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DeFi Masterclass 4, Knowledge about Zero Knowledge (ZK)...

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Web3 Matters
October 25, 2023

The bull market vibes are back! You’ve come to the right place to make the most from the upcoming opportunities:

  • 📈Empowered Investor: Knowledge about Zero Knowledge (ZK). Defi Masterclass part 4.

  • 🔧Growth Toolkit: ChatGPT - Your Secret Weapon.

PLUS: 

  • 💡Community Highlight: Meet Simulations, and Thank YOU.

  • 🔊Spaces Alpha: Liquidity Masterclass

📈Empowered Investor

Diving into the cutting edge of blockchain technology. Arm yourself to make better decisions in the market.

Knowledge about Zero-Knowledge 🤯 (4 mins)

What the heck is ZK, why it’s changing the game, and why you should care.

  • TLDR:⏰

  • Zero-Knowledge Proof (ZKP) is the next evolution of technology that has HUGE implications for blockchains, AI, Healthcare and more.

  • ZKP allows you to prove something with explaining why.

  • Projects are already leveraging this tech in many ways and are worth keeping an eye on.

ZK-rollup, ZK EVM, ZKP… these terms are all over the timeline and the hype is real. Even Satoshi Nakamoto and Vitalik Buterin are bullish on this tech and the value it brings. But what the heck does it mean, and why are people so excited?

In a nutshell, Zero-Knowledge Proof (ZKP) will make the blockchain and artificial intelligence (and many other areas) faster, safer and more effective in maintaining our privacy. And this is just the beginning…

A Curious Dive into Zero Knowledge Proof

ZKP lets you prove something is true without revealing why it's true.

Wild right? Here’s how to think of it…

Imagine a massive underground maze with two entrances. Inside this maze, there's a secret door. Victor knows knows about this door and can use the it to quickly get from one entrance to the other. Trav, however, is oblivious.

Victor wants to prove to Trav that he knows the secret without revealing the actual door or how it operates.

The Challenge - Trav makes a test:

  1. He waits outside while Victor enters the maze through one of the entrances.

  2. After he's inside, Trav randomly chooses one of the two doors for Victor to pop out.

  3. If Victor knows the secret, he can always come out from the entrance Trav asks, whether it's the one he entered or the opposite one using the secret door. If he didn't know the secret, he'd only have a 50% chance of guessing correctly which entrance Trav would pick.

This story captures the essence of ZKP’s:

  • Victor proved his knowledge without revealing the actual information.

  • Trav is convinced of Victor's knowledge but hasn't gained any knowledge about the secret itself.

ZK’s are already changing the crypto space in many ways. It’s making blockchains more scalable, allows for more privacy, and is even making transactions faster by bunching them together.

Here are some examples:

  • ZK-SNARKS (Succinct Non-Interactive Argument of Knowledge) allows a statement to be verified WITHOUT revealing any info about the statement itself. It allows users to be securely authenticated and is being used by protocols like Zcash and JP Morgan’s own personal blockchain.

  • ZK-EVMs and ZK-Rollups both help make blockchain networks faster and more private.

  • ZK-EVMs are like a version of Ethereum that can handle more transactions at once. They use the same tools and languages as Ethereum, which makes it easier for developers.

  • ZK-Rollups also help Ethereum handle more transactions, but they do it in a slightly different way. They might require special tools or languages.

  • Examples of ZK-EVMs include Polygon’s zkEVM, Linea, and zkSync.

  • Examples of ZK-Rollups include dYdX, Loopring, and Immutable X.

Zero Knowledge Proofs are not just about cryptography or complex algorithms; they represent the future of trust, privacy, and innovation.

Defi Masterclass 4: Token Research Template📈 (3 mins)

Learn how to research your tokens before finding the best pools to invest into.

  1. Simple Google Search: take a brief scan for recent news articles, notice if there is an official website, and other significant articles about this token.

  2. Socials: scope out their social media pages and look for red flags like inactivity, botted posts or unrealistic followings. Check out what trusted accounts are saying about the project.

  3. Find the Tokens Contract: My favourite sources are Coingecko and CoinMarketCap. The contract will be a wallet address.

    Bonus Tip: if the token isn’t listed on Coingecko, this is a massive red flag!

  4. Onchain data (like Etherscan): paste the contract address and get digging. You can also find the token directly on Etherscan in the Token section:

    1. Is the code verified (see image below)? No. this is a red flag as dishonest founders don’t want you to see “under the hood” and find out that they will scam you.

    2. Contract Details: Check for audits and if you have the skill, give the smart contract a browse.

    3. General Activity: Make sure transactions happen often, that the supply of tokens in the address is significant, and how much people are holding.

