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Blockchain Technology

A-Z Guide of Blockchain Gaming-2022

As blockchain-based gaming have gained popularity, the gaming industry has been turned on its head by turning users become the primary financial decision-makers rather than developers.

The trend of play-to-earn (P2E) cryptocurrency gaming shouldn’t be ignored. But it’s important to grasp how everything functions before we go into the specifics.

More people are playing games than ever before. Currently valued at $173 billion, the gaming sector is expected to cross the $300 billion milestone in the following five years, according to extremely promising statistics. This boom is the result of a recent spike of new players, particularly on mobile platforms, which has improved the accessibility and usability of gaming for the estimated 2.6 billion gamers globally.

However, for many people, having fun online is no longer their main motivation. Time is money, as the adage goes, and players have no doubt noticed that they are investing a lot of time in virtual experiences with little reward. They have therefore begun to explore for ways to make money from their passion. Up until recently, there haven’t even been many options for casual players to profit from their gaming efforts outside of the arena of eSports.

What is Blockchain Gaming ?

Blockchain Gaming

Blockchain is a type of ledger technology that acts as a method for recording and storing information and cannot be compromised, tampered with, or changed in any other way. In theory, anyone can view a network’s transaction history. A world of possibilities spanning virtual economies are made possible by the blockchain, which drives cryptocurrencies like Bitcoin and Ethereum. Game makers have undoubtedly recognised this potential.

Marketplaces are typically present in most games, allowing players to buy and sell commodities like avatars, loot boxes, and weapons. However, even if they pay real money for it, they might not actually own any of it. This is due to the fact that game producers have had complete control over game dynamics, from the plot to the game assets amassed by players, for the majority of the history of video games. Players don’t actually own their accounts or the things in them because everything is owned by one company. Other drawbacks of this model include its lack of transparency and vulnerability to manipulation of game mechanisms.

Using blockchain, gaming firms no longer have complete control over the entire gaming experience, introducing for the first time decentralised and fair virtual markets where players have a meaningful say.Blockchain technology offers uses in the gaming sector that go beyond supporting virtual economies.

Key Features of Blockchain-Based Gaming

1.Blockchain-based games provide users full control and genuine ownership over their virtual possessions. Assets are typically represented by recognisable non-fungible tokens (NFTs).

2.Players can trade in-game items across several game markets that are housed on the blockchain by connecting in-game assets to blockchain tokens.

3.Building open, distributed, and transparent ecosystems is made possible by blockchain technology. Players, not gaming companies, determine the game’s dynamics, and they have the option to accept or reject changes. Additionally, this prevents experience-ruining cheats.

4.The decision to end a game is entirely up to its authors, regardless of whether it is housed on a single server. With blockchain, players can continue playing a game even if the developers are no longer working on it, and games can generate new plots and assets on their own.

By enabling users to buy, sell, and manufacture various virtual kittens in the form of NFTs, or non-fungible tokens, which transform each virtual kitten into a distinct, valuable digital asset, the game CryptoKitties became the primary force behind this revolution in 2017. The value of a kitten increases with rarity; the most expensive Cryptokitten sold for $172,000, for example.

Can you make money playing games on the blockchain ?

As previously indicated, blockchain games are distinct due to two features: the incorporation of cryptocurrencies, which are utilised for in-platform payments, and the use of NFTs. NFTs are a significant improvement since they allow users to own unique assets that may be traded with other players inside the same game or moved between platforms. As in real-world economies, blockchain games also feature marketplaces where you may make money.

Only the most devoted gamers can get tangible rewards for their work; while those with artistic tendencies can make and sell collectible items. The possibilities are endless, and game designers are just getting started.

In addition, some people have only invested in the gaming sector, while others have made it their full-time profession.

How do I begin playing Blockchain Games?

So, if you’re persuaded after reading this far, be ready to roll up your sleeves and start this. In order to get started, you will need a computer or mobile device. Simple enough, yes? The next step is to choose a site for cryptocurrency exchange so that you may turn your cash into, well, cryptocurrency. There are several exchanges available, but it’s crucial to pick the one that best suits your requirements. Additionally, as the Ethereum blockchain is the foundation for most cryptocurrency gaming, you might want to think about buying Ether. Now that you have some ether, what are you going to do with it? The same as what you would do with actual money: locate a secure location to keep it.You’ll need to open a digital wallet at this point, and there are many solutions available. The only thing left to do now is choose a game to play. You’re now ready to go.

2022’s Best Blockchain Games

Blockchain gaming is still very much a niche market when compared to the conventional gaming sector. But that doesn’t mean that it should be laughed aside. There are currently hundreds of crypto games, which although still a small portion of the overall market, are slowly gaining millions of players (and a whole lot of money).

So let’s take a short look at the key figures in the cryptocurrency gaming industry:

Axie Infinity

Gaming

NFTs have risen to amazing heights thanks to Axie Infinity, the undisputed monarch of all crypto games. There are Axies (or digital creatures) in this game, which some people have equated to a Pokemon experience. Each Axie is an NFT. There are axes for sale, trading, and breeding. They can also be used by players to compete against other players or teams in seasonal competitions. Rare Axies can be pricey; one recent sale of virtual real estate brought around $1.5 million. What sets Axie Infinity apart from other gaming platforms is the robust virtual economy that Smooth Love Potion (SLP) and Axie Infinity Shard (AXS) can boast, which recently saw increases of up to 5,700%.Additionally, in contrast to other well-known players, Axie encourages players to cash out.

 AXS can be traded for money or ether. In many countries, including the Philippines, where players have converted the game into a full-time career from just a side gig, it has become incredibly popular.

