Category: Cryptocurrency

Dogecoin, abbreviated DOGE, is a peer-to-peer and open-source digital currency. This cryptocurrency is an altcoin, also known as a meme coin. DOGE was released in 2013, and its logo is a photo of Shiba Inu’s dog.

Although Dogecoin was created just as a joke, its blockchain grew rapidly and is still one of the best digital currencies in terms of the trading volume. Its implementation technology is derived from Litecoin, and its capabilities include the script algorithm and low price, along with its high transaction speed.

You can also read: How Polygon is Solving Ethereum’s Scalability Issues

What is Dogecoin?

Dogecoin was based on a joke but has risen sharply since late 2017 due to the cryptocurrency market price bubble. After the bubble burst in 2018, the price of Dogecoin also fell rapidly. In 2021, the currency began to grow again.

Users can buy and sell Dogecoin at the most reputable digital currency exchanges or store it in their hardware and software wallets.

The History of Dogecoin

Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Dogecoin is based on the popular “Doge” Internet meme. Dogecoin is mined (like other cryptocurrencies) by solving complex mathematical problems. Dogecoin has a large and active community that is very friendly and helpful.

In the Beginning

Jackson Palmer was a product manager in Sydney and Australia at Adobe and is a significant maker of Dogecoin. Palmer has been described as a “skeptical-analytical” observer of emerging technology, and his initial tweets about his new investment in digital currencies were plain language. But after receiving positive feedback on social media, he bought the domain dogecoin.com.

Around this time in Portland, Billy Marcus, one of IBM’s core developers, set out to build a cryptocurrency but could not simply announce his achievements. Marcus contacted Jackson Palmer, and they helped develop what is known as DOGE.

The central DOGE infrastructure is based on the lucky coin, which is also the structure of Litecoin. The coin is programmed in such a way that it uses random rewards to discover the block. However, since 2014, its algorithm has changed to a fixed reward. Dogecoin uses Scryppt and PoW technology.

Palmer and Marcus released the coin to the public on December 6, 2013. Two weeks later, Dogecoin rose more than 300 percent, primarily due to China’s restrictions on investing in digital currencies that year.

The Rise of Dogecoin

Dogecoin is known as a fun version of Bitcoin that bears a Japanese dog logo like Shiba Inu. Social networks and social media have widely used Dogecoin. The script algorithm, along with its limitless inventory for faster and more efficient transactions, has made it one of the most attractive digital currencies after Bitcoin.

Dogecoin is an inflationary coin that has no ceiling and is constantly increasing in size. Every four years, the amount of bitcoin mined is halved, but Dogecoin does not have such a system.

In January 2014, the Dogecoin Association donated more than $ 27 million worth of Dogecoin to a Jamaican charity team at the Sochi Winter Olympics. Three months later, the Dogecoin Association raised about $ 11 of the coin for construction in Kenya and $ 55,000 for the support and sponsorship of NASCAR driver Josh Wise.

Controversy Takes Some Fun From Dogecoin

Since 2015, due to the great attention paid to Dogecoin, DOGE has been taken more seriously and has grown at an unprecedented rate. The first sign, albeit a bad one, was the departure of Jackson Palmer because he no longer saw the Dogecoin Association as it used to be.

One of the Dogecoin community members in those days was Alex Green, better known as Ryan Kennedy. He founded the Dogecoin exchange named Moolah. Alex Green was known in the community as a luxury dumpster who reportedly mistakenly donated $ 15,000 to $ 1,500 to raise NASCAR.

Green Exchange encouraged community users to donate large sums of Dogecoin for their own making, but it was later revealed that he had spent nearly 1.5 million bitcoins that way to build a personal life. In addition, Kennedy was convicted of multiple counts of rape in 2016 and sentenced to 11 years in prison.

DOGE main features

No Maximum Supply

Dogecoin has no restrictions on the number of offers. Miners can receive more than 10,000 Dogecoin for each block discovered, and each block is created every minute. So every day, more than 14,400,000 new tokens are made and placed in users’ wallets.

At the time of writing, more than 131.28 billion DOGE tokens are in circulation, and its market cap is $ 30.67 billion, valued at $ 0.20 per token.

Decentralization

The decentralization of the core security is greater than the digital ones, in that everyone in the world has a part of the blockchain structure. The decentralization of a cryptocurrency is the number of nodes operating in a network.

According to block explorer, the DOGE token has more than 1090 nodes, equal to ten percent of Bitcoin. If one can take over 50% of the network, one can simply infiltrate the DOGE network and steal all user information.

Most Dogecoins are in the Hands of a Few

Most DOGEs are available to a small number of people. Some DOGE wallets have large amounts of this token. So a small move by these people can suddenly turn the whole market upside down. Nearly 0.002 percent of DOGE wallets account for almost two-thirds of the total coin supply. In Bitcoin, the story is a little different. The distribution of Bitcoin tokens is much more logical and regular.

How Dogecoin Works?

DOGE Cryptocurrency is based on blockchain technology that operates from a distributed, secure digital structure by performing transactions on the network. The DOGE network also works with a powerful cryptography system to secure all transactions in the blockchain network.

Dogecoin mining uses the PoW algorithm, which requires users to work with powerful tools and miners to solve mathematical problems to discover blocks in the blockchain. Any miner who can detect a block will receive a reward as a doge.

Conclusion

DOGE can be used to make various payments or purchases that support this currency. Because DOGE does not have distribution restrictions, its price fluctuates sharply, so only specific shopping centers accept this coin.

DOGE miners can detect blocks of this network faster and easier than Bitcoin. For this reason, ease of transaction is one of the main advantages of DOGE. It takes about a minute to discover a block, which is close to 10 minutes for a Bitcoin. This change can significantly help Bitcoin and increase its value even more in the future (unlike DOGE).

Ethereum is a trending cryptocurrency and always has been this way, when it comes to popularity and market cap Ethereum is only second to Bitcoin. This wide adoption globally has been a great thing for the Ethereum Foundation and its founder Vitalik Buterin. But besides the good things, the amount of adoption also caused operational issues which caused many users to be upset about the transaction speed and transaction fees, which they have a right to.

You can also read: Everything you need to know about USD Coin (USDC)

To put it simply, the amount of popularity caused the Ethereum users to experience network clog and also impacted Ethereum’s scalability (Ethereum team announced they will address the scalability issues and transaction fees and network speed will be fixed in Ethereum 2.0 upgrade).

There is an Indian-founded blockchain platform that is providing solutions to the challenges Ethereum is facing and plans to deal with the issues using its innovative and unique later 2 solutions. 

This unique blockchain is called Polygon (previously known as Matic) and in this article, we’re going to cover what Polygon is and how it works.

What is Polygon (MATIC)?

