DO THIS TO PROFIT WITH ETHEREUM!
One of the reasons i'm, so bullish on ethereum long term is that there are so many different ways to make money with it. You can buy ethereum and hold it. You can stake it, you can use it for defy, and in this video i want to give you a tip on how you can maximize your profitability with ethereum.
In a way you may not have thought about. I'm going to talk about this. As a blockchain developer, who works the ethereum protocol on a daily basis so before we get into that, you know if you're new around here, hey i'm gregory and on this channel i turn you into a blockchain master.
So if that's, something that you're interested in smash that, like button down below for the youtube algorithm and subscribe to this channel. And if you want to learn how to become a blockchain master step by step.
From start to finish, then, head on over to dappydiversity.com forward slash bootcamp to get started today. So if you want to make more money with ethereum, then maybe you should take cues from some of the smartest and most successful people that are in this space right now.
So one person in particular i want to talk about right now - is mark cuban. We've, been talking about him. A lot on this channel lately how he's, super bullish on ethereum d5 nfts, but i want to reveal a brand new insight that mark has just come out and talked about that'll help you make more money with eth, so Instead of me just telling you about it, i'm gonna play.
A clip of what mark is saying himself, so he just went on the bankless podcast recently and gave an astounding insight into what he personally does. So let's. Watch that right now tell us how you learned defy and how you approach investing yeah.
I just do it right. I mean i'm teaching myself solidity right now. I'm, taking solidity um tutorials, so i understand smart contracts better because it's important for me to be able to say okay, this is what you can do with a smart contract.
Crypto is easy, relatively speaking, but you got ta. Learn you got ta, learn what it is in order to be able to make legitimate decisions. What so mark cuban is learning solidity? He's, learning to code.
Okay, he's, saying that learning to code can actually help you make more money as an investor. Okay. So let's. Let's. Break this down. Marcum is a billionaire. He does not need to get a blockchain developer.
Job he doesn't need to make money with coding skills, but what he's saying is actually learning the fundamentals of the programming languages themselves can help you become more successful using d5 on top of ethereum right now.
Now i've, been saying this on my youtube channel for a long time now, but you've heard it straight from mark cuban's mouth and i highly recommend you go checking out the full interview on the bankless Podcast and subscribe to that channel so full credit to them for that quick video clip, but let's, go ahead and break this down.
Talk about it! Why it's so important! Why he's, saying this and then i'm gonna give you some actionable tips on how you can do exactly what he's talking about. So what's, the biggest benefit that coding gives you as an investor? Well, at the end of the day, it's really about your judgment and your discernment to look at a project and determine whether it's.
A piece of junk - or it has the potential to be successful and also whether you're getting into a d5 project that's, potentially dangerous and could lose all your money. So how does coding help you do that? Well, one of the cool things about defy: is it's open? So you can go.
Look at the code for all these applications. It's publicly verifiable there on the blockchain, because they're powered by smart contracts, programs that are written in the programming language solidity that's; the one that mark's talking about learning they're deployed to the blockchain and many times these contracts are verified on etherscan and you can actually go look at the code on the blockchain and also in open source repositories on github.
But it's, really critical, that you see what's actually on the blockchain, because that's, the ultimate source of truth about how the code works. So the old adaging crypto is don & # 39. T trust verify all right so that's, one of the biggest benefits of blockchain technology, the first place powered by smart contracts, is, you can verify the behavior of the applications themselves.
So the best way to do this is to use a website like etherscan.com, so i've pulled up the ave token here. This is one most popular defy tokens and you can actually look at the code. So if you just find the contract and go to the contract tab, you & # 39.
Ll see all the solidity source code written right here, and so, if you're going to do this, you know etherscan is your friend because it's, the source of truth for the code of the smart contracts on the blockchain.
Whenever you see this verified source code right here, you can also look at a lot of other really uh helpful stuff on ether scan like you can verify the number of people who hold the tokens, you can see how the tokens are distributed.
You know whether, like a very small percentage, owns all the tokens or something like that, and so there's, a lot of other really relevant data on etherscan outside of just the coding language itself.