Blankos Block Party

BBP

Of course, Mythical Games was well-known before launching Blankos in the cryptocurrency game industry. With a focus on unique designs, this game lets you make your own vibrant figures in the form of digital vinyl toys. Additionally, it enables users to create and explore virtual worlds where they can participate in quests, create their own “Blankos,” and play cooperative games (“Block Parties”). Investors have been particularly interested in limited edition Blankos due to the popularity of collaborations with artists like Deadmau5 and Burberry.

Upland

Upland Gaming

Users can purchase, sell, and trade virtual land that is mapped to the real world in this blockchain-based game. Real estate developers can create homes and make UPX currencies. San Francisco and New York have been mapped as part of the initiative, and you may purchase virtual houses for sale that are connected to actual addresses in these cities. A more recent addition to the game is the Property-to-USD pilot programme, which enables players to sell real estate for cash.

Mobox

This free-to-play option utilises the Binance Smart Chain and mixes gaming and decentralised finance (DeFi). According to the Mobox developers, this strategy will enable players and investors to access games from several blockchains on a single platform, bringing gaming and GameFi closer together. The primary objective of the game is to give users the freedom to take part in NFT games while earning money while doing so. To control the growth and distribution of resources within the MOBOX ecosystem, MBOX tokens are utilised for transaction processing, staking, and governance. Three games are now playable on the platform, and two more are anticipated to be released soon.

Lightnite

Lightnite has been described as a Fortnite-style battle royale game and was created by the same team behind the Bitcoin arcade game portal Satoshi’s Games. The microtransactions in this multiplayer online game are totally powered by the Lightning Network, and players are rewarded with Bitcoin for shooting other players. The likelihood of winning more Bitcoin increases for players who are skilled at the game and kill more opponents. Players who get shot, on the other hand, are punished and forfeit Bitcoins. Lightnite’s. Through the Elixir Marketplace platform, an NFT marketplace, all in-game assets may be tokenized and traded.

CryptoKitties

Cryptokitties Gaming

CryptoKitties may have been one of the first games to highlight the possibilities of blockchain gaming and the one that created the crypto-collectibles sector, but it is still incredibly well-liked today. Users can purchase, breed, and exchange beautiful, cartoon-like cats of varied rarities. You own the cats and have full reign to sell them, just like in other blockchain games. CryptoKitties is a really straightforward but compelling game. However, purchasing and breeding new kittens comes at a relatively hefty cost in ether, which may be very taxing on your finances.

Sandbox

Players can own land, create, play, and take part in virtual experiences in this virtual environment, or metaverse. For artists or tiny developers who are uncomfortable using other gaming engines, having a sandbox plot of virtual land allows you to earn money from the experiences you create within the metaverse. The SAND token can be used to buy and sell any Sandbox feature, and as a result, users help to constantly extend this metaverse. Players have more options than just exchanging virtual real estate; they may also exchange NFTs, which can be used to alter the appearance of their avatars.

Why You Should play crypto games?

Players’ desire to profit from their skills in gaming and the time they spend in front of screens is nothing new. The doors are wide open for blockchain gaming. You can not only profit from transparent and equitable virtual economy, but you can also claim actual ownership of game assets, participate in a community-driven ecosystem (DAO), and have your say on choices affecting the game. None of this was feasible in the centralised, traditional gaming industry, and as more crypto games appear, the incentive for users to participate in more transparent and equitable virtual experiences increases.

Also Read,

  1. BLOCKCHAIN-Definition, Applications, Working and Future
  2. How To Become Blockchain Developer  ?-2022
  3. Blockchain-Based Voting System : 2022
  4. Role of Blockchain in Global Healthcare System-2022
  5. Artificial Intelligence : A Detailed Study-2022
Categories
Blockchain Technology

All You Need to Know about NFTs-2022

The musician Grimes recently sold several cartoons she and her brother Mac created on the Nifty Gateway website. All were purchased in about 20 minutes, with total sales exceeding US$6 million. Some were one-of-a-kind pieces, while others were limited editions of only a few hundred.

Despite the high cost, anyone can view the movies, which feature a cherub flying over Mars, Earth, and fantastical landscapes, or (with a simple right-click) save a copy of them. The enthusiastic buyers were given a particular form of tradable certificate called a “non-fungible token,” or NFT, rather than a copy of the files itself. In reality, though, what they were paying for was the chance to sell that aura of authenticity to someone else in the future and an air of authenticity.

NFTs enable new kinds of digital goods and are a cultural response to the technical scarcity that is occurring on the internet. High art, rock music, and even new mass markets for virtual NBA trading cards are all being penetrated by them. Additionally, they are making a few people wealthy in the process.

 How does NFTs Work

NFTs

NFTs are the Digital Certificates that are used to authenticate ownership claims and permit the transfer or sale of assets. Similar to the blockchain technology that powers Bitcoin and other cryptocurrencies, the certificates are protected.

A decentralised alternative to a centralised database is a blockchain. Blockchains often hold data across a peer-to-peer network in encrypted form, making them incredibly challenging to hack into or tamper with. They are consequently advantageous for maintaining significant records.

Cryptocurrencies allow fungible trade, which means that anyone can create Bitcoins that can be exchanged for other Bitcoins. This is the primary distinction between NFTs and cryptocurrencies. NFTs are used as individual chains of ownership to track a particular item and are by definition non-fungible. NFTs are intended to reflect a distinct claim on an item and to uniquely restrict access to it.

Things start to get strange at this point. NFTs are frequently employed to assert “ownership” over digital assets like movies, JPEGs, and other digital files that are otherwise entirely copyable, pasteable, and shareable.

It might be difficult to define what authenticity and ownership actually mean online. Copying, pasting, and remixing have been the driving forces behind internet culture and the internet itself to produce new kinds of real creative work.