    4. Comments: if people are saying this is a scam, likely it is a scam.

    5. General Warnings: Etherscan is usually pretty clear if the token is suspicious. There will be highlighted warnings.

  5. Research using CoinMarketCap: This site is incredible. Check out social media sentiment and top comments, official links, founders info, upcoming events, tokenomics, price action AND news events. Start exploring and you will catch on quick.

  6. DexTools: More on this in our next letter. Check out the pair you want to contribute to here. Under the Pair Explorer section, drop your pair and on the left side check out the ranking (out of 100). For bonus points, get to know how they determine this and use it in your own research.

  7. Honeypot: An amazing resource to see if its a scam. Drop the token address here and check out the results.

Make sure that code is verified on Etherscan!

Next newsletter we are going to bring it all together with our Liquidity Pool Research Template!

🔧Growth Toolkit

Weekly tips and resources to grow as a person and as a web3 builder.

ChatGPT : a not-so-secret weapon 🧠 (4 mins)

  • TLDR:⏰

  • Practicing presence can improve every area of your life

  • Practice is easy, portable, and takes only 5 minutes

  • Steps to get started

Leveraging ChatGPT for Creators: A Game-Changing tool

When it comes to content, the best way to grow is to stay ahead of the curve and continually refine our strategy. While it's a challenge we all face, using ChatGPT in a specific way can make a huge difference.

Before we dive in, let's set the stage.

Content creation, especially in niche areas like crypto and personal growth, demands a combination of market awareness, audience insight, and originality. While we always work to deliver top-tier content for you all, the process takes precious time and energy.

Enter ChatGPT. 

ChatGPT is like a cheat code for success. Not only have we managed to streamline our content creation process, but we've also unlocked new areas for creativity and precision.

Lets bring this to life by highlighting one of the prompts we've recently been working with from our Content Creation Prompt Template:

"Generate a [word count] blog post on the emerging trends in [e.g., sustainable fashion, digital marketing]. Highlight how trends like [e.g., zero-waste fashion, influencer marketing] are reshaping the industry for [upcoming season/year]."

What this prompt does is provide a structured and targeted approach. By specifying the word count, industry trends, and time frame, ChatGPT crafts a comprehensive piece that's both insightful and tailored to the current market pulse.

Other benefits from these prompts and why they help:

  1. Niche Clarity: ChatGPT has helped us refine and target our content more effectively. By using prompts tailored to specific niches or themes, you can ensure your content is relevant and compelling. Narrowing your niche is an amazing way to narrow your focus and save time.

  2. Brand Awareness: helps to find your brand voice, ensures your content aligns with your vision, and keeps your work consistent which is KEY for growth.

  3. Audience-Centric: ChatGPT can generate content tailored to specific audience, maximizing engagement and relatability.

  4. Content Inspiration: Say ‘bye’ to writer's block - these prompts serve as the perfect springboard, kickstarting the creative process.

In closing, while ChatGPT is an exceptional tool, it doesn't replace the human touch. Instead, it enhances it. It's like having an assistant who provides a foundation, upon which you build, refine, and infuse personal insights and experiences.

The result? Content that's timely, relevant, and uniquely you.

💡Community Highlight

Recognition for our Web3 Matters community members who are making a difference.

Meet Simulations and Thanks to YOU🙏

Simulations is one of the most supportive people out there, and he’s putting in the work to level up those around him.

With a background in Web3 Art and technical development, he’s building actionable things in a beautiful and eye catching way.

Check out his new token gated platform for video content that is changing the game for content creators in the Web3 Space:

Also, he has created a fascinating Solana based NFT where you can access a master class on everything blockchain and NFT!

Lastly, we want to give all of YOU a shoutout for being a part of our Growth Bytes community. The 40% of you who consistently open and read this newsletter mean the world to us, and you motivate us to keep improving and bring you the best value we can!

Make sure to reply to this email and let us know what will help you grow. We will dive in with all of our energy to bring this to you!

Want to be featured in our next newsletter?

Join us for our next episode of Web3 Matters 👇

🔊Spaces Alpha

Every Friday at 3 pm EST / 7 pm UTC. 

This week we are diving into the world of Search Engine Optimization (SEO) with an incredible guest HoboMojo, who is a master of the craft.

This one’s for anyone who drops content, digital products, videos, courses and more.

Excited to dive into this one. These skills will truly help us grow.

Check out the link below and set your reminders ✅

W3M: How SEO can make you Win!

Our weekly spaces enhance your growth while highlighting the best in Web3.

https://x.com/i/spaces/1lDxLPZpvvqxm

Finally, we'll be giving away exclusive thank-you gifts to our early supporters, so be sure to invite your friends to subscribe to Growth Bytes. Link below 👇️ 

http://web3bytes.beehiiv.com/subscribe

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