Polygon is a complete multi chained system, framework and protocol. It connects blockchain networks that are compatible with Ethereum, interconnects them and is built to fix Ethereum’s problem with scalability on the current Ethereum network, which means it’s going to fix network clogs, the increasing transaction fees and also speed up the transactions made on Ethereum network. 

Polygon (MATIC) is a layer 2 solution which means that it works on top of Ethereum’s main blockchain and doesn’t affect the main network. Polygon is using side chains to unclog the Ethereum main network in a smart and not expensive way.

Polygon multi-chain network provides an infrastructure for blockchain networks that are compatible and work within Ethereum and facilitates those blockchain networks so that they can communicate with each other. As the polygon is a second-layer solution the communication will be done outside Ethereum’s primary network though it retains Ethereum’s liquidity, interoperability and security. 

What is MATIC and how does it work?

MATIC is Polygon’s native token which plays a major role in the Polygon ecosystem. Besides being an asset as a token, Matic is the underlying resource behind Polygon’s network and is primarily used for staking tokens. MATIC being the staking token for Polygon shows that the Polygon blockchain runs on a Proof of Stake (POS) consensus algorithm.

How does Proof of Stake (PoS) work?

In blockchains running on Proof of Stake consensus algorithm like Polygon, means anyone who wants to support the blockchain and help validate the transactions and make some money doing so, they should buy and stake Polygon’s native token. 

Unlike Proof of Work (PoW) in which you need to buy miners or mining rigs and mine (individually or with a mining pool) to validate transactions, you just need to buy tokens and stake them to participate in helping the blockchain and earn staking rewards. 

Is Polygon a good investment?

As Polygon is a layer 2 blockchain for Ethereum, its success depends on itself, its team and market as well as Ethereum’s. The reason for this is clear if no one uses Ethereum in the next 2 years (this is an example and a fake scenario and the probability of it happening is very low), they probably won’t use a blockchain that is a layer 2 solution for Ethereum. 

As said before, the Ethereum team is going to fix a lot of scalability issues with Ethereum that caused expensive transaction fees and network clog. A question comes to mind here: if Ethereum fixes all the scalability and network issues in Ethereum 2.0 upgrade, will polygon still be relevant after the upgrade?

The answer to that question is this, although a lot of Polygon’s (MATIC) potential is linked to Ethereum and Ethereum will fix some of the scalability issues, Polygon will still be relevant after the upgrade. 

Polygon has already demonstrated substantial success in integrating a network of patterns and companies so the future of Polygon sure is very promising and it doesn’t seem that the Polygon will be finished after Ethereum 2.0.

The short answer is Yes, Polygon is a very good investment and is a cryptocurrency with a lot of potentials and a promising future. With a good strategy you can buy when the market price drops and buy at a low, after a year or two (in a good market movement; all things should be considered; this is not financial advice) there is a good chance that your original buying asset will be multiplied in value.

Theta Network (THETA) is an open source protocol that uses a decentralized blockchain network. Theta Network has done a good job of integrating blockchain and the gaming industry. THETA tokens and TFUEL tokens are Theta Network-specific tokens.

You can also read: How to use Coinmama? (The complete guide)

Theta Network has been designed for uploading and streaming movies and videos, yet its Blockchain created to secure and distribute tokens. SLIVER.tv was the first Theta show to attract millions of Sports visitors.

What is Theta Network (THETA)?

The goal of Theta Network is to create a more efficient way to deliver content on a global, peer-to-peer mesh network. Tokens in the Theta blockchain are used as storage nodes or relays for video to encourage users to share idle calculations and their bandwidth resources. This design aims to improve the quality of flow delivery and solve the “last mile” delivery problem, which is the main bottleneck of traditional content delivery pipelines, especially for high-resolution streams with high bit rates of 4k, 8k and next generation. With sufficient network density, most viewers pull streams out of similar storage nodes, allowing video platforms to significantly reduce the cost of a content delivery network (“CDN”). By introducing tokens as an end-user incentive mechanism, Theta Network aims to enable video platforms to deepen viewer engagement, increase revenue, and differentiate content and viewing experience from its competitors. Theta uses a two-token model with the following application.

How Does THETA Work?

Theta consists of two parts. The first is the video delivery network. It consists of nodes that connect to the network and provide their bandwidth. This network is what makes real decentralized video delivery. The second part of the blockchain is theta. This is for incentive purposes, to provide a reason for participants to join the delivery network.

Theta Network

Currently, content delivery networks (CDNs) offer video content and streaming. These usually include very large centralized data centers scattered around the world. The main problem with these cases is that they are not geographically close enough to many viewers, which leads to lower quality broadcasts. Theta’s answer to this is to create a P2P mesh network of users who share their bandwidth. The result must be a global network to replace or complement the CDN infrastructure.

Users can borrow their devices as storage nodes that send video streams to any viewer in the world. A node is a node that stores video data. As a result, the flow quality is improved because the theta network has more storage and relay points than the current system. This is because video data packets do not have to travel that far. Storage nodes are rewarded with theta tokens, and are therefore motivated to provide additional bandwidth resources and strengthen the theta network.

Theta White Paper claims that its solution could reduce delivery costs by up to 80% compared to existing infrastructure. This seems to be because of the savings in not having to maintain the huge data centers that CDNs currently supply. While this is a big claim, we have to wait and see if they can do it.

Improved resilience

In addition to the improved stream quality, it has to offer, Theta also hopes to improve infrastructure flexibility. Currently, the entire streaming industry is dependent on a small number of data centers. This carries with it the risk that the global trend will worsen dramatically if several failures or go offline. By distributing cables and relays to thousands and potentially tens of thousands of nodes, the theta network should be much stronger than the current system.

Variety in quality

The main problem that theta identifies is the difference in the quality of the different nodes. In addition, there is nothing to stop the nodes. To address these issues, the team is building a server and client to help nodes identify the closest nodes in terms of network bounce. Nodes can then communicate with their closest counterparts, as opposed to being randomly connected to any node in the world. Theta hopes this will allow nodes to run streams more stably and thus compete with current CDNs.

Theta Blockchain

The purpose of the Theta Blockchain is to act as a consensus layer for payments and rewards in the ecosystem. It is important to know that no video files are stored in Blockchain. This will be impossible due to the data demands it imposes. Blockchain will be fully open source, and the team hopes developers will build and deploy their DAPPS on top of Blockchain.

Dealing with scaling

As theoretically, tens of thousands of nodes will participate in the mesh network, as a result, there will be a large number of micropayments for rewards. In addition, the Blockchain must consider a large number of payments in the form of tips, purchases and other uses of tokens. As a result, Theta is trying to build a proof-of-stake (PoS) blockchain with very high throughput, while not including decentralization and security. Of course, this is not a small problem and it is something that has caused many problems in blockchain.

