ERC-20 tokens explainedPhoto by DrawKit Illustrations on UnsplashERC 20 tokens exist on the Ethereum platform, and that in itself consists of a blockchain that is capable of storing transactions and a virtual machine that is capable of running smart contracts.It’s important to understand that tokens that live on the Ethereum blockchain benefit from its technology; they aren’t independent, and…
Ethereum
SoulBound Tokens — SBTs
Vitalik Buterin, the co-founder of Ethereum, published a whitepaper outlining the Decentralized Society (DeSoc) and Soulbound currencies (SBTs). The paper claims to provide a method for defining “social identity” in Web 3.0 and De-Fi. Back in January, he explained the word “Soulbound,” which comes from the World of Warcraft game.A Soulbound Token is one that can’t be transferred once it’s been obtained [but possibly revocable-by-the-issuer]. You can’t sell or transfer them after they’ve entered your wallet. They’re obligated to you. Once you obtain a Soulbound Token, you must keep it in your Soul wallet for the rest of your life. The Souldbound token may only be burned by the issuer. The accounts are referred to as “Souls,” and the tokens owned by the accounts are referred to as “Soulbound Tokens” by Vitalik (SBTs).It supports the creation of social identity using tokens in order to allow services that are now unavailable in the Web 3.0 and DeFi ecosystems, such as undercollateralized loans and simple contracts, such as an apartment lease.Certification and DocumentationSBTs have the potential to be very important in the future of documentation and certifications. Soul has the potential to change the course of documentation from paper to paperless by bringing it to the digital network, as it can issue an infinite number of Soulbound tokens.SBTs can be used by colleges and universities to offer degree certificates to graduates and students.Proof of Attendance and PresenceBlockchain Developers who have attended certain conferences and finished a specific program will be desired by Web3 firms in the future. They would be able to verify applicants for consideration using SBTs. The company might then screen prospects for confirmed conference attendance.SBTs can be used as evidence of attendance for a variety of activities, including special occasions, events, web conferences, seminars, and more. The event organizer…
Altcoins
“The future of Money is Digital Currency” — Bill GatesAn altcoin is the abbreviation of “Alternate Coin.” Altcoin refers to all cryptocurrencies except Bitcoin, so we can say that Altcoin is the “Alternative to Bitcoin.”According to CoinMarketCap, there are over 17,000 cryptocurrencies in circulation now, and the majority of altcoins are created and published by developers with a different vision of their respective cryptocurrencies.The first altcoin was released only two years after Bitcoin launched. Bitcoin was released in 2009, and “Namecoin” was released in April 2011. Then, in October 2011, one more Altcoin was released: Litecoin.The most popular altcoin is “Ether,” launched in July 2015.However, Ether wasn’t forked (Forks are when major technical upgrades or changes need to be made on the network) from Bitcoin.Altcoins are classified under various categories.Mechanism BasedMining-BasedThere’re two types of altcoins based on Mining.Proof-Of-Work Altcoins: These coins are generated by solving mathematical problems. Examples are Litecoin, Zcash, etc.Pre-Mined Altcoins: Ripple and XPR are the best examples of this kind. These coins aren’t generated using an algorithm query.Stable CoinsStable coins are very stable in nature and aim to reduce value volatility. Each coin’s value is fixed to an external asset. Famous stable coins are Tether’s USDT, MakerDAO’s DAI, etc.Security TokensSecurity tokens are tokenized assets that are issued to investors. Any asset can be tokenized, and this form attracts the investors to invest.Utility TokensUtility tokens are used to buy any services. Ether is a Utility Token because it’s designed to be used in Ethereum Blockchain and to pay for transactions. Filecoin is also a Utility coin that is used to buy network storage.Governance TokensGovernance Tokens allow holders certain rights within a Blockchain.Developers construct governance tokens to allow token holders to help define the future of a system. For example, governance token holders can influence project choices such as…
What is Harmony One and how does it work
Harmony one ExplainedTo answer this question, we have to first understand what motivated the creation of Harmony One. Ethereum had been around for a couple of years, and people in the space understood its true potential, but, at the time, Ethereum just wasn’t good enough.
5 Best Cryptocurrency To Invest In 2022
As the cryptocurrency market goes up and down, there are more and more options. Knowing which currencies are the best to invest in can be challenging with so many different currencies. Here are 5 of the best to invest in for 2022. In this post, I’ll point out some of the best cryptocurrencies and explain why they might be worth the risk.The opinions expressed are solely my opinions and not considered financial advice.Bitcoin is the most popular and well-known cryptocurrency, with a market cap of over $500 billion. More than double the value cap of Ethereum, the second most valuable crypto coin. Bitcoin was first created in 2009 by Satoshi Nakamoto and has become synonymous with cryptocurrencies due to its popularity and longevity. As a result, many people are interested in Bitcoin. Here are some tips to keep in mind if you’re thinking about investing.First, it’s essential to know that the value of Bitcoin can fluctuate wildly — so you should only invest what you’re willing to lose. Second, there are many different ways to buy Bitcoin — so do your research to find a suitable method. And finally, don’t forget to diversify your crypto portfolio by investing in other coins. Ethereum, Ripple, and Litecoin are all excellent choices. By following these tips, you can make an intelligent investment in Bitcoin — and hopefully make some money!Bitcoin is a cryptocurrency that uses blockchain technology to record its transactions on a public ledger. Because everyone has access to the ledger, it’s very secure. In addition, Bitcoin is popular because it’s relatively anonymous- it’s hard to determine who owns what. Here are some tips for investing in Bitcoin:Do your research! It’s essential to understand how Bitcoin works before investing any money.Start small. You don’t have to invest thousands of dollars at once.Be…
NFT — What are NFTs?
