Benefits of Blockchain Development

There are several benefits of blockchain development. First, blockchain is a decentralized network that allows you to remove third-party intermediaries from your business processes. This will help you increase efficiency by reducing the dependency on third parties. Next, blockchain helps you securely store sensitive data with proper encryption to prevent unauthorized access. This helps you comply with regulatory requirements and protect confidential client information. Lastly, blockchain enables you to create smart contracts that can self-execute once the conditions are met. This will significantly improve your business process automation. Another important reason for investing in blockchain development is to build a strategic advantage against rival organizations. As the blockchain technology matures, it is expected to be adopted across all industries. If your organization integrates blockchain at an early stage, you will have a significant advantage against your competitors.

Understanding the Fundamentals of Blockchain Development

Before you start developing blockchain applications, it is important to understand the fundamentals of blockchain technology. A blockchain is a decentralized peer-to-peer network that enables the creation of virtual currencies and smart contracts. A blockchain network consists of nodes that store and process information. These nodes store information in a distributed database and have no central server. The blockchain network is governed by consensus algorithms that ensure the integrity and authenticity of data. To understand the fundamentals of blockchain development, you must be familiar with the following concepts: – Blockchain: A blockchain is a decentralized peer-to-peer network that enables the creation of virtual currencies and smart contracts. – Cryptocurrency: A virtual currency that can be used for peer-to-peer settlement. – Smart Contract: A computer program that runs on a decentralized blockchain network. It can be used for enforcing contract terms between two parties. – Distributed Database: A database that is not stored on a centralized server but is distributed across multiple nodes. – Consensus Algorithms: Rules and algorithms that govern the blockchain network and ensure the integrity and authenticity of data. – Byzantine Fault Tolerance: A system that can tolerate up to a certain number of faulty nodes in a distributed system.

Choosing the Right Tool for Blockchain Development

Blockchain development is a complex process that involves various technologies, tools, and programming languages. It is important to choose the right tool for blockchain development to ensure a successful project outcome. Since blockchain technology is evolving rapidly, you have to keep up with the latest developments and integrate the latest tools in your stack. While choosing the right tool for blockchain development, you should consider the following factors: – Proficiency of the development team: You should pick a tool that is easy to use and has a low learning curve. A complex tool will increase project costs and make the development process more time-consuming. – User requirements: You must understand your user requirements before you select a tool. If you have specific requirements, you should look for a tool that can satisfy them. – Technology stack: You must understand your technology stack before you select the right tool for blockchain development. It will help you identify the gaps in your technology stack and choose the right tool that can plug those gaps. – Budget: You must estimate the total project cost before you select a tool for blockchain development. You may incur additional expenses if you choose a complex and expensive tool.

Developing Secure Blockchain Applications

Now that you have a clear understanding of the fundamentals of blockchain development, you must focus on developing secure blockchain applications. A blockchain network is robust and secure by design. However, you must take certain precautions to ensure that your blockchain applications are secure. You can follow these best practices to secure your blockchain applications: – Choose a suitable consensus algorithm: You must select a consensus algorithm that is suitable for your organization. You must select a consensus algorithm that is robust, decentralized, and auditable. – Deploy a secure blockchain network: You must deploy a secure blockchain network to prevent malicious attacks on the network. You can secure your blockchain network by enabling proper access control, choosing the right consensus algorithm, and maintaining a healthy network. – Use cryptography to protect data: You must use cryptography to protect sensitive data stored in the blockchain network. You can use cryptographic algorithms to encrypt the data and prevent unauthorized access. – Use proper data governance: Data governance is the process of controlling and authorizing access to sensitive data. You must implement proper data governance to protect sensitive data stored in the blockchain network.

Testing and Deploying Blockchain Applications

Once you have developed secure blockchain applications, you must test the applications to ensure that they are functioning as expected. It will help you identify any issues in the application and make any required changes. It will also help you reduce the maintenance cost of the application because you will be able to troubleshoot issues quickly. – You should test your smart contracts to make sure that they are functioning as expected. You must test the functionality and functionality of the application to ensure that it is working as expected. – You must also test the security of your blockchain application. You can use security tools to identify any loopholes and vulnerabilities in the application. – You should also test the scalability of your blockchain application. You must test the application to make sure that it is capable of handling high volumes of traffic. – It is also important to test the performance of your blockchain application. You must test the application to make sure that it is capable of performing efficiently even under heavy loads.

