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Figment Staking & Protocols > Crypto Info > Flashcards

Crypto Info Flashcards

1
Q

What is Cosmos, and its intended purpose?

A
  • Cosmos commonly referred to as “Internet of Blockchains” is responsible for exchange of digital assets on the Inter Blockchain Communication protocol
  • Cosmos hub has removed barriers/silos of blockchains to help blockchains interoperate more effectively.
  • Cosmos bridges between blockchains increasing cross-chain adoption and liquidity.
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2
Q

Avalanche (AVAX)

A

-L2 designed to solve for high scalability, fast transaction speed and low cost
-built around a system of three interoperable blockchains: the Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain).
X Chain? creation of new digital assets
C Chain? Ethereums Virtual Machine
***P Chain? Coordinating validators and creating subnets

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3
Q

X-Chain

A

Avalanche - tasked to generate new digital assets

new tokens on avalanche

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4
Q

C-Chain

A

Avalanche - Ethereum virtual machine implementation

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5
Q

P-Chain

A

Avalanche - where validators are coordinated and subnets created.

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6
Q

Subnet

A

set of validators responsible for achieving consensus among several Avalanche chains

P-chain & C-Chain secured by ‘Snowman’ consensus to achieve high throughput

X-chain secured by DAG consensus - achieve transaction finality in seconds

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7
Q

Is there slashing on Avalanche?

A

Avalanche completely nixes the concept of “slashing”—users will not see their stake penalized if their node misbehaves or malfunctions.

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8
Q

DataHub is for:

A
  1. Dapp Developers
  2. Data Providers
  3. Wallets
  4. Exchanges & Custodians
  5. Stake-Based Services
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9
Q

Why DataHub for Dapp Developers?

A

Remove the complexities of building on Web 3 blockchains, while ensuring reliability for your users.

zero to one solution for developers to start with nothing and end up having a viable web 3 application as quickly and painlessly as possible. we want developers to focus less on the minutiae of node management and more on building great dapps for users

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10
Q

Why DataHub for Data Providers?

A

Focus on analysis, packaging, and processing of data without having to worry about access to the data source.

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11
Q

Why DataHub for Wallets?

A

Guarantee to your users that you are always connected to token networks you support.

(ex. coinbase does staking for several L1’s. they want to guarantee their users that their stake is being run optimally and earning most rewards possible)

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12
Q

Why DataHub for Exchanges & Custodians?

A

Focus on building strong feature sets while staying connected to the Web 3 ecosystem.

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13
Q

Why DataHub for Block Explorers?

A

Guarantee that your explorer is reliable at all times for your users that depend on it.

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14
Q

Features and Benefits of DataHub?

A
  • High availability access to network APIs backed by redundant infrastructure
  • Ability to read on-chain data and submit transactions
  • Easy integration
  • High-quality support
  • Low maintenance
  • Enterprise-grade infrastructure
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15
Q

Why Avalanche chose DataHub?

A

With DataHub, Avalanche developers no longer have to worry about managing infrastructure as we offer direct access to Avalanche’s APIs via our highly available full node infrastructure. This will ensure that your application is always connected to Avalanche so that you can focus on building a better experience for your users.

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16
Q

What is Web 3

A

-Web 2 revolutionized front end tech. web 3 revolutionizes back end tech stack of internet.

internet brought about a transformation in the way we exchange information. web 3 brings about innovation in the way we exchange value and enables new ways for humans to coordinate their resources.

web 1 (tcp/ip)(read)>web 2 (http & smtp)(read & write)>
web 3 (read, write & own)

web 3 take middleman (servers) out of equation and manages state ( historical data) on blockchain so all participants of blockchain can have access to on-chain activity

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17
Q

Why is Figment important to Web 3? (analogy)

A

You can think of figment as the roots of a tree where it seeds and fosters the growth of a forest of web 3 developers to build out envisioned web 3 ecosystem

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18
Q

What is Figment Learn?

