If you are new to the cryptocurrency space and you are trying to find out more information about Ethereum, the blockchain, with its own cryptocurrency Ether (ETH) then you are at the right place.
After Bitcoin the world’s biggest and most well-known cryptocurrency there is a sea of other cryptos. This might be news to you. But in fact there are thousands of cryptocurrencies available (when checking at Coinmarketcap) for people like you and me to buy.
Yep that’s right, thousands and thousands of cryptocurrencies. But don’t worry I don’t suggest you should scroll down to the last page on Coinmarketcap.com to find the most obscure cryptocurrency out of them all.
Nope. I am talking about the second biggest cryptocurrency in the world. Namely ETH. After BTC there’s ETH. So it’s been for a long while. Well until Ripple with its cryptocurrency XRP came in between. But that’s in the past now.
Ethereum is a second-generation blockchain. That continues where Bitcoin started. If you with Bitcoins blockchain could bring cash and money into a working digital form.
Then with Ethereum you add some doses of smart technology that make it possible to not only create digital money, but a network of new products and services that operates online and fuelled by Ethereum and ETH.
Ethereum was founded with a core belief that a new era was upon us. Decentralised finance and technologies could replace current systems, in which we rely on 3rd parties to facilitate services and products and also taking a large cut for that facilitation work.
And instead through smart contracts and dApps (Decentralised Applications) we could replace the Ubers of the world with new initiatives. That would make it cheaper for the users and pay more to the drivers.
Nice idea right?
Well we are not there yet. We are merely scratching on the surface, but we are working on getting there.
Ok so if you are thinking about investing in the cryptocurrency of Ethereum, ETH. Then I thought I should share the steps of doing so and some useful tips to get you started in the right way.
The steps of buying Ether (ETH):
You can either (to buy the cryptocurrency and not a certificate) buy ETH with your credit card or debit card. Or by using a bank transfer. If you already have some other cryptocurrencies then you could use those to trade yourself some ETH.
You can also buy ETH from others via a p2p marketplace like LocalCryptos.
We will explain the steps for all methods here below
This is how you buy ETH with a credit card or debit card.
First you need to find a website which sells ETH and accepts card payments.
A list of some are available here below:
Then you need to register an account with either of those three sites. You will probably need to complete some KYC to prove who you are and that the money is not coming from any illegal activities.
After that you enter your card details and the amount you want to buy for. With Changelly you will need to get an ETH wallet before you make the purchase. So if you need help getting an ETH wallet read this guide or check the step Get a ETH wallet below.
With Coinbase and Bitpand you can store ETH in your new account. But it is recommended to use a secure wallet that you own anyways. To limit the risks of getting hacked, etc.
To buy ETH with a bank transfer follow these steps
First you need to use a site which accepts bank transfers and sells ETH (ACH, SEPA, wire transfer, etc)
Here are some good options of sites to use:
Similar to buying with a card you need to register an account. Then add your bank details and then make the transaction from your bank. And then wait for the funds to get into your account and then buy ETH.
After that you should send ETH to a secure wallet that you own.
And finally you can also buy ETH from a p2p marketplace site. The reason to use one of these can be to avoid KYC, and/or use other payment methods. Like cash payment, voucher, Skrill, PayPal, Neteller, Swish, etc.
We can recommend LocalCryptos, but there are other sites to.
This is how it works to use a p2p marketplace site:
First you register an account. Then you check for ETH being sold. Find any ads for ETH that you like, and with the right payment method. If there are none then you can create an ad yourself.
After you find some seller you will then agree on a price and amount to buy. And then you will deposit your funds (if not cash in person) and the funds will be held in escrow. After that when the seller sends in their ETHs you will get the ETH and the escrow service will release the funds to the seller.
After buying ETH you need to find a good wallet. You can at some exchanges actually store your ETHs there. But it is definitely not recommended to leave cryptos at an exchange. Considering the amount of hacks and scams that have happened in this space (learn more).
So we suggest you avoid leaving them on an exchange and instead get yourself a good wallet.
Either way. Get a secure wallet and make a backup copy of the private keys. And never share them with anyone else!
That’s it! I hope this guide was helpful. And good luck with your Ethereum investment!
Considering the fact that cryptocurrencies can never be used for mainstream transactions, the only possible way to make a big profit from crypto assets is through cryptocurrency trading on exchanges.
However, most exchanges go against some of the most basic principles on which the entire technology backing crypto assets were built. The blockchain technology is designed to be decentralized, anonymous, immutable, and extremely secure.
A crypto exchange, however, compromises on all these values because a standard crypto exchange is typically centralized. One of the ways in which this disadvantage is being countered is through peer to peer exchange development.
A peer to peer crypto exchange effectively counters the challenges posed by centralization. It is run by software and not by a set of people. This is one of the biggest reasons the demand for p2P crypto exchange development is on the rise.
To understand the awesomeness of a peer-to-peer crypto exchange, it is important to find out how the standard exchange works and how a peer-to-peer exchange provides traders with a few advantages, both active and passive.