Security Considerations for Blockchain Development

The blockchain is a secure and robust technology by design. However, you must take certain precautions to ensure that your blockchain applications remain secure. You must properly understand the technology and identify any security issues in the application. You must also follow best practices for developing blockchain applications to keep the networks secure. You can follow these best practices to ensure that your blockchain applications are secure: – Select the right consensus algorithm: You must select a consensus algorithm that is suitable for your organization. You must select a consensus algorithm that is robust, decentralized, and auditable. – Deploy a secure blockchain network: You must deploy a secure blockchain network to prevent malicious attacks on the network. You can secure your blockchain network by enabling proper access control, choosing the right consensus algorithm, and maintaining a healthy network. – Use cryptography to protect data: You must use cryptography to protect sensitive data stored in the blockchain network. You can use cryptographic algorithms to encrypt the data and prevent unauthorized access. – Use proper data governance: Data governance is the process of controlling and authorizing access to sensitive data. You must implement proper data governance to protect sensitive data stored in the blockchain network.

Tips for Optimizing Blockchain Performance

Apart from securing your blockchain application, you must also focus on optimizing the performance of your blockchain network. A blockchain network can be resource-intensive, slow, and expensive to run. Therefore, you must take certain steps to optimize the performance of your blockchain network. You can follow these best practices to optimize the performance of your blockchain network: – Use a lightweight blockchain network: You can deploy a lightweight blockchain network that can handle low volumes of transactions. Lightweight blockchains are more cost-effective and less resource-intensive than full blockchains. – Deploy a scalable blockchain network: You should deploy a scalable blockchain network that can handle high volumes of transactions. A scalable blockchain network can easily handle sudden surges in traffic and maintain performance. – Use a cost-effective blockchain network: You must use a cost-effective blockchain network. You can evaluate different blockchain solutions available in the market to select the most cost-effective one. – Follow the best practices for developing blockchain applications: You must follow the best practices for developing blockchain applications to optimize the performance of the network.

Conclusion

Now that you have a clear understanding of blockchain development, it is important to follow the best practices for blockchain development. It will help you develop secure blockchain applications that are scalable and cost-effective. Follow these best practices to optimize the performance of your blockchain network. When you follow these best practices for blockchain development, you will be able to leverage the full potential of blockchain technology.

The post Best Practices for Blockchain Development: An In-Depth Guide appeared first on Miningalts.

Anonymous sports betting lets you bet without having to share your personal information. In addition, with the rise of cryptocurrencies, more anonymous bookies are rising. Cryptos enable efficient, cost-friendly, and secure transfers without betting sites relying on third-party payment authorization. With anonymous betting sites, you can complete a transaction with peer-to-peer methods.

Advantages of Anonymous Sportsbooks

Anonymous casinos and sportsbooks often have no license or offshore licenses. This is because foremost regulatory authorities require personal information. Contrarily, offshore permits do not require this information. The more relaxed regulators are, the more bettors can benefit from gambling. Here are the main advantages of anonymous sports betting.

Privacy

Anonymous sportsbooks do not require identification documents like ID cards, proof of residence, and passports. In addition, they do not also require age verification. You do not have to provide any personal details, and this lets you familiarize yourself with the bookmark and decide to explore without any information provided.

Faster Registration Process

With an anonymous sportsbook, the registration process is easy. You can set up an account and sign up with a few clicks. The only requirement needed is a valid email address. Most bookmarks let you type in your email and play even before verifying the email or document review.

Crypto Payments

About all offshore gambling sites accept cryptocurrencies. Transactions are almost instant, but it varies on the cryptocurrency. Despite this, the best crypto bookmakers support faster payments, giving you a more flexible option.

Crypto Bonuses

A significant benefit of crypto bookies is the bonuses. Crypto-friendly anonymous bookies offer generous welcome bonuses, payouts, and promotions. This is because crypto transactions generally have lower transaction costs than conventional ways. This makes them convenient and more flexible for users.

Which Are the Best Anonymous Cryptocurrencies?

It is no doubt that cryptocurrency and anonymous betting go hand in hand. This makes them more convenient to verify the regulations the gambling industry gets. For this reason, crypto gambling could be the next big move the iGaming industry takes.

Most cryptocurrencies are transparent, including Bitcoin and Ethereum. This means that once a transaction is complete, the wallet addresses of the part involved are private. For example, if you give out your Bitcoin address to receive a payment, the person can access the transactions you make and the addresses of both parties.

