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  1. Hi, blockchain enthusiasts! As usual, we hope everyone is staying safe and taking extra precautionary steps in your everyday activities, especially if it requires you to be outside. Don’t forget to wear your mask and sanitize your hands regularly. Following our Blockchain for Beginner: FAQs (Series 1), today we brought to you Series 2. To recap, in Series 1, we learn about what is blocks and blockchain cryptography. In today’s series, we are going to learn about blockchain’s transactions and consensus. We also have an interesting topic for Series 3, which is Blockchain Use Cases, so don’t forget to follow our page so you don’t miss out on our posts! There are three key components of blockchain, which is blocks, transactions and consensus. We have learned about blocks in Series 1. So, let us look at blockchain transactions and consensus. Transaction On the blockchain, a transaction usually consists of information, including the information of sender, receiver and value. It is like your credit card statements on your e-banking platforms, the only but very major difference here is that the transaction here is done without a centralized authority, which is in the traditional setting, your bank. How can transactions be authorized if there is no central authority? This is where cryptographic keys are used. As explained in Series 1, you have the public and private keys that allow you to send and receive transactions without requiring a third party to verify the transactions. You can use these keys to perform your transactions to anyone, anywhere, at any time. Remember that the public and private keys fit together as a key pair. While anyone can send transactions to the public key, you’d need the private key to unlock and access the transacted assets. While your public keys can be shared in order to receive transactions, your private keys must be kept secret as it provides you with the ability to prove ownership or spend the funds associated with your public address. If anyone has access to the private key, they will also have access to any assets associated with those keys. Once your transaction is agreed upon, it needs to be authorized before it is added to a block in the chain. How are transactions on blockchains authorized? Through consensus. Consensus A consensus is where the transaction is authorized. Although there is no centralized authority, your transaction must still be verified. You have to understand that different blockchains may have different consensus methods. Proof-of-Work (PoW), Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS) and Practical Byzantine Fault Tolerance (PBFT) are the most popular consensus methods. In a blockchain platform, consensus algorithms work as a set of rules that needs to be followed by participants in the platform, participants in a blockchain platform are usually known as nodes, nodes support the platform through validation and relaying transactions. Without nodes’ participation, no consensus can be achieved. This also means that the more nodes join to participate in the consensus, the stronger the network begins. Let’s make it easier to understand; in a centralized system, there is an administrator that is in charge of updating a set of data. But in a decentralized blockchain platform, since there is no administrator, the updating of the data is done by nodes that work on authenticating and authorizing the transaction done on the platform. However, remember that blockchain technology is so borderless, thus the features, functions or methods in a blockchain platform can be customized to fit the needs of its author or user. As mentioned earlier, Series 3 will cover on Blockchain Use Cases, so we feel like it’s important to recap briefly how blockchain works below. Firstly, a transaction is requested. The transaction can be either to transfer information or anything of financial value. Then, a block is created to represent the transaction. However, the transaction is not validated yet, so the block with the transaction is now sent to the network nodes. If it is a public blockchain, it is sent to each node. Each block consists of the data, the previous block hash, and the current block hash. The nodes now start validating according to the consensus method used. Once it is successfully validated, the transaction is now complete and the node now receives a reward based on their effort. Don’t forget to follow our page for Series 3, till then, stay safe! The post BLOCKCHAIN FOR BEGINNERS: FAQS (Series 2) Transactions and Consensus appeared first on DDK BLOGS. View the full article
  2. Hi, blockchain enthusiasts! Did you know that just a few weeks ago, Kuala Lumpur-based artist/illustrator Katun or his real name, Abdul Hafiz Abdul Rahman sold his NFT collections for a total of over RM1.6mil in 24 hours? That is about USD 380,000 or around 8 BTC. You can read more about it here, https://www.thestar.com.my/lifestyle/culture/2021/08/25/two-nft-collections-by-malaysian-artist-katun-rake-in-over-rm16mil Digital technology is just growing so rapidly and transforming societies. We must try our best to catch up or we would be left in the unknown, unable to adopt and affecting efficiency. Even if you have no interest in adopting the forever-changing digital technology, it is always best to be in the best knowledge of every available update so that the educational gap in digital technology can be lessened. Anyway, lets us look at NFT, it is just another BTC? What is NFT? NFT is a non-fungible token. An NFT is a unit of data with a unique digital identifier that cannot be copied, replaced, or partitioned, that is recorded in a blockchain, and that is used to certify authenticity and ownership as of a specific digital asset and specific rights relating to it. It is definitely not just another BTC, the similarity between these two is only the fact that they both are created on the blockchain. Essentially, NFT are like physical collector’s items, only digital. An easy example would be where a seller owned a one-of-a-kind, Digimon Card, if he ever trades the card, he would have something completely different; because his Digimon Card cannot be copied or replaced. NFT also granted the owner or buyer exclusive ownership rights, only one owner can have own a specific NFT. We think that’s what is so appealing about NFT, you get to get ownership. Is NFT Widely Utilized? So far, we have read that NFTs are more widely used for art as blockchain technology and NFTs provide artists or creators a unique opportunity to monetize their products. As expected, blockchain