The Ethereum Nigeria community kicked off its Road Show Workshop for 2023 in Abuja, followed by Lagos and now recently in Anambra at Umuenem Otolo, Nnewi Civic Center.
With the theme, “Ethereum Basics 101”, the event explored some introductions to Ethereum developers, hands-on on building dApps and Web.
This is the first meetup of blockchain developers and enthusiasts by Ethereum Nigeria in the South-Eastern state.
Ikeogu Franklin, a software engineer discussed, “Understanding and Deploying ERC-20 and ERC-721 Tokens”.
As explained by Franklin, Token standards in the Ethereum ecosystem are predefined sets of rules and protocols that define how tokens should behave on the Ethereum blockchain.
“These standards ensure interoperability, enabling different tokens to work seamlessly with various decentralized applications (DApps), wallets, and exchanges”
Explaining further, ERC-20 tokens are fungible and interchangeable assets on the Ethereum blockchain, commonly used in various applications like decentralized finance (DeFi) while ERC-721 tokens, in contrast, are non-fungible tokens (NFTs), each representing a unique asset.
Franklin highlighted the the use cases of ERC-20 tokens which include DeFi and gaming platforms, ICOs while ERC-721 tokens are majorly digital art and collectibles.
Further, Franklin enumerated the advantages of ERC-20 tokens including support for fractional ownership, interoperability and widespread adoption, while ERC-721 are enhanced user engagement, exclusive digital collectibles and secure digital identity.
However, with their use cases and advantages, these tokens come with their challenges which include, security vulnerabilities, gas costs, limited functionality, lack of intrinsic value and regulatory compliance.
Ebuzoaju Elvis, the next speaker discussed Solidity. Solidity is a programming language deployed to develop smart contracts on platforms such as the Ethereum blockchain network.
Following its compilation, the language can be executed by the Ethereum Virtual Machine (EVM). It allows blockchain developers to create sophisticated smart contracts.
Solidity remains the most preferred choice for developing smart contracts owing to its Ethereum blockchain compatibility.
Elvis illustrated the functionality of Solidity as he demonstrated how it implements a voting contract.
The main problems of electronic voting are how to assign voting rights to the correct persons and how to prevent manipulation.
In the Solidity language, he showed how delegated voting can be done so that vote counting is automatic and completely transparent at the same time.
As explained by him, the idea is to create one contract per ballot, providing a short name for each option. Then the creator of the contract who serves as chairperson will give the right to vote to each address individually.
The persons behind the addresses can then choose to either vote themselves or to delegate their vote to a person they trust.
At the end of the voting time, the winning proposal () will return the proposal with the largest number of votes.
Chukwuemeka Enoch Mbaebie, Ethereum Nigeria Lead discussed Saturn Technology.
Saturn is a Web3 Content Delivery Network (CDN) on Filecoin’s retrieval market, run by a community and open-source.
It operates without restrictions, welcoming participants to earn in Filecoin. The content hosted on Saturn is IPFS content-addressed, ensuring immutability and verifiability.
As mentioned in the previous paragraph, Node operators are rewarded with Filecoin for expediting web content, resulting in quicker content delivery for websites at a reduced cost.
Enoch emphasized that this network is available to the public, and developed for the betterment of humanity.
He encouraged attendees to become a part of the network, run a node, and earn Filecoin while contributing to the advancement of the decentralized web.
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