A standard crypto exchange is typically a centralized crypto exchange that enables trading of cryptocurrencies by specifying the amount and the price of the orders. The amount and the orders are placed on a common lecture that is known as an order book. The buyers visit these order books to look for orders that match their requirements.
The corollary of the same order process can be created from the buyer side as well. If the buyer is not able to find an order that matches their requirements, they can create their own buying orders that will be sought after by sellers.
Every exchange has a matching engine and is considered to be the heart and soul of any crypto exchange. The exchange uses a matching algorithm to match the buy and sell orders by using parameters such as prices, and they process the trade.
Centralized exchanges are relatively easy to use and have an intuitive user interface. The ease of use also attracts quite a lot of users/traders, and it enhances the liquidity – one of the biggest selling points for any exchange, literally and figuratively!
One of the biggest disadvantages of a centralized exchange is that it consumes quite a lot of time, and in addition to that, it involves a lot of intermediaries. Any early crypto advocate would state with confidence that the number of intermediaries proportionally increases the cost of the process, and it holds completely true in case of a standard exchange.
In addition to acting as an intermediary facilitating the trade and transactions, the company also serves as an arbitrator to handle any disputes arising in the trade but for a fee.
A decentralized exchange, instead of acting like a Facebook group, acts more like a Tinder for crypto traders. It is quite understandable when said that P2P exchanges have completely transformed the entire process and perception of crypto exchanges.
Just like a standard exchange, a P2P also has a powerful matching engine. However, instead of matching orders in the order book, a peer-to-peer exchange essentially matches the crypto traders who make those orders.
Therefore, the exchange does not immediately process the trade. It only connects the buyers and sellers and enables them to directly contact the trade without involving any intermediaries. The absence of intermediaries eliminates the cost associated with them.
The peer-to-peer exchange utilizes a smart contract-based escrow solution to facilitate transactions between traders. Using the escrow method might not be essentially fast, but it keeps up the security of the transaction and ensures trust without imposing a huge cost to be paid for the intermediaries to ensure trust and security.
However, even if the intermediary costs are slashed, there will still be a third party involved to act as an arbitrator to resolve disputes between the buyer and the seller. However, since the buyer is directly connected with the seller and exchange does not have much to the trade, the possibilities of disputes are quite low. It is to be remembered that the arbitrator expense is not always mandatory.
A centralized financial system to the blockchain is what a standard exchange is to a decentralized exchange. They offer highly secure transactions with high resistance to transaction censorship. If developed, deployed, and realized properly, it is extremely cost-effective and private. Although centralized exchanges provide advantages like ease of use, faster transactions, and enhanced liquidity, it is extremely vulnerable to attacks.
Since peer to peer cryptocurrency exchanges does not rely on any third party or intermediary, they reach the core features of the blockchain like immutability and decentralization. Therefore, it enhances the privacy of your transaction and keeps the identity of users anonymous.
The uncompromising degree of decentralization ensures that there is no need for any intermediary and its associated costs. Therefore, the operation costs are almost close to 0, making P2P exchanges extremely cost-effective.
While the decentralized exchange does not miss out on the KYC details, it keeps them extremely secure within the blockchain database. This presents a fine confluence of two advantages – on one side, the authenticity of the counterparties is not compromised, and at the same time, the identity of the transacting parties is kept anonymous. This keeps the chances of fraud relatively nominal without any compromise on the anonymity.
Unlike centralized exchanges where the authority is confined to a few handfuls of people, it is a huge community of people who oversee all the transactions on the decentralized exchange. If need be, they also can act as arbitrators in settling disputes between the buyer and the seller.
The escrow smart contract presents an effective method for ensuring trust – both transacting parties are required to lock a certain amount the smart contract as crowd before the trade, and the funds are released from the smart contract escrow only upon successful completion of the trade.
In addition, P2P exchanges also bring the usual advantages of any crypto transaction like keeping it global and time agnostic. P2P exchanges designed to operate from any corner of the globe with a good internet connection and are open 24/7/365.
With so many advantages, it is only natural that an aspiring crypto entrepreneur would want to embark on a journey of peer-to-peer exchange development.
Developing a P2P exchange involves putting together a lot of components that should be designed to flawlessly work with each other in tandem.
One of the most important components of any exchange is the matching engine. In the case of a P2P exchange, the matching engine should be robust and high in performance. It should not have any latencies and should be maximum insufficiency. The matching engine search as a cornerstone for the proper functioning of the P2P exchange ecosystem.
A decentralized exchange is innately secure. However, to enhance the possibilities of defending compromises, your exchange should have the strength and multilayered security. Simple security mechanisms like the SSL implementation and a two-factor authentication would go a long way in ensuring the security of your exchange.
However, decentralized a P2P exchange might be, it still requires that KYC/AML formalities be completed. This ensures the interest of your investors is protected. Requiring KYC/AML formalities is bound to increase the magnitude of trust your trader’s place on your exchange.
P2P exchanges elevate the experience of a cryptocurrency exchange software, which is, by itself, quite a revolution. However, it is quite possible that the magnitude of coding and business understanding involved might serve as deterrents for you from developing an exchange from scratch.
