The blockchain trilemma is defined as the idea that it is difficult for a blockchain to be decentralized, scalable, and secure simultaneously. Blockchains can only process a certain number of transactions at a time, meaning if blockchain technology were to be adopted globally, it would result in slow transaction times, and high transaction fees. Increasing […]
Category: Blockchain Basics
What are Decentralized Applications?
Decentralized applications, or DApps, are applications that run on top of a blockchain network. DApps use smart contracts that act as a set of rules enforced by code on a decentralized network, not a centralized system like a regular app would. This makes DApps transparent, decentralized and less vulnerable to fraudulent actions. Decentralized apps use […]
Bear vs. Bull Market
Understanding market trends can help users to make the most informed investment decisions possible. The direction that the overall market is heading is called a market trend. In the crypto space, we hear a lot about bear and bull market trends. Bear Market A bear market is a period of declining prices in a financial […]
Understanding Crypto Wallets
Crypto wallets fall under three main categories; software, hardware, and paper wallets. Depending on their mechanism, a wallet can be “hot” if it connects to the internet or “cold” if it does not. Let’s take a deeper dive into each kind of crypto wallet. Software Wallets Web wallets access the blockchain through a browser or […]
What are Oracles?
Blockchain oracles are a third-party service that allow smart contracts on the blockchain to access external data. Smart contracts do not have external connectivity by default, so oracles serve as a bridge from off-chain to on-chain data. Without blockchain oracles, smart contracts would have extremely limited use because they would only be able to access […]
Tokens: What they are and how they’re used
You may have heard cryptocurrencies referred to as a coin or token. While these terms are often used interchangeably, they shouldn’t be. The distinction between coins and tokens depends on various factors, such as the way the asset is used. Coins are often defined as “native” to the given blockchain environment, meaning they are part […]
What is a private blockchain?
Depending on an organization’s needs, a public blockchain may not be the right solution for them. If authority and speed are top priorities, a private blockchain may be the better route. Private blockchains have rules and regulations on who can see and write on the chain, and nodes are typically invite-only. It operates as a […]
What is a public blockchain?
What do you think of when you think of a blockchain? Unfortunately, many people struggle to grasp what a blockchain is because blockchain is a relatively intangible concept. It is equivalent to asking someone what they think of the internet in the 80s. Without tangible applications, blockchain can be challenging to conceptualize. One nuance to […]
The History of Digital Currencies
WHAT PREFACED CRYPTOCURRENCY AND THE APPLICATION OF BLOCKCHAIN TECHNOLOGY Before 1977, computers were nearly off-limits to all except companies or those with wealth. Then, a great innovation happened and the first personal computer came along. By the mid-1980s, the world entered the computer age where computers became mainstream. A certain momentum rose within the computer […]
Cardano and Proof of Stake
A consensus mechanism is a technique for ensuring the security of a distributed database and verifying entries. Proof-of-Stake (PoS) is one of the most popular consensus algorithms used by blockchain and cryptocurrency projects to secure their networks. Proof-of-Stake differs from Proof-of-Work in several ways, allowing for faster speeds and more efficient energy usage by changing […]