allows artists or creators to dismiss the need for intermediaries like galleries or auction houses to sell their products. As artists and creators usually create arts, it is very sensible for them to list their arts or products on NFTs platforms as it also grants the buyer; ownership, like how you would get a certificate to an original painting or sculpture. NFT is in fact already very widely used, as you can see from these platforms; Opensea.io, Rarible, and Foundation. Should you consider buying NFT? Essentially, NFT is another type of investment. As with other forms of investments, please do your research and understand the risks attached to them. As NFT’s value is based entirely on a very specific demand, you have to expect that an NFT you own may be an acquired taste, and thus you may not be able to resell it at all or if you are lucky, it may be sold but for less than you paid for it. If you have money to spare and feel like collecting NFTs, you may do so, it is after all investment, just do your research and hope for the best. Till then, stay safe! Don’t forget to follow our page for more news on blockchain, digital technologies, and cryptocurrencies! The post NON FUNGIBLE TOKEN (NFT), DIGITAL DREAM? appeared first on DDK BLOGS. View the full article
  3. Hi crypto enthusiast! Hope you are staying safe! Do you know that even before Bitcoin, there was cryptocurrency? Do you know that in the late 1980s (an attempt of) cryptocurrency happened in Netherlands, where petrol stations operators were reluctant to operate their stations in the more remote areas because these stations were being raided for cash, so they were no happy to have employees working as it would put them at risks, but trucks need refuelling and they need the business. So, smartcards were loaded with money, introducing electronic cash. Trucks’ drivers were given these smartcards to avoid cash being used, promising safer surroundings of the petrol stations. This eventually became known as Point of Sale or POS. Just like that, the world has changed with cryptocurrency! Let’s look at how cryptocurrency has impacted our society, economy and environment. I know, you must be surprised when you read that ‘environment’, but yes, cryptocurrencies do have environmental impacts, read to know more! Cryptocurrencies biggest effect on society is definitely providing possibilities to decrease developmental barriers. Cryptocurrencies are overcoming the lack of social trust and increasing the access to financial services. Financial fraud, corruption and malpractice is easily avoidable allowing growth as it ensures financial inclusion by providing traceability, authenticity and tamper proof procedure. In addition, since cryptocurrency eliminates the need for third parties like intermediaries, society has realised how transactions conducted should take lesser time and costs lesser. Intermediaries have significantly caused transactions to be delayed and costly. There are also issues of how small amounts are hard to be transferred with fiat especially areas with geographic challenges. Cryptocurrencies offer borderless independent transactions. Do you still carry cash? With the pandemic, it is just safer to opt for cashless transactions. The biggest cryptocurrency has on the economy is definitely providing alternative (and easy) payment methods. Also, cryptocurrencies allow businesses to receive payments in more currencies. Businesses everywhere get better financial coverage and a liberated financial connection with the rest of the world. Now, cryptocurrency platforms are also providing merchants with features where consumers or even business options to easily redirect their needs for purchases or payments for different currencies AND cryptocurrencies in the same platform. The processes are so seamless, you might not even opt for cash for your business anymore! Are you familiar with cryptocurrency mining? Mining in the cryptocurrency industry is the process of verifying the blockchain, it involves hard math called hashing (commonly done by computers) and results in a slow accumulation of resources. Why do people mine cryptocurrency? If done correctly, with a lot of luck, you’ll receive rewards. Do you know that cryptocurrency mining consumes a lot of energy that causes increased carbon emissions and climate change. Bitcoin mining for example, due to the needed computations for mining, uses as much energy in one year as the country of Argentina! For context, Argentina’s estimated population in 2019 is 44,938,712 … GASPS! Fortunately, more cryptocurrencies are now understanding the importance of environmental sustainability, like developing a cryptocurrency with proof-of-stake mechanism as it requires lesser computing power and energy. As usual, with developments, there are always issues and not long after, these issues can be solved and if not, much better alternatives are created. That’s the beauty of technology, almost every time, a new technology is created to overcome issues at hand, providing solutions to the world. Is it not amazing that we are now economically better because someone in a petrol station in the Netherlands thinks of cryptocurrencies? How different would you think if cashless payments were never invented? Comment down below! The post HOW CRYPTOCURRENCY IMPACTED THE WORLD? appeared first on DDK BLOGS. View the full article
  4. Most blockchain platforms have mainly two networks which are for Testnet and Mainnet stages. Both have their own significance as to why it should be performed. Let’s see what the real function of Testnet and Mainnet is towards the development of a blockchain platform. A Testnet known as Test Network, is an experimental network where developers will use it to test, create, or modify functionalities and monitor the blockchain network performance. Testnets can show a sort of working prototype for blockchain projects and it is used by developers for testing. Through Testnet, developers are able to fix bugs and trace other kinds of network failures. The test files are used to ensure the accurate comparison between test runs. This sandbox environment enables the developers to take risks, experiment, and find out the best possible model, a stable version, to be implemented in the Mainnet network. There are also coins used in the testnet network, but they are not taken into account in the general issue because they are different from real coins and have no value. This allows application developers or testers to experiment without using the real crypto/token and no need to worry about core network security. All these testing activities happen at