A perfect solution to this challenge is the presence of white label solutions. You can get in touch with blockchain app development companies that specialize in crypto exchanges, and they will take care to not only create but also customize your decentralized crypto exchange and help you kickstart your crypto business in the shortest possible time.
Blockchain is the most quickly reached and considered technologies of this era. Blockchain provides tremendous speed and compact protection criteria.
The inclusion of this technology into designing and developing mobile apps is an appreciable idea when everything around is being modernized. The idea of combining these two will give profitable results.
Now, blockchain technology has the power to influence the development of the mobile app industry.
This technology is included into mobile apps to increase the speed of the virtual transaction process and it also guarantees the safety of users’ information.
Blockchain can track down transactions easily of people or enterprises that transfer money to their stakeholders or other people.
Assuredly it will improve glassiness and also increases the application security system, and it also cleans wrong transactions.
Assuredly it will improve glassiness and also increases the application security system, and it also cleans wrong transactions.
Blockchain technology has multiple uses and it has the capability to serve in several other industries like Healthcare, Sports, Government, Travel and Hospitality, Financial Services, Retail, and CPG.
If we look at the statistics the mobile app economy is rising day by day it’s not going to stop in future, importantly when it’s supposed to become valued at about $6.3 trillion by the year 2021, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future.
Blockchain Implementation in Mobile Application Can Achieved the Following Advantages
In this post, We will teach you how the HP and expressVPN partnership will benefit bitcoin users.
Here’s the truth; your personal data is out there and the bad guys want it. The rise in online data breaches has raised fear in consumers who are now skeptical of jumping into the wild wide web without protection.
A bunch of new and emerging cyber threats involving phishing, malware, artificial intelligence, and machine learning among others has placed the sensitive information of individuals, governments, and corporations at constant risk, especially those dealing with cryptocurrency trading, which is a very sensitive area that requires total privacy.
The information security industry continues to endure the lack of enough security experts and professionals and even predicts that cybercriminal damages are likely to rise to $6 Trillion by 2021.
So, what can consumers do to protect themselves? The answer is, use a VPN. A VPN will ensure that all your transactions are protected, especially when using public Wi-Fi networks such as those found in hotels and restaurants.
One company that has taken the privacy and security of its consumers seriously is HP Inc. After realizing that its customers connect to unsecured Wi-Fi networks without thinking of the consequences, this tech giant has decided to partner with ExpressVPN—A well-known VPN service provider to provide an extra line of security to some of its devices.
ExpressVPN recently announced its partnership with HP—a tech giant with the aim of helping HP laptop users stay private and safe online. Selected HP laptops, starting with the new Spectre x360 13 will come preinstalled with ExpressVPN’s software and users will get a 30-day trial period to assess if they like the VPN before opting for a longer plan. During this period, HP customers will have access to all the apps that come with ExpressVPN.
Bitcoin traders who own the Spectre x360 13 laptop model stand to benefit a lot from the extra line of protection that will come with this laptop.
ExpressVPN has super-strong security that will help you combat many of the dangers that biotin traders face and help you save a significant amount of money by preventing cybercriminals from accessing your wallet. And, the fact that you automatically get the VPN when you buy the laptop makes it even more interesting.
You will no longer have to worry about accidentally compromising your bitcoin address to hackers or your IP address revealing your real identity and location.
What’s more, you will be able to trade your coins anywhere in the world since VPN helps unblock geo-locked websites; even blocked traders are able to access the sites using a VPN.
When looking for a VPN for your bitcoin trading, it’s important to consider a highly privacy-focused service provider like ExpressVPN that doesn’t store logs or reveal your IP address.
By using ExpressVPN, you will successfully encrypt and safely hide your IP address so that your actual physical address won’t be associated with your bitcoin address (which is not a good idea especially when you’ve made lots of money).
ExpressVPN is excellent for your bitcoin trading because of its high-speed servers that will ensure your transactions go through without any hitches.
Its security is on point too; thanks to the strict no-logs policy as well as the full OpenVPN support. Anonymous torrenting is available on all the 3,000 servers in just one click.
One thing that experts seem to agree on is that hackers are here to stay; in fact, as technology continues to grow so does the number of cybercrimes being recorded on a yearly basis.
The partnership between HP and ExpressVPN will help users, especially those in the bitcoin trading business to trade anonymously and securely.
While cryptocurrency transactions are stored on large numbers of nodes that make it exceptionally difficult to fake bitcoins, these transactions are not entirely secure and anonymous.
Since you are your own bank and security, buying a laptop that has top-notch security details will save you from hackers who are waiting to take advantage of data leaks to steal from you.
Cryptocurrency: What is the idea behind these digital money systems?
In 2008, a person or group of people published the Bitcoin whitepaper under the pseudonym Satoshi Nakamoto and thus paved the way for cryptocurrency. To this day, no one knows who is behind this pseudonym and therefore behind the idea of this revolutionary digital payment method.