Cryptocurrencies are private, provided you do not compromise your wallet information. However, to fix this problem, some non-transparent blockchains are being developed.

Privacy Coins

This is a common term used to describe non-transparent blockchains. The most popular non-transparent cryptos are Zcash and Monero. Dash offers a private transfer option if you are looking for privacy. Transactions with private coins do not leave a trace, and all parties’ addresses are disclosed. 

This is possible due to the advancement of cryptographic enhancements developed by privacy coins. Despite this, it is still dicey whether privacy coins can be compromised. If you are looking for privacy, consider gambling with these non-transparent blockchains.

Decentralized Transactions

Another significant factor to consider is that the only way of trading fiat currency with cryptocurrencies is through centralized blockchains regulated at a high rate. This could probably mean that they might require personal data soon. 

However, some blockchains have decentralized transactions that are hard to regulate and not controlled by a single body. This means that you can trade on the platforms with total privacy. However, you can enable anonymous transactions with decentralized exchanges.

Types of Anonymous Sports Betting Sites

In the last years, gambling authorities have imposed some strict rules. In addition, many countries are setting up new regulations, geographical limitations, and high tax rates, negatively impacting bookmakers. Consequently, they offer poor payouts, limited offers, and promotions. Several types of anonymous sports betting sites include:

Offshore License Bookmarkers

Small countries improve their GDP by developing good rules for gambling brands operating from their jurisdiction. They are safe, legal, and have fewer demanding standards than other brands. The most popular offshore licenses include Curacao, Costa Rica, and Panama.

Independent Bookmakers

Some bookmarkers choose not to have any authority regulating them. They are both high risk and high reward for more daring players. They also offer some of the best odds and bonuses, but no one can help you if anything goes wrong. You are left at the mercies of the bookie.

Crypto Bookmakers

All bookmakers that accept cryptos are either independent or offshore. However, not all offshore or separate casinos are crypto-friendly. Due to their decentralized nature, you can enhance your privacy at a significant level.

Is Anonymous Gambling Safe and Legal?

Bookmakers that accept anonymous betting often have an offshore license that is not strict on players or the betting site. The answer to no one and offer the most benefits. While this is a good thing, the chances of getting scammed are high as there is no regulating authority. Disputes can easily be overlooked, and you may have difficulty when caught in that situation. 

However, this does not mean all anonymous gambling sites are scammers. Offshore and independent bookies allow you to bet anonymously, but they might require personal details if they suspect any illegal activity.

Even though offshore licenses are small companies, they are legal; you are not likely to worry about legal complications. In addition, transactions with crypto are untraceable, and your winnings will not be taxed. 

Conclusion

Anonymous bookmakers are ideal for players who want to keep a low profile. Besides the privacy, anonymous sportsbooks provide you with the flexibility to explore them without providing any data besides your email. Before getting into crypto betting, remember to familiarize yourself with crypto gambling. More regulatory frameworks make it essential to consider privacy when gambling online.

The post Anonymous Crypto Sports Betting appeared first on Miningalts.

The most obvious area of change is in the graphics. When computer-generated images first started appearing in video games, they were rudimentary. However, video game developers have created increasingly realistic and immersive environments with advances in processing power and graphic design software. 

This article will explore how blockchain, artificial intelligence, and other technologies are redefining video games in the future.

Blockchain

Recently, blockchain has become a hot topic. While it is most commonly associated with cryptocurrencies like Bitcoin, blockchain has many other potential applications. Below are some of them.

1. Used as a Virtual Currency in Video Gaming

In the video game industry, blockchain can create a new type of virtual currency that could help in purchasing in-game items or exchange between different games. This would allow for a more direct and secure way for players to transact with each other.

2. Power Game economies

While virtual currencies are common in video games, they have typically been subject to wild swings in value, leading to concerns about manipulation. Blockchain-based virtual currencies could help stabilize an in-game currency’s value and make it more resistant to tampering by central authorities.

3. Provide Secure Player-to-Player Trades

Trading between players is a common feature in many online games. However, these trades are often fraught with problems, such as fraud or scams. With blockchain, players could trade directly with each other without having to go through a third party. This would not only be more secure but could also reduce costs.

4. Enable New Types of Games

Blockchain could also enable entirely new types of games. For example, a developer would create a game that allows players to own virtual property or create virtual worlds. This would open up a new category of games that are more like economic simulations than traditional video games.