scale in a controlled manner. Contrary with Testnet, Mainnet is the main network wherein actual transactions take place on a blockchain distributed ledger. A Mainnet known as Main Network, is the final, most stable, and fully functional version of the blockchain. Launching of Mainnet is the sign of making the blockchain platform open to the public. Mainnet has a greater integral aspect compared to Testnet as it was valuing a cryptocurrency in real-world implementation. The mainnet carries out the functionality of executing real transactions within the network which is stored on the blockchain and open for the public to use. In Mainnet, the native cryptocurrency is possessing real economic value. Users can see an increased number of validators who are incentivized by tokens with real value. All transactions occur live on the mainnet and will be recorded on the distributed ledger. What is the Difference Between a Testnet and a Mainnet? Purpose: The testnet is the testing “Sandbox”, whereas the mainnet is the released functional blockchain. Cost of Operations: In the testnet, the tokens do not hold any value. The cost of operations on the mainnet is higher. Every operation performed on the blockchain requires a fee in the form of tokens that hold a certain value. Examples of these operations include transfers of value, staking rewards, or deployments of Smart Contracts. Network ID: The network ID helps developers identify the network. Mainnets and testnets have different Network IDs. For example, the Ethereum mainnet network ID is 1, while the other most commonly used testnets have network IDs of 3, 4, and 42 for Ropsten, Rinkeby, and Kovan, respectively. Genesis Block: A genesis block is the first block of every blockchain. Both testnets and mainnets have their own independent genesis blocks. Nodes: A testnet has fewer nodes than a mainnet. Transaction Frequency: Transaction frequency is low for a testnet. To conclude, Testnet is the network used before launching the real project to test all the functionality which are very helpful in ensuring that Mainnet deployments happen faster. While the main network is updated after thorough testing, so as not to violate the security of the product. Projects that go through Testnet and Mainnet stages are always considered more stable. It gives users the confidence that the project has put lots of effort and resources into the blockchain. This is because users believe that the Mainnet that was officially open to the public has gone through rigorous evaluation processes before launching. References: 1. https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/crypto-mainnet-vs-testnet/ 2. https://docs.ltonetwork.com/running-a-node/public-node/installation-guide/lto_mainnet The post Testnet vs Mainnet: What is the difference and function? appeared first on DDK BLOGS. View the full article
  5. It’s already August! Where did the 7 months go? It flew by so fast! Anyway, we feel like with the pandemic, more and more people are hearing and interested to learn and understand what is blockchain. Often, when people discuss blockchain, they think you want to know about bitcoin. Unfortunately, that is not the case, as blockchain is not bitcoin and vice versa. If you are a beginner to blockchain, let’s go through some of its frequently asked questions, we’ll make this a series, so follow our page to know more. What is blockchain? Firstly, you need to understand that blockchain is a technology. It is a distributed ledger, which stores details in the form of immutable records or non-modifiable records which are secured using cryptography. Let’s give you a situation, for example, consider a blockchain as a folder of digital work reports. Each block contains details of date and time of work done by an employee at any time and from anywhere, the employer owns a private password (or commonly known as key in blockchain) to record the tasks for his employee, while the employee owns a public password to access and view the tasks given. These digital work reports are non-modifiable by either of the employees or employer. This situation demonstrates how blockchain ensures the highest level of records verifications as it is non-modifiable, it cannot be altered or falsified and it is very secure, only they holder of the private and public keys can access to these records. What are blocks and how can you identify them? A block is like a record of the transaction. Each time a block is verified, it gets recorded in chronological order in the main blockchain. Once the data is recorded, it cannot be modified. Consider a block as the digital work report while a blockchain as a folder for all the employees’ digital work reports, from this you’ll understand that blockchain is a database of records. What are public and private keys? Cryptography is a method of protecting information and communications through the use of codes, to ensure that only the individuals for whom the transaction or data is intended can obtain, read and process the transaction or data and verify the authenticity of participants and the transaction. Cryptography uses public and private keys in order to encrypt and decrypt data. In the blockchain, a public key can be shared with all the users but a private key is kept secret with the users. In blockchain, public and private keys, which is a part of the Public Key Cryptography (PKC) framework allow you to send and receive cryptocurrency without requiring a third party to verify the transactions. You can use these keys to send your cryptocurrency to anyone, anywhere, at any time. Remember that the public and private keys fit together as a key pair. While anyone can send transactions to the public key, you’d need the private key to unlock and access to the transacted assets. While your public keys can be shared in order to receive transactions, your private keys must be kept secret as it provides you with the ability to prove ownership or spend the funds associated with your public address. If anyone has access to the private key, they will also have access to any cryptocurrency associated with those keys. So, at any time or anywhere, NEVER share your private key with anyone. For this first series, we can conclude that blockchain is not just a database of digital records. All blockchains are databases but not all databases are blockchains. Data on blockchain is structured into blocks that are chained together (block + chain, shocking?) Due to this structure, when a block is filled, it is no longer modifiable and becomes a part of the chain. Each block in the chain is given an exact timestamp when it is added to the chain. Every transaction is authorized by the public and private key of the owner, which authenticates the transaction and safeguards it from tampering. So when people say blockchain is secure, it is in fact very secure. We shall see you in the next series where we try to answer your FAQs on blockchain, stay tuned! The post BLOCKCHAIN FOR BEGINNERS: FAQS (Series 1) appeared first on DDK BLOGS. View the full article