Technically speaking, the internet is a mechanism for quickly and publicly transferring a series of ones and zeroes from one computer to another, where they are then accessible. Online content is frequently what economists refer to as “non-rivalrous goods,” which implies that one person viewing, sharing, or remixing a file has no effect on other people’s ability to do the same.

Constant sharing generates an almost endless supply of content that may be seen, shared, copied, or remixed into new works, fostering the economies of abundance that underpin internet culture.

The foundation of TikTok is the reinvention of typical aural loops with accompanying, seemingly infinite, but distinctive visual rituals, which are then imitated in seemingly endless variants. Tweets on Twitter only have value to the extent that they are retweeted. Only insofar as Facebook’s algorithm determines that posting them would boost engagement by encouraging additional sharing does fake news exist.

Digital content’s ability to disseminate has been crucial to its survival and sustainability. Information wants to be free was the mantra of the first cyber-libertarians on the internet. In the past, stopping the dissemination of information online involved disabling technological features (like encryption) or legal frameworks (like copyright).

NFTs, on the other hand, combine code and culture to produce a type of control that doesn’t rely on breaking the law or undermining already-existing structures. They produce a particular form of “authenticity” in a society where everything is shareable.

Whats Next ?

William Gibson, a Canadian science-fiction author, famously referred to the internet as a “consensual hallucination” in which billions of people believed that the online world was real over 40 years ago. NFTs take this to the next level by creating a shared delusion that one set of ones and zeroes is superior to another set of identical ones and zeroes.

Online access to Beeple’s animation CROSSROADS is free, however the NFT that independently grants ownership of the work recently changed hands for US$6.6 million. Beeple NFTs operate by restoring a shared delusion of scarcity into an abundant reality. Since the NFT market is already valued hundreds of millions of dollars, there is no shortage of buyers. Sports trading cards, however modest, will never be identical.

Are NFTs different enough to break the internet ?

The true purpose of NFTs is to draw a distinction between common online content producers and users and those who are privileged enough to receive payment for their labour or assert ownership of “genuine” works. NFTs are attempting to regionalize cultural dissemination, whereas the internet decentralised content creation.

The exchange of fungible currency for non-fungible legitimacy is made possible by NFTs. It’s a common practise that happens in a variety of businesses and has a lengthy history in, um, art history.

Nobody can predict how the culture-code of NFTs will alter, but for the time being, it is creating a tonne of new opportunities for the exchange of new currency.

At first glance, it could appear that this gives creatives everywhere a way to get paid for otherwise plagiarised work. However, establishing normative guidelines for online content payment has not been easy up to this point. Consider the middling compensation musicians receive from streaming sites like Spotify.

Because they rely heavily on computer power to encrypt their tokens, NFTs have also come under fire for their wasteful energy usage. The calculations necessary to produce NFTs for each of Grimes’ animations, according to the CryptoArt calculator, would have produced roughly 70 tonnes of CO2 emissions and used enough electricity to boil a kettle 1.5 million times. I’m not sure if the price for future generations was factored into the current market value or any potential increase if tokens are exchanged cryptographically.

Beyond the tonnes of CO2 they emit, the actual value of NFTs lies in the way they foster a new cultural understanding of what constitutes authenticity and who is in charge of maintaining it. On the larger web, NFTs produce new systems of hierarchy, power, and exclusion. They already produced a brand-new variety of the haves and the have-nots.

Criticisms faced by NFTs 

According to Schachter, the traditional art world, which is wary of the disruption, is the source of much of the criticism of NFTs.

Simply comparing it to a currency is the first line of attack, according to Schachter. “‘It’s only money,'” What, then, is worth more money than unseen art kept in a freeport?

Others who disagree claim that viewing art should only be done in person and in museums. However, Schachter noted, “there is already specialised technology to view NFTs at your workstation. It is a standalone gadget that continuously plays your NFTs.

Yet there are many doubters.

According to Anil Dash, a businessman who writes about NFTs, the market is controlled by people who cover their desire to make money with a love of art.

Many of the same folks are buying meme stocks, Dash observed. “They don’t think GameStop will suddenly become really good at selling videogames any more than they think this terrible monkey picture is really economically valuable.”

Future of NFTs

nft

The future of NFTs is uncertain, much like that of any emerging asset class.The transaction and environmental costs that are currently associated with using cryptographic technology will eventually be dealt with by the market. Additionally, we must establish more precise legal frameworks for NFT ownership and clarify how NFTs relate to various types of ownership rights that already exist, notably those relating to intellectual property. 

However, the community-based NFT initiatives that have so far been successful offer a glimpse of potential future advances.

By enabling people to develop and rely on new kinds of ownership, NFTs enable new marketplaces. These initiatives are successful because they make use of a key feature of cryptocurrencies: a token’s value is established by the consent of all of its users. This suggests that the value of NFTs is primarily determined by the community that develops around them. And when people get more involved and incorporate these communities into their personal identities, this value is strengthened.Newer applications will feature increasingly complicated token designs and make better use of online-offline links. But it’s less startling than you may think that people are still making money by selling pictures online.

Also Read ,

  1. Crypto Lending – An Easy Source Of Passive Income-2022
  2. What is “Web 3.0 – The Future of Internet” ?-2022
  3. DALL·E Mini : A Text to Image Converter AI Tool – 2022
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Cryptocurrency Cryptocurrency

Crypto Lending – An Easy Source Of Passive Income-2022

Even with the same income, high inflation causes your bills to increase. With prices soaring, everyone would want to make a few extra cash to help support themselves. So , Crypto Lending could be the idea that can enable you to generate some more passive money with no effort.

