Intensive reading and analysis of V God's new book "Proof of Stake" (3)
Book chapter
The first part of the book - pre-mining
abstract
Book chapter
The first part of the book - pre-mining
abstract
God V has come into contact with different groups of people and insisted on going his own way.
The financing of Ethereum itself and the amount of ICO financing through the Ethereum platform are very large.
Translator's point of view
There are major differences in the Ethereum start-up team. Vitalik insists on operating Ethereum through a non-profit fund, while some start-ups hope to operate through a profitable company.
Translator's point of view
Brief translation of the content (the order has been adjusted, and the content has been deleted)
People who change the world create value for mankind. In the process of chasing his dreams, he reaped profits by the way.
On the way to your dreams and ideals, you should not be too much influenced by profits. In the history of the development of the stock market, many entrepreneurs who were full of dreams and ambitions at the beginning failed to withstand the temptation of profits, gave up their dreams and beliefs halfway, fell into the quagmire of capital operation, and eventually succeeded or failed.
In January 2014, Buterin blogged that he wrote the Ethereum white paper on a cold November day in San Francisco, the culmination of months of thinking, and often frustrating work. During those months, he worked side-by-side as a bitcoin magazine collaboration and as a builder (on several bitcoin-related start-ups), his program at Libertarian in New Hampshire, immigration in Zurich, Tel Aviv. Crowds of workers and residents of Calafort, a "post-capitalist colonial" complex near Barcelona, make their way among the ramshackle factories. Bitcoin was originally released as a white paper, and since then crypto projects have adopted the same release format: a document that is both a manifesto and a technical specification is released before the software is released. This genre is a perfect fit for Buterin, who in 2013 is on a career path as a writer and builder. "Ethereum: A Next-Generation Cryptocurrency and Decentralized Application Platform" is a good summary of the full white paper, which appears as an appendix to this book. At that time, a year and a half before the initial release of Ethereum (2015), he was already there thinking about Ethereum 2.0 and proof of stake, which will not be realized until 2022.
background supplement
"Pre-mining" refers to the creation of tokens before the blockchain is available. Buterin and his early collaborators raised more than $18 million in Bitcoin by selling pre-mined ETH tokens mentioned in the Ethereum white paper. That was a record for online crowdfunding activity at the time — but since then, other projects on the ethereum platform have raised more crowdfunding from their ICOs than the ethereum platform itself. Facing pressure from older, more experienced collaborators who wanted to build a for-profit company, Buterin insisted on building ethereum through a nonprofit foundation.
These essays, presented later in this book, document Buterin's evolution from Internet libertarian to pragmatic big-tent infrastructure builder. At first, he cheered the rise of bitcoin-related projects, a handful of which still exist today. But then, Buterin was reluctant to find answers in any of these projects, arguing that if people wanted to overhaul their social contract, what they needed was a tool that was not subservient to any single ideology. Before Ethereum was launched, Buterin asked himself: "Ultimately, what is it good for?" He outlined a theory of change whose bottom layer was not widespread disruption, but rather addressing gaps. This belief, he predicts, will inspire the builders of the technology, and it will permeate the hearts and minds of those who use the technology and products. As he prepares for a public release, his mind becomes increasingly focused on what no one knows and what is beyond his control.