5. Improve Game Security

Security is a major concern for video game developers. With blockchain, it would be possible to create a more secure and tamper-proof way to store game data. This could prevent hacking and cheating, which are constant problems for the industry.

6. Make In-Game Purchases More Secure

In-game purchases are a major revenue stream for many video game companies. However, these purchases often occur through third-party platforms that can be vulnerable to fraud. Using blockchain, game developers could create a more secure way for players to make in-game purchases.

7. Allow for More Transparent Game Development

Blockchain could also create a more transparent and accountable way to develop video games. For example, a game could get crowdfunded on a blockchain platform. This would allow players to see how their money is being spent and hold developers accountable for delivering on their promises.

Artificial Intelligence

Artificial intelligence is another area that is starting to have a big impact on video games. There is much effort currently towards creating AI-based opponents that can provide players with a challenging and fun experience.

In the future, AI could create even more realistic and lifelike opponents.AI could also create non-player characters that are more believable and interactive.

This would allow for a more immersive gaming experience where players feel like they are interacting with real people.

Virtual Reality

Virtual reality is another area that is starting to impact video games. While VR headsets are still relatively expensive and not widely used, there is potential for this technology in the future.

Virtual reality could create more realistic and immersive environments. This would allow players to feel like they are truly in the game. It could also help in the creation of new types of games that would not be possible with traditional gaming platforms.

Augmented Reality

Augmented reality is a technology similar to virtual reality but with a few key differences. While virtual reality creates a completely immersive environment, augmented reality adds digital elements to the real world.

This can happen in many ways, such as adding computer-generated images to the real world or providing information about the real world.

Augmented reality is already in a few video games, such as Pokemon GO. In the future, this technology could help in creation of even more immersive and interactive gaming experiences.

Cloud Gaming

Cloud gaming is a relatively new technology that is starting to gain traction. With cloud gaming, gamers can play games on any device with an internet connection.

This means gamers can play their favorite games without worrying about the hardware requirements. In the future, cloud gaming could become the dominant way of playing video games. This would allow gamers to play any game they want, anytime and anywhere.

The Future is Bright!

New technologies are continuously redefining the video game industry. These technologies include blockchain, artificial intelligence, virtual reality, and cloud gaming. Each of these technologies can potentially change how we play video games. 

The post How BlockChain, Artificial Intelligence, and Other Technologies Are Redefining Video Games in the Future appeared first on Miningalts.

Omise’s idea was simple – to implement a network in which the cost of a transaction would be less than the fees of Visa and Mastercard; to use this network themselves, and to connect other large companies with which they already have business ties. Development began in 2017.

The developers originally planned to use a sharding tree architecture, in which shards could be made up of other shards, and so on to infinity, which would achieve any scalability. But the reality turned out to be that this is not technologically feasible at the moment.

So how does OMG Plasma work?

Architecturally, there are three components to the network.

• The first is a smart contract that sends transaction information to the main Etherium network.
• The second component is the operator, which provides the necessary processing power for the smart contracts.
• And the third is a watcher, a program that makes sure that the operators do not harm the network.

These three components combine to form a network.

As a result, OMG Plasma is capable of achieving a rate of 4,000 transactions per second with complete security of the transferred assets. Any ERC20 token can be transferred, and the transaction cost is only ⅓ of the cost of gas in the main network.

Quite a number of companies are interested in Plasma, and some major exchanges have even transferred all their USDT transactions to OMG Network, which allows them to save and transfer funds much faster. In addition, Nomura, one of the largest Japanese financial holdings, Shinhan, a major Asian bank, have been spotted on the list of partnerships, and there is information about negotiations with Toyota. In any case, OMG Plasma is now one of the most solid technologies on Etherium.

The post Plasma – what is the interesting technology? appeared first on Miningalts.

A slightly different implementation in another principle of distributed registry construction, where the developers decided to get rid of blockchain principles, giving preference to a directed acyclic graph. This approach eliminates validators and miners, or other intermediaries in the network that determine the order and validity of added transactions. With this approach, the current implementation of autonomous agents appears to be more independent. However, we will consider Ethereum-based autonomous programs as the most common and worked out by thousands of examples.