For many people, cryptocurrencies remains an equally obscure concept even though, almost a decade after the emergence of Bitcoin, there are more than 2,000 suppliers offering these digital payment systems, as shown by the impressive list on the CoinMarketCap online portal.
A cryptocurrency (also called crypto device or crypto-active) is a digital payment method generally based on blockchain technology and cryptographic procedures such as hash functions and digital signatures. Unlike traditional currencies, cryptomones do not have coins or notes, all payment units being exclusively digital.
These usually asymmetrically encrypted currency units are generated collectively by the entire system and in most cases, a fixed unit ceiling is defined upon launch of the cryptocurrency. The term “mining” has emerged to describe the process of issuing these units, which explains why we sometimes hear about “cryptomone mining”.
Whatever your activity related to cryptocurrency: broker, trading site, sales site or portfolio this blockchain digital marketing company will help you get more organic traffic. Since the ban on paid advertising for cryptoc, qualified SEO traffic (from referencing) is now the main driver of growth, sales and customer acquisition for any site related to cryptocurrency.
This is how advertising agencies in dubai or digital marketing agency dubai takes the initiative to find how to do SEO for cryptocurrency project.
The cryptocurrency industry has made significant changes in the business world. Many traditional business strategies, marketing campaigns, and financial structures have been made obsolete or obsolete by new cryptographic technologies.
Overall, the cryptocurrency market is growing exponentially. This represents a huge capitalization opportunity and a new way of doing business around the world.
“SEO for Cryptocurrency“ is the combination of both worlds: the cryptocurrency sector (broker, exchanges, vendors or portfolios or any activity related to digital currency) and the SEO digital marketing strategy (Search Engine Optimization).
SEO for cryptocurrency companies or websites will bring more sustainable results in the medium and long term by focusing on organic traffic – the most qualified and converted traffic for your business and the behavior of your customers online.
As you may already know, the biggest players in the digital industry have banned all advertising related to crypto-currencies and ICOs. It is extremely difficult for companies to make themselves known in a conventional way or with more traditional digital marketing techniques.
Since January 2018, Facebook has banned all advertising for cryptocurrency and ICOs because, according to them, they are “frequently associated with deceptive or intentional male practices”.
Then, in March, Google also announced a ban on paid advertising for crypto moneys that came into effect in June on all its platforms (YouTube, etc.). In addition, Snapchat, Twitter and MailChimp also followed the same approach. Finally, Reddit had banned crypto-currency ads since 2016.
This means that, currently, if you are interested in advertising a crypto-currency start (ICO) or a new website related to crypto, your options are reduced…
That’s why we have developed a service dedicated to the crypto industry! Crypto SEO will allow you to make your website appear higher on search results pages and thus gain more online visibility and therefore more traffic and customers! Crypto SEO is the best solution to counter the negative effects of the ban on paid advertising on the main digital platforms.
We follow a well-defined process to help you increase your organic traffic, sales and return on investment (ROI) objectives for your cryptocurrency-related website:
The necessary first step in any successful Crypto SEO strategy is to understand the keywords used by your target audience when they search for your online services.
This is the way the pages of your cryptocurrency site are organized and structured. This is an important SEO factor because the crypto-currency site tends to have much more technical information than a “normal” website which can be scary for crypto beginners.
We analyze and adapt your content to attract customers and search engines. The content of your crypto site must represent relevant keywords related to what you are selling.
This is the most effective way to get authority and positions for your cryptocurrency site. We will create your link profile within your industry to increase the popularity of your site and get better positions to get more traffic and sales.
About The Author
Junaid Ali Qureshi is an ecommerce entrepreneur with a passion for emerging tech marketing and ecommerce development. Some of his current ventures include Progos Tech (an Woocommerce mix and match), Elabelz.com , Titan Tech and Smart Marketing .
The crypto sector has changed in how funds are raised. It started with the declining of ICOs (initial coin offerings), followed by the coming of STOs (security token offerings), and next was the rising of IEOs which are almost similar to ICOs.
Acquiring funds is the way to start all kinds of business in this world. The changes of world coin index and crowdsourcing are all over the globe in every field, mostly in crypto currency decentralized field. That has always happened even if crowdsourcing keeps changing communities, technologies development and blockchain marketing.
ICO was, in fact, the highest common subject in the crypto field in 2017. During that time, over eight hundred initiatives collected around six billion dollars using crypto ICOs. You can even check crypto news or google search trends and see how the ICOs had really gone up at a time when the costs of Bitcoin had risen.
ICOs crypto started going down in 2018; though during that year 1253 Initial Coin Offerings raised almost eight billion dollars. Now we are in the last quarter of 2019, and it is only eighty- four projects which have been able to get less than 350 million dollars cumulatively.
But the rumors that crypto ICOs are now obscure are still there. Actually, 350 million dollars is still a great amount of capital for a new ecosystem. We have had great crypto ICOs even during this year. Algorand, which is a Blockchain company, raised more than sixty million dollars in June through a token exchange. Also, Tron Game Worldwide acquired almost eighty million dollars through the crypto ICOs.