A

-education and onboarding platform for developers interested in building on web 3
-in-depth practical tutorials for how you can build on different protocols.
-developers are rewarded by partner foundations with figment for learning how to build on protocols
-developers can submit their own tutorials on how to build web 3 applications and get rewarded
creates standard processes for building on a diverse ecosystem of protocols. makes it easy and simpler to learn how to build on a variety of protocols, without having to do a deep dive into each one and being a multi-disciplinary expert.

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19
Q

What is Proof of Work

A
  1. Miners race to produce new blocks
    * race to provide their compute power as quick as possible to find the “correct” hash for a block.
  2. Rewards and transaction fees paid to miners
  3. Token holder returns = token price appreciation
20
Q

What is Proof of Stake?

A
  • validators process blocks according to weight on network
  • rewards and tx fees shared by validators + token holders
  • token holders share in rewards + governance
21
Q

How do validators process blocks?

A

validator is chosen from the active set (dozens to hundreds of validators) in a probablistic way

22
Q

Why/How are validators & token holders compensated?

A

validators for providing infrastructure and token holders for securing the network

-token holders can vote on specific validator and received rewards and have direct impact on networks evolution

23
Q

The Process of Staking with Figment

A
  1. Figment Creates a Validator
    * dedicated server to running network specific software. manage the process of connecting node to network so it can participate in running network
  2. Token Holders Vote for Figment’s Validator
    * Known as delegating, token holders vote their tokens for Figment’s validator. When enough vote for figment, validator is joined into active set of validators and starts earning rewards
  3. Delegators Receive Rewards
    * as long as validator remains in active set, block rewards and transaction fees are paid to delegators in proportion to their total network ownership (TNO)
  4. Figment Receives Commission
    * 5-15% of delegator’s rewards are paid to figment to reward figment for operating a validator
24
Q

Relationship between Total Network Ownership for Stakers and Assets Under Stake for Figment

A

our clients will receive higher block rewards and transaction fees, the higher their total network ownership is. The higher the TNO is, the higher AUS is for Figment and the more we will make from commission

25
Q

What is slashing?

A

event where validator forfeits a defined proportion of staked tokens, which are then burned or redistributed to other stakeholders. often this is triggered by downtime or double signing.

26
Q

Downtime

A

when validator is not being active for a certain period of time. inactive for x amount of time results in losing out on block rewards. inactive for y>x, it can result in permanent loss of stake and suspension from validator set

27
Q

What is double signing?

A

signing two blocks at the same block heigh. adversarial validator wants to take advantage of the vulnerable protocol with one key signing same block twice.

28
Q

Questions to ask yourself when choosing validator

A
  1. Does your validator have a good SLA? (service-level agreements)
  2. Does your validator have good uptime?
  3. Do they promise to make you whole if they get slashed?
  4. Do you trust them?
  5. Does your validator prioritize security?
  6. Is your validator taking a fair amount of rewards for the work they are putting in?
29
Q

Staking at Figment

A

Secure staking infrastructure with tier 3 data centers and multi-cloud redundancy across 3 continents (NA, EUR, Asia)

whiteglove approach catered to your current tech stack and security needs

Quick facts:
1.mix of bare metal and cloud infrastructure optimized
for safety
2. Custom Service-level agreements - Coverage on slashing and missed rewards
3. rewards reporting and custom portfolio dashboards with 24/7 private support channels and secure key handling
4. validators provisioned in specific locations based on preference
5.governance analysis and actions aligned with customer interest and network longevity

30
Q

Who is Figment?

A

We are on a journey to create an internet that is truly decentralized, where users can freely interact, share, collaborate, and exchange goods and services in a trustless environment.

we offer staking, middleware and application layer solutions for token holders and developers investing in and building on web 3.

31
Q

What is Hubble?

A

(block explorer) platform for validators and token holders can use to explore and interact with web 3 protocols. Validators use Hubble to monitor their performance and manage proposals. Users/token holders use Hubble to stake, vote, and track their rewards

32
Q

What is Figment Prime?