Autonomous agent definition
An autonomous agent is a program, whose source code is entirely open and available for anyone to view, which is stored in a distributed registry and has its own address, just like the other participants of the network. Autonomous agent’s logic implies performing some actions in response to sending coins of the underlying distributed registry or data to the previously obtained address. In this, autonomous agents are similar to smart contracts in ethereum.

If we take a real life example, we can take the work of automated exchanges on the Internet to consider. By sending one unit of currency to the exchanger’s wallet, the user hopes to receive the previously selected assets to their details. However, despite the automation and relative non-interference of third parties in the transaction, the creator of the exchanger can change the logic of its program unilaterally, and storage on a centralized server and closed source code allows such solutions to work only on trust. That is why reputation is so important in all similar cases.

The same example can be organized as a standalone agent, the source code of which will be stored on a distributed registry. The program will implement the function of exchanging some tokens for others. When sending an exchange request, if the free liquidity at the autonomous agent’s addresses allows to execute it sufficiently, having received the assets, the program itself will send the selected tokens to the user’s wallet without any third-party involvement. Thus, an autonomous agent is similar to a smart contract, but in the latter case, the list of participants is pre-defined, though not limited, while in an autonomous agent, the programmed site will initiate a response in any case.

What autonomous agents are used for
Autonomous agents allow the implementation of various life interactions of individuals or groups. They can be considered one of the initial implementations of the transition to the era of the Web 3.0 Internet. Already now on their basis work:

• Algorithmically stable tokens,
• options,
• futures,
• synthetic assets,
• collateralized loans,
• decentralized exchanges,
• payment gateways,
• market makers,
• decentralized games,
• decentralized oracles.

This is by no means a complete list. The very idea of autonomous agents is limited only by the desire of their creators and mathematical laws. Given that mathematicians believe it is possible to describe any life event using formulas, the application of autonomous agents becomes limitless.

Conclusion
Autonomous agents are interesting independent software entities, which will allow to unify and automate many sectors of human life. Nowadays, programs with independent decision making are most popular in finances and near-financial sectors. However, in the not so distant future, distributed registries may be extended to other areas of life, where interaction of various objects leads to a clear, predetermined result.

The post What are autonomous agents and their applications appeared first on Miningalts.

Currently, there are several dozen algorithms for achieving consensus in distributed registry networks, but the most popular and efficient ones clearly deserve attention. Each algorithm has its pros and cons, but the most popular is still PoW

Proof of Work
The proof-of-work consensus algorithm is used in many popular cryptocurrencies. This is the approach Satoshi Nakamoto decided to use, and, as time showed, he was not mistaken, despite all the shortcomings, PoW remains a reliable way to keep the system working. The popular Ethereum, Litecoin, Monero and a number of others also run on it.

As mentioned earlier, in Proof of Work, miners solve a mathematical problem. This requires a large amount of energy resources to ensure the work of computing power. For a number of coins, such as Bitcoin and Ethereum, special ASIC miners have been developed. And if the second most capitalized cryptocurrency can still be mined on video cards, although not all, but having more than six gigabytes of RAM, and further this figure will only increase, the bitcoin makes sense to mine only on ASIC.

One of the features that allow to reliably solve the problem of Byzantine generals, floating complexity of the problem to be solved. This is how the network can be kept operational, eliminating the possibility of mining the entire block volume quickly.

After including all transactions in a block and sending it to the distributed registry network, the block is checked by other members of the network. This process is quite fast and does not require a lot of resources.

From the pluses of the Proof of Work algorithm we can say that with the growing popularity of the cryptocurrency, when the number of miners reaches a certain, rather high mass, the system becomes resistant to any attacks, and their conduct is inexpedient, primarily for economic reasons. But the disadvantages, unfortunately, this approach has a few more, especially in distributed registry networks, where ASIC devices are widespread:

• extremely high power consumption of the crypto-mining network, which is necessary for the sustainable operation of the entire system;
• the shortage of modern mining devices, due to which, for example, almost 70% of the total hash rate is controlled by the five largest pools, thus, there may be a risk of collusion between the latter to gain full control over the network;
• The high demand for the latest generation video cards led to a sharp more than twofold increase in prices on the retail market, which led to a shortage of older devices, little suitable for mining.

To eliminate precisely these shortcomings, developers are creating different approaches to algorithmic consensus building.

Proof of Stake
Proof of Stake is the second most popular consensus algorithm in which all the work of confirming transactions and including them in a block takes place, conventionally, in virtual space, without using a large amount of computing power. While this will solve the environmental problem of greenhouse gas emissions from power generation for mining, it is not all smooth sailing either.