The importance of the collapsing of cryptocurrency prices cannot get overstated. During the previous two years, crypto ICOs were managed greedily and with guesswork to a certain level. Most individuals saw the cryptocurrency market as a venture for becoming wealthy fast. Organizations also noticed that they were capable of generating a lot of funding through plagiarizing white papers and promising unreasonable returns to people who invest.
Certain research revealed that more than eighty percent of crypto Initial Coin Offerings done in 2018 were a fraud. We now have regulations, and legal action has been taken to those who run crypto scams.
Crypto STOs were expected to be the following development of crypto ICOs; however, many discovered the unreasonable demands to take part in it. In order to participate in crypto Security Token Offerings, a person should be certified by the US Securities and Exchange Body.
So, even if Security Token Offerings are supported by actual assets, the joining requirement makes it impossible to be a preferred alternative of raising funds. Actually, getting capital via crypto STOs is not easy due to the US Securities and Exchange Commission (SEC) which is almost similar to IPO (the old initial public offering). But Security Token Offerings are more valuable compared to IPOs.
The year 2017 was for Initial Coin Offerings (ICOs); however, 2019 — for Initial Exchange Offerings (IEOs). The Binance crypto exchange initiated that, as well as launched an offer for BitTorrent at the beginning of 2019. There have been several initiatives going to exchanges that offer similar services. Crypto kitties game is also there to make blockchain available to everyone, including those who play mobile casino games.
The IEOs is coordinated by the crypto exchange in place of a starting company that is interested in raising money. In exchange for their offers, the starting companies are required to pay listing charges and a certain amount of tokens sold in the Initial Exchange Offering. This relationship between the company and the exchange eventually becomes mutual since the exchanges get incentives to assist the companies in advertising.
Most people are convinced that crypto IEOs provides a fairground for startups and new investors who want to raise money. Another good thing about Initial Exchange Offerings is that they have people who know how cryptocurrency mining operates and what its advantages and disadvantages are. So, it is generally a win-win situation for everybody who takes part in it.
But people who reside in America can’t participate in Initial Exchange Offerings for now. Presently, crypto IEOs are not legal since tokens are simply securities and illegal trades act as dealers. But the worldwide money-lenders have revealed that the IEOs are the perfect method of raising money for any crypto initiative. This year alone, the IEOs have managed to collect 1.5 billion dollars with no intervention of the lenders based in America. This is enough proof that they are a good way of raising funds.
The Initial DEX Offering is quite the same as crypto IEOs. The only difference is that Initial DEX Offerings take place on Cardano crypto or decentralized exchanges while Initial Exchange Offerings take place on the ones which are centralized. Some time back, the Raven Protocol did an IDO on the Binance DEX.
But at the moment, DEXs have less resistance to the extent that most people are questioning their crypto market use. Binance DEX on its own has a trading amount each day; it is as low as two million dollars. DEX has not attained maturity so far in terms of people using it and order book depths. For an Initial Exchange Offering to be successful, it requires a good number of users and their high engagement.
The crypto ICOs is simply a tool used to get money. In various ways, the failures of Initial Coin Offerings are what led to the introduction of Initial Exchange Offerings and the STOs too. Initial Exchange Offerings are nothing but Initial Coin Offerings that have a different mediation and regulating method which ensures value while minimizing users’ risks. But for the crypto STOs, they just possess a higher entry barrier which makes them less useful in some initiatives.
The drop of crypto ICOs interests was because of the introducing of serious crypto exchange field regulations. Also, investors are currently aware of the various dangers related to it, and they are more careful than before. But the IEOs have already shown that they are the central place for the libertarian design of Initial Coin Offerings. They have also proved to be the draconian regulating design that comes with crypto STOs.
Do you now see how our crypto world has evolved so far? There are sufficient ways of raising money. Analyze all these methods that we have discussed here and determine which one will suit your startup. Also, if you have any questions or suggestions about crypto fundraising, write to us. We will be happy to hear from you.
Reading this post here on Coinideology there’s a good chance that you have a fairly good idea of the concept of Blockchain Explained like what a blockchain is. And that Bitcoin is a digital currency or cryptocurrency that is built on the blockchain technology.
In this post, we aim to give you an in-depth look into what blockchain is, how it works and why most of the biggest companies and organisations around the world are investing heavily in this new technology.
The very literal name of blockchain is referring to the records of data and information stored on blocks. And each new block is connected to all the previously created blocks, thus creating a chain of blocks. All are storing information of every single block created before it.
Essentially the blockchain is like a database. That is made extremely valuable and unique due to its decentralised nature. Where no person, company or government can control it, without diminishing its appeal and use cases. At least when we talk about public blockchains or permissionless blockchain.
There are also private blockchains, or permission blockchains. Where a pre-selected group only can participate and enter new data, or transactions on the blockchain.
The latter we have seen emerge from global tech and media companies lately. Trying to create their luck in this new emerging technological landscape. But in this article, we will be focusing on the decentralized and public blockchains.
Because it is those with Bitcoin at its lead that is generating the awareness and attraction across almost every industry.