The team has divided its blockchain into two levels. A small validation committee of 20 validation nodes produces the blocks. Beneath that, a large body of guards, numbering in the thousands, is responsible for validating the Blockchain at designated points and helping to build consensus. Theta believes that without compromising decentralization, it brings a very high throughput.

In addition, Theta uses a rumor-mongering scheme. This means that guard nodes send their signatures to adjacent nodes instead of sending their signatures. This process continues and spreads signatures in the same way that the virus spreads in an epidemic. It is designed to maximize performance where guard nodes communicate with each other. The last part is the off-chain micropayment system, which adds extra capacity to the blockchain. It seems to be doubly resistant to spending.

The team behind Theta Network (THETA)

There were and still are big names in the network of advisors of this network. YouTube co-founder Steve Chen, Twitch co-founder Justin Kana, Verizon CEO Rakuten Wiki and CG Peach are prominent figures on the consulting team. In 2017, Theta was able to raise $20 million in a private sale by selling 30 percent of its total 1 billion digital currency supply.

In addition to Jieyi Long as Chief Technology Officer and Mitch Liu as CEO, Ryan Nicholas is currently on the core team and CEO of the network. He has previously managed Tencent for the Wechat app. Also on the blockchain and theta development team are 15 people, mostly from East and Southeast Asia.

The purpose of the Theta token

Theta token currently exists as an ERC20 token and has no functional function. However, when theta is transferred to its main network on March 15, 2019, these tokens will be replaced with new theta tokens in a 1: 1 ratio and will be placed on top of the new theta blockchain.

Once the main network is up and running, these new tokens will be used primarily to secure Theta blockchain. In addition, the team hopes that people will use the token as a means of paying and rewarding content creators, marketing virtual products, and purchasing premium content.

708,000,000 out of a total supply of 1,000,000,000 tokens are currently in circulation. This is equivalent to 71%, which means that the supply of tokens cannot be significantly reduced, this is positive news for investors.

At the same time as launching the main network, Theta issues Gamma tokens to all THETA holders. For each THETA token stored, five gamma tokens are issued. These tokens have practical value and are used to pay for video transactions and cover smart contract operations. The Gamma token appears to be used instead of the THETA token as a means of paying and rewarding content creators, trading virtual products, and purchasing premium content.

In conclusion

The response of Theta to current content delivery scaling problems is certainly astonishing. Its unique approach to the P2P mesh network, which is driven and secured by high-throughput Blockchain, can certainly be very destructive if successful.

Whether they can maintain their blockchain decentralization and maintain their mesh network of consistent quality are probably two big questions right now.

Theta token itself makes a lot of sense as a functional token. Most importantly, it should act as a means to motivate bandwidth sharing. This in turn contributes to the development and growth of the mesh network.

Non-Fungible Tokens (NFTs) are unique digital assets that cannot be replicated and have opened up new marketing possibilities. In this article, we explore how NFTs can benefit marketers through the creation of exclusive promotions and events that leverage the exclusivity and collectibility of NFTs to generate buzz and a sense of community among customers. 

Additionally, NFTs offer enhanced security and fraud prevention through the use of blockchain technology, making them a valuable tool for creating secure ticketing systems. Companies can also benefit from utilizing White Label NFT marketplaces, which offer a ready-made platform for creating and selling NFTs that can be customized to fit their brand and requirements. 

Exclusive Access: Creating NFT-based Events and Promos to Engage Your Audience

NFT-based events and promotions can take various forms, but they all have one thing in common: exclusivity. By creating NFTs that grant access to a particular event or promotion, marketers can create a sense of exclusivity and scarcity that can be highly appealing to their target audience. 

One example of an NFT-based event is a virtual meet and greet with a celebrity. Fans could purchase an NFT that would grant them access to a virtual event where they can meet and chat with their favorite celebrity. The NFT could be designed to be highly collectible, adding to the exclusivity of the event. The celebrity could also sign a limited number of NFTs, making them even more valuable. 

Creating Buzz: Leveraging NFTs to Generate Hype for New Product Releases

NFT-based promotions can be a powerful tool for generating buzz around new product releases. By creating limited edition NFTs that grant early access to the product, companies can tap into the excitement and anticipation of their target audience. 

The exclusivity and collectibility of NFTs can make the product release feel like a special event, creating a sense of urgency and FOMO (fear of missing out) among customers. By leveraging NFTs to generate hype, companies can increase awareness and interest in their product, leading to increased sales and revenue. 

Additionally, the unique design and artwork of the NFTs can serve as a marketing tool in itself, with fans and collectors sharing and promoting the NFTs on social media and other platforms. This can help to further spread the word about the new product and create a viral marketing effect.

Rewarding Loyalty: How NFTs Can Create a Stronger Sense of Community among Your Customers

One of the benefits of using NFTs in marketing is the ability to reward loyalty and create a stronger sense of community among customers. By creating limited edition NFTs that can only be obtained by loyal customers, companies can incentivize their customers to continue engaging with their brand. These NFTs can be used as exclusive access to events, discounts, or other rewards. 

By creating a sense of exclusivity, NFTs can help build a stronger relationship between the brand and its customers. Customers who have exclusive access to events or discounts are likely to feel more valued and appreciated by the brand, which can lead to increased loyalty and repeat business. 

Enhanced Security and Fraud Prevention through NFT-based Events and Promotions

One of the key advantages of using Non-Fungible Tokens (NFTs) for events and promotions is the enhanced security and fraud prevention they offer. Each NFT is unique and cannot be replicated, making it easy to verify whether someone has access to a particular event or promotion. This prevents fraud and ensures that only those who have purchased the NFTs have access to the exclusive content. 

Traditional ticketing systems often rely on barcodes or QR codes that can be easily replicated or shared. This can lead to fraud, with counterfeit tickets being sold on secondary markets or passed around among friends. In contrast, NFTs are based on blockchain technology, which makes them tamper-proof and impossible to replicate. 

Furthermore, the transparency and immutability of blockchain technology provide an additional layer of security. All transactions are recorded on the blockchain and can be easily verified, making it easy to track the ownership and transfer of NFTs. 

NFT-based events and promotions also offer benefits for marketers beyond just enhanced security. By creating exclusive NFTs that grant access to special events and promotions, companies can create a sense of exclusivity and scarcity that can be highly appealing to their target audience. This can drive interest and engagement in their brand and products.

