Blockchain

Smart contracts were introduced in 2015 with the introduction of the Ethereum network. Their role was to digitize and tokenize financial and non-financial services like payments, trading, etc. Signing contracts is highly simplified through smart contracts, only following the blockchain.  Primarily, smart contracts are not bound by a particular jurisdiction; therefore, they can operate on a global level.    However, one problem with making smart contracts is that they cannot access off-chain data. Instead, hybrid contracts can work with data already…

The database technology behind cryptocurrencies has sparked interest in different industries globally, including government entities. The technology mimics an enormous ledger responsible for indexing and recording completed cryptocurrency transactions. However, the most intriguing bit about blockchain technology is not just its nature as a distributed ledger technology (DLT). It is the level of security that comes with the distribution of information across the network of nodes. The nodes are the most critical components of the entire blockchain infrastructure, creating the…

The sim card, that small plastic chip tailored to fit into the phone's sim card reader, plays the role of notifying one's cellular device on which cellular network to connect to. It also informs the network provider of the phone number a user will use. Due to the nature of mobile cellular devices, they are usually prone to be lost. This necessitates switching all these details to a new subscriber identity module (sim) card, increasing ties between one's phone number…

Blockchain technology continues to disrupt human life in significant ways. Its influences are evident in applications and solutions that it keeps on spawning. One of these is the non-fungible token (NFT), an exciting solution with many uses in our lives.  But what are they? What qualities define them, and what are some of their use cases? So join me as we unbox NFTs, a concept with the cryptoverse buzzing. First off, though, let us understand what a token is. Value…

It has become challenging for us to tell whether things are real or not in today's world. It can be a primary bank transaction or a vote in an election; the only way to validate these actions is by keeping a record. Society today validates these records through centralized authorities; this can be either a bank, government authority, or an individual with the power to confirm the information. This puts a lot of power in these centralized authorities' hands and…

The world is increasingly switching to cryptocurrencies as a means of trade. For those familiar with cryptocurrencies, terms like decentralized currency or blockchain protocols are more common.  Protocols, as used in computers, are the rules governing data exchange between devices. This article shall expound more on the protocol terminology used in blockchain and, thus, cryptocurrencies. Definition of Blockchain Protocols First, a Blockchain is a decentralized public ledger system that stores information about a transaction, its participants, and the specific data…

Transactions are a big part of how cryptocurrencies work. Almost anything that can be done on a blockchain is done through transactions, whether it's sending cryptos, running Dapps, using Oracles, or even accessing DeFi services; they're all done through transactions. Much like traditional financial transactions, blockchain transactions involve the exchange of value, services, and commodities. But unlike traditional financial transactions, blockchain transactions do not require intermediaries and their fees and delays. To understand how bitcoin transactions work, you need to…

To ensure thorough comprehension, here are some cryptocurrency terminologies and what they mean as used in this guide: Node (blockchain node): Computers connected to the network that store a full copy of the ledger and process transactions, i.e., miners Wallet: a software or hardware + software container for keeping, sending, and receiving cryptocurrency. Protocol: a set of rules that govern how nodes or computers in a system communicate with one another. Ledger: Decentralized database or record of transactions. Used interchangeably…

Blockchain, as we all know, is a chain of blocks but not in a literal sense; when we talk of "Block" and "Chain," it is all about digital information that is the "block" stored in a digital database, the "chain." Blocks store information concerning transactions like time, date, and dollar amounts of the most recent purchase.  Cryptocurrencies are a form of micro or virtual currency running on a technology known as blockchain technology. You can owe this innovation coming into…