A

Prime dashboard is all-in-one portfolio management tool that allows delegators to track earnings reporting for the various networks Figment supports. monthly, quarterly, yearly reports for tax purposes

33
Q

Types of staking

A

protocol staking
*PoS - base layer of how protocols function
lend staking
*lending tokens through platform to get return
liquidity staking
*AMM platforms - provid tokens as liquidity commonly in pairs and make $$$ on transaction fees

34
Q

Protocol staking compared to lending/liquidity

A

earn passive yield by securing PoS network
more conservative bet and reliable gains out of the 3
locking tokens is essential for the operation, security, scalability and decentralization of the protocol.

35
Q

Eth 2.0 Merge process

A

Beacon chain will merge with mainnet in 2022 to go from PoW to PoS

36
Q

How will we attract the next million devs to Web 3?

A

in order to do this, we not only have to create a product that makes web 3 native devs lives easier, but a product that feels familiar to web 2 devs to what they are doing today. We’ll need to tap web 2 devs to ramp innovation in the space and the only way to do that, is to make their onboarding experience frictionless. Takeaway the pains of node management and allow web 2 devs to focus on the cool shit (building sick apps) rather than admin/management of nodes. creating a command center for you web 3 applications rather than going to different UX’s for data storage, defi protocol, etc. and aggregating/bundling into one place

37
Q

Custody with Figment: Secure your tokens

A

custody with our preferred partners
safely and seamlessly secure your tokens in compliant way, while still generating staking returns and participating in governance

token custody is for: foundations, vc firms, large token holders and fiduciaries

38
Q

Prime Financial Models

A

part of Figment Prime that allows you to run investment and risk management scenarios on different networks.

39
Q

Prime Insights

A

Part of Figment Prime

in-depth look at leading indicator network analytics and data

40
Q

Prime Update

A

weekly update on network news

41
Q

Prime Dilligence Reports

A
  • part of Figment Prime
  • library previewing upcoming networks and investment opportunities
  • as an account manager, here is where you will define whitespace and upsell opportunities.

Share newsletter updates with these and customize/tailor messaging based on our relationship and their business.

42
Q

Figment Physical Infra / Private Nodes for Enterprise

A

The most secure and reliable Web 3 infrastructure built from the ground up to maximize security and minimize risk:

  • Validator nodes hosted in a Tier 3 IDC with 2N power and cooling, advanced climate control, redundant fibre, A+B power/network paths and biometric access control.
  • Sentry nodes hosted in North America, Europe and Asia across 5 public cloud providers, connected to IDC via redundant direct connections and VPN links.
  • Private peering interconnection with other trusted validators.
  • Hardware Security Modules (HSM) to secure private keys and prevent double sign faults.
  • Multi on-premise and off-premise secure server backup and redundancy
  • 24/7 on call dev-ops team with internal and external monitoring & alerting.
43
Q

DPoS (Delegated Proof of Stake)

A
  • committing your tokesn to a validator that you are not running to secure the network. (MonkeDAO)
  • staking pool consists of several delegators that provide capital to a validator set
44
Q

Phase we are in with web 3

A

think about when the car was first introduced. most people were using horse and buggy. for some it was hard to see a future full of cars but for others, they just knew the underlying infrastructure needed to be built around it. once roads, traffic signals, lighting and gas stations were built out, it was hard to imagine a past when horse and buggy was the main transportation method. we are in a similar timeline with web 3. Figment is building out the infrastructure to support a more inclusive web.

45
Q

How does Figment operate at the Infrastructure Layer?

A

operate validators to provide security for token holders (staking) and full nodes for developers to read/write raw data

46
Q

How does Figment operate in the Middleware Layer

A

Figment provides indexers through DataHub/The Graph that help parse data analytics for developers and be a data source for token holders (Prime & Hubble)

47
Q

How does Figment operate at the Application Layer?

A

Hubble and Prime educate our token holders while Learn offers education to developers

Figment Staking & Protocols (3 decks)

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