The Benefits of Using White Label NFT Marketplaces for Your Marketing Campaigns

To encompass all the aforementioned proposals of NFTs for events and promotions, a great solution would be to order a White Label NFT marketplace. A White Label NFT marketplace is a ready-made platform for creating and selling NFTs that can be customized to fit your own brand and requirements. Utilizing such a platform allows companies to easily create and sell NFTs that grant access to special events, promotions, and products. Furthermore, a White Label NFT marketplace can provide access to additional tools and analytics for effective tracking and analysis of NFT sales. Thus, ordering a White Label NFT marketplace can be a beneficial solution for companies planning to utilize NFTs in their marketing campaigns.

In addition to the advantages of using NFTs for events and promotions, there is also the issue of security and safety for both the company and the customers. A White Label NFT marketplace provides a secure and reliable platform for creating and selling NFTs, ensuring that they are unique and cannot be duplicated or tampered with. By using such a platform, companies can ensure that their customers are protected from fraud, and that they are providing a secure environment for their marketing campaigns.

Conclusion

In the near future, NFTs are likely to become an integral part of marketing strategies for many companies. The ability to create unique, trackable digital assets that can be sold or traded provides new opportunities for engaging with customers and creating buzz around products and events. As the technology and infrastructure for NFTs continue to develop, we can expect to see even more innovative uses of this technology in marketing campaigns. In addition, the use of blockchain technology and smart contracts to manage NFT transactions could provide enhanced security and transparency, further bolstering the appeal of NFT-based events and promotions. Overall, NFTs have the potential to shape the marketing industry in significant ways in the coming years.

In conclusion, NFT-based events and promotions offer new and exciting marketing opportunities for companies. By creating exclusive and collectible NFTs that grant access to special events, promotions, and products, companies can create a sense of exclusivity and loyalty among their customers. NFTs also offer a new revenue stream for marketers and can be easily tracked and verified.  

Wrapped Bitcoin (wBTC) is a token bitcoin asset (BTC) that was established in January 2019 as a joint project between the custodian of digital assets BitGo and two liquidity traders Kyber and Ren. By far the most popular BTC tokens, Wrapped Bitcoin allows bitcoin holders to deploy their assets in a wide range of decentralized Ethereum Blockchain (DApps) applications.

You can also read: How JUST (JST) Builds a Bridge on TRON?

With high transparency yet centralized, wBTC is steadily growing in popularity and has recently entered the top 20 digital currency charts. If you have been wondering what wrapped bitcoin (wBTC) is and how wrapped bitcoin works, we will cover it for you. Join us to explore this fast-growing digital currency project.

What is Wrapped Bitcoin (WBTC)?

The project is part of the Wrapped Tokens initiative launched by the Kyber network, BitGo Y Republic Protocol. Launched on January 24, 2019, the initiative sought to create a token that displays bitcoin in the Ethereum blockchain.

The goal was to create a bridge that allowed bitcoin users to inject liquidity into the eager ecosystems of DeFi and DApps that were born and growing at the time.

To achieve this goal, the three figures teamed up to create a centralized maintenance platform under BitGo management that could interact using a series of smart contracts or smart contracts in Ethereum. In this way, a federal government body was created that could represent tokens with a high degree of trust, while decentralizing certain token management parameters.

In this way, all participants are guaranteed that their money is not only safe, but also protected by reputable institutions in the ecosystem. You can get more information by checking the white paper of this project.

However, be careful! As we have said, they act as the central institution in this currency. That is, it is by no means a decentralized sign.

How does Wrapped Bitcoin (WBTC) work?

The operation of Wrapped Bitcoin (wBTC) is very simple. What this system does is ask bitcoin users to submit their bitcoins.

First of all, we have an interface that allows us to deposit bitcoins in exchange for wBTC. The system issues us a Bitcoin address that is controlled by BitGo, which receives BTC from interested users and blocks and protects their assets.

Once Bitcoin has Bitcoin, the wBTC is issued for the same amount of bitcoins locked in Bitcoin. This token issuance takes place in Ethereum and is possible thanks to the smart contracts that have been made for this purpose. This means that the problem must go to an Ethereum address because wBTC is an ERC-20 token. Likewise, the reverse can be done and wBTC can be converted to BTC.

WBTC has a public order book in order to maintain its transparency. From there you can check the amount of blocked BTC and the amount of wBTC issued. It is also possible to view various transactions within the system. At the same time, you can see the token test by looking at the blocked addresses and BTC values ​​at the mentioned addresses, which makes the system transparent in this regard.

Of course, this is the basic operation of wBTC, because there are more things hidden behind it, and this is what we will find out later.

The pros of Wrapped Bitcoin (WBTC)

You really cannot do much with ordinary bitcoin, which is great! Bitcoin is not going to be glamorous and exciting. It is supposed to be the safest digital currency in the world. That is. However, if you want to make money with your bitcoin, or do anything interesting with it, you have to use sophisticated bitcoins.

You can deposit and borrow wrapped bitcoins on a DeFi protocol like MakerDAO. Alternatively, another way to look at it: decentralized leverage. Borrow with WBTC; use the money to buy more WBTC.

WBTC and other sophisticated bitcoin alternatives can also be traded in decentralized exchanges such as Uniswap. In addition to WBTC trading, you can also place it on Uniswap to earn returns based on trading fees. On the other hand, you can lock it in a platform like Compound to earn interest on your deposit.

In general, bitcoin packaging gives the trader more flexibility in how to use their coins. Instead of just holding bitcoins, with packaged bitcoins you can borrow, raise cash, earn passive income, trade in a decentralized exchange, and more.

The cons of Wrapped Bitcoin

The value proposition of Bitcoin is security, security, security. We saw a great example of this when the Bitcoin community decided to reject the size of larger blocks. They aimed to keep the blockchain small in order to maximize the number of clients who could run a node.

In the Bitcoin network, security is more important than anything else. Bitcoin is what you want to have when the global financial system collapses.

Given the role of bitcoin as a safe asset, keeping bitcoin in the Ethereum blockchain somewhat defeats the bitcoin goal. A smart bitcoin holder contract can be misused and lead to widespread losses. Alternatively, in the case of WBTC (more on this in the next section), the company can start blocking wallets so that bitcoins cannot be redeemed.

We can draw a good parallel between complex bitcoin and gold. Many people buy gold to protect themselves from the collapse of the financial system. The serious investor keeps the physical ingot in a safe, where he can access it, even if the financial markets are offline. Having gold in a safe is like keeping bitcoins in an illegal wallet like Exodus, where the user has 100% control over their coins.

The less serious investor buys gold through the ETF, which is called “paper gold”. The problem is that in the event of a severe disruption to the financial system, no one can say what will happen to these paper gold products. They are not as secure as physical gold. It is like keeping bitcoins in Ethereum. Although it may be convenient, the investor sacrifices security.