  6. FinTech stands for financial technology that mainly concerns remittance, payments, equity crowdfunding, and peer-to-peer lending sectors. Over the years it has shown increased activity in capital markets and has started providing technological solutions in the front, middle and back office problems. The said solutions concern the usage of advanced tech such as distributed ledgers and cloud technologies, Artificial Intelligence (AI) and Robotic Process Automation (RPA). The distributed ledger technology has evolved into Blockchain Technology, the main power behind cryptocurrencies. Cryptocurrencies are commonly regarded as encrypted digital assets for extreme security. Cryptos are used to trade goods and services, along with investments and currency trading. Cryptocurrencies today are largely limited to the early buyers. For example, of the 10 million Bitcoin owners worldwide, 50% of these people are just holding Bitcoin purely for the purpose of investment. There are cryptos other than Bitcoin and some of them are in the project stage. This is why when you are investing in a crypto project, or buying any crypto token, you need to consider the market capital or the market cap of the cryptocurrency. What does Market Capital tell you for a company/organization/project? The market cap of a crypto project essentially represents the demand and worth for the crypto project. If more people buy the concerned cryptos or bidding higher prices for it, the market cap for the crypto increases. The dominance of a crypto in the market is dependent on its market cap and this is the prime reason why market cap is considered as the most important factor for ranking cryptocurrencies. If the market cap is high, it shows there is a strong company or organization behind a crypto project. Initially, investors are always attracted towards cryptos with high market cap. Therefore, what really determines the market cap of a cryptocurrency? There is a simple formula that financial experts use to calculate the market cap of a cryptocurrency. You need to multiply the current price by the circulating supply as per below: Market Cap = Price (X times) Circulating Supply The equation above shows the important factors highlighting the importance of market capital. There are websites such as Coinmarketcap that calculate prices considering the volume-weighted average of crypto prices featured on different exchanges. You must also remember the importance of monitoring the circulating supply of a cryptocurrency – not the total supply. After all, it is only the circulating supply that is really available on the market right now. Market capitalization effects on the price and utilization. Market cap affects the price and utilization of cryptos but does not determine you much about the future. People will consider the market cap and will expect the value to go up. This is the main factor investors consider before buying or investing in a cryptocurrency. All in all, without a good market cap, people would never even consider buying a certain cryptocurrency. You must also consider that prices of certain cryptocurrencies could be bullish in the short term. This is due to certain schemes which are very popular in the crypto market. There are also markets named ‘pumps’ and ‘dumps’ that affect the prices of cryptos. In actuality, this will not concretely affect the future utility of the cryptocurrency. This is just a mere attempt to make short to medium-term gains. In conclusion, market capitalization is used to measure the strength of a crypto asset and a high market cap leads other investors to buy the crypto because such projects have less risk of failing. The market cap can also show how stable a crypto project is and how much interest that people are drawn to it. Although these facts might be true, we cannot solely rely on the market cap to evaluate the future potential of any crypto assets. References: https://coinmarketcap.com/ https://www.toptal.com/finance/market-research-analysts/cryptocurrency-market https://www.bitpanda.com/academy/en/lessons/what-is-market-capitalisation-market-cap-and-why-does-it-matter/ https://www.coinist.io/cryptocurrency-market-cap/ https://events.development.asia/system/files/materials/2017/07/201707-capital-market-and-fintech.pdf The post What Market Capital Tells You About Cryptos in Fintech Industry appeared first on DDK BLOGS. View the full article
  7. The cryptos started from bitcoin. On May 22nd, 11 years ago, Laszlo Hanyecz paid 10,000 bitcoin for two slices of pizza. This was 11 years ago and today one bitcoin is worth approximately USD 36,000. Such is the rapid evolution of the cryptocurrency and it is this boom that has given rise to many other successful cryptos we see in the market today. The cryptos are here to stay. There is no denying it. Despite the fact that Bitcoin is having a rollercoaster ride today, the other cryptos are pretty strong and reliscent. These dips and peaks are always part of the journey and nothing to worry about. The only thing people need to consider is the opulence of the cryptos that is clear to everyone who is active in the field. The cryptos have the power to disrupt the financial system and they have evolved a lot over the years to do just that. From the two slices of pizza that were sold at 10,000 bitcoin nearly eleven years ago, today the cryptocurrency market is worth more than a staggering 100 billion US dollars. It is a fact that currency has seen many shifts in format and usage since its inception and similarly the cryptos are expected to embark on a similar journey. The cryptocurrency market has been evolving over the years and this evolution is on the positive end. We can analyze the buying trends of consumers along with the regular stringency of regulations from the government regarding the digital methods of payments and see how far they have come along. The future is of cashless payment and it is a great alternative to the traditional cash environment. If you are investing in cryptos you are simply thinking about the future and people who think about the future before everyone else and no doubt successful investors. Don’t let the occasional dips in crypto take you away from investing in your future. Stay strong because the cryptos are here to stay. The post Evolution of Cryptocurrency: Why the current dips shouldn’t keep you from investing in your future appeared first on DDK BLOGS. View the full article