Although Proof of Stake is divided into several varieties, it is based on the same principle of mining new coins. Unlike PoW, in PoS, it is not miners who confirm transactions and create new blocks, but validators. The latter block a certain amount of cryptocurrency coins as a so-called bet, and then start searching for valid blocks that can be added to the distributed registry. When such a block is found, the validator sends it to the registry, putting its coins on it. Then, after the found block is added, the network member is rewarded in the proportion in which the bet was made.

Thus, the proof-of-ownership algorithm is more convenient than the proof-of-work done. It does not require a lot of resources, a little CPU time is enough. However, PoS has one significant disadvantage: the need to have some amount of mined cryptocurrency coins in a wallet that cannot be spent. For example, in the new Ethereum protocol, code-named 2.0, it will be necessary to freeze almost $90,000 in the network at the current exchange rate. Although there are essentially no more mining costs, it makes the distributed registry network more susceptible to a 51% attack – an attacker can buy a large number of coins and then distribute them to different wallets, making them validators, then changing the registry or accepting only the blocks he wants. Thus, cryptocurrencies running on the Proof of Stake consensus algorithm are subject to greater centralization. Algorithms with some rules and restrictions have been developed to solve some proof of ownership problems.

Nothing at Stake.
This is not a subspecies of proof of ownership, but rather a solution to one of the problems – maintaining any distributed ledger chains, in general, the bet made remains with the validator regardless of whether its block was accepted into the shared blockchain or not, and whether it is of legal origin or created for malicious intent.

Ethereum 2.0 solved this problem. Just like in the general case, the validator puts some of his frozen coins as a share, and when the block is found and added, having passed the validation he will get them back together with some of the money owed to him. Otherwise, when a block is found to be malicious, the validator will be fined, and if he attempts to add the block to the roster without a stake, he will be locked out of the network entirely.

Proof of Stake Time.
In this case, it is not the number of coins in the account that counts, but the time they have been in the wallet. There will be more trust in older addresses, funds from which have not been transferred for a long period of time. In some cases, both methods can be combined – the minimum required amount of coins and the minimum time in the account.

Delegated Proof of Stake.
Delegated Proof of Stake is not exactly related to the PoS algorithm, but has the same essence. In this case, the validator does not directly look for and verify blocks, but delegates its authority to a select member of the network. The delegate is given the right to write blocks to the distributed registry. The rate in this case is a vote for the validator, which can be from 21 to 100, depending on the load of the network. If an elected delegate writes an illegitimate block to the registry, bettors vote against it and the proxy is replaced. This approach allows the network to scale to several million transactions per second. Although this approach somewhat violates the decentralized nature of cryptocurrencies, it is what makes it several times faster than other consensus algorithms in cryptocurrencies.

The post Cryptocurrency consensus algorithms appeared first on Miningalts.

Unlike cryptocurrencies and ordinary tokens, which are equal to each other, for example, one bitcoin in Ilon Musk’s wallet is equal to one bitcoin in Peter Sidorov’s asset, the NFT on a musical composition is not equal to a similar one, but already on a digital image. Even in the same category, non-interchangeable tokens will not be identical to each other, because even a painting by the brush of the same artist will be worth different things and may have different art value.

With NFT, the developers were able to solve the main problem in the field of digital rights validation – proof of authorship and ownership. No token from the category of irreplaceable tokens can be copied or forged. Each token contains attestation information that is unique.

The emergence of NFTs
The first experiments in tokenization of digital content began back in 2013. Back then, bitcoin’s distributed ledger was used for recording. With the emergence of ethereum, the work continued on its basis. In 2017, the Larva Labs team released a series of CryptoPunks pixel portraits. They were originally distributed for free, but are now of considerable value, in fact, being a digital antique like the first Ethereum-based NFT.

However, non-interchangeable tokens gained popularity when the CryptoKitties project emerged. In addition to the fact of ownership, these NFTs provide interactive features. Buying two cats, the owner can “breed” them – from the pair appear kittens, which have different degrees of rarity, and, therefore, different values. The owner of the offspring can keep the new tokens or sell them at auction. Additions to existing tokens began to follow, introducing more and more gaming features into the NFT industry.

Currently, there are already many types of digital assets of this type on the market, from Twitter messages, to tabletop collectible game cards. Separately, there are fan tokens that provide access to voting at club meetings.

