Bitsquabi

The Casper Network is transforming how businesses create and upgrade new blockchain-based goods and services.

Summary

The Casper Network is a Proof of Stake (PoS) enterprise blockchain that is aimed to assist businesses in swiftly and effectively developing blockchain-enabled goods and services.

Upgradeable smart contracts, developer-friendly features, and cheaper transaction costs distinguish the Casper Network from most Layer-1 blockchain implementations. Casper employs a sort of PoS consensus system known as Casper CBC, which is planned to be adopted by the Ethereum network as it converts to its 3.0 architecture.

As a result, the Casper Network team sometimes refers to the project as Ethereum’s “ultimate evolution.”

Contents

Casper Network’s Enterprise Offerings

Casper Network’s CSPR Token

Casper CBC vs. Casper FFG

Casper Blockchain Uses in the Real World

Casper Network’s Enterprise Offerings

The Casper Network is a Layer-1 Proof of Stake (PoS) network that makes developing blockchain-enabled goods and services as simple as possible for businesses. Existing corporate blockchain solutions are struggling to accommodate global enterprise adoption without making substantial concessions in security, scalability, and/or speed, which is why the project was formed.

The Casper blockchain provides the following capabilities to assist businesses in achieving a better balance between those three goals:

Upgradeable Smart Contracts: Casper makes it easier to upgrade smart contracts that have already been put on the blockchain, decreasing the need for time-consuming and expensive migration processes and streamlining the process of swiftly repairing smart contract vulnerabilities discovered in a system.

Such features are a significant shift from how most other commercial blockchains have traditionally generated smart contracts, which have typically not permitted smart contracts to be updated by anybody — including the original authors — once launched.

Businesses may use upgradeability features to create resilient and scalable blockchain-based goods and services that respond to changing client needs and alter corporate objectives.

Developer-friendly features: While most blockchain projects require developers to utilize Solidity or another blockchain-specific programming language, the Casper crypto protocol allows developers to use Rust and WebAssembly (WASM), two widely used coding languages today.

Casper makes it easy for businesses to discover high-quality talent to help future-proof their organizations by opening the doors to millions of Web2 developers around the world.

CasperLabs has also developed the Caspiler, a code transpiler that converts Solidity code to Rust automatically. This tool lowers the barriers to enterprise adoption even more by making it easier for developers to move their Ethereum-based decentralized apps (dApps) to the Casper Network.

Lower Gas Costs: When compared to several rival Layer-1 blockchain projects, the Casper blockchain network’s PoS consensus mechanism allows for better throughput and less network congestion.

The network’s gas fees are intended to provide pricing consistency during periods of high transaction volume or variations in order size.

Furthermore, the CasperLabs team is working toward a predictive gas futures market by 2021, which would allow businesses to reserve gas ahead of time at predetermined prices, making future planning easier.

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Weighted Keys: Many enterprise blockchains only allow users to have binary (on or off) smart contract access permissions, making it impossible for bigger teams to collaborate efficiently and manage complex applications and systems.

The Casper Network’s weighted keys feature, on the other hand, lets businesses create more granular, tiered system access rights, making it easier to ensure the security and quality of their assets.

Casper Network’s CSPR Token

The native cryptocurrency of Casper, CSPR, is used to compensate network validators for processing on-chain transactions using Casper’s PoS consensus method. CSPR was first made available through CoinList’s inaugural public token sale, however, it is now available on a number of notable crypto exchanges.

The entire number of CSPR tokens follows a slightly inflationary issuance pattern, with a starting supply of 800 million.

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Casper CBC vs. Casper FFG

While the Casper Network is a separate project, it is frequently confused with the Ethereum network’s Casper implementation.

It’s worthwhile to distinguish between the two. Casper Correct by Construction is a form of consensus mechanism used by the Casper Network (CBC). Vlad Zamfir, a blockchain veteran who helped establish Ethereum, is the creator of Casper CBC.

The Highway Protocol, Casper’s current consensus protocol, is based on the original Casper CBC specification, but with a few enhancements in terms of block finality and network flexibility.

Ethereum, on the other hand, is migrating from its PoW architecture to Ethereum 2.0, which includes the Casper Friendly Finality Gadget, a hybrid PoW/PoS protocol (CFFG). Ethereum’s blocks will continue to be mined using PoW under Casper FFG, with just about 2% of blocks being finalized by network validators.

As a result, Casper FFG is a component of Ethereum’s multi-step transition to a complete PoS system, and Ethereum 3.0 will almost certainly run on Casper CBC.

As a result, CasperLabs refers to its proposal as the “ultimate evolution” of Ethereum, despite the fact that the two projects are absolutely unrelated.

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Casper Blockchain Uses in the Real World

CasperLabs, the company behind the Casper Network, is made up of former leaders from major corporations including Microsoft, Google, and Adobe.

Casper’s design was influenced by the team’s experience in the sector, and while the project has been in the works in some form or another since 2015, it has undergone substantial development, with the mainnet only launching in March 2021.

The Casper Network’s creators recently established the Casper Association, a nonprofit organization tasked with managing the Casper Network’s continuous expansion and decentralization.

Casper is stepping up its efforts and has already secured a number of noteworthy collaborations, including one with SJM Group to promote Web 3.0 adoption in the United Arab Emirates.

From non-fungible token (NFT) and gaming initiatives to decentralized finance (DeFi) infrastructure and Know Your Customer (KYC) solution providers, a rising number of developers are embracing Casper to build products and services.

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Enjin: An Entire Ecosystem for NFTs

Fantom: A Fast and Flexible Next-Generation Blockchain

Anyone who wishes to participate in the fast-growing world of NFTs can now do so thanks to the Enjin ecosystem.

Summary

Enjin is a complete ecosystem of tools that makes it easier to create, distribute, store, and integrate fungible and non-fungible blockchain assets.

Contents

The Three Pillars of Enjin’s NFTs

Businesses and individuals can create blockchain assets without coding using Enjin’s tools, whether they’re entrepreneurs looking for a new promotional option, software developers looking to integrate blockchain-based digital assets into their projects, or hobbyists looking to try out new technology.

When you consider your assets, you’ll see that many of them are non-fungible – anything from your car and home to your smartphone and documents have unique changes, features, and data that are unique to you.

Each of these assets is unique in that it cannot be traded 1:1 with another asset of the same type. You can’t just hand over your driver’s license to a friend and expect to be able to use it as legitimate identification.

While cryptocurrencies must be fungible (same) to serve as a currency, the non-fungible token (NFT) is the best solution for anything that isn’t convertible 1:1.

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The Enjin Marketplace had launched over 2.15 billion tokens as of April 2021, the majority of which were unique, programmable assets that could be used in virtual gaming worlds. However, the application of NFTs is rapidly expanding outside of the gaming industry.

Developers can design NFTs with in-game or in-app usefulness using the Enjin Platform API.

NFTs can be programmed to do anything, such as summoning a unique creature in a video game, sending a promotional gift or a voucher, or providing a tradable, yearly software subscription.

The Three Pillars of Enjin’s NFTs

The fundamental problem that most NFTs face today is establishing tangible value – ensuring that NFTs are more than just photographs or trinkets. Enjin makes it possible to create NFTs that meet these criteria by focusing on three basic tenets: identity, utility, and investability.

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Identity: Every NFT has a unique ID embedded into its composition. It’s what makes them non-fungible in the first place. People can give NFTs personalities, in-depth details, and backstories by giving them names, autographing them, and giving them personalities, in-depth details, and backstories.

NFTs can represent humans in ways that no other form of digital thing has ever been able to, transforming them into next-generation vehicles for defining digital identity. NFTs are also physical, transparent, and immutable because they reside on the blockchain.

Utility: Utility is one technique to increase the original value of a digital asset, in addition to rarity and history. A token with a built-in function is by definition more useful than one without. Anyone can add real-world or digital functionality to any NFT using the Enjin Platform.

Investability: The explosive expansion of digital assets, along with stock market volatility, suggests a shift in the underlying asset and market forces paradigms.

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The increasing digital ecosystem has redefined blockchain assets as more than just a store of wealth, whether it’s the worth of cryptocurrencies like bitcoin and ether or headline-making purchases of NFT-based digital art.

Fungible and non-fungible tokens allow us to invest in humanity’s future and culture as a whole, and Enjin is developing an NFT ecosystem to support the development of advanced virtual economies using blockchain technology.

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Chainlink 2.0: Advancing the Functionalities of Decentralized Oracle Networks

The Casper Network: A Dev-Friendly Enterprise Blockchain Platform

Chainlink’s most recent update lays out a strategy for improving smart contract functionality and connecting them to off-chain data.

Summary

Chainlink has been focused on enhancing the capabilities of smart contracts by finding means to integrate them with external data since its start, with the ultimate goal of expanding smart contract use cases in the real world.

Chainlink 2.0, which was announced in 2021, aims to enhance the company’s initial product offerings by adding a collection of decentralized oracle networks (DONs) to provide off-chain processing, which might help Chainlink smart contracts become more efficient, cost-effective, and applicable.

Chainlink 2.0 introduces the concept of hybrid smart contracts, which are intended to help blockchain-based products and services reap the benefits of both on-chain and off-chain environments while streamlining the development and deployment of smart contracts for increasingly diverse and complex use cases — potentially ushering in the next generation of smart contracts.

Contents

Introduction to Chainlink 2.0

DONs in the Chainlink Oracle Ecosystem

Updated Chainlink Smart Contracts: On- and Off-Chain Hybrids

The Chainlink Node “Metalayer” and Off-Chain Computation

Chainlink Staking and Security

Realizing Chainlink 2.0

Introduction to Chainlink 2.0

Chainlink is a decentralized oracle network (DON) that aims to improve the efficiency, reliability, and security of blockchain-based platforms and decentralized apps (dApps) that need external, off-chain data to feed their on-chain smart contracts.

Because smart contracts are often executed in a solely on-chain setting, they are praised for being performant, automated, and tamper-resistant.

Complex smart contract applications, on the other hand, are increasingly requiring external data. Oracles allow smart contracts to query, verify, and authenticate external data before relaying it to a blockchain-based smart contract.

Because most smart contracts are only as good as the data that feeds them, the historical challenge has been to ensure the quality of external data while maintaining trust, privacy, and security – a conundrum termed “the oracle problem.” Since its inception in 2017, Chainlink has made significant progress in addressing the oracle challenge, becoming one of the blockchain ecosystem’s most trusted initiatives in the process.

Some experts even suggest that Chainlink oracles have become the de facto industry standard, owing to Chainlink’s first-mover position and quick growth, which aims to keep the company’s technology up to date with ever-evolving smart contract use cases.

Chainlink reported over 600 partnerships, collaborations, and integrations with apps ranging from decentralized finance (DeFi) to gaming, data provision, insurance, real estate, and more as of July 2021.

Chainlink is the most extensively utilized decentralized oracle network, and many of the blockchain industry’s most recognized projects use it.

Hundreds of data suppliers have also used Chainlink’s technology to integrate and monetise their data. The company hopes to improve how smart contracts request and implement highly important data from outside sources, or oracles, by using Chainlink as a form of middleware.

This will assist to increase the correctness and dependability of such outside (i.e., off-chain) data.

The goal of these improvements is to enable smart contracts to achieve improved quality and quantity of capabilities across a wide range of sectors.

Chainlink 2.0 provides a long-term, multi-year strategy for the further development of Chainlink’s decentralized oracle networks and the platform’s capacity to further allow the fast expansion of smart contract use cases, as outlined in an April 2021 whitepaper.

