Hey yo, what’s the slide, with my favorite people, the Chico army & if you’re new & wondering about
that crew, take the first step, subscribe & drop the title of viewer of the tube. My name is Tyler,
the host of the crypto channel, who’s will always be right here for the save….I’ll
never let go Jack, cuz it’s time for Chico Crypto.
The night of the living dead, ghosts, goblins & ghouls...a spooky holiday is right around the
corner, called ole Hallow’s eve.. so why don’t we bring up the dead in crypto, once again,
the ghost town chains, the whale driven zombies, & those that are completely dead,
but computer trading keeps them alive.
So, if you haven’t watched this video, in which I dive into a
comparison of ghost towns & ghost town chains, I would highly recommend it,
a good primer for what’s to come. But make sure to come back to this video, after you're done.
So activity on the blockchain, can be compared to two coins, the #1 & #2...bitcoin & ethereum.
There is a reason, they are in those spots, they are the most active public blockchains, there is
no denying it, and if you say your altcoin is more active, it’s fake spam transactions.
So looking at total transactions on both chains over time, bitcoin had the lead for a long time,
but that was because ethereum wasn’t launched, since it’s launch it took just
over 2 years for total transactions to surpass bitcoin, and Ethereum hasn’t let up since,
holding transactions supremacy over BTC, and lately that gap is widening.
Checking out the most recent glassnode studio data, ethereum is about 1.1 million transactions
24 hours, while BTC is about 322 thousand. Ethereum is about 3 times as active transactions
wise than BTC...Sooo, to check out the fakers, the chains that are spamming tx’s across their chain
to look active, you just need to go to blocktivity, and sort by 24 hour transactions,
highest to lowest. As we can see EOS claims to have over 4.8 million tx’s, tron claims to have
over 3.2 million, hbar claims to have over 1.4 million, IOST on par with ethereum, BSV higher
than bitcoin, with over 864 thousand...i think you get the picture. No way in hezell, are these
public chains, having organic public interactions with them, greater than bitcoin or Ethereum.
And the best way to tell? A good ole google trends search, if the public is more interested in eos,
tron or hbar, google trends better show higher interest right? Well let’s look at Tron vs
Ethereum, since the beginning of the year, as Tron says it’s 3x more popular than ethereum...well
Google trends, tells us that is a lie. How about we add on Hbar and IOST,
as they say they are either just as popular,
or right on par with Ethereum. Google trends, tells us that is a lie too.
So, these are what I like to call, the whale driven zombie chains. Fake spam transactions,
usually by the people behind the chain, and large whales...make it look active,
alive...but deep down inside, it’s dead, little to no users,
no good dapps & all their smart contracts are just ethereum copy and pasted, solidity.
And the proof is in the pudding, they are all really just going the way of Ethereum.
Evan Van Ness tweeted “When zombiechain holders realize that their founders have
stopped bothering to pretend...and it’s a picture of a tweet, saying I mean,
the first project listed on EOS VC is an Ethereum token, which you can use
to purchase a course to learn Solity. You can’t be frunking serious Brendan Blumer.
So EOS, VC was supposed to be the venture arm of EOS,
supporting and mentoring projects built on EOS, but if you go their portfolio,
it’s an academy school token, which using etherscan, we can confirm, the token
is on Ethereum, and...visiting their site, in the blockchain developer certification program,
they teach you dapp building with ethereum’s smart contract language SOLIDITY.
Ya I would be ticked off to, if I was an EOS holder, which I once was,
although just a tiny smidgen back during th 2017 hype...damn you dan larimer!
But, besides EOS’s own love for ethereum, these whale driven zombie chains all have
a hard-on for Ether. Why do you think Tron has a project now called Bridge Oracle,
which first focus is of course a bridge oracle...I wonder to where? Where all
the action is happening Ethereum. Unifi protocol is going further,
trying to bridge Ethereum DeFi to tron but also ontology, and harmony.
Literally every blockchain in some form, is trying to build a bridge back to Ethereum,
zombies & the alive chains alike. Bitcoin is, XRP is, Binance is, Polkadot is, Cardano is,
EOS is, Tron is, Stellar is, NEO is, and if your chain isn’t, I would be highly concerned.
Now, many of these competitors are blood sucking vampires. They don’t
want to enhance DeFi, and cooperate with Ethereum...they want a one way bridge,
where they take it for themselves, for good.
You gotta realize, there are friendly bridges the crypto ecosystem, meant to be crossed
back and forth at will, open gates & there are unfriendly bridges, complexity, which makes it
scary to cross & waiting times, where you can’t cross at will, and have a period of lockup.