There is more interest in the subject as a result of growing blockchain usage and the revival of cryptocurrencies despite numerous corrections. Many cryptocurrency entrepreneurs who require funding to launch fresh, creative ideas are drawn to this curiosity as well. Platforms for crypto lending collect resources from several small and large lenders and lend them to those who require the money. In exchange, lenders receive interest payments from the cryptocurrency they have lent out.

Additionally, individuals hang onto crypto coins and watch for price increases to benefit from them. They can, however, lend cryptocurrency and get interest on it (just like conventional banks). The crypto industry is always changing, and automated payments and escrow smart contracts have made the field much safer for new users.

What Is the Process of Crypto Lending ?

Analysis of Crypto Lending

The mechanism behind cryptocurrency lending is really simple. In actuality, it functions similarly to how conventional banks do. You can start collecting money on your cryptocurrencies after depositing your coins with a crypto lending firm. The institutional borrowers on these platforms typically take out loans against the coins you deposit. Cryptocurrency is lent by platforms like Hodlnaut to thoroughly vetted financial institutions that require financing for their operations.

You often need to register an account with such crypto lending companies and deposit your coins there in order to start earning interest. However, the majority of these crypto lending platforms require you to go through a rigorous KYC process. Holding your coins with the cryptocurrency interest-earning platforms enables you to generate a passive income stream that will allow you to maximise the value of your crypto assets. There it is, then! a quick approach to increase your cryptocurrency income.

The top 5 sites with which you can store your coins to begin generating passive income right away are listed below.

1. BlockFi

Users can deposit money into their web wallet to earn interest on it using BlockFi’s user-friendly interface. The business was established in August 2017 and is situated in New Jersey. It supports a number of other cryptocurrencies, including BTC, DOT, USDT, LTC, ETH, and BAT. The platform offers a tiered structure, with different fees depending on how much is deposited for the cryptocurrency of choice.

Mobile devices running iOS and Android can use the BlockfFi app.

Dot (Polkadot) offers the highest interest rate at 15%. Interest rates for Bitcoin can reach 3.5%. Stablecoins offer interest rates of 8.5% (for BUSD and USDT) and 8.75% (for USDC).

You can always send and receive coins from BlockFi. However, there is only one monthly interest payment. Additionally, there are no withdrawal costs for one withdrawal every month. The Gemini Trust Company, which issues GUSD, guarantees BlockFi’s funds. Check out the BlockFi review to find out more.

2. Celsius Network

If you want to get interest on your crypto assets, you should look into Celsius, another crypto lending site. In addition to supporting Bitcoin Gold, Bitcoin Cash, and other cryptocurrencies, it offers an iOS and Android app. With Celsius, you may earn stablecoins up to 8.8% APY and up to 6.2% APY. You can always add or remove coins, and the interest is paid out monthly.

The market conditions determine how the interest rates alter and fluctuate. You may always visit their website to learn more about the most recent rates. Users of the platform can also receive a greater interest rate by investing in its native CEL token coin.

3. Crypto.com

Popular cryptocurrency credit card and wallet provider Crypto.com also provides crypto financing as a service. With a 14.5% interest rate, it has the highest rate on our list.

Users can earn up to 6% APY on Bitcoin and up to 10% APY on stablecoins with their Earn programme. However, depending on how long you hold the coins and the amount you lock in, the loan rates change. The interest rates will be lower if you decide not to lock the coins on the site.

The best thing to do is to always check their official website for the most recent interest rates. Please be aware that Crypto.com currencies are not available everywhere, and citizens of Switzerland, Malta, or Hong Kong SAR are not eligible to participate in the Earn programme. Read our review of Crypto.com to find out more.

4. YouHodler 

YouHodler is an EU-based business that specialises in both currency loans and lending backed by cryptocurrencies. Both stablecoins like USDC and cryptocurrencies like Bitcoin offer interest rates.

YouHodler offers interest rates of up to 11.28% each week in the form of distributions in stablecoins and cryptocurrency. YouHodler lets you lend your cryptocurrency for up to 4.8% APY on Bitcoin and 12% APY on stablecoins (compounding). There are other 56 assets that can earn interest.

Additionally, YouHodler permits using savings as a form of security for loans. Depending on the value of your crypto assets, you can borrow money whenever you want using the YouHodler exchange. Since its start, the network has rapidly expanded and now supports a large number of cryptocurrencies as well as stablecoins. Read YouHodler’s review to discover more.

5. Hodlnaut

Hodlnaut is a website that offers services for borrowing and lending cryptocurrency. It was founded by two Singaporean Bitcoin maximalists. With Hodlnaut, users may earn up to 7.25% APY on stablecoins and up to 4.08% APY on Bitcoin. Users may sign up for their Hodlnaut Interest Account either the web app or the iOS mobile app, and the platform is quite simple to use.

Six cryptocurrencies are supported by Hodlnaut: BTC, WBTC, ETH, DAI, WBTC, USDC, and USDT. Every Monday, interest payments are made. Users can withdraw their money whenever they want, and there are no minimum deposits or lock-ins required! Additionally, a fixed deposit option exists that offers interest after maturity. There are 28 to 180 days of holding time.

Hodlnaut is a developing platform in the crypto lending industry with an AUM of $500 million at the moment. The platform now has more than 10,000 active users and more than $350 million in assets. A Trustpilot rating of 4.8 (based on 676 reviews) attests to Hodlnaut’s superior customer support. Read our Hodlnaut review for more information.

Demerits Of Crypto Lending

Downfall of crypto lending

1.You may not be able to access your funds as quickly as you would like on some loan services. This lack of liquidity can jeopardise your financial stability, particularly if too much of your capital is invested in loans and so immobile.

2. Most cryptocurrency financing is unregulated. As a result, when a platform is exposed as a sophisticated Ponzi scam, no financial regulations are there to protect your money.