  8. The cryptos started from bitcoin. On May 22nd, 11 years ago, Laszlo Hanyecz paid 10,000 bitcoin for two slices of pizza. This was 11 years ago and today one bitcoin is worth approximately USD 36,000. Such is the rapid evolution of the cryptocurrency and it is this boom that has given rise to many other successful cryptos we see in the market today. The cryptos are here to stay. There is no denying it. Despite the fact that Bitcoin is having a rollercoaster ride today, the other cryptos are pretty strong and reliscent. These dips and peaks are always part of the journey and nothing to worry about. The only thing people need to consider is the opulence of the cryptos that is clear to everyone who is active in the field. The cryptos have the power to disrupt the financial system and they have evolved a lot over the years to do just that. From the two slices of pizza that were sold at 10,000 bitcoin nearly eleven years ago, today the cryptocurrency market is worth more than a staggering 100 billion US dollars. It is a fact that currency has seen many shifts in format and usage since its inception and similarly the cryptos are expected to embark on a similar journey. The cryptocurrency market has been evolving over the years and this evolution is on the positive end. We can analyze the buying trends of consumers along with the regular stringency of regulations from the government regarding the digital methods of payments and see how far they have come along. The future is of cashless payment and it is a great alternative to the traditional cash environment. If you are investing in cryptos you are simply thinking about the future and people who think about the future before everyone else and no doubt successful investors. Don’t let the occasional dips in crypto take you away from investing in your future. Stay strong because the cryptos are here to stay. The post Evolution of Cryptocurrency: Why the current dips shouldn’t keep you from investing in your future appeared first on DDK BLOGS. View the full article
  9. The world today is revolving around the cryptos. Everyday we hear some big company has invested in cryptos and now after Tesla’s Elon Musk and Twitter’s Jack Dorsey, a Chinese app maker Meitu has just invested a staggering amount of USD 20 Million in cryptocurrency. The company is famous for making amazing apps and has operated in the industry for almost 13 years. Eyeing alternative growth, the company has decided to invest in cryptocurrency. It is an interesting decision that will bring great benefits to the organization in the years ahead. If you are wondering that Meitu did the same with their investment in crypto and head dived into the Bitcoin band wagon, let us surprise you a bit. The company has invested in 15,000 units of Ether that’s worth around USD 22.1 million and 379.1214267 units of Bitcoin whose worth hovers around the USD 17.9 million mark. The purchase was made on March 5 in open market transactions which marks it also as the first step of Meitu’s plan of investing a jaw dropping USD 100 million in cryptocurrency. It was lately observed that Meitu chairman Cai Wensheng was speaking quite boldly about the cryptos and advocating blockchain technologies like they are meant to be. Cai even revealed that he personally secures approximately 10,000 bitcoins in his eWallet. It is believed that his enthusiasm was fuelling Meitu’s latest investment move. This is great news for all the blockchain learners and crypto investors around the world because it marks another technology company preferring cryptos as a viable investment option. The times are changing fast and if you are not working on futuristic technology, youra skills may go obsolete in the years ahead. Plan your future wisely and learn about blockchain technology. You can do even better and buy some DDKoins, but that’s entirely your call. The post After Tesla & Twitter, Meitu invests $40 million in Ether and Bitcoin appeared first on DDK BLOGS. View the full article
  10. The world today is revolving around the cryptos. Everyday we hear some big company has invested in cryptos and now after Tesla’s Elon Musk and Twitter’s Jack Dorsey, a Chinese app maker Meitu has just invested a staggering amount of USD 20 Million in cryptocurrency. The company is famous for making amazing apps and has operated in the industry for almost 13 years. Eyeing alternative growth, the company has decided to invest in cryptocurrency. It is an interesting decision that will bring great benefits to the organization in the years ahead. If you are wondering that Meitu did the same with their investment in crypto and head dived into the Bitcoin band wagon, let us surprise you a bit. The company has invested in 15,000 units of Ether that’s worth around USD 22.1 million and 379.1214267 units of Bitcoin whose worth hovers around the USD 17.9 million mark. The purchase was made on March 5 in open market transactions which marks it also as the first step of Meitu’s plan of investing a jaw dropping USD 100 million in cryptocurrency. It was lately observed that Meitu chairman Cai Wensheng was speaking quite boldly about the cryptos and advocating blockchain technologies like they are meant to be. Cai even revealed that he personally secures approximately 10,000 bitcoins in his eWallet. It is believed that his enthusiasm was fuelling Meitu’s latest investment move. This is great news for all the blockchain learners and crypto investors around the world because it marks another technology company preferring cryptos as a viable investment option. The times are changing fast and if you are not working on futuristic technology, youra skills may go obsolete in the years ahead. Plan your future wisely and learn about blockchain technology. You can do even better and buy some DDKoins, but that’s entirely your call. The post After Tesla & Twitter, Meitu invests $40 million in Ether and Bitcoin appeared first on DDK BLOGS. View the full article