Bitcoin and blockchain have for a long time been heavily intertwined. Where Bitcoin, the cryptocurrency was created by this unknown figure only known as Satoshi Nakamoto. Satoshi Nakamoto created both Bitcoin and the blockchain now more than ten years ago, back in January 2009. Who or whom that is behind Bitcoin remains still a mystery.
But what we have seen is a shift in recent years. Where the blockchain technology have started to go down its own path. Separated from Bitcoin. Where businesses and organisations around the world have understood the unique value that a blockchain represents.
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.” —Vitalik Buterin, co-founder Ethereum and Bitcoin Magazine
In the case of blockchain and Bitcoin specifically. Each block contains unique information about each transaction included in that block. Such as:
Number of transactions, date and time of each transaction, the sender and recipients and the amount of Bitcoins sent and each block also contains a unique, or ‘hash’
And each block also contains the information of all previous blocks. All containing the same information in them.
For new transactions to be accepted and entered into new blocks they need to be validated by, in the case of Bitcoin, miners. Miners is the name given to the group of users that through computational work solve mathematical puzzles, and by doing so they validate new transactions and get rewarded with new Bitcoins.
This model is known as the Proof of Work (PoW) system. Which is the most commonly used model for blockchains. There are also other models known as the Proof of Stake (PoS) model, where users stake their cryptocurrencies instead of mining to validate new transactions. Another model is known as the Proof of Authority (PoA) model. Which is a new PoS model, where only selected authority nodes can validate new transactions.
The key value that blockchain represents is that they can automise current services and products, and remove unnecessary middlemen from the equation. It is both a technological advancement as it is a political concept.
Where power and rewards are brought back to the users and the providers. Much aligned to Vitalik’s quote about removing Uber from the equation and giving a greater reward back to the taxi drivers.
So the concept and technology have for understandable reasons grabbed a lot of attention and interest. But one of the major questions often asked about blockchains, is how secure are they?
And that questions centres around a few key concerns:
So to answer all those questions, in order to modify existing data on the blockchain the hacker would also need to modify all future blocks. So the data and information are matched and linked correctly. Doing so would require huge amounts of computational power and taking control of a majority of the work done in a PoW model.
For example, the 51% attack is an example of this. Where hackers trying to take control of the Bitcoin network would need a majority of the computational power of the network, to be able to control all future transactions.
If any hackers fail to achieve a majority of the power of the network, miners can more easily sway off their attacks. And keep the network secure and intact.
We have touched on this question briefly, but we want to summarise our thoughts on the appeal of Bitcoin and blockchain technology.
A key factor is that the idea of no one owning, or controlling the blockchain can appeal to the masses. Where for a long time people might have grown tired of how current systems favours the few. And where the voices of the people have gone unheard and unanswered.
So the concept of a new technology where we are all but equals. And where we can participate in the network when we want and without asking for permission, or for that matter when it comes to Bitcoin and other cryptocurrencies paying huge fees to use it.
So with the advancement of new blockchain technologies, like the one of Ethereum. Where introductions of smart contract technology and decentralised applications have been added to the mix. The concept of a much smarter and more powerful blockchain, but still decentralised is for sure a very strong message and opportunity.
Imagining taxi drivers and other businesses receiving a larger piece of the pie, all while us consumers pay the same or less.
Another key factor is that blockchain technology seems to be able to adapt to other technologies around it, and with current trends in business and society. Many businesses are trying to bridge blockchain technology with other technologies like AI, machine learning, VR and AR to pretty much everything else. And there is no inherent blocker, where these technologies can’t marry together well.
We are so early in the journey of where blockchain can take us. And we are still trying our best to figure out its current and future use cases.
So exactly how, what and where blockchain technology will continue to develop and form is not yet clear. But that is for us consumers to decide on our needs. And for businesses to understand by creating the technology, products, and services to meet that need.
Lastly what is perhaps the most exciting notion is that the power and value of blockchain technology can influence and positively affect pretty much every single industry.
From the supply chain industry where we have seen new blockchain projects like VeChain, Waltonchain and Ambrosus. To medicine and healthcare areas, to the automotive and transportation industry, to how governments operate. And the list can go on and on. Wherever there is a need and solution in place, there’s a good chance blockchain technology could be implemented and improve current use cases.
So today the effect of blockchain technology is still minimal if compared to the potential. Therefore it is so interesting to observe and engage with this space. Because of the opportunities for new businesses to form, for new use cases to be thought out and entrepreneurs to be made.
That means if you have the interest to be apart of this new emerging technology, then nothing should stop you from getting onboard. The potentials are there, now it’s for us to make something real out from it.
That concludes this review of blockchain technology and our visions for how and where blockchain technology can go next. No matter which role you decide to take, blockchain technology can’t and won’t be stopped.
Per Englund, founder of crypto and blockchain site Go CryptoWise
Blockchain is getting busy in the future. Many companies have shown interested in investing in Blockchain. There are many reasons behind the investors to invest. It may be easy to handle the cryptocurrency than the database. The market of cryptocurrency is gonna hit the transaction value. It follows incentive models to maintain the network in control.
