 

Crypto innovation started with Bitcoin. A consensus mechanism called "proof of work" validates groups of transactions into what's known as a block. The consensus is ridiculously simple, just a bunch of devices guessing a number, trying to be the first to guess correctly. The lucky device that guesses the number is rewarded with some bitcoin and the privilege of writing the last 10 minutes of transactions into a block. A cryptographic signature ensures that every block is immutable, exactly the same as when it was written, not a single bit can change without invalidating the signature.

It's not necessary for all devices to agree on the validity of transactions. It's only necessary that every device has equal access to guessing the random number. Each device is capable of x guesses per second. This is known as "hash rate". Each device carries a cost, both to create or buy the device and to maintain and run the device. This cost create a concept known as "skin in the game". If I own and run 10% of the devices currently hashing, I am making a significant investment and can expect roughly 10% of the rewards for validating transactions. If I were interested in writing a false transaction to the blockchain, I would need to control more than 50% of the devices to have a decent chance at the falsified transaction being included in a block. The cost of owning and running 50% of all bitcoin "miners" is astronomical and in the billions of dollars.

The security of a Proof of Work blockchain consensus comes from the fact that humans are not likely to spend $100 in an attempt to steal $5.

Bitcoin is the perfect store of value because the system is so simple. The simplicity makes it virtually unable to be attacked once the hash rate reaches a certain level of adoption. This happened very early in bitcoin's life and is now considered by many to be bulletproof.

Ethereum was the innovator of the next level of blockchain functionality. The Ethereum blockchain was the first to create an environment whereby decisions can be made in code. This software deployed to a blockchain to make decisions is called a smart contract. With a smart contract, a software developer can create an entire system of innovation with all use cases and contingencies accounted for, and once deployed, the rules of the game are known by all and only change in an open and transparent manner.

Ethereum was first, but other competing blockchains were able to leapfrog Ethereum in speed and cost of operating. Ethereum still enjoys the largest market share of smart contracts in use, but is considerably more expensive for users and is hundreds of times slower. There is an upgrade planned that will make Ethereum more competitive, but upgrading is considerably more difficult than starting fresh with the benefit of lessons learned.

Two blockchains with smart contract capability that we at Forked One are very high on are Solana and NEAR. Both employ next generation technologies for global scaling and both have such a high transaction throughput that they are virtually free to operate. Solana has become incredibly popular with investors lately, and NEAR provides great opportunities for developers to profit from the smart contracts they write and deploy.

We recommend you begin your blockchain software development journey with one of these two blockchains.