That will help you make good decisions on. You know which projects are good to buy and also what are projects you should totally stay away from that might cause you to lose money if you're going to use their default applications.
So now i want to give you some really actionable steps on what you can watch out for how you can look for it and then how to learn the actual coding skills to get you up to that level. So solidity is the programming language used to write.
Ethereum smart contracts - i'll talk about solidity, a little bit more towards the end of this video on the actionable steps on how you can learn this stuff. There's, a long list of things, but here's.
Some quick ones that i think will really help you out in the short term. So the first thing you can watch out for are dangerous admin abilities inside of smart contracts. So what do i mean by that? Well, you might have heard of people getting rug, pulled right or they invest in a project and then the team just like flees and takes all the money away.
This happens a lot with yield farming projects. It happens with tokens at the end of the day. If you & # 39, re gonna make more money, live it's about just keeping your money in the first place and not putting it into a project that's gonna walk away with all your money.
So how can you look for this? Well, the easiest way is to look for administrator privileges inside of smart contracts, so one of the most common ways this is implemented is with ownership. You can actually look inside the smart contract code and look for this particular pattern.
It's called the ownable pattern where there's, a specific address who owns the smart contract and can call certain functions a lot of times like scam projects won't even bother to hide this stuff because they know That a lot of people throwing money into it have zero discernment.
They're, just looking for a really quick money grab. So the key thing to look out for here is this thing called a modifier okay. So this is what you add to a solidity function to determine, who can call it, and you'll, see this thing here, like only owner.
So if you see an only owner function that lets somebody transfer money out of a smart contract to a specific address, then that can be a red flag now, the biggest thing you also look out for is: can a single address? Do it? Sometimes you have multi-stick addresses, which means a lot of people have to sign for that transaction to happen, but the biggest red flag is if a single ethereum account can do this.
I personally wouldn't, put a dime into a project that could do that. So the next big thing is just learning how ethereum based tokens work all right. One of the coolest things about ethereum is: you can create your own cryptocurrency without creating your own blockchain that's.
What a lot of these d5 protocols have done, they've issued tokens on top of ethereum powered by smart contracts. So you can go read through these and see how they work, but almost all of them use what's called the erc20 standard, which is basically uh just a set of rules that determines how a token is supposed to behave, so it is compatible With cryptocurrency, wallets exchanges, etc, etc.
So the erc20 standard basically specifies which functions. Smart contracts should have to implement this um. They need to have a name. Assemble decimals needs to be able to transfer tokens, determine who owns how much and also governs like the approval mechanism, which says that you know hey.
This project can spend my money or not okay, so this will definitely help you stay safe. When you're investing in d5, but it'll also give you some really beneficial insights like what's even powerful with ethereum-based applications, because sometimes you know, projects will promise things that can & # 39.
T actually be done or maybe mislead you to think they can actually be done, and this really helps weed out from the bs when you understand, basically how a token works from the ground up when you actually get inside the code and see what'S possible with ethereum based cryptocurrencies, so the last major tip i want to give you is how to spot just direct d5 forks.
Okay, because this is really common, where people will just copy the code of a project and then create a new project. That's, 100 derivative and doesn't, add any actual value, so this can be a red flag when you're thinking about putting money into a project right, but it can also just be a red flag for the Actual sentiment of the project itself, because a lot of you know defy cryptocurrencies a lot of the tokens themselves, trade on market sentiment, so the market's, really unlikely to value a brand new project.
That's, a straight fork with no originality to it, and that may not be a project that you want to hold long term. So how could you spot this well? Uni swap is one of the most popular apps on ethereum right now and it's.
Also, probably one of those forked apps on top of ethereum people are taking it moving into other blockchains. They're, creating their own uni, swap clones, etc, etc, and some of them and basically have put no effort into changing how uni swap works so the easiest way to spot this is to go uh into the code on github or it's a website where they host code, so this is not actually on the blockchain, but you can look at their contracts all right.
A lot of people will put open source copperies on their own repositories, and you can see like do these projects have the exact same code. Are they committed by other people who are part of the unit swap team? Okay? So you can see that on their github, you can also go to etherscan, like i showed you a minute ago and then compare the contracts on there to what's in their open source repositories versus uni swaps, and that'll help.