3. Your lender will issue a margin call if the value of your collateral declines. Then, by a particular date, you must deposit further collateral. In the absence of payment, the lender will sell your collateral. You will suffer a loss in this scenario, but you keep the borrowed funds.

4. The high collateral requirements for cryptocurrency lending significantly raise your risk of loan default.

5. Since CeFi and DeFi’s loan services are only available online, hacker organisations frequently target them. Your money is therefore less secure than it would be in a regular bank as a result.

How Secure is Crypto Lending ?

Yes, crypto lending is generally safe because your funds are dispersed via smart contracts. These contracts are transparently auditable and verifiably secure, or at the very least, as secure as the platform that makes them available. Additionally, the strict collateral rules ensure the safety of your money anytime you lend out cryptocurrency.

There are a few exceptions, though, that we should go over. The main issue with crypto financing is that it is generally unregulated. As a result, you’re on your own if a platform-breaking bug or a malicious hacking organisation shuts down a platform through which you lend cryptocurrency. There is no regulator or organisation that can or will assist you in getting your money back. Additionally, some businesses can even lock your funds into their platforms during periods of harsh market conditions to prevent the site from going offline, as was the case with Celsius. These kinds of extreme situations can leave you up a creek without a paddle.

Conclusion

Many users have their tokens and coins dormant in several wallets. By lending them to the aforementioned services, you may put them to work for you rather than keeping them in your wallets and waiting for their value to rise. To protect your crypto funds, choose a platform that provides high interest rates and adheres to all security best practises.

However, you must always conduct adequate research before putting your coins into a crypto loan site. Before investing to increase your cryptocurrency assets by lending them, make sure the platform you choose is accessible in your nation and that you have thoroughly read the terms and conditions.

Also Read ,

  1. Role of Blockchain in Global Healthcare System-2022

2. Blockchain-Based Voting System : 2022

3. How To Become Blockchain Developer  ?-2022

Categories
Blockchain Technology

Blockchain-Based Voting System : 2022

Researchers have proposed Blockchain-Based Voting as a fix which can provide more security and privacy to the voter . While there are several security flaws in the electronic voting devices used in the US, the idea of mobile application-based voting raises questions about voter verification and raises worries about election fraud.

As technology permeates every part of our lives, there is growing interest in using electronic voting in elections because, according to those who support it, it can increase voting security and speed up the voting process.But even while it would appear as simple as modernising the antiquated paper voting procedure, the switch to electronic voting has not been without issues.

The idea is that it becomes far more difficult to tamper with electronic voting by using blockchain, a decentralised distributed ledger technology that records transactions in a way that ensures they can’t be altered without the permission of all participants.

Please Visit BLOCKCHAIN-Definition, Applications, Working and Future to know more about the technology.

With different degrees of success, blockchain was tested in several election systems between 2017 and 2018, and governments and municipal authorities have continued to test the technology over the past year.

Zug, dubbed the “Crypto Valley” of Switzerland, tested a blockchain-based electronic voting system last summer, allowing 220 voters with registered digital IDs to cast their ballots on a platform created by Luxoft and Hochschule Luzern’s Blockchain Lab.

Four out of five Zug locals said they were in favour of using electronic voting in the city after the trial, according to a survey conducted afterward. However, opinions on whether blockchain increases or decreases the security of electronic voting were divided. Only 21% of respondents indicated they thought blockchain technology made electronic voting more secure, and 16% said they were concerned about security.

Many voters also wanted the option to vote by conventional mail as long as e-voting technology is still developing.

Advocates for blockchain voting point out that it helps protect electronic voting from manipulation, hacking, and other outside interference as one of its main advantages. Blockchain-based voting systems have been discovered to have security weaknesses in a number of instances, nevertheless.

A security researcher discovered a serious flaw in the Ethereum-based voting system that was going to be used in the Moscow City Duma election in August. In the worst situation, the flaw might allow users of the system—which was created by the Moscow Department of Information Technology—to see the votes they’ve cast. The department promised to address the vulnerability before the vote after being made aware of the problem.

Election security and computerised voting are top priorities as the 2020 US Presidential election approaches. There have been a few small-scale local trials of blockchain-based voting as the US gears up for Vote 2020, with counties in West Virginia among those evaluating the technology.

Participants in the trial—most of whom were deployed military personnel—used a blockchain smartphone app created by a startup named Voatz.

Users had to provide their phone number and an eight-digit code after downloading the programme from the Google Play Store or Apple’s App Store, as well as validating their identities using photo ID and facial recognition software.

Once the software is operational, users can cast electronic ballots while using fingerprint or facial recognition to confirm their identification. During the midterm elections last year, the Voatz blockchain software was used by about 150 users in 24 counties.

Even though no votes were viewed, edited, or otherwise impacted, it was later discovered that someone had attempted to obtain unauthorised access to the system. Senator Ron Wyden has since written to the Department of Defense to request that the Pentagon evaluate Voatz, expressing worries that the programme doesn’t go far enough to safeguard against outside intervention. Senator Wyden hasn’t contacted Voatz, according to a statement, and the company indicated it would welcome any audit.

However, if the technology underlying blockchain-based voting can be undermined, then raises concerns about the security of a system that proponents believe can stop that specific type of fraud and tampering.

Even if a user takes all the necessary precautions to verify themselves on their device, it won’t matter if the back end has been compromised since, although it’s challenging to change the blockchain, it isn’t completely impossible.

“There is no such thing as absolute immutability; the only variable is how challenging it is to change something. However, with blockchain, it is quite evident when it occurs, which serves as a disincentive” VP and primary analyst at Forrester, Martha Bennett, adds.

