The HackerNoon Newsletter: Zombies Among Us: Deadcoins How to Spot Them (11/1/2024)

Imagine creating your own blockchain as easily as launching a website—no complicated setup, no big servers, just full control in your hands. That's the vision behind Sasha Ivanov's latest project, the Units Network (the link/domain is also literally units.network, neat).

\ In this article, I break down the technical concepts behind this innovative platform and explores its potential impact on blockchain accessibility.

Technical Foundations Explained The Ethereum Virtual Machine (EVM)

The Ethereum Virtual Machine (EVM) acts as the engine powering applications on Ethereum. Think of it as an Excel spreadsheet, where smart contracts are like formulas—small pieces of code containing specific instructions. Being EVM-compatible means a blockchain can run the same applications that work on Ethereum, similar to how Microsoft Windows provides a common platform for computer applications.

Layer 0 Architecture

While blockchains like Ethereum are typically called Layer 1 (the foundation layer), Units Network operates at Layer 0—an even deeper level. Picture it as the road system beneath a city: Layer 0 connects multiple Layer 1 blockchains, enabling them to communicate and share data securely without intermediaries. This creates a master framework for blockchain interoperability.

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Staking Mechanisms Liquid Staking

Traditional staking requires locking up cryptocurrency to secure the network in exchange for rewards. Liquid staking advances this concept by allowing users to stake their assets while maintaining liquidity—imagine earning interest on a savings account while still having access to your funds.

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Proof of Stake and Restake

Units Network employs Proof of Stake (PoS), where users stake crypto instead of using computing power to secure the network. The platform innovates further with Proof of Restake, which efficiently recycles security across multiple blockchains, enhancing scalability without additional resource requirements.

Interoperability

So yes, in essence with stake and restake we are recycling trust and security from one blockchain and apply it to many others, but that’s the compromise to make it work and operable.

\ And everything needs to be operable on scale while also maintaining interoperability. Classic example, sending emails between Gmail and Yahoo accounts.

\ Units Network eliminates the need for vulnerable bridges between blockchains by building native communication capabilities into its architecture.

\ \ Interoperability is really just a fancy word for "things working together." Backwards compatibility is the same but with old stuff. Like being able to use an old printer from way back because your new laptop comes with an adapter for the old laptop’s printer. Or imagine trying to send an email from Gmail to a Yahoo address—without interoperability, that wouldn’t work! In the blockchain world, different blockchains often can’t talk to each other, which causes all sorts of headaches.

\ Not to mention, the whole concept of crypto is removing the human element. Machines talking to each other. So if you mess something up, there is no mercy. Type in a wrong number, and the wrong number it is.

\ But that’s an extreme case, and usually there are safety measures in place. So the Units Network is built to ensure that all the blockchains it supports can communicate seamlessly, without needing awkward "bridges" (which are sometimes vulnerable to hacks).

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I Watched Every Sasha Ivanov AMA So You Don't Have To

\ \n If you do research online right now, the latest updates and news on both Waves and Units Network highlight developments. There are also several new AMAs to dig through, so here is the summary.

\ Sasha Ivanov is the founder of both projects. He is easy to reach and your go-to-contact for these projects. He doesn’t mind critical questions either, green flag there. Next, the tech (most of which I explained above, so this is a bit of a recap really)

The Units Network Launch and Features Platform Overview

Built on the Waves blockchain, Units Network positions itself as a Layer 0 solution facilitating the creation of interconnected EVM-compatible chains. The platform emphasizes:

• Simple blockchain deployment
• Autonomous yet interconnected Layer 1 chains
• Decentralized control
• Seamless scalability

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Launch Details and Governance

• Token Generation Event (TGE) - Soon, possibly this quarter!
• Public testing phase with incentivized participation
• Power Protocol implementation for community-driven governance
• Anti-farming measures to prevent airdrop exploitation

Future Developments

The platform is expanding into:

• Real-world asset tokenization
• Hybrid stablecoin development backed by both crypto and tangible assets
• Simplified integration systems for existing applications

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“ I don’t get it, what can I actually do with it”?

In the news, we read the more complicated version of Units Network, the easy peezy chain builder.

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“It’s built atop the Waves blockchain and aims to facilitate the creation of interconnected EVM-compatible chains to ensure scalability and decentralization….”

\ Combine this with some small talk and the occasional slip up, and it can be quite hard to follow any speaking engagements or interviews unless you are very used to the technical mambo jumbo, but that’s not a waves or units but a crypto and tech thing. Same with the internet. I couldn’t explain to you how exactly it works, can you? I just open up a browser and surf. That’s what Units is aiming for in a nutshell.

\ So this is why one of the standout features of Units Network is its commitment to simplifying blockchain launches. Ivanov likens the process to the simplicity of token launches on Waves back in 2016, which made it accessible to many. No big overhead for tons of devs, no need for complex infrastructure like validator nodes​.

Conclusion

The Units Network represents a significant step toward democratizing blockchain technology. By simplifying the creation and management of blockchain networks, it opens up possibilities for broader adoption and innovation in the space.

\ Just as website builders transformed web development, Units Network aims to make blockchain technology accessible to a wider audience while maintaining the security and functionality that makes blockchain valuable.

\ For the latest updates and detailed information, users can connect directly with founder Sasha Ivanov, known for his openness to discussion and critical feedback.