You spot, you know straight forks that add no real value or just trying to extract value from the marketplace, because those projects, probably aren't, really adding any value and their token price will probably reflect that.
So if you want to develop these skills, like mark, is talking about to be able to read smart contracts, understand like hey what's bs? What's dangerous and what's? Actually good? Then how can you develop this? Well, i still think the best way to do it is to learn by doing exactly like a teacher on this channel.
It's to build something for real, but i want to show you the best way to do that for what you're. Trying to accomplish so normally for most people who are trying to you know get into blockchain to become a developer.
They can build their own project. Land a high-paying job, become a freelancer. I usually advise them to build a full stack application, so build smart contracts, build a website where everything talks to one another and integrate it.
You know top down. So you can do that all right, but i think the most fast and efficient way for you to get the result that you're looking at is to focus on smart contract programming itself, because you only need to know one programming language.
That's, solidity that's, the one that mark's talking about, and if you only need to learn solidity, then you can do everything inside your browser without having to go through the headache of installing a bunch of Stuff on your computer, so you can go to a website like remix.
ethereum.org. So this is an online code editor where you can write solidity, smart contracts, you can deploy them to an actual blockchain in your browser and you can test them. So, in order to get understanding how d file works, i highly recommend you building a cryptocurrency, so basically just building your own token, all right now, of course, i wouldn't necessarily advise deploying this to the theory of mainnet for regulatory reasons, but you Can deploy it to a test network? You can deploy it to a fake blockchain inside your browser play around with it see how it works.
I've got a full eight hour tutorial on how to code your own cryptocurrency on ethereum. It's, one of my top watched videos on youtube. You check out my youtube homepage and find that, but i would build an erc20 token from the ground up now.
If you're a developer and you want to use an erc20 token in the project, you could use a library and just pull it and customize it to make it work really fast. But if you actually want to get inside of it and learn how the technology itself works, then i would recommend building an erc20, took it from the ground up and go through it function by function code, the name code, the symbol code, the decimals, you know see How the behavior works really get inside of it and learn how blockchain works from the ground up and now give you the most benefit for the least amount of effort that i would say, and you can do everything in your browser.
Like i said you, don't have to install anything in your computer. You'd, have to become an advanced coder, but building something will still definitely help you get there way more than just reading a bunch of smart contracts ever would and after you've built that token, and you want to learn more About the fundamentals of the solidity programming language itself, you can check out my master solidity tutorials here for free 100 on youtube.
It'll. Take you through all the features of the programming language and you can get more familiar with them step by step. You can learn about modifiers like i was talking about before and see who has ownership to the tokens and all that kind of stuff all right, so that's.
All i've got. You know, as always, smash that, like button down below for the youtube algorithm subscribe to this channel, if you haven't already, that really helps these videos out somewhere. We can learn about blockchain, and you know it's crazy, like mark cuban's, learning solidity.
He's, saying that this is personally giving him a leg up as an investor and defy on top of ethereum right now. This is the same stuff. I've, been saying on my youtube channel for a long time, and now you're hearing it coming out of his mouth, and now i'll.
Give you one final warning. You know, if you get on this rabbit hole, you may not stop and you may keep going and going that's. A lot like what happened to me all right. I was already a programmer before i got into blockchain, but cryptocurrency is one of the things that got me to blockchain technology in the first place, and i changed my career because of that because i saw the power of the space i saw where it was headed And if you don't like your job, that you're in now, then you might find yourself going down the same path that i did, but that's.
Okay, you know blockchain is one of the highest paying fields in tech right now. It's, one of the most exciting fields in tech. Right now and i've helped people with zero coding experience become real world blockchain developers in a matter of months.
So if that's, something that you're interested in then uh you can head on over to dappyversion.com. For slash bootcamp to get started today, i try to build your own cryptocurrency inside of that program, how to build your own real world, blockchain application, all that kind of stuff step by step.
From start to finish, so you can get your skill up to that job. Ready level just click the link down below to sign up today, all right, so that's. All i've got and until next time, thanks for watching dappy diversity,