The nature of blockchain also raises problems that might not be compatible with the special requirements of elections, which call for the registration of transactional details and the necessity for candidates to know how many votes they have got while maintaining the secrecy of the voting process.

“How can the results of the votes be kept a secret? You want to know who was voted for in order to be transparent, but you also don’t want the voter’s identity to be connected to their vote” affirms Bennett. I have serious doubts about whether this is the best technology.

However, as evidenced by the blockchain-based voting trials, there is still enthusiasm for this application of the technology.

Why Should We adopt Blockchain-Based Voting System

Some people think that the introduction of new technology in this area could be the way to bring democracy into the 21st century, when people expect ease and convenience, to be able to do something at the tap of an app, rather than walking to a community centre to cast a vote. However, there are some issues that need to be resolved before it could go mainstream.

In that it encourages more people to participate in the democratic process, the convenience factor might be advantageous.

Every nation that has tested electronic or blockchain voting for actual elections has seen a significant increase in use. David Galindo, a senior lecturer in computer security at the University of Birmingham and the head cryptographer at blockchain and AI startup Fetch.AI, claims that it is more practical.

“Convenience is so crucial in other aspects of life; consider how we switched from cash-based to contactless payments; convenience is everything.”

There were concerns about security when cashless and contactless payments were originally launched, but when individuals began using products in this way, the financial industry had to work to make it secure.

The same could occur as blockchain-based voting gains popularity since laws regarding systems, apps, and backends are required, which will actively increase system security by default.

“What you see is a byproduct of a nation or region evaluating the use of online voting. They must reevaluate their processes and procedures, which actually adds another level of compliance and thought to the system” Galindo elucidates.

In many nations, voting is still conducted in much the same way as it has for more than 200 years. For instance, in the UK, a paper ballot still needs to have a cross on it. Dr. Galindo believes that needs to be updated, and electronic voting offers the remedy.

Criticism of Blockchain-Based Voting System

Following Utah’s groundbreaking use of blockchain voting in the 2020 presidential election, several security experts have become more critical of the concept.

Going from Bad to Worse: From Internet Voting to Blockchain-Based Voting is the headline of a draught document that a group at the Massachusetts Institute of Technology published earlier this week. The article was published after an MIT study that examined the flaws in the Voatz blockchain-based  voting tool was made public in February.

The authors of the new study acknowledge the worries that voters and officials may have about present election security, but they contend that the technique is not secure enough even if a blockchain-based voting option would result in increased turnout.

The report disproves the notion that adding a blockchain component will increase the security of online voting. The authors acknowledge that the traits of blockchain initially seem to make it a promising solution. There are still too many possible flaws, though.

The article stated that, “In order to prevent a single point of failure, blockchains use consensus algorithms. These methods can withstand a small number of malicious players. These concepts seem like they could be useful for electronic voting, such as employing cryptographic signatures to make vote tampering impossible and hashing and distributed consensus to keep a vote ledger that attackers cannot alter unless they control a significant portion of the network. However, putting these strategies into practise and getting them to function consistently is really difficult.”

Despite the promise of a more secure structure, one of the main drawbacks of blockchain-based voting is that it still necessitates the usage of “possibly vulnerable devices and network infrastructure.” A number of “new challenges” that blockchain creates are also listed in the paper. For instance, the authors note that should new software updates be required to fend off potential attacks, it would take greater time and effort to implement security improvements  in a decentralised blockchain-based system.

Blockchain-Based voting software has a wide range of applications. The future of society depends on its capacity to engage and manage a constituency, not only to generate clear results but also to urge everyone to take part in their communities. The technology is still in its infancy right now, but as it develops, so do the young voters it will eventually assist, and it appears to be an important part of our shared future.

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Blockchain Technology

BLOCKCHAIN-Definition, Applications, Working and Future

 Blockchain is a decentralised, distributed, and open digital ledger that is used to log transactions across numerous computers in a way that prevents changes from being made retrospectively without affecting all blocks behind them and the network’s consensus.

Blockchain is a database in which data is kept in blocks that are connected together in a chain . Due to the inability to delete or amend the chain without network consensus, the data remains chronologically consistent. In order to manage orders, payments, accounts, and other transactions, you can utilise blockchain technology to establish an unchangeable or immutable ledger. The system provides built-in safeguards against unauthorised transaction submissions and ensures that the shared view of these transactions is consistent.

A blockchain is a specific sort of shared data set that fluctuates from different data sets in that it saves information in blocks that are hence associated by means of cryptography. Another block is made as each new piece of information shows up. The information is anchored together in sequential succession once the block has been loaded up with data and is appended to the block before it. Albeit different sorts of data can be kept up with on a blockchain, an exchange record has so far been its most well known use. Blockchain is utilised in the context of Bitcoin in a decentralised manner, ensuring that no one user or organisation has power but rather that all users collectively maintain control. Since decentralised blockchains have  unchangeable,  information.

READ MORE ABOUT – History Of Blockchain

WHY WE NEED BLOCKCHAIN

There are two major reasons according to Goh. Goh says, “First and foremost is when you want to keep a record of an entire sequence of transactions, especially if you want it to go back all the way to genesis, to the beginning. And secondly, you want that record to be transparent.”

Because the data is transparent which means that everybody has an access to the information stored in a block, there should be an enemy of altering capacity, he says, which is where a cryptographic hash comes in.

But not all blockchains are public, the experts explain. There are also private blockchains, whereby only approved members have access, which is more common in industry, says Goh. The type of blockchain an organization chooses would depend on the type of transparency it needs. And there may be instances where companies don’t want even members to see and control access, in which case they would have a central custodian and end up with a centralized ledger like those before blockchain was created, he says.

“Healthcare ,Supply Chain and finance are the three sectors that would be a  major candidates for blockchain”, Goh added.

