Blockchain Technology: Explained by a Musician | LoTs #2

Disclaimer:

Hey ya’ll it’s ya boi TVK here. Look, I’m a musician just like you. I’m watching the world change right before our eyes, and I’m simply an observer trying to make sense of it all. Please don’t take anything I write here as investment advice. Be sure to seek the consult of a licensed professional before making any investment decisions!

Cool? Cool. Now go buy some f*cking Bitcoin already (JOKE)

“Blockchain? What’s dat?”

Now, before I dive into this, I just want you to understand something: Blockchain technology is less than 20 years old. The very concept of a Peer-to-Peer electronic cash system was published by the enigmatic Satoshi Nakamoto in October 2008. Their landmark whitepaper outlined how the Bitcoin network works and it explicitly explains the underlying protocol that would facilitate this network. This open-source, “blockchain” technology inspired a generation of decentralized networks, all of whom have built upon and evolved this technology.

Okay, nerd. Why does this matter? What’s a blockchain? Isn’t that Bitcoin thang a scam?

It’s not a scam, but it is super nerdy and takes some time to grasp. The most difficult part of understanding this whole new world is alllllll of the vocab, so let’s clear up a few terms.


Blockchain

A blockchain is a ledger. It’s as simple as that.

Ledger

Honestly, when I was first learning about this, I didn’t even know what a ledger was LOL. A ledger is a record of transactions, and these transactions can literally be ANYTHING. However, for the sake of an easy explanation, let’s talk about how a ledger can be used to track transactions of money (this was Satoshi’s first use-case, after all.) Let’s say Samantha gives her younger sister, Layla $12 for lunch. Samantha, wanting to keep track of how much money she’s lent out, writes this transaction down on a sheet of paper and puts it on her desk. This sheet of paper is the ledger! Now, let’s say that Layla pays Samantha back. Samantha then records this transaction to the same ledger, confirming that the debt has been repaid. In this example, Samantha created a ledger to track the flow of money between herself and her sister.

Okay, if a blockchain is just like a sheet of paper, what’s the big deal??? Well, a blockchain is an immutable list of transactions that anyone can view, query, and verify. A blockchain keeps a full record of every transaction that ever took place on the network. Every. Single. One.

Things get a little tricky from here. Stay with me

Nodes

In the case of the Bitcoin network, the blockchain network is maintained by a series of powerful computers (AKA nodes) competing to solve a bunch of insane and ever-increasingly complex math problems. When transactions are made on the blockchain, these transactions are collected and recorded in batches called blocks. The node that solves the math problem first constructs the block and is rewarded with Bitcoin (BTC). From there, all the other nodes in the network update their ledgers accordingly and get back to work trying to solve the next math problem.

Every node that maintains the blockchain keeps an identical copy of the blockchain in their computer. In order for the blockchain to maintain its integrity, every node’s ledger must be identical, down to every last transaction. Consensus must be reached among the nodes. This necessary consensus secures the network and protects it from bad actors. If a bad actor tries to manipulate the ledger and game the system, they would have to manipulate the records of thousands and thousands of nodes. Not only are these nodes spread across the globe, but one would have to coordinate and execute the change simultaneously. It would be like trying to rob thousands of banks at the very same time. Difícil AF

TDLR; Nodes run the network. They all talk to each other and make the network nearly impossible to hack.

Cryptocurrency

Cryptocurrency is digital money. BOOM. Das it.

Just kidding—it’s a little more complex than that. Cryptocurrency is digital money, secured by cryptography, that is transacted and recorded on blockchains. Although blockchains are indeed trackable, cryptography obscures the identity of each party from outside onlookers. However, this doesn’t make a user of cryptocurrency completely anonymous. To combat nefarious actors, many crypto institutions require KYC (know your customer) protocols to use their platforms. In exchange for submitting a copy of a government-issued ID, one is granted access to the platforms. This information can be used to identify guilty parties in the event that wrong-doing is committed.

Cryptocurrency is money. Therefore it is susceptible to economic pressures of supply and demand. Every blockchain (there are TONS of them) has a specific cryptocurrency that is used to pay for transaction fees. Beyond fees, demand relies on desirable use-cases for that currency (DeFi, NFTs, etc.). Be sure to do your research THOROUGHLY if you ever consider investing in any project. What does that cryptocurrency actually DO? What can it be used for?