Standards for tokenization of digital rights objects
Right now, the largest number of non-interchangeable tokens are issued based on the Ethereum distributed blockchain. However, there are several standardized protocols that allow NFT to be transferred between platforms and different blockchains:

• The most popular standard is ERC-721, which is an extension of the base Ethereum standard ERC-20, requiring its own token for each type of contract;
• the currently most actively developing composite standard, ERC-998, which allows different tokens to be combined into a single new product. For example, a game character can be “clothed” in an outfit, creating a new game industry unit;
• For the game industry, the most interesting format is ERC-1155, it allows you to combine in a single smart contract, several types of tokens, both non-exchangeable and ordinary, in addition there is an opportunity to set the rules of exchange. For example, after accumulating a certain amount of one type of material, it can be used to create a tool. The exchange is especially relevant in the gaming industry because of the large number of types of items, in the case of ERC-721 it would be necessary to create a separate contract for each, which is not always convenient.

However, the ethereum blockchain is not limited to the NFT industry. Development is underway and other projects already exist. In the long run, non-interchangeable tokens could be a good way to store content based on a distributed registry.

The future of the NFT industry
Already now, non-interchangeable tokens find their application in a large number of digital content areas. Social media posts, soundtracks and podcasts, 3D models and game characters, movies, series and shows, and domain addresses are sold as NFT.

In February 2021, the NFT turnover market almost reached half a billion dollars a month. Interest was expressed not only by the crypto community, but also by political and public figures, artists, writers and musicians who had not previously interacted much with the world of distributed assets. Tweets, paintings and musical works could reach a value of several million dollars in a matter of hours, and on March 11 this year, the British auction house Christie’s managed to sell the NFT artist Beeple for $69.3 million, which was a record for the non-mutually exchangeable token industry.

The post NFT – non-interchangeable token appeared first on Miningalts.

QRL – reliability and security in the post-quantum period
Quantum Resistant Ledger was one of the first public projects with the declared resistance not only to classical, but also to quantum attacks. After development, the project leaders were hesitant to release their brainchild for two years, preferring to remain on the test network. During this time, in addition to their own efforts, the project team also decided to conduct an external audit.

QRL was the first blockchain based on Merkle’s extended signature scheme based on reusable addresses, XMSS. This signature scheme was approved by the Internet Engineering Council and the United States National Institute of Standards and Technology.

The cryptocurrency blockchain also has the ability to update the signature scheme; in addition, developers can change the address format by choosing between a particular cryptographic hash function. All this became possible thanks to the introduction of variable key heights and variable signature space.

QRL wallets have already been released for all popular platforms, and versions for desktop platforms have the ability to integrate with hardware wallets.

Mining and issuance
Unlike most modern projects, and especially the projects from the times of the first QRL version release, the developers decided to limit the issue with a rather small number of coins – only 105 million. 13 million were reserved at the start, eight of which will be spent to support the project and the developers. The primary issue was decided to be limited to only 52,000,000 QRL.

Mining is currently based on the RandomX proof-of-work algorithm. This hashing algorithm was chosen for one main reason – the impossibility to mine on ASIC. This not only allows as many people as possible to get involved in the process of mining cryptocurrency on CPUs, but also increases the resistance to attack 51%.

QRL Community
The founder and ideological inspirer of the project was Peter Waterland, who published the QRL white paper back in the already relatively distant year of 2016. However, a project of this kind was not just difficult, but almost impossible to implement alone, especially in a reasonable time frame. Therefore, the QRL team includes not only programmers and financiers, but also specialists in a rather narrow field of quantum physics research.

In addition, the founder decided to use an open system of development, when everyone can contribute through the proposal of improvements on the platform GitHab. Also, the idea of a general voting system of blockchain participants on this or that change was adopted, which makes QRL similar in this principle to the market leaders: bitcoin and Ethereum.

The future of QRL
The first thing the development team plans to change is the consensus algorithm. Instead of the voracious proof of work done, the plan is to introduce proof of ownership shares. At the same time the Falcon cryptographic hash algorithm will be launched, and the entire development will move to a modern programming language – Goland.

The developers also plan to add the smart contracts function to the blockchain, and claim to be open to suggestions and innovations. All this allows us to say that QRL will take if not the leading position, then at least play a worthy role in the development of cryptocurrencies.

The post QRL – blockchain for the post-quantum period appeared first on Miningalts.