Shitcoins, gamefi, cats-dogs and more.. How far will making a profit allow the underlying blockchain technology to deviate from its essence and rationale? There is no better resource to ponder than the Cypherpunk Manifesto.
First published by Eric Hughes in March 1993, the Cypherpunk Manifesto contains a concise and straight-to-the-point message with understated forethought. It highlights the essence of digital privacy, decentralization, resilience to censorship, and the freedom to remain optionally anonymous. He argues that these principles should be clearly laid out for any form of communication or commerce.
Although Cypherpunks represent people and actions that advocate the widespread use of cryptography and privacy-enhancing technologies, they have stated that these concepts alone will not be sufficient for freedom. According to them, in order to create a truly free internet environment, they had to have an economic system or an internet-specific currency that no one could manipulate.
Experts are of the opinion that Satoshi Nakamoto is close to the Cypherpunk culture due to his quotes in the Bitcoin technical document and his statements regarding privacy. Satoshi Nakamoto's perception of privacy is as follows;
"The traditional banking model achieves a level of privacy by limiting access to information to parties and trusted third parties. The requirement that all transactions be publicly accessible eliminates this method, but privacy can be achieved by breaking the flow of information elsewhere: by keeping public keys anonymous. Anyone can access the transaction without associating it with anyone." "This is similar to the level of transaction information published by exchanges, where the time and size of individual transactions are publicly available without being told who the parties are."
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''Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction. Since any information can be spoken of, we must ensure that we reveal as little as possible. In most cases personal
identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am.When I ask my electronic mail provider to send and receive messages, my provider need not know to whom I am speaking or what I am saying or what others are saying to me;my provider only need know how to get the message there and how much I owe them in fees. When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must always reveal myself. ''
It's been almost 30 years since Eric Hughes Cypherpunk's Manifesto and we're now building a system where no one knows where we're paying; World's first layer 3 dex, Hydranet. To achieve the free trade environment that Bitcoin is aiming for, Hydranet is building a decentralized exchange.
The Hydranet aimed to build on Bitcoin principles and create a decentralized exchange, and it succeeded. This decentralized exchange provides a platform for individuals to freely trade digital assets without the need for intermediaries or central control. The Hydranet aims to empower individuals, protect their privacy, and promote financial independence by leveraging blockchain technology and the principles outlined in the Cypherpunk Manifesto.
So what makes Hydranet Dex superior to other dex?
The vast majority of DEXs are so-called on-chain DEXs. On-chain DEXs operate on the blockchain. This means that all trades and transactions are recorded and confirmed on the blockchain, making them transparent and tamper-proof. However, because all transactions are recorded on the blockchain, on-chain DEXs can be slow and expensive, depending on the state of the blockchain. One of the most popular and widely spread on-chain DEX is Uniswap. It is a protocol on the Ethereum blockchain that allows users to trade in a decentralized way. Uniswap pioneered the automated market maker model (AMM), which allows users to trade against a liquidity pool that offers a constant source of liquidity. Anyone can provide liquidity to the pool and earn trading fees. Some other examples of on-chain DEXs are: Binance DEX, 1inch, and Curve finance.
Many different projects are working on improving the scalability and usability of DEXs, Hydranet DAO is one of those projects. Hydranet DAO aims to solve these problems by using Layer 2 off-chain solutions. Off-chain solutions refer to methods of conducting transactions or performing computations outside of the blockchain network. This can include using a separate network or database to manage transactions, or using a system of smart contracts to facilitate the transfer of assets without the need for every transaction to be recorded on the blockchain. There are many benefits with off-chain solutions:
Scalability
Off-chain solutions can handle a large number of transactions per second, which can help to improve the overall scalability of blockchain networks.
Privacy
Off-chain transactions are private. Only the user will have access to the trading history, which can help to protect the personal information of individuals and organizations involved in the transactions.
Low costs
Off-chain transactions are less expensive to conduct than on-chain transactions, since they do not require the use of the blockchain network"s resources and computational power.
Fast settlement times
Off-chain transactions are settled faster than on-chain transactions, since they do not need to be confirmed by the blockchain network"s consensus mechanism.
Flexibility
Off-chain transactions can allow for the use of different types of digital assets and can be used to facilitate complex financial transactions such as derivatives and atomic swaps.
If you want to explore these benefits and experience an off-chain DEX firsthand, head over to the Hydranet website and download the latest version of the Hydranet DEX!
For more information :
https://hydranet.ai/