Because this space is still nascent, it is rife with Ponzi schemes and scams that prey upon the mis/uninformed. Do not let it be you <3

Decentralization

This is the last piece of the puzzle when it comes to the basics of blockchains. In the traditional financial system, the bank maintains the ledger for how money flows in our economy. You can’t call a bank to ask to see their ledger. In this case, a single entity maintains and controls the ledger. In this system, one is forced to trust the centralized system. Satoshi Nakamoto dreamed of a world where one wouldn’t have to trust that the bank was acting in its integrity. In fact, the very idea of a decentralized monetary system blossomed in the wake of the 2008 financial meltdown.

In a decentralized system, no single entity owns or maintains the network. Instead, the responsibility and ownership are divided among a larger number of independent parties. The larger the number of independent validators, the more decentralized a protocol is. The more decentralized the protocol is, the harder it becomes for a single entity to highjack the system.

Smart Contracts

This blockchain innovation is what makes me feverishly bullish on the future of this nascent technology. Smart contracts are agreements written in code and recorded on a blockchain. When the specific conditions of a smart contract are met, the contract is fully executed by the code. Transactions executed by smart contracts are fully trackable, visible, and irreversible. Think about everything you need to do using a contract….buying a house, getting a loan, borrowing an instrument from your local luthier—the possibilities are staggering. Ultimately, smart contracts eliminate the input from intermediate, central authorities.

Whew. Anyone hurt?



I imagine that this is already a lot to chew on, especially if this is your first time learning about blockchain. Trust me, it takes a bit of time, meditation, and research to grasp it. Take the time to read more explanations and obtain more examples. I will list some of my favorite resources below to assist you in your education!

With a bit of reading, I know you’ll be able to wrap your head around it, I promise. There are many more concepts I didn’t cover like consensus models of blockchains (proof of work, proof of stake, proof of authority, proof of history, etc.)!

If you’d like me to write another explainer blog post, please lemme know!

Take care,

TVK


29 Things You Should Do In Your 20s (For Musicians) | LoTs #1

Lots of Thoughts #1

As I quickly approach the end of my 20’s at break-neck speed, I’ve felt nothing but anxiety, imposter syndrome, and a general sense of unease about my future…or maybe that’s just the echoes of 2020 🤣

Jokes aside, as I zoom out and take a closer look at the landscape of my career and life thus far, I’m profoundly thankful for all the missteps, mistakes, and burnout I encountered over the past decade. For the first time in my life, I feel like I’m beginning to dial in my self-care—an integral and often underestimated element a fruitful music career.

This led me to get back into journaling. My process is mostly stream-of-consciousness and gratitude, so it didn’t take long for me to realize that I have so much to be grateful for.

In this newfound gratitude, I feel compelled to share some things I’ve learned since age 19. I hope that some of these will prove useful for you, and I can’t wait to write another one of these if I’m lucky enough to live another decade 🤗

  1. You’ll never “make it.” Be thankful that there will always be another hill to climb!

  2. The concept of money is hard to wrap your head around, and don’t feel bad if you don’t understand it yet. Money is a vibration. The value of USD used to be backed by physical gold, but on August 13, 1971, Nixon…nixed that. Since then, our currency is a “fiat” currency that is only backed by the faith and credibility of the US Government. Long story short: money is abundant. The game is to figure out how to provide value to people in exchange for money. If you have the audacity to bet on yourself and figure it out, you can get your bag.

  3. Find a significant other that prioritizes working on your relationship together over take their problems out on you. However, if you’re not treating them well, you definitely should be responsible for that as well (duh.) Someone who has a growth mindset, communicates clearly and honestly, and has a good relationship with themselves is an ideal partner. The two of you together should be greater than the sum of your parts.

  4. You don’t have to feel pain and anguish to create good art. What you find is what you seek. So, if negativity is the only fuel for your art, you’ll always find ways to be more miserable.

  5. Attitude is everything. If you find ways to confront your problems with enthusiasm, you’ll find that the work becomes more fun—even if it’s a bit terrifying.

  6. In your 20s, your number 1 asset to society is your time. If you’re willing to exchange your time for apprenticeship, you’ll inevitably gain skills that will serve you well in your 30s.

  7. Pick skills that are fun for you, find a person or an organization that needs your time and labor, and spend as much free time as you can honing these skills. Eventually, you’ll graduate from spending time and labor for money. When you do, you’ll begin to be paid for your efficiency, and efficiency can be scaled exponentially.