Use cases

This token has several uses, but the most important are the following:

1. Allow bitcoin holders to participate in the DeFi ecosystem while staying fixed on bitcoin prices.
2. All their DEX can benefit from creating wBTC pairs to simulate the bitcoin market in their system. Many traders are “Bitcoin only” and adding this option will attract more of these traders to DEX. In this way, liquidity is expanded and strengthened.
3. Using wBTC with atomic swap and side chain allows better trade between different digital currencies. For instance, if you convert your bitcoin to wBTC, you can use this wBTC to convert it to another currency that has an ERC-20 token in Ethereum, and then simply withdraw other cryptocurrencies for it. The good thing about this system is that the cost of this type of operation should be less than a direct exchange in a centralized exchange, although this depends on the cost of gas in the Ethereum and other variables that may or may not be useful to an exchange.

As you can see, wBTC is a curious token with interesting features. Known as “Bitcoin that is not Bitcoin”, the token seeks to further invest in the DeFi world by bitcoin holders.

In conclusion

WBTC is a bitcoin-backed digital asset launched on the Ethereum ERC20 blockchain network. Using this digital currency, while holding bitcoins, you can invest in new and emerging areas of the digital currency market, such as lending, and in addition to raising the price of bitcoin; you can earn a reasonable profit in return for lending.

JUST is a decentralized lending platform where users can place, hold and hold a Tron through the CDP portal. USDJ is a stablecoin with a 1: 1 ratio (one-to-one), backed by dollars. This means that a USDJ is equivalent to one dollar and users can create it by sticking a Tron on this platform. On the JUST platform, there is another token with the JST symbol. Just Currency is used to pay off the interest on loans, platform stability, and participation in management decisions through activities such as voting and other activities in this blockchain.

You can also read: What Is The Utrust (UTK) Platform?

What Is JUST (JST)?

JUST is a new decentralized financial ecosystem (DeFi) built for the TRON blockchain. This is a complete set of products that is mainly focused on a decentralized stable coin lending platform called JustStable.

The platform was launched in August 2020, following the initial public offering (IEO) of the Poloniex LaunchBase platform earlier that year, but the platform’s Indigenous Sovereignty (JST) has been in circulation since May 2020.

It is a two-sign ecosystem built around the USDJ and JUST (JST) tokens. The USDJ is a multi-security stablecoin whose value is related to the value of the US dollar (USD), while the JST has a variety of functions on the platform – paying interest, helping maintain the platform and participating in its governance, helping to set parameters Such as interest rates (stability fees) and minimum collateral ratios.

To obtain USDJ in JUST, traders must deposit collateral in the form of backed collateral tokens – including TRON (TRX), which is exchanged for PTRX tokens and locked as collateral when a debt position arises. Forms collateral (CDP). Depending on the amount of collateral deposited, users can multiply and withdraw the USDJ, which must then be repaid to recover the original collateral. This platform is designed to provide a fair and borderless center of DeFi products that any TRON user can access.

How does JUST (JST) work?

Just is a platform that encourages users to maintain a network. JST rewards users who help verify network transactions and provide liquidity on the JUST network. JST owners also participate in network management.

The more people who use the USDJ and the JUST Just network, the more valuable the Just token becomes. As mentioned in the previous sections of the article, the USDJ acts as a stable coin on the Just platform, where users can receive a stablecoin on the Just platform by depositing a mortgage account. In fact, individuals can receive USDJ by creating an account on the Just JUST platform and using smart contracts.

The features of JUST (JST)

There is another notable catch about Just Digital Currency. Tron Network claims to be the largest ecosystem of decentralized applications in the world, providing fully transparent financial services to all users. JUST has also been created on the Tron network and intends to implement these goals. As a result, Digital Just, like other tokens created on the blockchain, is a TRC-20 token.

JST management token, JST, was introduced on May 5, 2020, with the Poloniex LaunchBase token sales mechanism. According to the official website of Poloniex, the main features of Just are:

Just is a decentralized StableCoin project created on Tron Network. It aims to create a completely open and fair financial platform for people all over the world.

Users can obtain the USDJ stable coin by depositing a specific account secured by Tron. The project is managed by all members of the Just community, and each person’s mastery will depend on the number of JST tokens he or she maintains. The requests and decisions of this project are shared with all members and after voting, they are made according to the opinion of the shareholders (people who have JST).

This platform is fast and practical, and transactions or transfers will be done for a very small fee. Anyone can create a free account on the Just platform and easily earn USDJ using JUST smart contracts. Everyone who maintains JST will be involved in managing the USDJ network and system. Members of the Just Society community will have access to the Tron application ecosystem and the many applications that exist in the Tron network.

Who are the founders of JUST?

The JUST ecosystem is managed by the JUST Foundation, which includes people from Alibaba, Tencent, IBM, and “other global Internet companies”, while the JUST financial analysis team is from “several global investment banks” based on the project website.

Some of the most prominent are Trans F (blockchain expert and former employee of Barclays and IBM), Elvis Zhang (a senior developer and experienced Blockchain researcher), Si Woo (wallet and exchange specialist), and GL Kong (an Experienced Blockchain Engineer and early crypto adopter).

The full names and details of most members of the JUST team are not public. However, the project appears to be overlapping with the TRON development team, as the platform was announced by TRON CEO and founder Justin Sun and received technical and financial support from TRON.

What makes JUST unique?

Unlike most other DeFi platforms, JUST is not just looking for a single product to help a small subset of DeFi users. Instead, it seeks to build a complete set of products that cover a wide range of DeFi applications and form the basis of a complete DeFi ecosystem in TRON. As of January 2021, the JUST ecosystem consists of five distinct products, all of which are designed to collaborate and provide additional tools to users.

These are:

JustStable

 JUST decentralized multi-collateral stable index platform JUST. JustLend: A TRON-based money market protocol that allows users to add liquidity to lending pools and receive low-interest digital currency loans.

JustSwap

 An automated market maker (AMM) platform is used to exchange untrusted TRC-20 tokens and create unlicensed cash pools.

JustLink

 The first decentralized Oracle system for the TRON network – used to secure smart contracts with real-world data.

Cross-Chain Tokens

Assets of other blockchains, including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), are tokens in TRON and can be used in the JUST ecosystem.

Advantages and disadvantages of JUST (JST)

Now that you know what a JUST coin is, you are probably wondering if it is worth the investment. Let’s take a closer look at the advantages and disadvantages of JUST coin.

Pros

• Smart contracts protect your assets and guarantee that you can exchange tokens/coins and enjoy the benefits of price increases.
• You can earn money by paying and maintaining the JUST platform produced by USDJ.
• There are hundreds of decentralized applications within the network.
• Built on the successful TRON network, JUST now has an active network of owners and builders.