It’s likely that you have heard the term “NFT” (Non-Fungible Token) being thrown around a lot recently but do you know what this Collins dictionary 2021 word of the year actually means? Perhaps you have heard about some of the best known NFTs, such as the Bored Ape Yacht Club, which is a collection of Apes in the form of digital art, or maybe you have stumbled upon the pixelated “CryptoPunks” collection that have been sold for millions of dollars. You might be left wondering, why are these JPEGs so popular and expensive and why is this new technology so important for artists, creators and businesses.If you’re still scratching your head, read on while we walk you through the interesting journey of NFTs.What is an NFT?NFTs are different from cryptocurrencies such as Bitcoin, Ethereum, and other Altcoins. While both are classed as digital assets, the major difference is that cryptocurrency is fungible, whereas NFTs are non-fungible.What does fungible mean?When something is fungible, it means that it can be replaced by something with the same value. For example, one single Bitcoin will have the same value as another single Bitcoin, so they can be interchanged with each other.Non-fungible means an asset is unique, one of a kind, and cannot be copied or interchanged as each has different properties or utilities.For example, let’s say you own one of the 10,000 Bored Ape Yacht Club (BAYC) NFTs. Each NFT is essentially a unique piece of digital art, so cannot be exchanged with another for equal value. This is because each NFT looks slightly different and varies in terms of rarity and properties, plus they may have different perks associated with them.How NFTs WorkNFTs are built on the Blockchain — a distributed ledger that records cryptocurrency transactions — (you can read more about this…
Is it too late to get into Crypto in 2022?
The short answer is no.Headlines across all major publications call 2022 the end of crypto. To some extent, they are right — crypto went massively down with Bitcoin and Ethereum, two main cryptocurrencies, losing over 50% since the beginning of this year.But is it too late, and crypto is going down entirely, or are we just at a perfect spot to jump in? Let’s talk about crypto bear market strategies as well.
What is Cosmos and How Does It Work
Cosmos Network ExplainedCosmos is a network of several chains that operate and communicate with each other.Cosmos Network looks to solve the scalability, usability, and sovereignty limitations of the current blockchain infrastructure. The world’s biggest blockchains (Bitcoin and Ethereum) are prime examples…
An Overview About DeFi Lending
As firms began exploring Blockchain’s possibilities, the financial industry demanded decentralized digital ledger-based fintech solutions. In addition to online transactions, Blockchain will soon be used for crypto exchanges and storing. Blockchain has become even more dominant with Defi (Decentralized Finance).Defi has continued to grow and has drawn a large amount of funding since 2020. According to Defi-Pulse, the overall value secured in Defi systems has increased to $20 billion, rising from lower than $1 billion a year earlier. The fact that Defi has risen twenty times in a year shows the extent of its appeal.Defi financing has settled. Tokens may be lent and borrowed from the authorities (Maker, Compound, and Aave). Maker, Aave, and Compound are Defi’s three largest creditors.What is Decentralized Finance (DeFi)?Essentially, decentralized finance is a system of financial applications based on Blockchain Architecture that operates without a third person or a centralized body in its simplest form. Using a peer-to-peer network creates decentralized programs that anybody may access and manage regardless of their location. It aims to establish a permissionless, open, and open monetary services environment.Because smart contracts are self-executing and do not need third-party monitoring, they are the fundamental element for decentralized finance. Since Ethereum launched the Defi idea, the Ethereum Blockchain has been used to build most Defi apps.DeFi LendingDefi financing systems attempt to provide crypto debts without intermediaries, allowing users to post their cryptocurrencies on the network for borrowing reasons. P2P lending is a decentralized network that will enable borrowers to take out loans directly. Furthermore, the lending protocol allows a creditor to profit from interest payments. DeFi has the fastest lending growth rate of all the DApps and is the most common sponsor for securing digital currencies.DeFi loans are based on distributed ledger technology, which is remarkable in surpassing traditional loans. Defi finance…
This Trading Mistake Holds You Back, Here is How to avoid FOMO
The fear of missing out (FOMO) is one of the Trading mistakes that holds you back as a trader. If you want to learn how to mitigate Emotional trading, you’ve come to the right place. Let’s start sharing critical lessons on how to overcome FOMO so you can grow your trading account!Since FOMO is a psychological phenomenon, it’s essential to deal with it from a psychological point of view. If you want to build a strategy to overcome FOMO, you need to change your thinking process. The key part you need to work on is the fear aspect.Fear in trading occurs when we perceive a threat. The critical issue that we need to understand is that fear instills not because we have missed a trade, but the issue is that we regard that to be a threat to our success.When our brain feels attacked or threatened, we’re more likely to act impulsively. The obvious conclusion is that we can overcome FOMO by eliminating the threat factor. We’re all going to have missed trading opportunities throughout our trading careers.There are many examples of FOMO in the crypto world. For example, when Bitcoin prices surged in 2017, there was a lot of FOMO among investors who missed out on the rally. This caused many people to buy into the hype and invest in Bitcoin, even though they may not have fully understood how it worked. As a result, when prices started to crash in 2018, many people lost a lot of money.Similarly, during the ICO craze of 2017–2018, there was a lot of FOMO among investors who were worried about missing out on the next big thing. This led to many people investing in new projects without doing enough research or due diligence. As a result, many people lost money when the…