  8. Prioritize your education. Just because you’re a musician, it doesn’t mean you can’t be well-rounded.

  9. You don’t have to exclusively make your money from music. Anyone who thinks otherwise has a dangerously narrow view of reality, or they’re a crab in the barrel. Either way, their opinions are invalid and you should follow the beat of your own drum.

  10. Lean into your discomfort—that’s where the growth is.

  11. Be flexible with your plans. Sometimes specific goals can become disadvantageous to your development. Instead of striving to “win a good paying job,” strive to “support yourself financially through your art.” That can indeed include winning a job. However, it also keeps things open for other elegant possibilities, many of which might present themselves to you later down the road.

  12. Aim to get 1% better every day. Keep this up for a year, and you’ll become over 37 times better at what you do(!!!).

  13. Never do something exactly like someone else. While imitation is essential for learning, it’s important to build your own niche. If you’re unsure of what I mean, just look at the biodiversity of nature. There’s always a way to get energy in the wild, and life always finds a way. Whether its chemosynthesis around deep-sea ocean vents, eating Eucalyptus leaves in the Outback, or noming on algae and fish excrement in a salt water fish tank—there’s aways a new, unique way to get that bread.

  14. Invest early. Start a Roth IRA and start contributing immediately.*

  15. Be kinder to yourself. At the end of the day, you’re the one that is in control of your life. If you are you’re always insulting yourself or talking down to yourself, you’ll never have enough motivation to do difficult things. While growing and learning, practice patience and kindness with yourself, and you’ll be amazed by how much happier you’ll be. ☺️

  16. Read 30 minutes every day. Books are super OP (overpowered) and can change your life. #LeadersAreReaders

  17. Seek out different cultures and experiences. Not only will you be surprised by how similar we actually are, but you’ll also get new perspective on how to live a healthy, fulfilled life.

  18. Before watching anything on the internet, stop and ask yourself one question: “Will this piece of content help me learn something new, serve as content marketing research, or help me grow in some way?” If the answer is “no,” consider watching something else. There are only so many hours in the day, you’ll avoid that sinking, guilty feeling of realizing you watched super smash bros videos all day long (personal experience talking).

  19. Everything you do doesn’t have to be productive. While this comes in stark contrast to my previous point, it’s important to take time and enjoy your life. Balance is everything.

  20. Every evening, make a to-do list for the next day. Keep the MUST-DO items to a maximum of 3, and get them done as early in the day as possible. For a hyper-critical, productive person like me, that helps me stave off unrealistic expectations and helps me stay patient and consistent. If you look at it this way, you’ll always feel like you’re moving forward, and anything extra you achieve is BONUS 😈

  21. Find a way to go out of your way for someone each day. It could be as simple as chatting with your cashier or holding the door open for someone. A little goes a long way.

  22. Practice with a metronome. You’d be surprised how many pros don’t O_O

  23. Beyond what you’re hire to play, learn music that inspires you. That’s the only way to stay motivated.

  24. If you’re doing something for the first time, do it for free in exchange for additions to your portfolio and/or testimonials. You gotta build your reputation before you can make the big bucks.

  25. Be generous with opportunities. Even if you can’t do a gig, offer to share your contacts with the client. Not only is it a show of good faith, but it also helps you get work for your friends!

  26. Aim to arrive an hour and half early to the gig. Bring a book if you have to. You never want your contractor to wonder if you’ll show up on time. Sure, you can promise to be on time next time. But if you’re late, there probably won’t even be a “next time.”

  27. When meeting with new colleagues, never go into the interaction with ideas of “what they can do for you.” Instead, go in with the mission to listen and seek ways to help them. I promise you, it’ll never steer you wrong.

  28. Keep your eyes on your own paper. Everyone’s path is different, so spending time comparing yourself to others is counterproductive.

  29. Surround yourself with people who have similar dreams and goals. Jim Rohn used to say “you’re the sum of the 5 people you spend the most time with.” Take an audit of what your friends do. If they were to keep doing what they’re doing today, where will they be in 10 years? Do you wanna be there too? Act accordingly to your goals!

    *Note: I’m not a licensed financial advisor, so be sure to seek out professional counsel when looking for financial advice. It can be annoying, but it’s important.

I hope you found this listicle valuable! If you like Lots Of Thoughts, and want to suggest future topics, leave a like and comment below.

Otherwise, check out my YouTube Channel, my podcast Faking Notes Podcast, and Sign Up for my Newsletter!

#PlayHomiePlay #LotsOfThoughts

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