There is a new cryptocurrency introduced every month or so, some gain traction, some become a laughing stock.
Earlier this year (2021) there were some new releases such as SafeMoon, Internet Computer and Dubai Coin.
It’s also noticed that meme coins became more popular due to doge memes this year.
In the last month of 2021, plenty of new coins and tokens were released such as Son of Doge, Cryptogram and Monster Adventure token.
By the end of December this year or the beginning of the year 2022 Facebook backed digital currency, Diem will be coming to the market.
Not sure whether Amazon will be releasing its cryptocurrency or will just go with bitcoins but with so many cryptocurrencies floating around us, do we know any other applications of blockchains yet?
Interest in blockchain platforms started with the Bitcoin frenzy and it has been growing significantly as a way to streamline supply chains, improve traceability, simplify trade and improve financial transactions.
Keeping things decentralized as its mandate the Blockchain is a network of nodes or computers that share a database that stores information digitally.
Blockchains generate trust without the need for a third party guarantee for the fidelity and security of a record of data.
In a Blockchain, information is stored in blocks which has a capacity and that is then linked together via cryptography. Each block in the chain is given an exact timestamp when it is added to the chain.
Once the block is filled with data, it is chained onto the previous block and a fresh block is opened.
A new transaction is entered.
The transaction is then transmitted to a network of peer-to-peer computers scattered across the world.
This network of computers then solves equations t confirm the validity of the transaction.
Once confirmed to be legitimate transactions they are clustered together into blocks.
These blocks are then chained together creating a long history of all transactions that are permanent.
The transaction is complete.
Apart from Cryptocurrency, the blockchains can be used for smart Contracts as well. These contracts are predominantly run on the Ethereum platform.
It’s a collection of code and data that resides at a specific address on the Ethereum blockchain and when the contract is complete it proceed as initially programmed.
Example: If two people bet on an MMA game and one person has a change of heart after losing, as in a standard contract the transaction is processed upon completion there is a chance one party may not hold up their end.
However, in a smart contract, the contract and final transaction both are locked in a block and upon completion verification, it’s processed thus building a trusted and innovative financial network that empowers people and businesses around the world.
A smart contract is an Ethereum account with a balance that can be used for a contract that is not controlled by a user, instead is deployed to the network and run a programmed.
User accounts can go on to interact with a smart contract by submitting transactions that execute a function defined on the smart contract. Smart contracts cannot be deleted by default, and interactions with them are irreversible.
Anyone can write a smart contract and deploy it to the network. You just need to learn how to code in a smart contract language and have enough ETH to deploy your contract.
Taking to account the fidelity and security it’s ok to know that there is a higher chance people will start using these smart contracts more and more in the near future.
Before you are going to invest in a new coin, we advise you to do thorough due diligence before making any decision unless you want to risk it at all. Why not start with a smart contract?
Did you know about the squid game token which was released last November dropped 99.99% after gaining immediate traction? Let us know about our social handles.