  11. Blockchain technology has become popular due to its successful adoption in the Fintech industry. Due to this, everyone in the business world today is already starting to talk about Blockchain technology and how innovative it is. Plus, it can be so impactful towards their business. It is known that blockchain provides a way for us to make simpler and effective online anonymous transactions without any hassle. In every way, Blockchain is the technology of the future. Experts predict blockchain technology will be implemented for various industries and expect that the future of blockchain is to revolutionize traditional business processes. Hence, let’s see what are the practical ways to imply blockchain in your business. 1. Level up supply chain management. One of the challenges facing manufacturers today is to manage their complex and non-transparent supply chain system. This makes it very difficult for a business to identify exactly the process of their products being invented which opens the door to illegal and unethical practices. It also means that companies have a hard time maintaining a record of products and locating those that get lost along the way. It was good news that blockchain is essentially a decentralized digital ledger. It can be used for tracking, agreements, and secure payment. Blockchain can work to eliminate supply chain disputes because every supplier and producer can view the chain of ownership on the exact same ledger. The technology was solving the supply chain issues for companies like Walmart, Nestlé, and Tyson. 2. Improved Record Keeping/Sharing Blockchain can help you to keep detailed records of all your business transactions and makes them easy to find. By using blockchain you can also make use of smart contracts. These are preset instructions that can help you perform transactions and monitor databases without the need for third party interference. Currently many businesses are considering making use of Ethereum Blockchain as this is the most developed and efficient form of Blockchain online. Ethereum can manage your database effortlessly and efficiently. For security, it will share records securely. In order to avoid the records from being vulnerable to theft, blockchain eliminates the risk by creating secure “blocks” of data that can only be accessed or changed with a key code.This gives you the ability to share the information with the providers that was only chosen by you. 3. Smart Contracts Smart Contracts are self-executing computer programs that can carry out the terms of any contract to be created. These are fully automated; specific agreed terms and conditions between buyers and sellers are implemented on the blockchain codes on the system. When those state conditions are met, the services are given, products provided or payments are made. This allows two or more parties to enter into a binding agreement without lawyer involvement needed. All agreements and conditions are fully traceable and completely accountable. Should any changes to the contract be required or desired, these can only be made with the consent of all parties. Everything is documented chronologically and is time-stamped, and once information is recorded, it cannot be retrospectively altered or deleted. Blockchain makes the contract process infinitely less complex, faster and cheaper too – helping to streamline your business operations. Businesses that use ‘smart contracts’ are able to bypass regulations and reduce the costs for a subset of the most common financial transactions. 4. More transparent and faster payments. All transactions are transparent on blockchain due to the virtual ledger and all parties will have shared access to the same records with no camouflage of data. There is no longer any need to separately generate the documents and records (such as invoices and billing statements). Payments can be made almost instantly with no paperwork delays. All parties can refer to the virtual ledger to check on any transaction details. The technology is borderless, hence payments can be made across countries just as quickly. Not only is it faster, but it will save your money too. Using blockchain means transactions go directly from buyer to seller (and vice versa), so you don’t need to go through any middleman/ financial institution. The numerous fees such as origination fees, transfer fees, receiving fees (if your business is international, banks will usually take a percentage on foreign exchange fees) that you currently have to pay will be cut out when you use blockchain. We can see that day by day blockchain continues to prove itself as a top tier technology, with new upgrades and innovations coming out daily. Any industry that values accountability and keeping records will definitely make use of Blockchain. Businesses that often struggle with fraud such as the finance sector, government, or even voting polls will need blockchain to ensure that their business is full with transparency and accuracy. The post Practical Ways To Imply Blockchain In Your Business appeared first on DDK BLOGS. View the full article
  12. Blockchain technology has become popular due to its successful adoption in the Fintech industry. Due to this, everyone in the business world today is already starting to talk about Blockchain technology and how innovative it is. Plus, it can be so impactful towards their business. It is known that blockchain provides a way for us to make simpler and effective online anonymous transactions without any hassle. In every way, Blockchain is the technology of the future. Experts predict blockchain technology will be implemented for various industries and expect that the future of blockchain is to revolutionize traditional business processes. Hence, let’s see what are the practical ways to imply blockchain in your business. 1. Level up supply chain management. One of the challenges facing manufacturers today is to manage their complex and non-transparent supply chain system. This makes it very difficult for a business to identify exactly the process of their products being invented which opens the door to illegal and unethical practices. It also means that companies have a hard time maintaining a record of products and locating those that get lost along the way. It was good news that blockchain is essentially a decentralized digital ledger. It can be used for tracking, agreements, and secure payment. Blockchain can work to eliminate supply chain disputes because every supplier and producer can view the chain of ownership on the exact same ledger. The technology was solving the supply chain issues for companies like Walmart, Nestlé, and Tyson. 