Cons

Some crypto viewers have been met with disapproval because they believe that its founder, Justin Sun, should focus on one platform instead of many. You cannot win JST with JST betting (although you can bet TRX with USDJ). TRX owners and TRON users get the most out of JUST. A two-coin system can be confusing is another drawback of JUST (JST). Some see the JUST coin as a copy or copy of the MakerDAO system, in which DAI can be used as collateral to multiply a token.

In conclusion

In general, the JUST ecosystem pursues interesting goals; it remains to be seen whether the team behind this project can achieve its goal in the future. Having people like Justin Sun and the big companies behind the project can have great potential for growing the value of Just Token. In general, there is no global consensus on future positive or negative changes in the price of digital currency. In fact, the potential growth of this token depends on several factors: team announcements, new technologies of Just projects, the cryptocurrency market in general, the legal status, and so on. Remember that it is important to do your research before investing in any digital currency. 

Blockchain is the fundamental technology behind cryptocurrencies like Bitcoin. It’s critical in maintaining immutable distributed ledgers in a network of nodes. In fact, blockchain has been part of the fourth industrial revolution since the advent of the steam engine, electricity, and information technology. This revolutionary technology has an impact on commercial operations,  institutional activities, national governance, education, and everyday activities. Blockchain technology is continually redefining the operations of business, industry, and education and accelerating the worldwide growth of a knowledge-based economy.

The concept works exceptionally well for Bitcoin and other cryptocurrencies. Blockchain technology has several other helpful applications. Here are the ten best applications of blockchain technology.

What Is Blockchain?

Blockchain is a set of digital databases that store data transparently and chronologically. The data—the records included inside these blocks—are encrypted and are not controlled by a core authority. Everyone present on the network has access to and copies of these records, but once anything is recorded in the blockchain, it cannot be modified. As a result, Blockchain transparency ensures its security.

Characteristics of Blockchain Technology

The following are the primary characteristics of blockchain technology:

• Decentralization

In the blockchain, decentralization refers to the movement of control and decision-making from a centralized entity to a dispersed network. Transparency is the key in decentralized blockchain networks to eliminate the requirement for trust among members. These networks also prohibit individuals from exercising power or authority over one another in ways that harm network performance.

• Immutability

Immutability implies that something cannot be transformed or altered. No one can manipulate a transaction after it has been registered in the shared ledger. If a transaction record has an error, you must add a new transaction to correct the error, and both transactions are accessible to the network.

• Consensus

A blockchain system provides rules for recording transactions that need participant approval. You can only register new transactions if the majority of network members approve.

Benefits of Blockchain Technology

Blockchain technology has several benefits. The key ones are the following:

• Improved Security

Blockchain technologies offer the high-level confidentiality and trust required for modern digital transactions. There is always the possibility that someone may modify the underlying software to make fictitious money for himself. On the other side, blockchain employs the concepts of encryption, decentralization, and constructs a secure underlying system that is virtually difficult to shuffle with. There is no failure, and a user cannot change the record.

• Improved Efficiency

Transactions between businesses can take quite a long time and cause administrative delays, especially when adherence and third-party regulatory agencies are involved. Blockchain transparency makes such commercial transactions more efficient and quicker.

• Rapid Auditing

Businesses must be able to produce, exchange, preserve, and reconstruct e-transactions in a secure and auditable way. Because blockchain records are chronologically unchangeable, records are arranged sequentially. This data openness speeds up audit procedures.

Applications of Blockchain Technology

The top 10 applications of blockchain technology are listed below:

1. Healthcare

Blockchain in healthcare is looking promising, despite its early usage. Early blockchain systems have shown promise in lowering healthcare costs, improving information access among stakeholders, and streamlining corporate procedures.

An improved ecosystem for collecting and exchanging private information can be just what medical healthcare experts want to ensure that an already overpriced sector reduces outrageous expenses.

A blockchain network is utilized to store and share patient data amongst hospitals, pharmacies, diagnostic laboratories, physicians, and nurses in the healthcare industry. Healthcare blockchain applications can reliably detect serious errors and increase the performance, privacy, and transparency of medical exchange data in the health industry.

2. Retail and eCommerce

The Ethereum virtual machine offers a platform for eCommerce firms to administer their blockchains, which is the most often utilized blockchain technology in e-commerce. Customers can use the cryptocurrency Bitcoin to purchase on websites and applications that take Bitcoin as payment.

As blockchain-based online transactions are safer, adopting blockchain applications benefits brands and customers. It also provides the added benefits of lowering expenses, simplifying business operations, speeding up transactions, and enhancing the consumer experience.

Because of blockchain data integrity, retail blockchain tech applications ensure producers cannot replace a cheaper product for your order when you buy products and merchants cannot try to sell you a different, more costly product. This also means you cannot exchange a fake product for a real one. 

3. Asset Management

Blockchain is becoming important in the financial domain, and it is the same in asset management. Asset management refers to the managing and trading of various assets that a person possesses, such as real estate, fixed income, commodities, stock, mutual funds, and other alternative investments. Normal asset management trade methods can be costly, especially if the trading includes numerous nations and cross-border payments. In such cases, blockchain can be helpful because it eliminates the need for middlemen such as custodians, brokers, settlement managers, and more. Blockchain asset management technology offers a transparent technique that annihilates the risk of inaccuracy.

4. Online Identity Verification

Online financial transactions can only be completed with online verification and identity. This is valid for all service providers in the financial and banking business. However, blockchain has the potential to centralize the online identity verification process, allowing individuals to validate their authenticity once and exchange it with any service provider they want. Users can also pick identity verification techniques such as user authentication, face recognition, and more.

5. Heavy Industry and Manufacturing Sector

The importance of blockchain is growing as manufacturers across the world become more interconnected. The sector is comprised of a vast network of equipment, components, goods, and value chain partners, such as machinery providers and shipping firms. Manufacturers and heavy industry can share data issues safely both within and externally more than ever.

Manufacturers can pick the best technological solution based on extensive data that explains the constraints and possibilities they face.

Blockchain technology in the manufacturing sector can increase transparency and confidence throughout the industrial value chain, from raw material sourcing to completed product ready-for-supply networks.

Moreover, manufacturing applications of blockchain can eliminate counterfeit production, build high-complexity goods, manage identities, monitor assets, ensure quality, and adhere to regulations.

6. Non-fungible Tokens

NTFs are a mechanism to own the rights to digital art. Because the blockchain forbids data from existing in two sites, putting an NFT on the blockchain ensures that only one copy of a digital piece of art exists. This can make it similar to investing in tangible art but without the difficulties of keeping and maintaining it.

NFTs can be used for several purposes, but at their core, they are a means for transferring control of anything that can be expressed. That can be the registration of a house, the distribution rights to a film, or an event ticket. 

7. Media

Media Blockchain applications enable the media industry to prevent a digital asset, such as an mp3 song, from being duplicated in different locations. Through a visible ledger system, it can be distributed and disseminated while retaining ownership, making piracy almost impossible.