The Chainlink 2.0 roadmap features a number of technological advances that will help smart contract applications run more smoothly. The heart of these developments is a network of DONs that work together to provide an off-chain computational layer capable of managing hybrid smart contracts.

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DONs in the Chainlink Oracle Ecosystem

Over the previous few years, Chainlink has established itself as a successful decentralized oracle network, including decentralized services such as:

Price Feeds: On-chain financial market data for a wide range of assets that is largely used by DeFi applications. For its role in supplying very accurate decentralized price data, Chainlink has been dubbed the “backbone of DeFi.”

Verifiable Random Functions (VRFs): Providing cryptographically verified randomness and provable rareness for a wide range of applications, including gaming dApps and non-fungible token minting (NFTs).

Proof of Reserve: Providing on-chain data feeds that allow smart contracts to audit tokenized assets like stablecoins on demand.

External Adaptors: Providing smart contract developers with development tools to connect to most off-chain data providers or application programming interfaces (APIs).

Chainlink is now attempting to generalize its oracle network into a plethora of DONs in order to accommodate a range of even more decentralized services for smart contracts created on any blockchain.

By permitting hybrid smart contracts that integrate the best features of both the on-chain and off-chain ecosystems, Chainlink claims that DONs are uniquely capable of providing advantages that blockchains alone cannot.

Chainlink aims to improve the design of DONs to accommodate a greater range of users and use cases for smart contracts by depending on blockchain technology for security while also reaping the high degree of connectedness, functionality, and scalability that many off-chain platforms offer.

DONs serve as a coordinating mechanism and backbone for hybrid smart contracts, which mix existing on-chain code with very valued, extremely versatile off-chain computations.

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Updated Chainlink Smart Contracts: On- and Off-Chain Hybrids

Chainlink’s concept for combining on-chain and off-chain resources into augmented smart contracts with increased versatility, scalability, confidentiality, and usefulness is known as hybrid smart contracts.

Chainlink DONs are designed to calculate oracle-provided data in an off-chain environment for higher throughput and reduced latency, while also assisting in the safe connectivity between on-chain and off-chain environments and supporting the confidential calculation of smart contracts and oracle data.

DONs and hybrid smart contracts go hand in hand under Chainlink 2.0’s concept, with hybrid smart contracts being able to interface with off-chain resources while maintaining the privacy and security of the basic blockchain.

Offloading a portion of a smart contract’s computational load onto an oracle network for off-chain processing is what hybrid smart contracts are all about.

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The Chainlink Node “Metalayer” and Off-Chain Computation

Whereas Chainlink 1.0 introduced the concept of decentralized oracle networks, Chainlink 2.0 aims to create a framework for a collection of interconnected DONs, each with its own set of nodes, variable consensus mechanisms, and the ability to perform more secure, confidential, and scalable off-chain computations to improve smart contract infrastructure.

Individual users could choose from a variety of interoperable DONs to find the ones that best fit their needs.

DON design is similar to Layer-2 technology, which links to a parent blockchain to process data indirectly (and hence more effective than when relying only on the parent blockchain), only periodically synchronizing back up with the main chain.

Similarly, Chainlink DONs will be anchored to parent blockchains in order to perform off-chain computations and sync data outputs and state changes as needed — with additional aspects to aid in ensuring correct reporting and resolving off-chain disputes, of course.

This architecture is still a work in progress as of mid-2021. However, this “metalayer,” as it has been dubbed, is simply a network of DONs that will supply the Chainlink ecosystem with more off-chain computing capabilities.

Finally, as compared to Chainlink 1.0’s architecture, the 2.0 metalayer is expected to boost throughput while lowering costs, resulting in more frequent updates for decentralized services such as price feeds and more cost-effective creation of whole new decentralized services.

Due to constraints in their inherent security models, Chainlink appears to believe that existing blockchains will not be able to meet the growing demand for complex smart contracts. Chainlink wants users to be able to decide on the composability of their smart contracts and mix and match different components thanks to a metalayer of DONs that can calculate data instead of just storing it.

Which aspects of smart contracts should be processed on-chain, and which parts should be handled off-chain utilizing DONs? The solution will be primarily determined by each implementation’s specific demands and requirements.

If security and transparency are the most critical factors, the majority of the smart contract’s processing will most likely continue to take place on-chain. If speed and cost are more essential, then possibly more calculations can be performed off-chain.

Chainlink Staking and Security

A new security design has been incorporated in the Chainlink 2.0 roadmap to better defend Chainlink’s growing network of DONs, and it features a staking process that aims to make manipulating a Chainlink node into delivering false data prohibitively expensive.

The revised Chainlink staking approach is known as “super-linear staking,” and it is built in such a way that breaching Chainlink’s network security would need an enormous number of resources — in principle, quadratically more resources than all DON nodes’ combined security deposits.

To put it another way, this Chainlink staking implementation might make the network considerably more secure than other staking systems.

Although this Chainlink staking mechanism is still in the early stages of development (as of late 2021), the value of having drastic, exponential security measures in place when the quality and reliability of oracle-provided data is critical to the optimal performance of Chainlink-powered smart contracts would be enormous.

Realizing Chainlink 2.0

Chainlink 2.0’s ultimate ambition is for the already well-established platform to become a pillar of the whole blockchain ecosystem. Some of the decentralized services that Chainlink has previously provided, such as VRF and pricing data feeds for DeFi, are set to be improved through the incorporation of DONs that are aimed to improve security, throughput, and cost-efficiency.

The Chainlink 2.0 roadmap envisions and outlines all-new decentralized services in addition to existing capabilities. Fair sequencing services (FSS), decentralized identity services, and other services are among them.

The Chainlink 2.0 update is well underway, despite the fact that several of these features are still in the early stages of development or testing. Chainlink is expected to gradually move closer to its 2.0 form through incremental implementation and parallel development, beginning in 2021 and continuing for several years.

If the project stays on track, it will continue to advance the creation of smart contract use cases, which will broaden the scope and depth of the blockchain ecosystem’s real-world application. Simplifying how smart contracts securely communicate with external data is a critical component of blockchain and smart contract technology’s continued widespread adoption.

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FTX Exchange: Advanced Crypto Trading for the Global Market

Enjin: An Entire Ecosystem for NFTs

FTX is a cutting-edge crypto derivatives exchange with a robust and expanding array of products for seasoned crypto traders.

Summary

FTX was founded in 2019 by seasoned crypto traders looking for more advanced trading capabilities than mainstream crypto exchanges could provide.

To suit its knowledgeable user base, the FTX Exchange has evolved into a leading crypto exchange with unique offers such as derivatives, options, margin trading, volatility products, leveraged tokens, tokenized equities, and advanced trading tools.

Many of FTX’s products are unavailable in regulated jurisdictions such as the United States, despite the fact that the company is based in Hong Kong.

Contents

Origins of FTX Exchange

FTX Exchange’s Product Offerings

How FTT Tokens Power FTX Exchange

FTX Exchange: Charitable Projects and Future Outlook

Origins of FTX Exchange

The FTX Exchange was founded in May 2019 with the goal of providing a competitive alternative in the crypto world for innovative trading methods, as well as enough liquidity and security.

Sam Bankman Fried and Gary Wang co-founded FTX. Both founders are also executive directors at Alameda Research, a renowned cryptocurrency token liquidity service. As a result of its strategic alliance with Alameda Research, FTX has reaped significant benefits and received significant liquidity since its inception.

The FTX crypto platform claims to have been created “by traders for traders,” and while it is complex enough to handle professional trading firms, it aims to be simple enough for ordinary trading. FTX is based in Hong Kong, and many of its most popular trading services are only available in a few countries.

As a result, certain FTX Exchange services are unavailable in the United States and other restricted territories.

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FTX Exchange’s Product Offerings

FTX provides a comprehensive range of basic trading techniques, as well as a number of unique goods and services, such as derivatives like futures and options and margin trading.

Some of FTX’s proprietary offerings include:

Leveraged Tokens: Traders can use leveraged tokens to place leveraged trades without having to trade on margin. Traders can gain more market exposure by purchasing leveraged tokens with USD rather than needing to supervise their margin or collateral. Tokens with built-in leverage are known as leveraged tokens.

BULL tokens monitor an underlying asset with 3x returns, while BEAR tokens track an underlying asset with -3x returns.

MOVE Contracts: MOVE Contracts keep track of how much an underlying asset moves — up or down — over a given period of time. In other words, rather than trading in a certain direction, the user bets on the volatility of an underlying asset. MOVE Contracts have daily, weekly, and quarterly expiration dates.

MOVE Contracts are similar to futures contracts in that they expire based on the amount an asset’s price changed rather than the asset’s price.

MOVE Contracts are for traders who believe an asset will see significant price movement but aren’t sure which way it will go. Long MOVE Contracts, which win if an asset has a lot of volatility, and short MOVE Contracts, which gain if an asset is generally stable, are available to traders.

Quant Zone: Quant Zone is a tool for creating programmatic rules that may be used to conduct automated trading strategies on the FTX Exchange. Quant Zone rules can be created by traders and shared with other users. Following “if, then” logic, Quant Zone rules require a trigger condition and an antecedent reaction.

They are made up of arbitrary formulas that include FTX market data, personal account information, and mathematical functions and range in complexity from simple to complicated. For example, you may write a rule that says “get 3x long BTC if Bitcoin falls below $47,000.”

Tokenized Stocks: Spot tokens backed by shares of a particular stock are known as tokenized equities. FTX is able to offer tokenized equities to users on its platform because of a strategic agreement with CM-Equity. Tokenized stocks bring the 24-hour availability and permissionless features of cryptocurrency to regular stock exchanges.

Users can also use their FTT voting power to say which tokenized equities they think should be added in the future.

FTX’s platform includes a variety of exclusive products in addition to its strong spectrum of financial instruments. Prediction markets are one such unique product. FTX offers a number of prediction markets that allow users to wager on the outcomes of real-world events using futures contracts that expire based on real-world data.

Special indexes for high-cap, mid-cap, and low-cap cryptocurrencies are available on FTX Exchange. Users can acquire exposure to baskets of altcoins based on their weighted average prices using these indexes, without having to worry about buying individual coins.

While prediction markets and asset indexes are not new to the crypto world, FTX Exchange is one of the first places to find them all in one place, alongside a wider range of products and instruments.

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How FTT Tokens Power FTX Exchange

The FTX Exchange is powered by FTT, the FTX Exchange’s own native exchange token, which plays an important role in the FTX ecosystem. The ERC-20 tokenization standard is used to create FTT tokens, which have a maximum supply of 339 million. FTT is not available in the United States, as are other FTX services.

FTX has devised techniques to make FTT more useful to FTX Exchange users. FTT token holders, for example, receive fee refunds on the FTX platform based on the amount of FTT they possess, with trading fee savings ranging from 3% to 60%. FTT holders additionally get a 0.02 percent discount on FTX OTC prices, proportional to their existing FTT holdings.

Furthermore, FTX imposes an anti-inflation mechanism on the FTT token supply by burning a portion of it on a regular basis. FTX buys and burns FTT tokens equal to 33% of fees collected on FTX exchanges, 10% of net additions to the insurance fund, and 5% of fees generated from other portions of the FTX platform to put deflationary pressure on the FTT supply.

Users of the FTX Exchange can also stake FTT tokens to obtain larger referral bonuses, maker fee reimbursements, bonus votes in community governance (in addition to ordinary votes based on FTT owned and trading volume), waived blockchain fees for specific withdrawals, and additional airdrop goodies.

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FTX Exchange: Charitable Projects and Future Outlook

Since its start, FTX has made philanthropic donations a part of its business model. The FTX Foundation is in charge of ensuring that 1% of the platform’s net fees are contributed to charities. Since the start of 2020, the exchange, its affiliates, and employees have given more than $10 million.