2. Improved Record Keeping/Sharing Blockchain can help you to keep detailed records of all your business transactions and makes them easy to find. By using blockchain you can also make use of smart contracts. These are preset instructions that can help you perform transactions and monitor databases without the need for third party interference. Currently many businesses are considering making use of Ethereum Blockchain as this is the most developed and efficient form of Blockchain online. Ethereum can manage your database effortlessly and efficiently. For security, it will share records securely. In order to avoid the records from being vulnerable to theft, blockchain eliminates the risk by creating secure “blocks” of data that can only be accessed or changed with a key code.This gives you the ability to share the information with the providers that was only chosen by you. 3. Smart Contracts Smart Contracts are self-executing computer programs that can carry out the terms of any contract to be created. These are fully automated; specific agreed terms and conditions between buyers and sellers are implemented on the blockchain codes on the system. When those state conditions are met, the services are given, products provided or payments are made. This allows two or more parties to enter into a binding agreement without lawyer involvement needed. All agreements and conditions are fully traceable and completely accountable. Should any changes to the contract be required or desired, these can only be made with the consent of all parties. Everything is documented chronologically and is time-stamped, and once information is recorded, it cannot be retrospectively altered or deleted. Blockchain makes the contract process infinitely less complex, faster and cheaper too – helping to streamline your business operations. Businesses that use ‘smart contracts’ are able to bypass regulations and reduce the costs for a subset of the most common financial transactions. 4. More transparent and faster payments. All transactions are transparent on blockchain due to the virtual ledger and all parties will have shared access to the same records with no camouflage of data. There is no longer any need to separately generate the documents and records (such as invoices and billing statements). Payments can be made almost instantly with no paperwork delays. All parties can refer to the virtual ledger to check on any transaction details. The technology is borderless, hence payments can be made across countries just as quickly. Not only is it faster, but it will save your money too. Using blockchain means transactions go directly from buyer to seller (and vice versa), so you don’t need to go through any middleman/ financial institution. The numerous fees such as origination fees, transfer fees, receiving fees (if your business is international, banks will usually take a percentage on foreign exchange fees) that you currently have to pay will be cut out when you use blockchain. We can see that day by day blockchain continues to prove itself as a top tier technology, with new upgrades and innovations coming out daily. Any industry that values accountability and keeping records will definitely make use of Blockchain. Businesses that often struggle with fraud such as the finance sector, government, or even voting polls will need blockchain to ensure that their business is full with transparency and accuracy. The post Practical Ways To Imply Blockchain In Your Business appeared first on DDK BLOGS. View the full article
  13. Starting any business is not a piece of cake. There are so many things you have to plan ahead. Not to mention the tonnes of research you have to do. When it comes to something like a cryptocurrency business, it is never an easy feat. You need a lot of information and experience here. Your options may seem to be limited because cryptos are still new to the business market and are impacted by regulatory and financial risks. On the other hand the stories of success out there are too enticing and if you have everything done the right way, you too can become a part of these success stories. So, if you are thinking of starting a new crypto business, here are a few things you really need to consider. You need to be blockchain savvy You need to have complete information on blockchain technology, digital wallets, and crypto trading and exchange platforms before you can start a crypto business. Even if you are not so much tech savvy, your cofounder should be. Here are some underlying blockchain systems you need to have a complete grasp on. Know how blockchain works Know about fungibel and non fungible tokens Have knowledge on smart contracts Gain thorough understanding of financial markets. Have working knowledge on JavaScript or something similar Knowledge on attracting VCs Most cryptos are volatile and have huge financial risks that you need to deal with. You simply can’t take these risks early on and can’t place your early investors in troubling situations as well. This is why you will need the financial support of venture capital firms (VC). If they invest in your project you will have a strong backing. If you don’t like this option then you can go for initial coin offering (ICO). This can only happen if you are planning to create your own token. You will need people with skills and knowledge to make it all work. So, make sure you have an excellent team working for you. Have an innovative and adaptive approach Cryptocurrencies represent a swift section of a very fast-moving industry. You should always be ready to adapt to the changes and have an innovative approach toward things. You need to keep an eye out for the new things and have a good capacity to easily adapt to them. People who are not adopting the new things are in danger as the crypto market is very fast and changes are not slow either. You need to keep pace with the changing environment to be successful here. Strengthen your heart The blockchain industry offers you high-rewards but they come after taking high risks. In short, this is not a field for the faint of heart. If you have the capacity to take risks and keep smiling, this is the business for you. You also need to be quick at decision making as the prices will fluctuate swiftly. Strong decisions and adaptability to risks is the name of the game here. Blockchain technology is still relatively new to the people but people are quickly adapting to it. Cryptos represent the future of money and if you are not aware about money, then running any business may prove to be a hard nut to crack for you. Remember these things when you start your crypto business and you will be fine. Just have a good assessment of risks and adapt to changes, Success will be just around the corner. The post Starting A Cryptocurrency Business? Here’s What You Need To Know! appeared first on DDK BLOGS. View the full article
