I remember hearing about Bitcoin around 2019-2010. At the time I liked the concept, as I have always been in favour of decentralisation, but did not believe it would have mainstream adoption for a long time.
I heard of it again in 2013, when everybody around me was trying to solve all problems of mankind by using "blockchain technology" - usually without knowing how a blockchain even works. It became a hyped term, one of these words you are tired of hearing and make you immediately lose interest in the conversation you are having. Like when recruiters email you saying that they are looking for a "rockstar dev" for the "next unicorn". On top of that, over the years, I kept hearing about the ridiculous power consumption of the Bitcoin network, with single transactions using on average more than 1000 kWh1. That was estimated to be around £125 (150 €). Per transaction.
I set the whole blockchain thing aside and forgot about it for a while.
Fast forward to the NFT craze of Christmas 2021, I start noticing a lot of mentions of NFTs on my Twitter feed. I have no idea what an NFT is. I heard about the BAYC, but other than "it's a jpeg that costs a lot of money" I have no idea what their utility is.
Then I randomly stumble on this podcast episode from the Tim Ferris Show:
That's when I started to see the utility of NFTs. Not to trade pictures, that's fun but not interesting to me. Understanding what they are and what they can be used for was the first step, and I recommend you listen to that podcast episode before you continue reading.
That's when I realised that the Ethereum blockchain can be programmed, creating Smart Contracts. That sparked my interest. I started learning Solidity and creating my own smart contracts. I learned about Automated Market Makers, bonding curves, DAOs, flash loans... I've heard it been described as "going down the rabbit hole," but there are so many interesting concepts and ideas to learn that it feels like going down a rabbit hole of rabbit holes.
This is where the second and third podcast episodes come in. It's an interview between Naval Ravikant, podcast host and investor, and Vitalik Buterin, one of the co-founders of Ethereum. This conversation touches on how the Ethereum blockchain works and why it works the way it does - since all blockchains have to make tradeoffs.
Here's part one:
And part two:
I hope you will find these 3 podcast episodes as interesting as I did.
See you soon!