By exercising the voting power of their FTT tokens, users may have a significant voice in how FTX’s contributed money is directed.

FTX is a cutting-edge exchange that is owned and operated by crypto traders with a track record of success. FTX has gained a sophisticated user base because of its innovative trading goods and services — many of which are unavailable anywhere else — as a crypto derivatives exchange that offers traders superior tools and techniques. FTX’s solutions aren’t designed for beginners or intermediate users, but they more than meet the needs of their target audience of experienced users.

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Filecoin: Democratizing the World’s Cloud Storage and Data Retrieval Capabilities

Chainlink 2.0: Advancing the Functionalities of Decentralized Oracle Networks

Filecoin’s advanced DSN solution has overcome a slew of issues that have plagued cloud storage companies for years.

Summary

Filecoin is a cloud-based, open-source decentralized storage network (DSN) that aims to maximize data storage and retrieval.

The Filecoin network uses a mining, storage, and retrieval method to connect storage miners (providers) and retrieval miners (servers) with clients who pay for data storage and retrieval. For delivering services on the network, network participants get and transfer tokenized rewards in the form of Filecoin tokens (FIL).

Filecoin’s architecture uses sophisticated cryptographic proofs to verify the amounts and types of files on the network in order to achieve this data exchange and make the network transparent and equitable for all users.

This is intended to protect the files from unintentional modification.

Contents

Filecoin Storage and Data Retrieval

Filecoin Consensus Algorithms

Filecoin Mining Structure Explained

Filecoin Distribution and Storage

In recent years, certain issues faced by cloud-based storage providers have grown more apparent.

Lack of trust, unstable security, restricted connectivity, inadequate scalability, and excessive reliance on centralized providers are among the issues.

System hacking, for example, and inadvertent data loss are both typical issues in the current cloud storage ecosystem. As a cloud-based decentralized storage network (DSN) built on the InterPlanetary File System (IPFS) that interacts with the Ethereum blockchain and employs its unique utility currency, FIL, Filecoin presents a solution to these difficulties.

FIL is used to pay for services within the Filecoin ecosystem by network participants.

Customers pay in tokens to store and retrieve data, and miners pay in tokens to store and serve data. The Filecoin storage protocol is open-source, and all network participants own and build it, with the goal of benefiting everyone equally.

The Filecoin platform has three primary characteristics that are aimed to add value to the network’s users and make it easier to operate on a regular basis:

1. Storage and retrieval of data on Filecoin

2. Filecoin consensus algorithms

3. Filecoin mining structure

Filecoin Storage and Data Retrieval

Although data storage is an extremely valuable resource, some believe that the worldwide cloud storage sector may use a major revamp. The purpose of Filecoin is to create a network with a large number of storage providers that can be customized to meet the demands of various clients.

Lower pricing, faster retrieval, and data storage redundancy are just a few of the features that may entice clients to adopt Filecoin.

Blockchain technology and cryptographic proofs enable smart contracts between storage miners, storage providers, and clients, which are aimed to ensure those file storage agreements are not exploited or manipulated. Filecoin can also be used to store and retrieve nearly any type of data, including:

Private and personal data

Application data and decentralized application (dApp) websites

Company files and contract data

Public datasets and security archives

Video, podcast, and website data

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Filecoin Consensus Algorithms

Filecoin claims to be constructed with cutting-edge cryptographic storage proofs to ensure data is saved safely and accurately for a set length of time. Any discrepancies that may develop during the whole storage process should be resolved by the network.

The Filecoin protocol incorporates three unique proof-based approaches into the consensus algorithm of the Filecoin storage network:

Proof of Spacetime (PoSt): This allows the Filecoin blockchain to cryptographically verify that a whole file is being preserved in an unaltered state for a specified period of time. There are two methods that makeup Proof of Spacetime. The first is Window Proof of Spacetime (WindowPoSt), in which storage miners’ pledges are audited every 24 hours and a zk-SNARK compressed proof is uploaded to the blockchain. Winning Proof of Spacetime (WinningPoSt) is the second method, in which miners are compensated for their contributions to the network.

Proof of Replication (PoRep): This allows the Filecoin blockchain to cryptographically verify the number of copies of a stored file that have been agreed upon.

Proof of Storage (PoSt): This feature allows the Filecoin blockchain to verify those network participants who promise to supply a certain amount of storage space actually do so.

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Filecoin Mining Structure Explained

Filecoin miners compete with one another to mine and create blocks, similar to Bitcoin miners. Unlike Bitcoin, Filecoin mining power is proportional to the amount of active storage.

The method is designed to motivate miners to accumulate as much storage space as possible, which they can then rent out to clients. On the Filecoin protocol, data storage and retrieval are inextricably related to the system’s mining mechanism.

Filecoin is designed to provide a decentralized, verifiable market structure that is divided into two parts: a retrieval market and a storage market. The storage market is built on-chain, whereas the retrieval market is built off-chain.

The Filecoin protocol serves as a nerve center, controlling an order book, allocation table, and broadcasting system for transactions. This center sends and receives information for order matching and settlement for both the on-chain and off-chain sections of the system.

After that, miners and clients can set their own pricing for their services and put orders on the market. The Filecoin network benefits three key types of users throughout this process:

Storage miners who receive tokens by providing storage

Retrieval miners who receive tokens by serving data

Clients who pay to store and retrieve data

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Filecoin Distribution and Storage

Filecoin has developed a powerful cloud-based data storage and retrieval solution. To provide openness and equal access, the Filecoin protocol must strike a balance on both sides of the data storage market (via data retrieval and storage).

Simultaneously, the system incentivizes users to receive FIL tokens depending on a provider’s mining power in proportion to that miner’s active storage space.

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Ethereum Classic (ETC): An Ideological Rift in the Ethereum Blockchain

FTX Exchange: Advanced Crypto Trading for the Global Market

Sometimes a hard fork is unavoidable in the life of a blockchain. Despite the fact that they are usually organic, they are rarely without controversy.

Summary

Ethereum Classic (ETC) sprang from an ideological and ethical schism in the Ethereum community, which continues to cause debate. A major hack of a third-party application running on the Ethereum (ETH) blockchain occurred in 2016, resulting in the theft of millions of dollars in ether, or ETH.

As a result, the Ethereum blockchain underwent a hard fork, thereby erasing the hack from the official ledger and returning the stolen ETH to its rightful owners.

The second branch of this fork, on the other hand, retained the official ledger, which includes the hack, unmodified, in order to preserve a 100% immutable ledger. In other words, there was only one difference between the two blockchains that resulted: The record of the hack and the stolen ETH remained in one, while the other effectively turned back the clock as if the breach had never happened.

The Ethereum (ETH) designation was kept on the altered blockchain, whereas Ethereum Classic was given to the original/unchanged network (ETC).

Contents

The Origin of Ethereum Classic

Ethereum vs. Ethereum Classic

Structure of Ethereum Classic

The Future of Ethereum Classic

The Origin of Ethereum Classic

There are a variety of reasons why blockchains hard fork and split into distinct blockchains.

Forks are sometimes the result of technological advancements. Other forks are the consequence of major community conflicts about planned protocol modifications, which split the project and its supporters into irreconcilable factions.

Such protocol changes can happen as a result of proactive efforts to improve current features, or as a result of damage caused by bugs and hacks. The Ethereum fork resulted in the development of the Ethereum Classic (ETC) blockchain in the latter case.

An Ethereum blockchain application (known as The DAO) was hacked in 2016, resulting in the theft of roughly 3.6 million ether (ETH) — valued around $50 million USD at the time — which has since grown to be worth billions of dollars. To put the gravity of the attack into perspective, there was around 72 million ETH in circulation at the time, meaning the hackers stole around 5% of all ETH in existence.

Ethereum core developers elected to conduct a hard fork to remove the hack from Ethereum’s ledger and refund the money to its rightful owners.

The freshly constructed ledger became the “primary” Ethereum blockchain (ETH), while the original version of the ledger was called Ethereum Classic (ETC) as a parallel network that was not compatible with the new main branch. The majority of users, particularly those who had been hacked, favored the version of Ethereum that fixed the problem.

Some users, however, who prioritized immutability, elected to stick with Ethereum Classic, the original ledger.

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Ethereum vs. Ethereum Classic

The argument between Ethereum and Ethereum Classic boils down to a philosophical debate between two opposing viewpoints:

A distributed ledger’s revised blockchain which was altered in a way that erased a successful cybertheft.

A truly immutable blockchain with a permanent record of the network’s entire history, including a successful cybertheft.

Ethereum is still far more popular than its unaltered version, illustrating where the majority of the cryptocurrency community stands on this contentious subject.

Furthermore, Vitalik Buterin, the Ethereum project’s principal creator, is widely considered as one of the most reputable and important personalities in the Ethereum community, as well as the whole blockchain industry.

Proponents of Ethereum Classic, on the other hand, say that the ETC hard fork facilitated the precise thing that blockchain technology was supposed to prevent: subjective human manipulation.

As a result, a large number of idealists support Ethereum Classic and its corresponding coin, ETC. Despite the revised ETH branch’s good intentions, ETC supporters categorically reject the reasoning that led to the hard fork in the first place.

Many of these people believe that any alterations to a blockchain ledger, no matter how well-intentioned, violate the “code is king” attitude that many people identify with blockchain in the first place.

Proponents of Ethereum Classic claim that immutable transactions are an indisputable aspect of blockchain technology that distinguishes it from the manipulations that many have complained about in the traditional global financial system, and that immutability should never be compromised.

Similar arguments have erupted over other cryptocurrencies, such as Bitcoin (BTC). The 2017 Bitcoin Cash (BCH) hard fork was a contentious issue.

In 2019, hackers stole approximately 7,000 BTC (valued around 41 million USD at the time) from the Binance crypto exchange, drawing a more direct parallel to the ETH vs. ETC debate.

Changpeng Zhao, the exchange’s founder, urged that the Bitcoin community roll back the Bitcoin blockchain, similar to what Ethereum did in 2016.

However, unlike Ethereum’s inventor Vitalik, Bitcoin’s pseudonymous originator Satoshi Nakamoto stopped publicly participating in the project in 2011, and his, her, or their identity is unknown. In other words, Bitcoin’s leadership is perhaps more decentralized by default than Ethereum’s due to Satoshi’s absence.

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Structure of Ethereum Classic

The Ethereum Classic protocol is a fork of the Ethereum protocol.

From a functional standpoint, Ethereum Classic and Ethereum are both smart contract platforms that allow users to create decentralized applications (dApps) on their respective blockchains. Until block 1,920,000, the chains are similar (where the attack occurred). They don’t diverge until after this block.

As a result, major Ethereum protocol upgrades beyond this time (such as Ethereum 2.0) are not reflected in the Ethereum Classic protocol, and vice versa.

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The Future of Ethereum Classic

Ethereum Classic has lately undergone multiple protocol improvements targeted at making the protocol more compatible with the Ethereum protocol, indicating a change of heart.

Atlantis (in 2019) and Agharta (in 2020) are two recent Ethereum Classic protocol improvements that highlight the Ethereum Classic community’s ambition to develop technological bridges between Ethereum Classic (ETC) and other communities, such as Ethereum (ETH).

These upgrades were implemented through hard forks that forced Ethereum Classic users to upgrade their software in order to comply with the Ethereum Classic network’s new regulations.

These changes could indicate a trend toward greater interoperability between the two blockchains. While some have been vocal in their opposition to the Ethereum ecosystem’s multiple splits and forks, others think that “forks are freedom,” allowing both blockchains to develop democratically as their respective communities see right.