Furthermore, media blockchain systems retain data integrity, allowing marketers to reach the right customer segments and musicians to receive appropriate royalties for their original compositions.

8. Internet of Things

The Internet of Things creates an ideal setting for emerging IoT blockchain applications. Millions of IoT apps are exposed to security and hacking attacks.

With more IoT gadgets on the market, hackers have more opportunities to grab your details or make you prey to fraud or scams involving everything from smart home equipment to internet passwords.

IoT Blockchain technology applications will increase security by safeguarding data breaches by using blockchain transparency and digital infallibility.

9. Voting and Government

Government blockchain technology applications have the potential to increase local political involvement, boost administrative efficiency and accountability, and alleviate significant financial burdens. Government Blockchain applications have the potential to save millions of hours of administration each year by holding public authorities responsible via digital ledgers that provide complete transparency and produce public records.

Voting and government applications have the potential to transform election procedures. Blockchain technology-based voting can boost civic participation and minimiseminimize voter apathy by offering a level of privacy and incorruptibility that permits polling on mobile devices.

10. Anti-money Laundering

Blockchain, anti-money laundering apps, have intrinsic properties to prevent money laundering. Blockchain transaction delivers an irrevocable chain of records. As a result, it is manageable for authorities to outline the root of the funds.

A ledger can monitor, authenticate, and record the whole record of each transaction. The transaction is automatically rejected if all transaction steps are left unverified, including the departure wallet, destination wallet, currency type, and amount.

Blockchain anti-money laundering technology allows risk computation and reporting tools for funds laundering. It enables system-wide evaluation rather than merely analyzing points of exit and entry.

Conclusion

Blockchain technology embraces much more than bitcoins and cryptocurrencies. With the potential to protect the democratic process, speed up audit procedures, make monetary transactions more secure, eliminate the risk of inaccuracy and modernize supply chain management, blockchain technology can revolutionize society in the coming years.

Learning blockchain can help you advance in your career. Knowledgehut’s best blockchain courses will teach you the fundamentals of blockchain technology and prepare you to create your blockchain technology apps. These courses are fully immersive and instructor-led with hands-on demonstrations. Enroll today in the best Blockchain course and become a qualified Blockchain expert with Knowledgehut.

The Decentraland platform with MANA native tokens is a virtual world based on the Ethereum blockchain where users can buy and sell or develop virtual worlds of this world.

Each non-replaceable token (NFT) actually indicates the user’s ownership of part of the Decentraland. Each section of Decentraland is completely unique and the owner can choose what content to publish in it. This content can be a simple white scene or a fully interactive game. Users of this platform can purchase their desired goods and services from this virtual world with the ERC20 platform with Mana ciphers.

You can also read: Investing in Litecoin: Is It a Good Idea for Your Portfolio?

Decentraland is a shared virtual world. The world that fiction novelist Neil Stephenson talked about years ago. Decentraland also has a virtual economy where users can manage large financial transactions and earn money by producing and delivering content or apps. This world is very similar to the Second Life virtual game, except that it is not controlled by a centralized organization or company.

What is Decentraland (MANA)?

As the digital currency market continues to expand, new projects are emerging. Although many of them have already disappeared, only the most successful and advanced are active. Decentraland was created in August 2017 after an initial coin offering (ICO). The ICO was so successful that MANA tokens sold out in just a few seconds.

According to the project description, the MANA digital currency will allow users to buy land in the virtual reality economy.

The team behind the project began work on Decentraland in 2015, in which they provided conceptual proof of digital property ownership to users on a China blockchain network. Technology leader Esteban Ordano is the founder of Smart Contract Solutions. Project leader Ari Meilich was a market research analyst at CRV.

Through an Atrium Smart Contract (ETH), LAND ownership over the Chinese block is maintained. This makes Decentraland one of the largest Atrium Network-based projects in terms of volume.

Today, this network continues to expand with different developments at different levels. This includes creating avatars, improved mapping tools, land auctions, and more.

Decentraland has already signed many partnerships with other projects including Aragon, area0x as well as imToken. Some of the network’s consultants include Luis Quend, Aragon project manager, Jake Brockman, co-founder of CoinFund, and Xiolai Li, founder of INBlockchain.

MANA is a virtual currency that powers the entire Decentraland ecosystem from auction to transfer. The MANA digital currency is one of the top 45 ERC-20 tokens and is among the top 120 CoinMarketCap tokens. In various cases, it has been traded among the top 80 valuable tokens.

History of Decentraland

Decentraland started out as a Proof of Concept to offer digital real estate ownership to users of a Chinese blockchain. This digital asset was initially implemented as a pixel in an infinite 2D network, each pixel containing metadata identifying the owner and describing its color. This stage was called the “Stone Age of the Decentralized”.

 In late 2016, the network team developed the Bronze Age, a 3D virtual world divided into a series of plots. The owner of each package of these snippets could create a reference hash for them using a modified bitcoin blockchain and refer to a file. Through this reference hash, users browsing this virtual world could use BitTorrent and a Distributed Hash Table to download the file containing the package, which in fact it represented the models and context of the relevant area in the game.

The next version of Decentraland is the Iron Age, which will create a social experience alongside economies of current levels of land ownership and content distribution. In the Iron Age, developers could build and distribute apps in the Decentraland and make money by selling to other users. Iron Age will implement a peer-to-peer relationship and a scripting system that brings interactive content to a faster cryptocurrency payment system for global transactions.

You may be a little confused about how this virtual world works. But don’t worry, this was just a history of how Decentraland evolved, and we’ll learn more about how it works later.

How does Decentraland work?

The Decentraland app is built to track real estate packages defined by LAND tokens. The software uses the Ethereum blockchain to track digital currency ownership and asks users to keep their MANA password in their Ethereum wallet to engage with their ecosystem; In addition, developers can innovate in the Decentraland platform by designing animations and experiencing interactions in their virtual real estate.

Architecture

Decentraland has many layered components built using Ethereum smart contracts. Maintains an office consensus layer that tracks land ownership. Each packet of LANDs has unique coordinates in the virtual world, including an owner and a reference to a description file that represents the contents of the packet. The content layer controls what happens in each package and includes the various files that are required to provide them:

• Content Files – Refer to all still audio and video images
• Script files – Define the placement and behavior of referenced content
• Interactive files – Peer-to-peer interactions such as voice chat and messaging

Marketer and manufacturer

Outside the game environment, the Decentraland Market team can access scene creation with a drag and drop editor. This market allows participants to manage and trade LAND tokens at the MANA price. Owners can use the marketplace to trade or transfer packages and other in-game items such as unique emails.