APPLICATIONS OF BLOCKCHAIN

Product Tracking 

Today’s global supply networks are extremely challenging to trace and track, according to Chetu’s Sibley. Even with the most advanced technologies, paper trails are challenging to follow, lack transparency, and are susceptible to manipulation by those looking to change specifics of orders. With the use of blockchain technology, everything is possible and food goods have a linear, easier-to-follow trace that cannot be changed. Blockchain technologies not only enable product tracking but also enable consumers to see where their food comes from.

Smart Contract

 Smart contracts are computer programmes or protocols for automatic transactions that are kept on a blockchain.  A American computer scientist Nick Szabo said that  smart contracts are the computerised transaction protocols that carry out contract terms.(“Bit Gold”  a virtual currency was created by Szabo in 1998).

Benefits of using Smart Contracts are –

  • Self-executing contracts known as “smart contracts” are those in which the terms of the buyer-seller contract are written directly into lines of code.
  • In other words, smart contracts automate the execution of contracts so that all parties may quickly discern the result without the need for a middleman or a waiting period.
  •  Smart Contracts makes transactions visible, irreversible, and traceable.

International Wire Transfer

Given the flaws in the current system for handling cross-border payments, blockchain technology and the idea of a distributed ledger have been gaining traction in the banking and finance industry. Banks frequently discuss the distributed ledger blockchain, which has been creating a lot of attention for a while.

Everyone in the network should be aware of what blockchain is and how it may help facilitate international money transfers. As a result, each node in the network will have a complete copy of the entire database or ledger, and any changes to it will need to be properly checked by other nodes or parties in order to validate the change made. Thus, for the ledger to be genuine, a majority of nodes must concur on its status. This would imply that since there are no intermediaries or correspondent banks involved, direct transfers can take place immediately and without worry of manipulation even for cross-border payments. The banks can have a bilateral, transparent, and immutable transfer of value that is decided by the settlement agency thanks to the distributed ledger technology at its core.

Data Storage in Blockchain

A blockchain-based data storage system can provide more security and integrity.

.Decentralized data storage makes it more difficult to hack into and destroy all the data on the network than centralised data storage, which may only have a few redundancy points. Additionally, since access isn’t always dependent on the operations of a single organisation, it means that there is broader access to data. Blockchain data storage can be more reliable and less expensive.

Election through Blockchain

We are just one step away from being able to vote using blockchain technology if personal identifying information is stored on a blockchain. By using blockchain technology, it will be possible to prevent voting fraud and ensure that no one can vote more than once. Additionally, it can increase the number of  voters by making voting as easy as hitting a few buttons on a smartphone. Additionally, the expense of holding an election would significantly drop.

BLOCKCHAIN SECURITY

Blockchain technology enables decentralised security and trust in a variety of ways. To start, new blocks are always chronologically and linearly stored. In other words, they are constantly added to the blockchain’s “end.” It is very difficult to go back and change the contents of a block once it has been approved by the majority of network, nothing can be added to the blockchain.. This is due to the fact that each block has its own hash, as well as the hash of the block that came before it .Hash codes are created by a mathematical procedure that transforms digital information into a string of numbers and letters. If that data has been altered in any manner, then code for hash can also be changed.

Thanks to Hashing because each block in the blockchain has a unique identifier , which means that altering the blockchain will have unavoidable consequences. The header of the block contains information that serves as the block’s identifier. Three Main properties of Hash Function are :

  • They avoid collisions i.e.no two input hashes should correspond to the same output hash, according to this rule.
  • It should be challenging to determine a hash function’s input value from its output.
  • They ought to be suitable for puzzles.

HOW DOES IT WORK

We will understand the concept of blockchain technology with the help of Cryptographic Hasing Algorithm in Bitcoin .Bitcoin is a decentralized digital currency which means that you can buy, trade, and exchange bitcoin directly  without a middleman like a bank.

Blockchain uses the cryptographic hash function to link the blocks in a chain and protect the data of a particluar block. In the blockchain, each block has a hash for both itself and the block before it. Hash is a function that can be used to map data of arbitrary size to fixed-size values.The outputs we will get by a Hash function are Hash Codes. It aids in the formation of a linear chain of blocks that is cryptographically secure. And the combination of these immutable blocks form a Blockchain.

HASHING

A specific algorithm turns input data of any length into a string of a specific length through the process of hashing. And the result we get is referred to as a hash. The hashing technique used for Bitcoin in particular is the Secure Hashing Method 256 bits (SHA-256). This method is a one-way cryptographic function since decryption cannot restore the original data.

Future of Blockchain

Despite the amazing breakthroughs that blockchain brings across industries, it is still a work in progress. Professor Boneh highlights the difficulty of scaling to balance costs and boost usability, the drive toward environmental blockchain and cryptocurrency advancements, and the limitations of generating decentralised, uncollateralized crypto fund lending.

For instance, Rollup techniques are desirable because they are always changing to account for transactional inefficiencies. The rollup coordinator systems were created to help blockchain users save time and space.

According to Boneh, security concerns, concerns about centralization and central points of failure, are all simply addressed and getting better all the time.The debate is also expanded by the use of cryptocurrencies and blockchains in the real world, like China’s central bank’s digital money and Sri Lanka’s decision to recognise Bitcoin as legal tender.

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Blockchain Technology

History Of Blockchain

The blockchain is viewed by some as the most progressive mechanical development starting from the beginning of the web; the groundwork of ‘Web 3.0’, here to introduce the fate of the web.”

Being familiar with the historical backdrop of Blockchain for Blockchain devotees and Blockchain aspirants is significant. In this way, to assist our reader with knowing the Blockchain history and comprehend the Blockchain development, here we carry a nitty gritty manual for the historical backdrop of blockchain innovation with its point by point development.