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EOSIO & EOS: Project Background, Economic Model, and Ecosystem Features

Filecoin: Democratizing the World’s Cloud Storage and Data Retrieval Capabilities

A backlog is one of the worst things that may happen to a blockchain platform since it can cause its performance to decline partially or completely. Read about how block.one’s EOSIO (EOS) can prevent backlogs.

Summary

The EOSIO blockchain project and its public implementations, including the EOS public blockchain and its native coin (EOS), have gained traction since its inception in 2017. EOSIO has successfully established itself as a leader in the blockchain space while facing multiple competitors and a number of hurdles.

The cryptoeconomic and network usage models of the protocol complement one another and contribute to the EOSIO network’s general usability, scalability, and adaptability.

Contents

ICO Launch and EOS Developments

EOSIO Evolution

Main Features of the EOSIO Blockchain Ecosystem

ICO Launch and EOS Developments

The EOSIO whitepaper was first published in 2017 and described what would become a groundbreaking blockchain solution.

Block.one’s Initial Coin Offering (ICO) raised a record-breaking $4 billion in the spring of 2018. Following this incredibly successful funding round, Block.one CEO Brendan Blumer and CTO Dan Larimer continued to pave the road for the EOSIO whitepaper’s vision to become a reality.

A snapshot of the ERC-20 token sale was captured and open-sourced to give a launchpad for any EOSIO-based network to use and be decentralized immediately away, increasing the project’s network effect.

Block makers used the snapshot of accounts to create what is currently known as EOS in June 2018.

Block.one is a modest but substantial EOS token holder, and it formed a Public Blockchain Interaction team in 2020 to expand its engagement with the EOS community and advocate its interests as an EOS and other public digital asset token holder.

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In 2020, Block.one began voting for block producers and released voting criteria for block producers who wanted to receive Block.one’s support. The EOS ecosystem’s functionality is also dependent on the management of network resources.

By balancing the demand for bandwidth with unused supply, Block.one has devised a new resource allocation model that will improve network efficiencies and operations.

EOSIO Evolution

Dawn 1.0, EOSIO’s first testnet, went live on September 3, 2017, and the project went on to release four more versions of Dawn before launching EOSIO 1.0 on June 1, 2018. The firm debuted EOSIO 2.0 on January 10, 2020.

Main Features of the EOSIO Blockchain Ecosystem

The EOSIO blockchain platform offers a number of technical features that contribute to its flexibility, power, and ease of use:

WebAssembly-Based C++ Development

Programmable Governance and Economics

Advanced Staking Mechanism

Business Model Adaptability

Faster Confirmations, High Throughput, and Low Latency

Comprehensive Permission Schema

Full Network Upgradability

Protocol Resource-Efficiency

EOSIO is a WebAssembly (WASM) C++ development platform, which means smart contracts and interactions with the EOS VM and the EOSIO ecosystem are built using a simple yet powerful programming language.

The governance and cryptoeconomic architecture used by EOSIO and EOSIO-based blockchain systems are programmable, which means that coin resource allocation and governance rules may be changed with minimal effort.

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Users can stake EOS coins on the EOSIO platform via the Cleos Command Line Interface (CLI), the RPC API, or an application that accesses the CPU and NET of the platform (network bandwidth).

When a user stakes through the CPU and NET of the platform, they receive rewards proportional to the number of EOS coins staked by all other users in the network.

Block producers enforce EOSIO’s computational resource capacity, and EOSIO has established a method in which decentralized applications created on the network don’t have to force their consumers to pay for the use of the blockchain network as a whole.

To put it another way, software engineers working on EOSIO can avoid charging for the blockchain network as a service by offering free overall network services to their users and monetizing through a “sender pays” model.

The network itself is free from the user’s perspective (only send-transactions themselves actually cost money). This results in a system that does not limit or hinder firms from deciding how to monetize their products.

Applications built on EOSIO can also use a “freemium” model, which means that users can get basic system resources without paying, but can pay for more advanced features.

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The EOSIO consensus mechanism uses Delegated Proof-of-Stake (DPoS) to achieve extraordinarily high throughput. Unlike a traditional Proof-of-Stake system, this one does not require the network’s nodes to compete for validating new blocks before achieving transaction finality.

This means that the blockchain delivers consistently faster transaction confirmations with lower latency.

The EOSIO protocol includes a robust authorization structure that allows the platform to be used in a wide range of scenarios. A developer, for example, can construct a bespoke permission structure to protect a smart contract’s specific functionality.

The authority needed to change a smart contract can also be distributed across multiple accounts with different levels of authorization.

Upgradeable applications can be launched on any EOSIO-based blockchain. This is important because it lets developers make code changes, add features, and change application logic as long as they have access. Iterating on an application allows software developers to avoid becoming tied to certain development decisions.

On the other hand, immutable smart contracts can be deployed on any EOSIO-based blockchain, ensuring that the smart contract’s original design and intent are not altered.

Furthermore, the DPoS consensus algorithm optimizes the network’s efficiency, allowing EOSIO to consume far less energy than conventional consensus mechanisms. Increases in energy efficiency like this are very essential in the cryptocurrency field.

The Proof-of-Work consensus mechanism on the Bitcoin network, for example, consumes roughly the same amount of energy per year as the Czech Republic’s entire infrastructure (which supports a population of 11 million). Reducing the cost of bitcoin energy has ethical, financial, and environmental benefits.

EOSIO’s primary features are diverse, allowing developers to make use of its flexibility and programmability to satisfy the needs of their applications while decreasing their environmental footprint.

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cryptocurrencies

Post navigation

EOSIO: The Main Functionalities of the EOSIO Blockchain Platform

Ethereum Classic (ETC): An Ideological Rift in the Ethereum Blockchain

A backlog is one of the worst things that may happen to a blockchain platform since it can cause its performance to decline partially or completely. Read about how block.one’s EOSIO (EOS) can prevent backlogs.

Summary

The EOSIO blockchain project and its public implementations, including the EOS public blockchain and its native coin (EOS), have gained traction since its inception in 2017. EOSIO has successfully established itself as a leader in the blockchain space while facing multiple competitors and a number of hurdles.

The cryptoeconomic and network usage models of the protocol complement one another and contribute to the EOSIO network’s general usability, scalability, and adaptability.

Contents

ICO Launch and EOS Developments

EOSIO Evolution

Main Features of the EOSIO Blockchain Ecosystem

ICO Launch and EOS Developments

The EOSIO whitepaper was first published in 2017 and described what would become a groundbreaking blockchain solution.

Block.one’s Initial Coin Offering (ICO) raised a record-breaking $4 billion in the spring of 2018. Following this incredibly successful funding round, Block.one CEO Brendan Blumer and CTO Dan Larimer continued to pave the road for the EOSIO whitepaper’s vision to become a reality.

A snapshot of the ERC-20 token sale was captured and open-sourced to give a launchpad for any EOSIO-based network to use and be decentralized immediately away, increasing the project’s network effect.

Block makers used the snapshot of accounts to create what is currently known as EOS in June 2018.

Block.one is a modest but substantial EOS token holder, and it formed a Public Blockchain Interaction team in 2020 to expand its engagement with the EOS community and advocate its interests as an EOS and other public digital asset token holder.

>>The Best Bitcoin and Cryptocurrency Exchange Guide<<

In 2020, Block.one began voting for block producers and released voting criteria for block producers who wanted to receive Block.one’s support. The EOS ecosystem’s functionality is also dependent on the management of network resources.

By balancing the demand for bandwidth with unused supply, Block.one has devised a new resource allocation model that will improve network efficiencies and operations.

EOSIO Evolution

Dawn 1.0, EOSIO’s first testnet, went live on September 3, 2017, and the project went on to release four more versions of Dawn before launching EOSIO 1.0 on June 1, 2018. The firm debuted EOSIO 2.0 on January 10, 2020.

Main Features of the EOSIO Blockchain Ecosystem

The EOSIO blockchain platform offers a number of technical features that contribute to its flexibility, power, and ease of use:

WebAssembly-Based C++ Development

Programmable Governance and Economics

Advanced Staking Mechanism

Business Model Adaptability

Faster Confirmations, High Throughput, and Low Latency

Comprehensive Permission Schema

Full Network Upgradability

Protocol Resource-Efficiency

EOSIO is a WebAssembly (WASM) C++ development platform, which means smart contracts and interactions with the EOS VM and the EOSIO ecosystem are built using a simple yet powerful programming language.

The governance and cryptoeconomic architecture used by EOSIO and EOSIO-based blockchain systems are programmable, which means that coin resource allocation and governance rules may be changed with minimal effort.

>>Cryptocurrency Trading Guide for Beginners<<

Users can stake EOS coins on the EOSIO platform via the Cleos Command Line Interface (CLI), the RPC API, or an application that accesses the CPU and NET of the platform (network bandwidth).

When a user stakes through the CPU and NET of the platform, they receive rewards proportional to the number of EOS coins staked by all other users in the network.

Block producers enforce EOSIO’s computational resource capacity, and EOSIO has established a method in which decentralized applications created on the network don’t have to force their consumers to pay for the use of the blockchain network as a whole.

To put it another way, software engineers working on EOSIO can avoid charging for the blockchain network as a service by offering free overall network services to their users and monetizing through a “sender pays” model.

The network itself is free from the user’s perspective (only send-transactions themselves actually cost money). This results in a system that does not limit or hinder firms from deciding how to monetize their products.

Applications built on EOSIO can also use a “freemium” model, which means that users can get basic system resources without paying, but can pay for more advanced features.

>>Bitcoin Wallet Guide, Reviews and Comparison<<

The EOSIO consensus mechanism uses Delegated Proof-of-Stake (DPoS) to achieve extraordinarily high throughput. Unlike a traditional Proof-of-Stake system, this one does not require the network’s nodes to compete for validating new blocks before achieving transaction finality.

This means that the blockchain delivers consistently faster transaction confirmations with lower latency.

The EOSIO protocol includes a robust authorization structure that allows the platform to be used in a wide range of scenarios. A developer, for example, can construct a bespoke permission structure to protect a smart contract’s specific functionality.

The authority needed to change a smart contract can also be distributed across multiple accounts with different levels of authorization.

Upgradeable applications can be launched on any EOSIO-based blockchain. This is important because it lets developers make code changes, add features, and change application logic as long as they have access. Iterating on an application allows software developers to avoid becoming tied to certain development decisions.

On the other hand, immutable smart contracts can be deployed on any EOSIO-based blockchain, ensuring that the smart contract’s original design and intent are not altered.

Furthermore, the DPoS consensus algorithm optimizes the network’s efficiency, allowing EOSIO to consume far less energy than conventional consensus mechanisms. Increases in energy efficiency like this are very essential in the cryptocurrency field.

The Proof-of-Work consensus mechanism on the Bitcoin network, for example, consumes roughly the same amount of energy per year as the Czech Republic’s entire infrastructure (which supports a population of 11 million). Reducing the cost of bitcoin energy has ethical, financial, and environmental benefits.

EOSIO’s primary features are diverse, allowing developers to make use of its flexibility and programmability to satisfy the needs of their applications while decreasing their environmental footprint.

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cryptocurrencies

Post navigation

EOSIO: The Main Functionalities of the EOSIO Blockchain Platform

Ethereum Classic (ETC): An Ideological Rift in the Ethereum Blockchain

A look at how block.one’s EOSIO blockchain development tools, such as the testnet, virtual machine, and SDKs, are aimed at expanding the EOSIO ecosystem.

Summary

EOSIO is one of the most advanced blockchain projects in the world, developed by Block.one, and has dedicated a significant amount of resources to improving its application development and user experience.