So, the good “bridges”...well the RENvm, is proving to be a bridge of choice for
bitcoin to Ethereum & back. As we can see, the total value minted with the RENVM,
is nearly 325 million in Bitcoin. That’s a hefty bridge, which as we can see is over 27
thousand BTC. It’s the most valuable bridge in the space & its a good one,
But it does suffer from the limitations of both ethereum and bitcoin, from this
renbridge and 3box medium post it says “Transactions on Ren can take about 1 hour,
or more as it’s necessary to wait for deposits on other chains
to be safely confirmed before mining erc20s on Ethereum. Nothing really Ren can do about that,
if they want a safe and secure bridge until base layer bitcoin and ethereum tech is changed.
So the RenVM is the most valuable bridge, and that is because it’s becoming the
defacto bitcoin ethereum bridge, which is a highly valuable thing…. but it’s not the most
used. The xdai bridge is actually pushing more transactions through it recently, going to the
xdai block explorer, we can see that chain is pushing over 75k tx’s per day, those are REAL
transactions, and a good chunk of them consist of crossing their multiple bridges back and forth.
So what is the xdai bridge and bridges? Ren is the power of bringing bitcoin to ethereum?
What is xdai? Well it’s the erc20 bridge...why would ethereum need an ethereum 20 bridge?
Well if you haven’t noticed, ethereum is expensive as fizunk, and xdai brought a stable,
cheap way to enhance erc20 tokens with their bridges. Dai to xdai main bridge, for the stable,
cheap transaction token of the network, xdai & the omni bridge, which is bringing erc20 tokens
over to use the chain, and it’s stable, cheap ecosystem of payments, governance, DeFi, & more.
Just a couple days ago, Perpetual Protocol announced they were choosing xdai, for their
scaling solution, moving over to the chain and they said this about the move Besides xDai,
most candidates we considered had unresolved issues such as: 1. No ERC-20 Bridge 2.
Not using Solidity 3. Not supported by Metamask 4. Not ready to use on mainnet
So, xdai offers the full package right now, there are many other bridges attempting to
do the same thing, binance smart chain, which is a full on nasty vampire, matic, which is close,
but not the full package like xdai, and a few other, but there use is basically zilch.
Then there is foundation, which is a new ecommerce model, Unisocks, inspired,
which is building on xdai…there found, Kayvon on twitter said this about his experience
“L2 as a landscape is a fascinating mix of heavy bags, wishful thinking, and real progress.Since
launching on xdai we've fielded countless questions and corrected countless misconceptions.
We're inspired to put pen to paper. Thought leadership blog post coming this week.
I’m very excited to see what they have to say, as they have terminal
built for their foundation app, and there is already over 114 grand in volume, sales,
of unique creator items and it literally isn’t full live, buying is open fully to the public,
but selling is in a limited test with certain creators, but soon the flood gates will open.
Now, things like foundation, a full fledged applications, are not on other bridge “sister
chains” like binance or matic, as they are not ready, and their bridges are not as open.
Eventually, they might be down the road, but as we know the first mover advantage is huge in crypto.
So, most other bridges you see out there, other protocols attempting to connect to Ethereum
are not friends of Ethereum...Especially VC funded, centralized exchange backed. They
want the liquidity and assets on their chain & it to say there. Now if you didn’t know,
Gnosis recently chose to build on xdai...and Coindesk put out an article on this. I love what
it had to say, from co-founder Stefan George under the heading preview of Ethereum 2.0.
It said “All of Gnosis’ products will remain on Ethereum for anyone that wants to use them
there. George argues that xDai is a good place for smart contracts to experiment
with lower stakes. In fact, he contends the whole Ethereum community should use xDai as
a place to experiment. In a lot of ways, he believes xDai could also be a preview
of Ethereum after sharding gets deployed and gas fees go down. In that future, dapps will
need to create an asynchronous logic in order to communicate with applications on other shards.
And Xdai allows this, they are Frens of Ethereum, not Foe. Vitalik has stated, if you were looking
to test scaling right now, there 3 choices he would choose are Ropsten & goerli, two ethereum
testnets, all though one of them is POA from xdai, goerli & xdai, the only live playground,
with real economic consequences. And xdai replied to his tweet saying “we are happy
to be a staging network with real economical value for dapps and ORL. We are committed to
migrate to eth2 as a shard or a state root snapshot when it's ready. Such migration of
networks with value will be beneficial to Eth 1.0 to build confidence in the process.
So my friends, eventually everything will be connected to the main central hub of ethereum,
including everything mentioned, but success is going to come, to those that realize this,
Ethereum will be the integration hub and build off of that, planning for full connection with
Ethereum 2.0..those that have a thorn in their side, trying to still compete...get
lost, you will fail...that’s just my opinion, cheers I’ll see you next time!