TheWeb3Capsule#011 The biggest lesson I learned in 2022
Go to the essential. Crypto-thesis Part2
Today in the capsule :
My biggest lesson of 2022
The place of Ethereum in the crypto Industry.
Weekly Web3 news
Essentialism
There’s one thing that I learned in 2022 that will forever be part of me.
Go to what is essential.
Don’t waste your time on tasks that don’t :
1/ Test a hypothesis that needs to be.
2/ Have a direct impact on the final output
Iv’e faked busyness during half of the year, working endless hours thinking that this would help me move forward, become a better person, while I was just exhausting myself. I could have achieved the same while working half that time.
How ?
Because I wasn't going to the essential, I had a hard time identifying the vital few tasks from the trivial many. It’s so easy to fake busyness nowadays that you may be in that spot right now without being aware of it.
There’s one rule that helped me get out of that spot, the pareto rule.
20% of the activities one performs are responsible for 80% of the results.
Simply put, you need to create a process to analyze and choose which are the tasks that do have an important added value on the final goal.
The best way to identify tasks that need to be stopped is first, to be honest with yourself. Write down the way you spend your day in detail (how many hours doing what).
Personally i've designed a flow to filter the tasks i do and go to what is essential:
1/ Describe each tasks i perform in detail.
2/ When did I start doing this task ?
3/ What was the original reason that led me to start doing it?
4/ Did it bring something valuable ? Quantifiable ? In direct relation with the final goal ?
5/ How much time in total did I spend on this task ?
6/ Was it worth it ?
7/ Is there any other way to achieve this task ?
First time I went to that process, I gained 3H per day. I was “wasting” that much time and energy that I then re-allocated to either focus more on an important task, rest more, or have more fun. Honestly, my mood, peace of mind and happiness went through the roof.
Ok Othmane, that’s great but how can I identify my vital tasks ?
1/ Identify what is the goal you want to achieve, a clear one sentence statement.
2/ What are the metrics on which this goal is based ?
Time frame, costs, quality, efficiency, quantity, satisfaction ? Choose two or three specific metrics that can be tracked along the way.
3/ Decompose the goal in a plan.
4/ Decompose the plan in different steps.
5/ Analyze each of the steps in relation to the final goal.
If it’s meaningless but needs to be done, don’t spend more than 5-10% of your time over it.
If it’s meaningless, drop it.
If without it you can’t move to the next step, that’s your champion. Focus on this type of task.
This flow is just an example. It works for me but won’t necessarily for you, inspire yourself and structure one that fits your thought process.
Trust me you’ll not only be happier by doing less but you’ll become more productive.
Results are rarely a direct function of time.
Use yours wisely.
Ethereum, crypto-thesis part 2
There’s two types of OG’s, those that made millions buying bitcoin in 2009, then those that made millions buying Ethereum in 2014.
Then there’s me, I got in the market way later, and am still waiting for my coins to do 1000x.
Anyway, in comparison to Bitcoin for which the creator/creators are unknown, Vitalik Buterin the creator of Ethereum is a real legend in this industry.
More than a Legend, he’s a genius, one who can simplify all the worst complex ideas behind cryptocurrency, from cryptography to decentralization passing by security and scalability.
Here’s a little video on which Vitalik takes the time to talk to use in human words : Vitalikthegenius
As explained in the last Capsule, Bitcoin was the first element to transpose value exchange from centralized entities in the physical world, to a completely digitized and decentralized realm.
The place of Bitcoin in the ecosystem was exclusively based on peer to peer value exchange. You buy a bitcoin in exchange for dollars, you sell a bitcoin in exchange for dollars.
To have a fully digitized ecosystem of transfer, we needed more, we needed bitcoin to allow every type of transaction.
Ethereum was the missing piece for a fully independent digital realm of value.
It allows self executing agreements that takes into account monetary value online through the use of smart contracts.
See ethereum as the element that dematerialized the transfer of any entity, thus of ownership.
Bitcoin due to its intrinsic characteristics couldn't take that role, it’s fidget in time, an inflexible but simple currency. Which is exactly what we need for a currency.
This is why I am so convinced of its future adoption as global currency.
On the other hand ethereum is a bit more complex:
It enables developers to build and deploy decentralized applications on the blockchain.
It provides a decentralized virtual machine (that's why we call it the computer of blockchain), the EVM (Ethereum virtual machine) . This one can execute scripts using international network of public nodes*.
The blockchain has its own cryptocurrency called Ether, used for transactions fees and services on the native network.
Alone bitcoin would not have attracted that many smart developers to build the ecosystem we know today.
Adoption comes from usage, usage that manifests through seamless application. The adoption we know, is mainly due to Ethereum.
We’re now able to transfer more than economic value through blockchains.
1/ Ethereum allowed the creation of smart contracts that led to Decentralized finance.
2/ It allowed the creation of NFTs which led to the last bull run.
3/ It’s also at the base of Oracles, a third-party service that provides external data to the ethereum network, enabling smart contracts to interact with real-world data. Without this one we can forget the utopian vision of an interlinked world.
The embeded role of Ethereum is fundamental for the creation of digital economies and not just digital money.
However ethereum as we know it now is not its final form, for Vitalik it may take another 10 to 15 years to build all the infrastructures needed for it to work perfectly.
But that’s for next week's capsule.
Now If someone asks you what Ether is and what’s its role in the cryptocurrencies ecosystem you can answer easily.
1/ Ether is the native crypto used to fuel the ecosystem of the Ethereum blockchain.
2/ Ethereum Blockchain allows to transfer more than value.
3/ You can do automotive actions, thus, have a new industry : Decentralized finance through the use of smart contracts.
4/ You can integrate physical assets in the digital world through tokenization.
It’s secure.
It’s adopted by many.
It’s continuously evolving and audited.
It has the best community of developers.
It’s got the most useful and diverse use cases.
For those reasons Ethereum is and will be for the decade to come an important actor of this industry.
What happened in Web 3 last few weeks ?
Blockchain technology is redefining the gaming industry and giving players an opportunity to own their digital identities and assets. Here's how to get started.
The metric measures the lowest price for an NFT in a collection. It's often a good starting point for understanding the popularity of an NFT collection and the token's value over time.
The exchange is the latest among the major crypto firms to announce layoffs.
Happy Monday to all, may this week bless you with positivity.