First and foremost, EOSIO focuses on the development of a developer platform that is both simple to use and advanced. Second, it has created a set of significant software development tools to help the EOSIO ecosystem grow. Finally, the EOSIO platform strives to provide a high-quality overall user experience in order to assist blockchain technology to achieve its full potential.

The EOSIO platform has undergone substantial development, offers a wide range of features, and aspires to be an enterprise blockchain solution.

Contents

EOSIO Software Development Tools

Enhancements for EOSIO Application Developers

Simplicity and User Experience

EOSIO and Block.one Continue Ongoing Ecosystem Expansion

EOSIO Software Development Tools

Since 2018, EOSIO has developed a number of software development tools to help the EOSIO blockchain ecosystem run more smoothly and efficiently, including:

EOSIO Testnet and Contract Development Toolkit (EOS.CDT)

EOSIO Virtual Machine (EOS VM) and Ricardian Template Toolkit

EOSIO JavaScript (EOS JS) Library and History Tools

EOSIO Software Development Kit (SDK) for Java and Swift

EOSIO Universal Authenticator Library (UAL) and WebAuthn

EOSIO Quickstart Web IDE and Demux Database Scaling  

The developer testnet in the EOSIO ecosystem allows for full developer documentation integration and ensures that software engineers may test their newest versions before deploying them on the mainnet.

EOSIO’s Contract Development Toolkit (EOS.CDT), a WebAssembly (WASM) ToolChain containing a series of tools and utilities intended at simplifying and improving the capabilities of EOSIO smart contracts, was developed to add to this feature.

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The EOSIO Virtual Machine (EOS VM) is a WASM engine with three interpreters intended specifically for compiling, debugging, and optimizing smart contracts.

The EOS VM makes it possible for developers to create smart contracts 12 times faster than on the original EOSIO 1.0 blockchain. The EOSIO Ricardian Template Toolkit is a contract development toolkit (CDT) that provides a standardized framework for human-readable smart contracts.

It was designed to provide a common interface for authenticating and granting permission for signing agreements.

EOS JavaScript (EOS JS) is a JavaScript library that uses the EOSIO RPC Application Programming Interface to interface with EOS-based blockchain networks (API).

It was built to allow EOSIO-specific blockchains to communicate with end-user apps. End-user applications can also benefit from EOSIO History Tools. These utilities make use of the State History Plugin to populate specified databases and provide scalable access to historical blockchain data to EOSIO applications.

To send data to and from the EOSIO mainnet, the system enables application interaction and database management.

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The EOSIO Software Development Kits (SDKs) for Java and Swift was created to allow software developers to create EOSIO-based apps for iOS and Android.

They were created to provide idiomatic and simple ways to create and interact with transactions — by gathering signatures to enable transaction broadcasting to EOSIO nodes. Given that millions of people use their phones on a regular basis, EOSIO’s usability depends heavily on iOS and Android application capabilities.

The Universal Authenticator Library (UAL) from EOSIO was created to provide a streamlined foundation for various forms of authentication software that save users’ private keys when interacting with EOSIO-based applications.

The World Wide Web Consortium (W3C) has collaborated with Google, Microsoft, and other top technology companies to create WebAuthn, a sophisticated user authentication standard. It allows users to authenticate their hardware devices without the need for extensions or other applications on their devices.

EOSIO Quickstart Web IDE is a cutting-edge web-based development tool for building cloud-based EOSIO apps. Its main goal is to make learning the ins and outs of EOSIO programming easier and faster for engineers. The EOS Demux data scaling solution is a specialized framework for scaling data access deterministically.

Demux combines the speed and agility of traditional database systems with the immutability and trust of blockchain technology.

Enhancements for EOSIO Application Developers

The project continues to improve the software development process by boosting simplicity of use, adaptability, and overall performance to complement the multiple tools that make the EOSIO blockchain platform so powerful.

The EOSIO team is creating a straightforward Graphical User Interface (GUI) for developers to access the block explorer (used for transaction and block examination), start Nodeos, and review data saved in tables. This tool facilitates collaboration among developers in order to improve specific Nodeos features.

EOSIO is also looking at development tools that will make it easier to debug smart contracts, reducing the likelihood of future smart contract execution and processing issues.

It’s vital to keep core developer documentation up to date so that it not only incorporates newly implemented code-specific improvements but also provides multilingual support for developers all over the world who don’t understand English. The EOSIO developer ecosystem is also constantly improving the functionality of its smart contracts to ensure that they perform well in real-world scenarios.

To achieve general applicability, smart contracts must be able to interact with one another and the entire EOSIO ecosystem without conflict.

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Simplicity and User Experience

For blockchain technology to reach its full potential, it must provide a safe, straightforward, and intuitive user experience. The blockchain industry is frequently chastised for its overly complex setup and maintenance procedures.

As a result of these complications, hackers and other bad actors may be able to take advantage of unskilled blockchain users. Many mainstream users are typically scared away by all of the above difficulties.

EOSIO focuses on creating products that include technological innovation in a simplified and user-friendly manner, ensuring that end-users have a safe and intuitive experience.

In financial technology like blockchain, tamper-proof representations of text, files, and images are required to properly convey the objective of the transaction that the user is willing to sign.

Preventing phishing attempts, bait and switch assaults, and other forms of potential security breaches that could otherwise put a user’s personal and financial data in danger makes it feasible to maintain a secure and consistent interface for users.

WebAuthn, as we mentioned earlier, goes a long way toward providing strong user authentication with security keys and the usage of built-in fingerprint sensors to make the user experience easier.

To pay for the transaction charges required to access CPU and network resources, users are now expected to possess or lease their own cryptocurrency holdings. EOSIO is working on a new system that will allow application developers to specify particular transaction requirements and cover any consumer fees, removing potential adoption hurdles related to transaction prices.

App user interfaces are currently constructed and hosted off-chain, making them vulnerable to single points of failure and undesired restrictions. EOSIO is also working on a novel way to manage file storage in a decentralized ecosystem on-chain to counteract this inefficiency.

EOSIO and Block.one Continue Ongoing Ecosystem Expansion

EOSIO and Block.one’s ecosystems continue to grow at a noteworthy rate. Google Cloud joined the EOS community in 2020, stating their aim to become a block producer candidate on the EOS public network, which is a public version of Block.one’s fundamental protocol, EOSIO.

In addition, the company unveiled EOSIO for Business, a new suite of enterprise services.

The EOSIO software will be used to provide Blockchain-as-a-Service (BaaS), developer training and certification programs, tailored consulting and development services, and 24-hour technical support.

Aside from these two important announcements, EOSIO has also announced a number of significant development milestones, including the launch of Voice, a blockchain-based social network.

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EOSIO: Scalability and Enterprise Applications

EOSIO: The Main Functionalities of the EOSIO Blockchain Platform

EOSIO intends to be a worldwide enterprise blockchain solution with its regulatory-compliant, security-focused core blockchain operations.

Summary

EOSIO’s mission is broad: to enable individuals to design integrity into our reality. To do so, EOSIO is constructing an equally comprehensive software development environment.

EOSIO focuses on developing blockchain architecture systems capable of supporting an expanding number of apps and onboarding an increasing number of users in terms of scalability. EOSIO focuses on enhancing its network’s flexibility, compliance, and enterprise applicability in terms of enterprise adoption.

With its development tools, technical architecture, and stable cryptoeconomic model, EOSIO aims to exponentially improve blockchain technology by integrating these two fundamental qualities.

Contents

Enterprise Blockchain Applicability

Vertical, Horizontal, and Data Access Blockchain Scalability

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Enterprise Blockchain Applicability

Enterprise adoption will most certainly become one of the most important sources of real-world value for the blockchain industry’s mainstream adoption. Blockchain technologies are supposed to be used, and the involvement of huge corporations aids in the dissemination of high-quality technology to a wide variety of users.

It is necessary to design business blockchain solutions that include the following features in order for mainstream blockchain adoption to become a reality:

(1) a high-performance consensus methodology,

(2) proper regulatory and compliance frameworks,

(3) an intelligent token creation mechanism, and

(4) an enterprise-grade security-focused platform.

The core building blocks of every corporate blockchain system are state-of-the-art performance-based consensus algorithms.

While transaction finality and scalability are important for enterprise use, they are only half of the equation. The infrastructure must be constructed with adequate regulatory and compliance safeguards in mind for big-scale organizations to properly use a blockchain system.

This frequently entails following certain privacy restrictions, copyright laws, and other comparable regulations. In order to function on a global basis, EOSIO must comply with the regulatory requirements of many states, national, and regional jurisdictions.

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Tokenization is another important feature for creating adaptive and adopting blockchain systems. The EOSIO network lowers technical obstacles, allowing businesses to issue their own tokens without having to write a complex token contract from the ground up.

EOSIO also assists its clients in utilizing multiple EOSIO tokenization standards, which are similar to Ethereum token standards like ERC-20 and ERC-721. Usability and uniformity are two aspects that go hand in hand when it comes to boosting enterprise adoption of technology.

These standards significantly reduce the financial and human resource costs of adopting new technologies (thus lowering enterprise costs for entering new markets) and, as a result, create a baseline set of expectations that end-users can rely on to quickly and easily engage with a product or service.

In order to service their clients safely and securely, large organizations that use an enterprise blockchain for their business purposes need a secure infrastructure.

Among other security-related projects, the EOSIO project is exploring innovative approaches to private key and safe data storage, developing multi-signature authentication mechanisms, and improving support for multisig hardware key management.

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Vertical, Horizontal, and Data Access Blockchain Scalability

The scalability solution on the EOSIO blockchain is divided into three categories:

Vertical Scalability

Horizontal Scalability

Data Access Scalability

Vertical scalability is a term used to describe a system that increases the capacity of current software and hardware by adding specialized resources like RAM or a more powerful CPU.

EOSIO achieves vertical scalability by including various features into its systems, such as WebAssembly (WASM) smart contract engines and multi-threading (where one unit of code is used by multiple processors via multi-core processing) to boost smart contract performance.

The platform’s vertical scalability is also increased thanks to continual advancements to the Nodeos core.

The EOS Virtual Machine (EOS VM), better database access, intrinsics handling, and a variety of additional features are among them.

EOSIO also attempts to improve database functionality and reduce system resources, such as CPU, RAM, and network traffic, on a regular basis.

Finally, EOSIO uses multiple abstraction layers to promote horizontal scalability, allowing developers to create cross-chain decentralized apps (dApps) utilizing a common programming interface. Multiple sorts of blockchain systems can employ dApps thanks to these abstraction layers.

To authenticate transactions that query and read history and state data, data access scalability measures are used, reducing the back-and-forth data exchange between client and server by improving client-server architecture and allowing client-server data exchange to use the same tooling as smart contract creation systems.

Building a highly scalable and fast blockchain system is essential for enterprise blockchain adoption, and EOSIO is one of the first to provide thorough service to these industry needs with widespread usage.

Large corporations have the financial, technological, and human resources necessary to have a broad impact.

It is critical that blockchain-based enterprises continue to encourage enterprise blockchain adoption so that they can work together to push the limits of blockchain’s real-world use.

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Elrond Network (EGLD): An Internet Scale Blockchain

EOSIO: Application Development and User Experience

Elrond is a low-cost, high-performance, and scalable blockchain network that can be used by both dApp developers and enterprise solutions.

Summary

Elrond is an internet-scale blockchain that is designed to be fast, cheap, and efficient across a wide range of use cases. Elrond Network offers industry-leading scalability because of Adaptive State Sharding and its unique Secure Proof-of-Stake (SPoS) consensus method.