Blockchain Histiry

Early Days Of Blockchain – 1991

Stuart Haber and W. Scott Stornetta imagined what many individuals have come to be aware as blockchain, in 1991. Their most memorable work included dealing with a cryptographically gotten chain of blocks by which nobody could alter timestamps of reports.

In 1992, they updated their framework to consolidate Merkle trees that boost proficiency consequently empowering the assortment of additional records on a solitary block. In any case, it is in 2008 that Blockchain History begins to acquire significant, because of the work one individual or gathering by the name Satoshi Nakamoto.

Satoshi Nakamoto is certify as the intellect behind blockchain innovation. Very little is referred to about Nakamoto as individuals accept he could be an individual or a gathering that dealt with Bitcoin, the principal utilization of the computerized record innovation.

Nakamoto conceptualised the first blockchain in 2008 from where the innovation has advanced and tracked down its direction into numerous applications past cryptographic forms of money. Satoshi Nakamoto delivered the first whitepaper about the innovation in 2009. In the whitepaper, he informed of how the innovation was exceptional to upgrade advanced trust given the decentralization angle that implied no one could at any point be in charge of anything.

Since Satoshi Nakamoto left the scene and gave over Bitcoin advancement to other center engineers, the computerized record innovation has developed bringing about new applications that make up the blockchain History.

An exceptionally normal inquiry, when was blockchain imagined? we can say Blockchain was designed in 1991.

Evolution of Blockchain

Arrival Of Bitcoin : 2008-2013

A great many people accept that Bitcoin and Blockchain are indeed the very same thing. However, that isn’t true, as one is the basic innovation that powers most uses of which one of them is digital forms of money.

Bitcoin appeared in 2008 as the principal utilization of Blockchain innovation. Satoshi Nakamoto in his whitepaper nitty gritty it as an electronic distributed framework. Nakamoto framed the beginning block, from which different blocks were mined, interconnected bringing about one of the biggest chains of blocks conveying various snippets of data and exchanges.

Since Bitcoin, a utilization of blockchain, hit the wireless transmissions, various applications have edited all of which look to use the standards and abilities of the computerized record innovation. Thusly, blockchain history contains a not insignificant rundown of utilizations that have appeared with the development of the innovation.

Ethereum : 2013-2015

In our current reality where advancement is the thing to address, Vitalik Buterin is among a developing rundown of engineers who felt Bitcoin had not yet arrived at there, when it came to utilizing the full capacities of blockchain innovation, as one of the main supporters of the Bitcoin codebase.

Worried by Bitcoin’s limitations, Buterin began dealing with what he felt would be a moldable blockchain that can carry out different roles as well as being a shared organization. Ethereum was brought into the world out as another public blockchain in 2013 with added functionalities contrasted with Bitcoin, an improvement that has ended up being a urgent crossroads in Blockchain history.

Buterin separated Ethereum from Bitcoin Blockchain by empowering a capability that permits individuals to record different resources like mottos as well as agreements. The new element extended Ethereum functionalities from being a digital currency to being a stage for creating decentralized applications too.

Authoritatively sent off in 2015, Ethereum blockchain has developed to become one of the greatest utilizations of blockchain innovation provided its capacity to help shrewd agreements used to carry out different roles. Ethereum blockchain stage has likewise prevailed with regards to social event a functioning designer local area that has seen it lay out a genuine environment.

Ethereum blockchain processes the most number of everyday exchanges thanks to its capacity to help brilliant agreements and decentralized applications. Its market cap has additionally expanded essentially in the digital currency space.

HYPERLEDGER : 2015


In 2015, the Linux Establishment disclosed an Umbrella venture of open-source blockchain. They proceeded to call it Hyperledger, which until to date goes about as cooperative improvement of conveyed records. Under the administration of Brian Behlendorf, Hyperledger tries to propel cross-industry joint effort for the advancement of blockchain and circulated records.

Hyperledger centers around empowering the utilization of blockchain innovation to work on the exhibition and unwavering quality of current frameworks to help worldwide deals.

EOS.IO : 2017


EOS brainchild of privately owned business block.one (http://block.one) appeared in 2017, on the distributing of a white paper enumerating a new blockchain convention controlled by an EOS as the local digital money. Dissimilar to other blockchain conventions, EOS attempts to copy ascribes of genuine PCs including computer processor and GPU.

Hence, EOS.IO bends over as a shrewd agreement stage as well as a decentralized working framework. Its fundamental intention is to support the sending of decentralized applications through an independent decentralized company.

Future Of Blockchain Technology

The future of Blockchain innovation looks splendid, to a limited extent, in view of the manner in which legislatures and endeavors are effective money management large as they try to spike developments and applications. It is turning out to be progressively evident that one day there will be a public blockchain that anybody can utilize.

Advocates anticipate that the innovation should help in the mechanization of most undertakings took care of by experts in all areas. The innovation is as of now finding extraordinary use in supply the executives as well as in the distributed computing business. The innovation ought to likewise find its direction into fundamental things like web search tools on the web from here on out.

As the innovation advances, Gartner Pattern Bits of knowledge expects something like one business based on blockchain to appear esteemed at more than $10 billion by 2022. Because of the Blockchain Computerized Change, the examination firm anticipates that the business worth should develop to more than $176 billion by 2025 and surpass the $3.1 trillion by 2030.

The development of Blockchain Innovation lately has expanded the interest for Blockchain experts. the organizations are likewise carrying out Blockchain to get advantages of the Blockchain applications. Thus, in the event that you are seeking to construct a profession in Blockchain, it’s the perfect opportunity to begin it with the Free Blockchain Course.

“Venture out now and establish the groundwork of a splendid Blockchain profession ahead !!!”