A traditional database is getting old to maintain the data with a wide variety of features. It may have pros but as the future is dependent upon the time, thus the blockchain gets hype into the market. Most of them get confused between the term cryptocurrency and blockchain.
Blockchain is a type of block that is used to distribute the cryptocurrency under a network, where cryptocurrency is said to be a digital currency. Thus the blocks are easy to maintain the data than the traditional method called database. Thus I have listed out the difference between the traditional database and the blockchain.
When you compare the mechanism of database and blockchain, you might notice the difficulties of handling the system. The database follows a CRUD system that allows it to create, read, update, and delete. Blockchain carries a function to just insert the data. It makes the operation simple than the database. The required operation to maintain the data follow data that is a cryptocurrency, where the database doesn’t follow the chain to secure the network so that it can’t easily control data flow with the time.
Each block can control easily by its flow when it crosses via the cloud. The cloud technology creates data usage with more efficient usage than the database. Multiple databases are difficult to control whereas multi-data in a blockchain can easily control. Each data can be operated easily than the traditional database as it doesn’t allow the user to access the information when it is required.
Blockchain carries out the data via the network which has been designed to maintain its security level against the hackers but the database follows the centralized method to secure the data. It may be easy to get track the information of data as it is in the same location. The decentralized method of blockchain allows the system to be secure more than the database method. Each block has been designed with a complex network.
The network follows the user data by the user-id which is created for the respective users, through which the user can easily control their data but the traditional database doesn’t have this type of feature. Due to its unavailability of the network system as blockchain, the database cannot sync with the image of blockchain.
Each node of the network has been crucially patronized by the engineers to restrict the hackers from the system of the database as it follows the centralized pattern. The blockchain consist of following tokens which is responsible for the network operation.
This token is an important player in the blockchain. It classified as currencies, which can describe the mean into payment for goods and services as an external service for the blockchain platform to run the token.
Let me explain you with an example, the mechanism of blockchain is about cryptocurrency as a bitcoin which replaces the currency into digital money. Where bitcoin holders can able to buy and sell the product and services from the shops, online retailers, and other merchants.
This token is for the investors who were investing in terms of cryptocurrency as their digital assets. You can access in terms of the name as product or any kind of service. For example, the cryptocurrency holder can exchange the digital currency with their native cryptocurrencies for customers to reduce the trading price.
The major difference between the currency and the utility token is access to the function with a cryptocurrency issuer. The holder can access the trading price to get reduced by using the token. Tokens are majorly developed by EOS and Ethereum. These are said to be the utility tokens. Each token can be used on a single platform. It is said to be the decentralized app (dApp).
It is one of the important token classified as complicated. This token requires an important security-wise. These tokens are said to be the assets that play a vital role in the investment. These assets are distributed by the company itself that has created.
By using the blockchain, it is possible to track the history of transfer by the holder with certain limits but the database can make this kind of activity. Thus it will be more beneficial in terms of auditing history when any hacking kind of activity is taking place. Although the tracking is complicated in the blockchain the holder can avoid the tracking threats.
The cost of maintaining the blockchain is higher than the database. This is due to the maintenance of the digital currency through the network. Thus it is important to maintain the network with the higher priority of secure.
Whereas the database requires few possibilities to be secured as it is decentralized. Thus as many nodes are there in-network, it will be more secure to eliminate the hackers to track. The cost might be affecting the supply and demand when it comes to the largest sector of products and services.
The database is known for secure in the past but when it comes to future the blockchain gets hype in the market. Each process of blockchain is dependent upon the block which can share the currency using the smart contacts. Each node of the network is well constructed with its property. The design cannot allow the invader to interpret the blocks.
It has been maintained by a strong chain of networks. As I mentioned above the future of blockchain developers is getting raise and the demand will increase gradually. I hope the above content might give you information about the difference between the blockchain and the database.
Melissa Crooks is Content Writer who writes for Hyperlink InfoSystem, a mobile app development company in New York, USA and India that holds the best team of skilled and expert app developers. She is a versatile tech writer and loves exploring latest technology trends, entrepreneur and startup column. She also writes for top app development companies.
Since the internet gained popularity, the gambling industry took to it like a duck to water. Today, there’s an endless choice of gambling games online. Punters have a lot of casino games to choose from.
Besides, every month, new titles continue to be rolled out but there are still lots of issues in the sector that need sorting out to make the process more transparent, private and fair. Most of these problems can be addressed by decentralized blockchain technology as they overcome many due to decentralization.
Thanks to blockchain tech, developers can continue designing decentralized blockchain games through Smart Contracts. Punters are the luckiest lot as there are plenty of benefits attached to decentralization that I touch upon below…
Since algorithms and software applications drive computers, they don’t have any emotions. They are programmed to carry out the actions they have been scheduled to perform. They cannot attempt to manipulate results, nor are they interested in cheating players.
The same cannot be said about a centralized system. Centralized systems are famous in traditional online casinos and are open to manipulation by operators. They use centralized systems to cheat players out of massive jackpot wins.