The sophisticated aspects of the Elrond crypto protocol are highlighted in this article.

Contents

Elrond Network Design

The Elrond Coin: eGold (eGLD)

Secure Proof of Stake (SPoS)

Elrond’s Blockchain Sharding Innovations

Smart Contracts on Elrond Crypto Network

Elrond Use Cases

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Elrond Network Design

The Elrond blockchain, which will be launched in July 2020, is meant to provide distributed apps and organizations with decentralization, security, and scalability.

The project aims to achieve maximum operational efficiency by focusing on cross-chain interoperability, developer assistance, and cross-chain interoperability.

Elrond Network refers to itself as an internet-scale blockchain, implying that it is built to manage transactional throughput on par with major internet platforms, rather than the lesser throughput associated with other blockchain networks.

To put Elrond’s throughput in perspective, the Bitcoin network can confirm 7 transactions per second on average; the Elrond crypto team claims its network can handle 15,000 TPS at a cost of only one cent per transaction.

Elrond accomplishes this extraordinary network efficiency by combining its unique Secure Proof-of-Stake consensus mechanism, advanced sharding technology, validator network structure, and native Elrond coin eGold in a new way (eGLD).

The Elrond Coin: eGold (eGLD)

While the Elrond Network provides a framework for smart contracts, decentralized apps (dApps), and even complete blockchain protocols to be deployed, its native eGLD token serves as the network’s unit of value.

The eGLD coin serves a variety of purposes on Elrond. It’s utilized for staking and validator awards, as well as payment for transactions and smart contracts, as part of the platform governance process.

The eGLD token, which serves as gas for the entire ecosystem, is used by both platform users and developers to pay for use of the Elrond Network.

Elrond’s proprietary Maiar Wallet, which allows users to send near-instant transactions through the Elrond Network, is compatible with the eGLD coin. In addition to staking, Maiar has borrowing, lending, sending, and receiving features.

The circulation quantity of eGLD coins was 17.2 million as of April 2021, with 55.5 percent of that locked up in the network’s staking rewards system. Over the next ten years, new eGLD coins will be produced in a controlled manner according to smart contracts, until the total quantity of 31.4 million eGLD coins is attained.

The comparatively low quantity of the eGLD coin, as well as its lock-up schedule and high percentage of staked coins, are all regarded strong crypto-economic indicators for Elrond’s long-term viability.

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Secure Proof of Stake (SPoS)

The Elrond Network employs a proprietary Proof-of-Stake (PoS) consensus algorithm known as Secure Proof of Stake (SPoS), which incorporates a number of novel features. A node is a server, smartphone, or computer on the Elrond Network that uses the Elrond node client software to relay and process data across the network.

While all PoS networks involve a system of nodes to send and receive data and build consensus, Elrond employs three distinct types of nodes.

Validators are Elrond’s major nodes, and they’re in charge of processing transactions in exchange for eGLD.

Observers are non-active network nodes that read and relay network data. Observers, unlike Validators, are not required to stake eGLD coins in order to participate in the network and are not compensated for their efforts.

Fishermen are specialist nodes that check or challenge data after validator nodes have processed it. A reward is given to a Fishermen node based on how well it is for identifying harmful players.

The Elrond Network’s SPoS mechanism allows for near-instantaneous randomized validator selection, which is made possible via blockchain sharding – the practice of dividing down a large blockchain into smaller, more manageable data sets for maximum performance.

Validator nodes are then assigned to these individual shards at random so that each validator just needs to confirm the data on its own shard, rather than the entire blockchain’s data.

SPoS additionally employs Boneh–Lynn–Shacham (BLS) multi-signature technology to select nodes within each shard at random, completing validator selection in less than 100 milliseconds. This is regarded as extremely fast for a blockchain network, and it is the type of speed for which the term “internet-scale” is reserved.

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Elrond’s Blockchain Sharding Innovations

By merging three standardized sharding technologies into one balanced high-performance system, the Elrond Network uses Adaptive State Sharding.

Network sharding makes it easier to allocate and map network nodes to specific shards, whereas transaction sharding determines how transactions are mapped to shards. State sharding, on the other hand, is the most difficult — and it is what distinguishes Elrond from its competitors.

The following is how it works: Because transactions frequently include accounts on separate shards, messages must be sent and network states must be updated across shards.

Nodes within network shards are shuffled to ensure security using randomness to improve resiliency to a variety of threats. When nodes are reassigned and must synchronize to new shards, the combination of these two variables causes latency issues.

State sharding requires nodes to store only a fraction of the total network information, rather than the complete state so that when they are relocated to a new shard, they only have to download a portion of the new state, resulting in a considerably faster synchronization process.

Elrond also makes use of a Metachain to serve as a coordination mechanism for the network’s many shards.

The Metachain runs on its own unique shard, which allows it to communicate directly with all other shards in order to coordinate the cross-shard actions that make the Elrond crypto ecosystem possible.

Smart Contracts on Elrond Crypto Network

The Elrond Virtual Machine, also known as the Arwen WASM Virtual Machine, was created primarily for the purpose of developing smart contracts on the Elrond platform. It works with Rust, C/C++, C#, Go, Typescript, and many more programming languages that can generate Web Assembly smart contracts.

Because of Elrond’s advanced Rust smart contract infrastructure, developers can program in familiar languages, however, Rust is the favored language.

The Elrond Virtual Machine’s (VM) smart contract engine is designed to be fully compliant with the Ethereum Virtual Machine (EVM), allowing Ethereum smart contracts to run smoothly on the Arwen WASM VM.

The Arwen WASM VM is also designed to achieve full interoperability between external blockchain systems, allowing the exchange of value and other data between multiple blockchain protocols.

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Elrond Use Cases

Elrond is also designed to enable non-fungible tokens (NFTs) and includes a Smart Accounts NFT architecture. Smart Accounts behave similarly to other blockchain accounts, but with the added benefit of key-value data storage at the account level.

They allow users to save a huge amount of data in their Elrond Network account, including emails, bitcoin addresses, private identification data, health data, proof of citizenship, Know-Your-Customer (KYC) information, and more.

Furthermore, Smart Accounts are designed to directly store and prove ownership of digital assets without the usage of the Elrond VM, resulting in less bloating on the smart contracts that regulate user funds.

Elrond is preparing to launch Elrond Standard Digital Tokens (ESDTs), which are tokenized stablecoins, synthetic assets, and fiat currencies that will run on the Elrond Network but will not require smart contract capability. Elrond’s scalability and speed help prepare the network for the Internet of Things capabilities (IoT).

Today’s businesses looking into blockchain networks as a business solution are looking for platforms that can meet their most pressing requirements.

Elrond Network is a blockchain protocol that is efficient, scalable, developer-friendly, and economical, and it could meet many of the needs of large-scale organizations.

Elrond is delivering solutions for data sharing, IoT, financial services, and many more applications, with a growing list of enterprise blockchain clients throughout the world, demonstrating that user adoption of the Elrond Network is growing stronger.

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Dogecoin (DOGE): The Cultural Significance of a Joke Cryptocurrency

EOSIO: Scalability and Enterprise Applications

Dogecoin highlights that cryptocurrency may be used for a variety of purposes, from amusement to charity donations.

Summary

DOGE (Dogecoin) is a popular cryptocurrency that mocks other blockchain initiatives. It was established as an instructional tool, with a focus on social media and popular culture to reach a wider audience than other more serious cryptocurrencies.

Dogecoin established a joyful and friendly community of supporters in its quest to provide the general public with a simple introduction to the world of cryptocurrencies through the well-known “Doge” meme that inspired its name.

This group has proven to be generous, accepting, and good-natured — though a little goofy at times. Dogecoin’s sustained relevance is due in large part, if not entirely, to its cultural significance and supportive community.

Contents

Cultural Significance of Dogecoin

How to Use DOGE

The Good-Willed Dogecoin Community

Cultural Significance of Dogecoin

The ebb and flow of social media have a significant impact on Dogecoin. DOGE, in particular, has gained celebrity endorsements on Twitter.

Elon Musk, for example, jokingly accepted the position of CEO of Dogecoin as a result of a Twitter poll. Then, in July 2020, a TikTok social media campaign urged millions of users to buy $25 worth of DOGE tokens in order to drive the price of DOGE to $1.

Some believe that this effort was an illegal “pump-and-dump” strategy designed to boost the price of DOGE so that current holders could sell at a profit.

While the campaign fell short of its declared goal, it did manage to boost the price of DOGE by over 600%. While this may appear to be a little incident, it demonstrates the power of social media in promoting crypto adoption.

Dogecoin’s relevance has proceeded to spread into other areas of popular culture as well.

Dogeminer, for example, is a web-based video game (also accessible on the Google Play store) that simulates Dogecoin mining. It teaches players the fundamentals of cryptocurrency mining in an entertaining and approachable fashion, resulting in many players becoming more involved in the larger crypto community.

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How to Use DOGE

Dogecoin was never meant to be used as a currency or a store of wealth. Instead, Dogecoin’s main use case thus far has been as a tipping currency (especially in online settings). DOGE is a cryptocurrency that people pay to online content providers in exchange for hilarious, instructive, or otherwise remarkable material.

Another example of cryptocurrency’s entanglement with social media and popular internet culture is tipping content creators on Reddit, Twitter, and Twitch.

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The Good-Willed Dogecoin Community

DOGE tipping’s humanitarian spirit has grown to include full-fledged nonprofit causes. DOGE has been utilized to support a variety of contribution efforts, from the ridiculous to the noble.

The Dogecoin community essentially crowd-funded a sponsorship for an underdog Nascar driver as a publicity stunt in support of the ridiculous. Nascar racer Josh Wise was identified by Reddit users as an up-and-coming racer without a sponsor.

Wise was completely funded to compete in a Nascar race at the legendary Talladega Superspeedway within eight days of accumulating funds, courtesy to his new sponsor, the Dogecoin community.

Wise received $55,000 in Dogecoin cryptocurrency donations and competed in a Dogecoin-wrapped Chevrolet with a large Shiba Inu — Dogecoin’s mascot — on the hood.

In terms of charitable purposes, the Dogecoin community has completed the following contribution campaigns through the Dogecoin Foundation, a Colorado-based nonprofit:

$25,000 to 4 Paws For Ability, a nonprofit that trains service animals for children and veterans with disabilities

More than $30,000 to send athletes from India and Africa to the 2014 Winter Olympics in Sochi, Russia

In excess of $30,000 to a nonprofit campaign that aims to provide access to clean drinking water in Kenya via a program called Doge4Water

On a more informal level, the Dogecoin community has a history of supporting content creators with micro-payments and charitable organizations with much bigger donations. The Dogecoin Foundation, on the other hand, has been dormant since 2015, the same year that Dogecoin received its last significant technological update.

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Dogecoin (DOGE): Origin and Structure of the Fun and Friendly Cryptocurrency

Elrond Network (EGLD): An Internet Scale Blockchain

Dogecoin’s success within internet culture has served as a conduit to other crypto initiatives, having been created as a parody of cryptocurrency and based on a joke.

Summary

Dogecoin (DOGE) began as a mockery of cryptocurrencies, namely the abundance of altcoins. DOGE’s creators have publicly declared that the currency is a joke, and it hasn’t had a substantial technological update since 2015. Despite these facts, cryptocurrency has survived due to market forces.

It was never about the value of DOGE, according to the founders, but rather about providing people with an approachable introduction to the world of cryptocurrencies through a face that many already recognized from an online meme – Doge.

The founders aimed to eliminate the hurdles to access that Bitcoin and other cryptocurrencies face, such as news of hacks and frauds, as well as technological complexity.

