Jin Kim 🌐

Follow for your #daily dose of blockchain wisdom! 🌐💡 Everyday, just in 280 characters. @overprotocol OverWallet Official Quiz🧚‍♀️

[Jin Kim 🌐 @jin_overweb3]

[#Mnemonic]
Randomly generated and ordered words for easy wallet access instead of long and complex private key. It's risky to store in potentially exposed locations like computer notepad. It's recommended that you print it out or write it down by hand and store it in safe place.

[Jin Kim 🌐 @jin_overweb3]

[#L2]
is a separate blockchain network built based on the mainnet to improve computational speed and fees. Eg, it functions by processing Txs such as calculating/verifying on a separate external layer 2 and then records only the resulting data at the original layer 1 blockchain.

[Jin Kim 🌐 @jin_overweb3]

5/ Let’s unite our efforts and collaboratively tackle the quizzes.
Good luck!🍀

[Jin Kim 🌐 @jin_overweb3]

1/ Hello Over Community,
Today, I’d like to share an important announcement with you. 🧵

[Jin Kim 🌐 @jin_overweb3]

4/ Looking ahead to 2024, we encourage you to proactively engage in solving quizzes alongside the community. From today, answers won’t be provided. With the knowledge you’ve accumulated, I am sure we can grow stronger together by independently facing and overcoming challenges.

[Jin Kim 🌐 @jin_overweb3]

The Happy New Year survey is being conducted today! How was 2023 with Over? I hope that another happiness awaits you in the coming new year, so please share a little bit about what you most wish for 2024. There is no set answer. Over hopes your wishes come true. #HappyNewYear!

[Jin Kim 🌐 @jin_overweb3]

[#CannonicalChain]
is the agreed-upon main chain determined by the chain selection rule. In practice, parties decide the block threshold for canonical inclusion. More blocks on top increase the likelihood, so generally "X confirmations" is required to prioritize chain stability.

[Jin Kim 🌐 @jin_overweb3]

[#Oracle]
Transfers off-chain data into the blockchain (on-chain), which is tamper-resistant, but executing contracts based on off-chain data raises authenticity concerns. Various techniques are employed to verify off-chain data authenticity, ensuring reliable real-world info.

[Jin Kim 🌐 @jin_overweb3]

[#L2]
is a separate blockchain network built based on the mainnet to improve computational speed and fees. Eg, it functions by processing Txs such as calculating/verifying on a separate external layer 2 and then records only the resulting data at the original layer 1 blockchain.

[Jin Kim 🌐 @jin_overweb3]

[#Testnet]
a pre-release blockchain network, tests new features in advance for mainnet stability. Distinct from the live blockchain, you can participate with a few testnet tokens, with no real value. Through this period, sincere feedbacks enhance security and user experiences.

[Jin Kim 🌐 @jin_overweb3]

[#Mainnet]
is a blockchain network that operates independently with a consensus algorithm. It can independently form the basis of the ecosystem like creating digital currency, operate Dapp, and process personal wallet transactions by having its own network, tech, and protocol.

[Jin Kim 🌐 @jin_overweb3]

[#Protocol]
defines all the rules for how a blockchain works. It's a general term for #ConsensusMethods, agreeing on rules to be used to accept data in this world. The term #Blockchain we refer to essentially refers to this protocol mechanism to reach consensus within a network.

[Jin Kim 🌐 @jin_overweb3]

[#KYC]
is an important process to verify customers' identity, to ensure that all info & data be authentic. Simply put, ‘identity authentication.’ KYC is a regulatory requirement in many countries and regarded important to prevent money laundering, fraud and other financial crimes

[Jin Kim 🌐 @jin_overweb3]

[#Receipt]
The information provided by a node client to signify the outcome of a specific Tx encompasses details such as the Tx hash, block number, gas usage, and the contract's address in case a smart contract is deployed. This receipt is generated upon the completion of a Tx.

[Jin Kim 🌐 @jin_overweb3]

[#Bootstrapping]
When a node first runs, it is has to link up with existing nodes to kickstart connections and subsequently uncover additional peers, downloading and validating data up to the latest block. Every full node can act as a bootnode as long as it is publicly available.

[Jin Kim 🌐 @jin_overweb3]

[#RPCNode]
If we compare a node to a restaurant, validator node is the chef. When they create a dish called a block, regular RPC nodes deliver it to users, responing to requests, sending and receiving data to help users interact with the blockchain, verifying and delivering Txs.

[Jin Kim 🌐 @jin_overweb3]

[#TransactionsPerSecond(TPS)]
refers to the number of Txs that a network is capable of processing each second. A TPS of 10 means 10 Txs can be processed per sec. For example, when 10 ppl transfer asset to each other's accounts at the same time, all Txs take place simultaneously.

[Jin Kim 🌐 @jin_overweb3]

[#TransactionTraffic]
Indicates how many Txs mempool contains relative to its capacity, network usage by Txs. If avgerage gas usage to gas limit from last 5 block is <66.6%, it's #Comfy—low traffic, send fast with low gas fee. #Crowded means users are sending Txs more than usual.

[Jin Kim 🌐 @jin_overweb3]

@dickon404 More technically, you just need to perform your role when it's your turn and you're called. However, since this is assigned randomly and quickly, you need to be connected online almost all the time to avoid missing it.

[Jin Kim 🌐 @jin_overweb3]

[#Synchronization]
downloads the latest version of chain to a node, validates and maintains recent blocks when firstly executed or out of date. To catch up, Over employs secure sync, dividing slot sections and receiving blocks from peers and periodically updates by every 2 slots.