  14. Starting any business is not a piece of cake. There are so many things you have to plan ahead. Not to mention the tonnes of research you have to do. When it comes to something like a cryptocurrency business, it is never an easy feat. You need a lot of information and experience here. Your options may seem to be limited because cryptos are still new to the business market and are impacted by regulatory and financial risks. On the other hand the stories of success out there are too enticing and if you have everything done the right way, you too can become a part of these success stories. So, if you are thinking of starting a new crypto business, here are a few things you really need to consider. You need to be blockchain savvy You need to have complete information on blockchain technology, digital wallets, and crypto trading and exchange platforms before you can start a crypto business. Even if you are not so much tech savvy, your cofounder should be. Here are some underlying blockchain systems you need to have a complete grasp on. Know how blockchain works Know about fungibel and non fungible tokens Have knowledge on smart contracts Gain thorough understanding of financial markets. Have working knowledge on JavaScript or something similar Knowledge on attracting VCs Most cryptos are volatile and have huge financial risks that you need to deal with. You simply can’t take these risks early on and can’t place your early investors in troubling situations as well. This is why you will need the financial support of venture capital firms (VC). If they invest in your project you will have a strong backing. If you don’t like this option then you can go for initial coin offering (ICO). This can only happen if you are planning to create your own token. You will need people with skills and knowledge to make it all work. So, make sure you have an excellent team working for you. Have an innovative and adaptive approach Cryptocurrencies represent a swift section of a very fast-moving industry. You should always be ready to adapt to the changes and have an innovative approach toward things. You need to keep an eye out for the new things and have a good capacity to easily adapt to them. People who are not adopting the new things are in danger as the crypto market is very fast and changes are not slow either. You need to keep pace with the changing environment to be successful here. Strengthen your heart The blockchain industry offers you high-rewards but they come after taking high risks. In short, this is not a field for the faint of heart. If you have the capacity to take risks and keep smiling, this is the business for you. You also need to be quick at decision making as the prices will fluctuate swiftly. Strong decisions and adaptability to risks is the name of the game here. Blockchain technology is still relatively new to the people but people are quickly adapting to it. Cryptos represent the future of money and if you are not aware about money, then running any business may prove to be a hard nut to crack for you. Remember these things when you start your crypto business and you will be fine. Just have a good assessment of risks and adapt to changes, Success will be just around the corner. The post Starting A Cryptocurrency Business? Here’s What You Need To Know! appeared first on DDK BLOGS. View the full article
  15. Dear Blockchain Enthusiasts, June is here. Earlier this year, most of us thought that COVID-19 pandemic is subsiding, but a lot of countries are now facing another wave of cases. We’d like to remind everyone to take extra precautions and keep yourself safe. With the pandemic, we have to expect the unexpected but let us look at the expected blockchain trends said to bloom in the next coming months and whether these trends are already happening in the blockchain scene. 1. Growth of global blockchain market. It was expected that the blockchain market to experience growth this year, but not this big! The pandemic has definitely encouraged global businesses to adopt blockchain in their business operations, especially the use of distributed ledger technology. Businesses now understand the need for digital transformation to ensure competent functionality and business survival. Working from home is now a norm and having a trusted and reliable digital medium to monitor businesses performance is definitely a necessity to businesses. This trend is already happening and we foresee that this will continue to escalate. 2. Decentralized Finance (DEFI) services. We have definitely see growth of DEFI services even before the pandemic hit us, but with the pandemic, DEFI services is stimulating the financial technology landscape with its major advantage, which is cutting out intermediaries, thus ensuring open finance that summon more direct transactions between users and businesses. As popular DEFI services rose through the pandemic, we also see new concepts of DEFI such as yield farming and liquidity mining, but as usual new concepts like yield farming although has potential for larger returns, comes with even larger risks. If you are interested, make you are aware of the risks, advantages and disadvantages and always be on the lookout for anything suspicious. DEFI services is still very new, we would like to remind users to do their strict due diligence before utilizing DEFI services. DEFI services trend has upsurge but we don’t see it going booming unless the common risks of applications crashing, bugs, security and scalability problems is resolved. 3. Tighter Fintech regulations. Rises of global blockchain market will without doubt calls for tighter fintech regulations. Guidelines is already emerging as countries are more accepting of fintech, especially on dealings of cryptocurrencies. But this year, regulators will strengthen these regulations particularly on monetary digital transaction like digital banking and cryptocurrency. As fintech fraud is a global problem caused by fake crypto investment platforms and other types of cyber frauds, it is estimative that regulators are putting tighter laws, regulations and guidelines to safeguards users from suffering financial loss. We hope that this remains without affecting the potentials brought by blockchain technology, as we hope so see the global blockchain market magnify. Let us hope that regulators are not narrowing their acceptance to fintech having to deals with cyber frauds but with issuance of laws, regulations and guidelines that are clear and concise in order for fintech and economy digitalization to grow and progress. Do you think these trends will keep on rising? What are other trends you think will set this year? Share your thoughts! The post EXPECTED BLOCKCHAIN TRENDS appeared first on DDK BLOGS. View the full article