To that purpose, they devised a playful coin to welcome beginners to the cryptocurrency world.

Contents

Such Wow

The Structure of DOGE

Dogecoin (DOGE) was forked from Litecoin in 2013. Billy Markus and Jackson Palmer, the coin’s inventors, theorized that by capitalizing on a popular online joke, Dogecoin would be able to reach a wider audience than Bitcoin. It was also meant to be a satire of the plethora of altcoins that were flooding the bitcoin market at the time.

>>The Best Bitcoin and Cryptocurrency Exchange Guide<<

Dogecoin is named after a popular internet meme called “Doge.” The meme includes a Shiba Inu — yep, the Japanese dog breed — with scattered text shown in Comic Sans font and intentionally written in bad English. Pseudonyms like “such wow,” “very shock,” and “so astound” are frequently used in the text (written in the dog’s voice).

Most altcoins’ only competitive advantage over Bitcoin is usually some kind of unique structural advantage (usually of a technical nature) in an area where Bitcoin is seen to have a constraint. The majority of altcoins only gain momentum when they have a defined use case.

With Dogecoin, however, this is not the case. Its popularity and value are solely based on an online inside joke, making it a unique cryptocurrency.

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Such Wow

Despite the jokes, Dogecoin has garnered a sizable internet following.

Dogecoin was increasingly bought and sold in online crypto marketplaces by people wishing to add an unusual currency to their crypto portfolios, presenting itself as the “fun and friendly” cryptocurrency.

It became a popular way of tipping online content creators as well. It grew at a breakneck pace in the months following its launch, temporarily surpassing the aggregate trading volume of all other cryptocurrencies (including Bitcoin) in January 2014.

Dogecoin continues to defy the odds by achieving a billion-dollar market cap without a whitepaper or any practical use cases, reinforcing its parochial status in the cryptocurrency ecosystem.

Market volatility is a feature of cryptocurrencies in general. Dogecoin is no stranger to volatility, and due to how much its performance is influenced by social media, it may endure even more than its fair share (a potentially volatile structure in its own right).

Elon Musk, for example, declared on Twitter in April 2019 that Dogecoin “maybe my favorite cryptocurrency.” It’s a lot of fun.”

The price of the cryptocurrency skyrocketed as a result of the announcement. Similarly, the price of Dogecoin increased by about 200 percent between May and July 2020 (from $.001571 to $.004398) due to a push from users on the social media platform TikTok to push the DOGE price to $1.

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The Structure of DOGE

Dogecoin is a scrypt-based cryptocurrency that is developed on top of the Litecoin blockchain.

The Litecoin protocol employs the Scrypt mining algorithm. It’s not the same as the Bitcoin protocol’s SHA-256 mining method. It does, however, use a Proof-of-Work (PoW) consensus process for mining and validating new blocks on the network, similar to Bitcoin’s SHA-256.

DOGE is an inflationary coin, which means that the number of DOGE coins that may be mined is unlimited.

Despite the absence of continuing Dogecoin technical development, it has a one-minute block time, which contributes to its significant market capitalization. Dogecoin, in fact, hasn’t had a significant update since 2015.

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Dash: Near-Instantaneous Crypto Transactions

Dogecoin (DOGE): The Cultural Significance of a Joke Cryptocurrency

Dash allows you to deal very instantly, just like you would in the real world — at the point of sale.

Summary

Dash is a cryptocurrency that focuses on usability and is optimized for payments. In comparison to previous digital currencies, Dash brought various innovations that increase scalability, speed, reliability, cost-effectiveness, and user experience.

The Dash network is also the world’s longest-running decentralized autonomous organization (DAO), with built-in governance to distribute network resources to groups that help it run.

Contents

Dash’s Transactions Are Practically Instant

Dash Is Low Cost and Scalable

Dash’s Technology

Dash’s Governance

What’s Next For Dash

Dash’s Transactions Are Practically Instant

Depending on network congestion, current network fees, and block confirmation periods, most digital currencies take minutes to hours to complete a transaction.

While other digital currencies are secure, transaction timings vary, making them unsuitable for time-sensitive transactions like retail checkouts. Dash transactions, on the other hand, are almost instantaneous. Transactions are confirmed in 1-2 seconds and can be respent immediately by the recipient.

This enables you to use Dash in the same way that currency is used in the real world: at the point of sale, where the vast majority of transactions still take place.

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Dash Is Low Cost and Scalable

Dash is also extremely scalable, with the ability to process millions of transactions per day. In fact, research conducted at Arizona State University’s Blockchain Laboratory found that Dash’s existing architecture can readily scale to PayPal-like transaction volumes.

Another important feature of Dash’s scalability is its consistently low transaction fees, which are generally only a fraction of a cent. Dash is suited for a range of uses, including point-of-sale transactions, ATM transactions, microtransactions, remittances, and arbitrage trading, thanks to its mix of quick, low-cost, and scalable transactions.

Dash’s Technology

Dash pioneered several industry firsts that enable its speed and dependability. Masternodes, InstantSend, and ChainLocks are examples of these.

The combination of these technologies is what allows transactions to be completed so swiftly. Although like Bitcoin, anybody can download the Dash software and run a full node on the network, masternodes are a particular type of node with certain privileges and obligations.

You must broadcast a particular transaction on the network demonstrating ownership of 1,000 Dash coins in order to elevate your node to a masternode.

This requirement prevents a single person from having complete control over a large number of masternodes.

Masternodes are compensated for the network’s infrastructure and services. This network layer, which is owned by a variety of people, is used to cast a collective vote on the network’s actions and reach a consensus in seconds.

BLS signatures, which cryptographically prove the network agrees on a certain transaction or block of transactions, are used in this voting. Within seconds, these signatures are used to lock individual transactions (InstantSend) or entire blocks of transactions (ChainLocks).

Furthermore, masternodes assist in the coordination of optional CoinJoin transactions.

Dash, like Bitcoin, has a fully transparent blockchain with all inputs, outputs, addresses, and amounts available to the public. CoinJoin is a method of increasing the complexity of transactions on public blockchains in order to make it more difficult for other parties to track your spending or balance.

CoinJoin transactions do not necessitate any changes to the Bitcoin protocol.

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Dash’s Governance

Dash’s Decentralized Governance by Blockchain (DGBB) solution addresses two key issues in cryptocurrency: governance and funding.

Because there are no central authorities to make choices for the project, governance in a decentralized project is problematic. Such decisions are taken by masternodes in Dash. DGBB allows each masternode to vote on each proposal (yes/no/abstain).

The majority of these suggestions concern the network’s financial allocation, but they are sometimes submitted to the network to settle significant or contentious decisions, such as whether or not a feature should be deployed.

Dash can also use the DGBB to fund its own development. Unlike other projects that rely on donations or premined endowments to fund their development, Dash uses 10% of the block reward to fund its own.

When a block is mined, the miner receives 45 percent of the reward, a masternode receives 45 percent, and the remaining 10% is not created until the end of the month. A proposal can be submitted to the network by anyone. If that proposal receives enough votes, the required amount will be paid at the end of the month in a “superblock.”

As a result, the network finances itself by reserving 10% of the block reward for approved proposals.

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What’s Next For Dash

Dash is actively experimenting with a new feature called Dash Platform, which allows users and apps to store data in the network.

This will enable you to interact with Dash in new ways, including creating a Dash username, maintaining a contact list, creating profile information, and automatically transmitting shipping information for orders.

Dash will now offer a user experience similar to that of famous FinTech programs such as PayPal and Cash App.

Dash has a long history of innovation aimed at making cryptocurrency payments more accessible and relevant to the general public, and the project continues to grow and evolve as a pioneer in the sector.

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Crypto Social Media: Where to Get Started

Dogecoin (DOGE): Origin and Structure of the Fun and Friendly Cryptocurrency

Clubhouse? Twitter? Discord? Here you’ll find a collection of social media platforms that contribute to the bitcoin community’s digital landscape.

Summary

Because cryptocurrency is a digitally native and decentralized community, social media platforms have been critical to its growth. This article examines some of the most prominent crypto content platforms, as well as what they have to offer their users.

Contents

The Evolution of Crypto Content

Credible Crypto Twitter vs. Crypto Twitter Scams

Crypto Telegram Groups & Discord Crypto Servers

Crypto Twitter Spaces and the Clubhouse App

Crypto Discussion Forums

The Evolution of Crypto Content

When Bitcoin was first introduced in 2009, the social media ecosystem was still in its infancy.

Rather than using crypto Twitter to discuss and publicize the project, like many other crypto projects do these days, Bitcoin’s anonymous creator Satoshi Nakamoto announced it on The Cryptography Mailing List, an email list focused on cryptographic technology and its political implications.

He went on to build Bitcointalk, an online forum where he could discuss bitcoin.

Though public crypto organizations such as the Cryptography Mailing List and Bitcointalk still exist, the crypto community has grown to include a variety of additional platforms as blockchains such as Bitcoin and Ethereum have become household names.

Platforms such as Twitter, Telegram, Discord, Clubhouse, and Twitter Spaces provide information hubs and gathering places for crypto firms and initiatives, as well as for conversations, commentary, market analysis, and memes.

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Credible Crypto Twitter vs. Crypto Twitter Scams

Twitter is one of the most popular social media platforms among crypto enthusiasts, hosting a variety of information such as comments and news.

Similarly, most cryptocurrency companies and projects have their own sites and tweet material from their Twitter accounts, including updates on breaking news like hacks and new feature rollouts.

However, you must confirm that a company, person, or project’s Twitter account belongs to whoever it claims to belong – scammers frequently impersonate legitimate crypto Twitter accounts in an attempt to trick consumers into transferring their cryptocurrency.

Similarly, parody accounts abound, therefore it’s crucial not to take anything from crypto Twitter at face value.

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Crypto Telegram Groups & Discord Crypto Servers

Telegram and Discord are two messaging apps with numerous crypto-related channels and groups. Telegram resembles a regular chat room and messaging app in appearance.

Many projects built channels to promote their initial coin offerings (ICOs) and enable contact with their investors, and it grew in prominence in 2017 and 2018. Telegram supports prominent user-curated crypto Telegram groups about topics like decentralized finance (DeFi) and crypto trading, each having thousands of members, in addition to channels for particular projects.

When it was widely adopted by DeFi projects and social tokens communities, Discord, which was originally developed for gamers, became the forum of choice for most of the crypto sector.

Discord has various crypto-friendly features, such as tipping in tokens and cryptocurrencies, and the Discord server structure allows groups to create multiple conversation channels.

Furthermore, the platform hosts token-gated communities, which require users to have a certain balance of a certain token to obtain access to the group or specific channels within the group.

Scammers have used Telegram and Discord crypto groups, as well as Twitter, to mimic actual persons for criminal purposes or to mislead users into phony investment schemes. Before getting too involved with any Telegram crypto groups or Discord accounts, it’s a good idea to double-check their legitimacy.

Crypto Twitter Spaces and the Clubhouse App

The crypto community has also taken to audio-only sites like Clubhouse and Twitter Spaces.

These audio conversations can give a new avenue for the community to communicate and debate a wide range of issues, from non-fungible tokens (NFTs) to upcoming projects to the latest news, with some planned and others impromptu.

These audio-based platforms have been extremely useful in replicating the collegiate ambiance of in-person meet-ups or conventions, which were not available in many regions during the COVID-19 pandemic.

Twitter Spaces and Clubhouse are both very new platforms. Clubhouse is still only open to those who can get an invite as of H2 2021. Meanwhile, while anybody can join a Twitter Space, only a few people can host one.

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Crypto Discussion Forums

Industry aficionados continue to assemble on online blockchain message boards and cryptocurrency discussion forums.