It is important to note that all transactions are made between Ethereum wallets; it is therefore verified by the Ethereum network and entered into its blockchain. Decentraland build tools allow owners to experience a unique experience in their LAND packages. Interactive scenes are designed through its editing tools, where developers can access libraries for customization and payment execution.

What is a MANA token?

Mana Token is a digital token based on the ERC20 blockchain. With this token, you can buy virtual goods and services or NFT tokens in the world of Decentraland. Mana digital currency can be bought and sold in reputable digital currency exchanges around the world. There are a total of 2.8 billion mana, 600 million of which were burned during the Land auction in Central Australia.

In fact, Mana is the way the Decentraland world communicates with the real world. The token can be traded in Decentraland and then transferred to a digital currency exchange and converted mana into cash (Fiat). This is the closest way to connect the Metaverse world with the real world.

What are the uses of Decentraland?

Decentraland seems to be an interesting concept; yet why do they need Mana cryptocurrency? They have actually talked about some of their uses in White Paper, and here are a few:

Programs

Decentraland programmers can develop their own applications in text. This can include in-game games, gambling, and 3D scenes.

Advertising

Have you ever seen the iconic billboards in Times Square? Decentraland does the same thing but in digital form. Companies can pay users to advertise on billboards in the virtual world. They can use these ads to raise brand awareness or even create experiences where Decentraland users can interact with the brand’s products on the operating system.

Digital assets

Gamers love to collect rare items; Take World Of Warcraft, for example. Accounts with rare items can often fetch hundreds or even thousands of dollars. Decentraland developers can generate their own rarities rather than in-game trading and aggregation, creating more value and freshness for the operating system.

In conclusion

Decentraland is a unique project in the field of blockchain virtual reality platforms. It is completely free to explore, so you can easily enter this world. The Decentraland development team has grown it from a small project to something it has become after 5 years.

Litecoin is one of the oldest coins in the cryptocurrency market. This coin was launched by Charlie Lee in October 2011. Lee was a former Google employee who designed Litecoin to complete Bitcoin and solve some problems such as transaction time, costs, and centralized mining pools. Charlie Lee made changes to the Bitcoin codes and protocols to make it more suitable for everyday use and to make it more widely accepted.

You can also read: How to use Coinmama? (The complete guide)

What is Litecoin (LTC)?

Litecoin is a peer-to-peer cryptocurrency that aims to enable immediate and near-free payments that can be made among people or institutions around the globe. Perhaps the most important reason for recognizing this coin is the use of mathematical code similar to Bitcoin. However, the supply of this digital currency and also its processing pace is four times that of Bitcoin.

Cryptocurrency is an online digital currency that merely acts as a means of direct financial exchange without the intervention of banks or other third parties. Most cryptocurrencies, including Litecoin, are decentralized.

This mechanism contradicts what we are usually used to, a central bank-dependent currency system. Such currencies are generally controlled by the government of the country or group of countries that issue that fiat currency (such as the US Dollar or Euro).

The purpose of cryptocurrencies creation is to decentralize the banking system. Many people who have tried to send or receive money through financial institutions or to and from other countries have probably run into problems.

Honestly, it is not easy to understand how money is sent between banks, its costs and why transactions take so long. These problems become more apparent in the digital age for tech enthusiasts as well as organizations that transact large amounts of money.

Charlie Lee’s goal in designing Litecoin was to complement bitcoin, not to compete with it or replace it with another cryptocurrency. This is why Litecoin is sometimes called the “little brother of Bitcoin”. According to Lee, he wanted to create a “silver” version of Bitcoin for “gold”.

Since Litecoin (LTC) can create a new block in 2.5 minutes (unlike Bitcoin: 10 minutes), its transaction time is also faster; Therefore, this digital currency is often considered a “lighter” and faster version of bitcoin.

What are the main features of Litecoin?

The main considerable features of Litecoin (LTC) are:

Blockchain

Litecoin works perfectly while handling a large volume of transactions. The reason for this capability is that Litecoin has incorporated features such as the Frequent block generations, Segregated witnesses, and Lightening. These traits enable it to support large volume transactions without any future need to make any adjustments to this software.

Mining

Scrypt is the algorithm that is used in Litecoin (LTC). It is responsible for determining the mining process of the Litecoin tokens. Litecoin’s major function is to authorize utmost degrees of the parallel processing ways that are more accessible to the novel miners than the traditional algorithm. While utilizing the Scrypt algorithm the users are assured of mining the Litecoin without worrying about using the AISIC-based hardware for mining. The AISIC-based hardware comes close with the SHA-256 algorithm. With the help of such a technology, Litecoin will be able to process four times what Bitcoins can supply annually.

Industrial Integration

Litecoin was developed as a hard fork for Bitcoin. This makes it a result of two similar cryptocurrencies. This coin is well integrated into the world of digital currencies receiving a lot of support from its loyal and passionate community of clients. These clients include the ATMS, Online exchange platforms, both the merchants who are found online and offline, developers, and web casinos.

How does Litecoin (LTC) work?

To understand this, it is best to first get acquainted with the technology involved in blockchain. In a blockchain, information is encoded and stored in a block, and each block is interconnected to form a chain. This chain of information acts as the general ledger of Litecoin transactions.

Blockchain is an open distributed office that, as quoted by Harvard Business Magazine, “can record transactions between the two parties effectively and in a verifiable and permanent manner.” The general ledger can also be programmed to perform transactions automatically.

The information used in the blockchain system is kept secure using encryption techniques. Transactions performed using blockchain technology are generally thought to be unknown. Yet, are actually registered under a pseudonym since each user has a public address, and if someone bothers, they can track a specific transaction to the IP address.

Litecoin, like many other digital currencies, is mined by users in exchange for rewards. Miners validate transactions by solving complex mathematical equations and creating new blocks. Miners receive a reward for extracting 25 new Litecoins per block, and this bonus is halved every four years (after extracting every 840,000 blocks).

The maximum supply of Litecoin (LTC) is 84 million units, which is four times more than Bitcoin. Like Bitcoin, Litecoin (LTC) was designed in such a way that most of the possible coins were mined in the first two decades of operation.

The constant number of coins that can be extracted also means that inflation, unlike currencies such as the dollar, pound, or euro, will not affect the overall value of the digital currency.

Forex traders who feel that the value of a fiat currency may depreciate can buy Litecoin and sell it at a profit in the future and convert it into a base currency. External influences (such as governments) may devalue the fiat currency through inflation and money laundering, but Litecoin is safe from such manipulation, making it more sustainable in the long run.

In conclusion

Litecoin (LTC) has a lot of potential for growth, potential applications, and widespread acceptance. It remains to be seen which companies will start accepting it to purchase their products and services. Along with this, the future of Litecoin and other digital currencies is not entirely clear to anyone.