However, in a decentralized gaming platform, operators don’t have access to the going-on since an individual does not own the platform. Transactions run on the blockchain platform, and the results are availed to all involved in the current project.
Smart Contracts conduct a critical role in the blockchain processes. Smart contracts are integral in the revolutionization of many industries. They have been designed as programmable code. Smart Contracts are created to adhere to a protocol that manages transactions autonomously without any human intervention.
Smart Contracts code makes it easy to create the decentralized gambling platforms autonomous. The platforms work in a secure network of independent computers. In such light, you can see why it’s impossible to alter crypto contracts. Moreover, all results produced are devoid of manipulation or bias.
Traditional online casinos attract a lot of overheads, thus making them an expensive affair. Third-parties are contracted to handle payments, complaints, among other actions necessary in running a successful platform.
Blockchain-based based Smart Contracts are much cheaper to operate. Why? Because of a lot of the expensive processes, including results checking and payouts are conducted via a smart code. The platform also doesn’t require human involvement. The savings pass-on to players, which means that crypto casinos grant gamers a higher return rate.
Smart Contracts are soon replacing human jobs in a lot of industries across the world. In the gaming sector, they are set to bring an element of trust and transparency necessary in propelling the industry.
With a lot of profits being realized by gamblers, having zero bias, and zero manipulation, decentralization is the way forward. It will be the ideal technology that will solve issues in this industry, thus replacing the traditional gambling ways.
One of the best resources online is Bitcoin-Casino-No-Deposit-Bonus.com as you will find blockchain casino games reviews. It is easy to find the best Smart Contract gambling sites today by finding experts who took their time to look into the viability of every top platform.
With their help, select the best casinos that will grant you not only more significant returns but secure transactions. With free crypto gambling tokens available for sign-up, gamblers can now play without risk. As they attempt to build cryptocurrency bankrolls that will fund their gaming endeavors.
Recently the massive giant Walmart submitted a patent for a blockchain drone communication system. The Walmart distribution system is getting a revamp! This patent, which was filed in accordance with the USA Trademark Office on August 1st, describes a drone system that encrypts the operational parameters of drones and stores this data. All of this information is passed from drone to drone, each new one decrypting, reading and configuring to the parameters.
In a nutshell, the Walmart computer system would facilitate communication between vehicles, relaying messages and allowing machines to be aware of each other. If successful, this technology will certainly affect Walmart shares price.
Patenting by Walmart has been going on for some time, since at least 2017. Applications for patents were filed with the USPTO in as early as May in 2017. These applications that were filed were for a series of unmanned aerial delivery methods that deliver Walmart stock to secure locations.
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Only recently, Walmart partnered with IBM and the FDA to track pharma shipments using blockchain technology. This retail magnate has made plans for a cryptocurrency of its own, having submitted a further patent for its own digital cryptocurrency based around blockchain earlier this year.
A lot of today’s supply chains become bogged down in manual processes, making it very difficult and taking a lot of time to track down issues. One need only remember the E. coli problem from contaminated lettuce heads last year – where did they come from? By using blockchain, one can shed light on supply processes, making everything fully digitized and transparent. Every node that exists on the blockchain would represent some aspect of food handling as food makes its way through the supply chain. As a result, one can easily see if an infection is coming from a particular supplier, and the problem can be solved.
IBM and Walmart have worked on close terms over the past year on their blockchain tech to digitize the supply side. It is going to be one of the first cases of this happening anywhere in the world. The tech that IBM Walmart blockchain has developed, Food Trust Solution, is really one of a kind.
Without this technology, Walmart manages to trace sources of food, yet it takes about a week to do this. Blockchain can significantly reduce their time to just over 2 seconds. This substantially reduces any likelihood that infections will reach customers.
There may be a couple of supply chain issues such as getting suppliers to upload their info onto the blockchain itself. This could prove somewhat confusing at first, especially for farmers that aren’t tech-savvy. It is unlikely that suppliers will need to become tech experts; however, one can anticipate some problems relating to this. In short, suppliers will need to learn new skills about how to upload their data and what this entails we’re not sure just yet.
However, IBM will create an onboarding system that allows users to orient themselves with the service in an easy way. They will make it as simple as possible to understand, plus they will let people get things up and running very quickly. One could expect perhaps some sort of smart device that is paired up with a WIFI connection to activate and store data. Only the future will tell.
After spending time working on these issues for over a year’s time, Walmart really thinks that they’re ready for full implementation of blockchain with an ultimate goal of making sure that food is sold safely at Walmart. If there are any problems, then these can be foreseen very quickly and efficiently. They believe that their customers deserve access to this transparency and that this technology is smart, benefitting all stakeholders.
This technology is undoubtedly going to be game-changing, but how do you think it will fare for consumers and the people of Walmart? Will it affect Walmart shares significantly in the future? It could be exciting and useful for consumers, especially when safety is concerned. There are all sorts of applications to blockchain technology, and it seems that this may pave the path for a whole lot more. It’s an exciting time to be alive!
Have you ever shopped at Walmart? How do you think this technology will affect you? We’d love to hear more. Please send us your comments below.