Though Bitcointalk began as a forum for Bitcoin conversations, it has since extended to include other projects and themes such as trading, investment, and mining. Reddit also has a lot of crypto material, with subreddits dedicated to specific projects as well as more general themes like crypto memes, trading, and investing.

Crypto trading subreddits on Reddit are very popular.

Crypto projects are also increasingly using Discourse, an open-source conversation platform, to host forums where they discuss governance issues, protocol design, and other topics. Users should be on the watch for frauds on forums, just as they should be on other kinds of social media.

It can be tough to keep up with the dynamic and large amount of information available in the developing and sophisticated internet world of cryptocurrencies.

While there are a plethora of ways to keep up with industry news and follow your favorite projects, it’s critical to make sure you’re getting your information from trustworthy sources.

Crypto.com: Overview of the Crypto.com Chain Ecosystem

Dash: Near-Instantaneous Crypto Transactions

Crypto.com was formed in 2016 with the goal of speeding up the world’s adoption of blockchain technology and making cryptocurrencies accessible to everyone. The project is helping to reimagine banking by providing users with a comprehensive range of DeFi services, as well as the Crypto.com App, Crypto.com Exchange, and Crypto.com Visa Card.

Summary

The Crypto.com Chain, which uses the Cosmos Tendermint Core BFT consensus mechanism, is able to offer such a wide range of services because of its robust crypto-economic system and overall technical prowess. The Crypto.com ecosystem’s native currency is the CRO coin.

More information on Crypto.com’s technological architecture and user-facing features may be found here.

Contents

Project History

Crypto.com Value Proposition and Main Components

Cryptoeconomics

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Project History

Monaco Technologies GmbH, founded in June 2016 by CEO Kris Marszalek and three other founding members, was the seed company for Crypto.com. On July 6, 2018, the project was renamed Crypto.com.

Crypto.com started sending its Crypto.com Visa Card to users in APAC markets in October 2018, and a month later, the organization released the first version of the Crypto.com Chain protocol. Crypto.com proudly announced on December 19, 2018, that it had signed a Memorandum of Understanding (MOU) with Ledger, a blockchain cold wallet provider, to secure the protection of the platform’s funds.

This feature allowed customers to use the Crypto.com App’s products and services on demand while retaining a high level of security comparable to that of a cold wallet. Crypto.com began sending its Crypto.com Visa Cards to US customers in March of this year, and the platform surpassed one million users in September.

The platform grew at an exponential rate in 2020, and by October, the company had hired its 600th full-time employee and had over 5 million users.

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Crypto.com Value Proposition and Main Components

When the founders of Crypto.com began working on the project, their goal was to assist individuals all over the world take control of their funds by safeguarding their identities and personal information.

To achieve this purpose, Crypto.com created a number of new services, many of which are integrated into the Crypto.com App, such as:

Crypto Trading (via the Crypto.com Exchange and App)

Crypto Earn

Crypto.com Pay

Crypto Credit

Crypto.com DeFi Wallet and DeFi Swap

Crypto.com Visa Card

As of this writing, Crypto.com’s flagship product, the Crypto.com App, supports over 80 crypto assets and seven types of fiat currencies, allowing users to purchase, sell, store, send, and track crypto assets securely.

Crypto Earn allows customers to earn interest on their cryptocurrency by paying out competitive annual dividends of up to 12%, depending on the term and asset type. CRO coin holders receive the highest dividends of any asset class.

Crypto.com Pay is a mobile payment service that allows users to shop and pay using bitcoin through the Crypto.com App.

Users can get CRO coin payback on Pay Gift Card purchases and free peer-to-peer transfers with Pay Your Friends, among other benefits.

Crypto.com Pay Checkout enables merchants to accept cryptocurrencies as a payment option and get paid instantaneously in their preferred fiat currency or cryptocurrency.

When compared to typical payment processors, merchants pay no processing fees for crypto payments or save up to 80% on fees. Users can get a loan instantaneously with no payment deadline and no credit check using Crypto Credit.

Users can borrow stablecoins by depositing CRO, BTC, ETH, and other assets. Crypto.com DeFi Wallet is a non-custodial, decentralized wallet that gives users more control over their funds.

DeFi Wallet features Chainlink price reference data, which provides DeFi tokens with decentralized price feeds. Users can also use DeFi Swap to swap and farm their DeFi assets, as well as gain up to Triple Yield for providing CRO currency liquidity and staking CRO coin, all through the Wallet.

Larger holders of CRO can stake their coins as validators on the Crypto.com Chain, earning incentive network rewards and settling transaction fees.

The Crypto.com App is also fully connected with the Crypto.com Exchange, which gives users access to over 80 cryptocurrencies for trading. Users can connect Crypto.com’s financial services and payment solutions with the Crypto.com Visa Card, in addition to all of the above features.

Users of the Crypto.com card can get up to 100% refunds on Amazon Prime, Netflix, and Spotify, as well as up to 10% return on all Airbnb and Expedia transactions (depending on card tier). Users may get even more benefits with Crypto.com Visa Cards, which offer up to 8% cash back on purchases depending on the card tier.

The amount of CRO coin a user has staked determines the card tier. Coins are normally held for a six-month lock-up period when staking CRO, during which time users can earn up to 12% APY on their staked CRO.

Without Tendermint’s BFT consensus process, which acts as a major piece of infrastructure for the Crypto.com Chain protocol, none of these services would be possible.

Tendermint’s fault-tolerant design makes it secure, resilient, and permissionless, while also allowing for high transaction speeds and low costs.

Crypto.com’s advanced network of nodes also speeds up an on-chain settlement, payment infrastructure, and general service usability in the ecosystem.

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Cryptoeconomics

CRO has a total supply of 100 billion coins, which came from five secure multi-signature wallets, each dedicated to a different purpose:

Secondary distribution/launch incentives: 30%

Network long-term incentives: 20%

Capital reserve: 20%

Ecosystem grants: 20%

Community development: 10%

To preserve the project’s long-term health, Crypto.com’s founders determined that freezing 60% of the total CRO coin supply was in the best interests of the ecosystem.

The capital reserve and network long-term incentive allocation wallets will both stay locked until November 7, 2022. Following the successful launch of the Croeseid Testnet in October 2020, the ecosystem grants wallet will be frozen until the introduction of the new Crypto.com mainnet, which is anticipated as the next milestone.

Furthermore, the CRO coin allocation’s secondary distribution and launch incentives component (30 percent of the total supply) will be automatically transferred into its multi-sig wallet on a daily basis via a smart contract.

The following is the allocation of tokens per year for the next five years:

Year 1: 10% of the total circulating supply (10 billion coins)

Year 2: 8% of the total circulating supply (8 billion coins)

Year 3: 6% of the total circulating supply (6 billion coins)

Year 4: 4% of the total circulating supply (4 billion coins)

Year 5: 2% of the total circulating supply (2 billion coins)

The Crypto.com ecosystem began with MCO (Monaco coin) as its native cryptocurrency, but it has since transitioned to CRO coin for all in-network functions.

This move aims to create a next-generation cryptocurrency infrastructure for Crypto.com customers, with the goal of eventually unlocking a broader set of bitcoin-based DeFi features. MCO has been a main driver for the Crypto.com App and its numerous capabilities since the beginning of the Crypto.com ecosystem.

By November 2, 2020, all Crypto.com customers were required to convert their MCO into CRO coins via the Crypto.com App.

Crypto.com’s services, including the Crypto.com Visa Card, the Crypto.com App, and trading and payment services integration, are now powered by CRO coin, and further Crypto.com App capabilities will likely be powered by CRO coin in the future.

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Crypto.com: Technical Architecture of the Crypto.com Chain

Crypto Social Media: Where to Get Started

We’ll go through how Crypto.com’s blockchain protocol, as well as its emphasis on security and scalability, help to power its mobile wallet and trading services.

Summary

The Crypto.com Chain was created to facilitate international transactions between customers and businesses. It’ll also power the Crypto.com mobile wallet payment system, as well as the system’s trading and banking services.

The Cosmos SDK and Tendermint Core’s Byzantine Fault Tolerance (BFT) consensus mechanism are used in the platform. Because of its superior performance, adaptability, use-case applicability, and track record of acceptance by industry leaders, Tendermint’s consensus method was chosen.

Check out our companion pieces on Crypto.com’s ecosystem and user-friendly features and tools for a more comprehensive look at the project.

Contents

Blockchain Protocol Design Axioms

Crypto.com Chain Settlement and Node Types

Proof of Goods and Services Delivered

Crypto.com System Security

Blockchain Protocol Design Axioms

The Crypto.com Chain emphasizes efficiency, scalability, and solid security because it was designed primarily for the purpose of mobile payments. To address the inefficiencies that conventional payment network infrastructure platforms experience, the Crypto.com network employs numerous basic Design Axioms (DAs). The following are listed in order of importance:

DA1 – State-of-the-Art Security Architecture

DA2 – A Scalable Network With High Transaction Speeds

DA3 – Decentralized Foundation

DA4 – Upgradeable Network Infrastructure

DA5 – DeFi Readiness

DA6 – Inclusive Network Design

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Crypto.com Chain Settlement and Node Types

The Crypto.com Chain employs two separate node types to help the network maintain consensus and overall security. The Crypto.com Chain and third-party companies use Council Nodes (or Validator Nodes) based on minimum stake requirements and other factors.

Tendermint’s BFT consensus mechanism powers council nodes, which are in charge of promoting network consensus and platform governance.

They’re utilized for things like:

Transaction settlements

Order arrangement of transactions and CRO coin rewards

Verification of all network transactions

Sending and receiving transactions

Reading important network data

Any member of the community can use Community Nodes (or Full Nodes), and they are accountable for:

An individual community member’s self-settlement of their own transactions

Verifying send and receive transaction types

Reading data

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Proof of Goods and Services Delivered

The provenance of Goods and Services Through the Crypto.com Visa card and Crypto.com mobile wallet, the delivered system helps monitor and verify interactions between payment merchants and clients.

The Crypto.com Chain addresses two main circumstances in order to make this verification procedure easier:

Goods Are Shipped: The deposit is settled after the buyer places the order and pays for the items. The merchant then ships the goods with or without a customer signature (through Customer and Merchant Acquirer Nodes) (via Merchant Nodes and escrow in order to help resolve potential payment disputes).

Goods Are Not Shipped/not as Described: The first approach is to algorithmically return the monies to the customer via Customer and Merchant Acquirer Nodes. The second option is to reimburse the monies to the consumer via escrow resolution of a refund dispute by a Customer Acquirer Node.

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Crypto.com System Security

Crypto.com is the first cryptocurrency company in the world to obtain ISO/IEC 27701:2019, CCSS Level 3, ISO 27001:2013, and PCI:DSS 3.2.1, Level 1 compliance, and has been independently rated at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks.

Threat modeling is used by the platform to meet the requirements of DA1, DA2, and DA3 (described above), which means that the network systematically strives to predict future attacks in order to promptly identify them and maintain itself secure. It accomplishes this by employing a variety of security mechanisms, notably the STRIDE security paradigm.

The following issues are addressed by this model:

Spoofing: Mimicking the identity of another user

Tampering: Data modification by malicious third-party actor

Repudiation: Attacker declines to confirm an action took place

Information Disclosure: Uncovering sensitive data

Denial of Service: Degradation of system performance

Elevation of Privilege: Obtaining a level of access that one should not have, such as gaining root-level system access privileges

Each of these six components is also rated on a scale of one to five in terms of security and exploitability, assisting the network and its system engineers in identifying the data needed to resolve any potential issues.

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