Category Archives: Smart Contracts
How To Conduct Blockchain Security Audit – LCX
Common Security Threats in Blockchain
Smart Contract Vulnerabilities: Smart contracts, self-executing code on the blockchain, can contain vulnerabilities that are exploited by malicious actors. Common issues include reentrancy attacks, integer overflow/underflow, and unhandled exceptions.
51% Attacks: In proof-of-work blockchains, a single entity controlling more than 51% of the networks mining power can manipulate the blockchains transactions, potentially leading to double spending.
Private Key Vulnerabilities: Loss or theft of private keys can result in unauthorized access to funds or data.
Forks and Consensus Issues: Blockchain forks can lead to disagreements among network participants, potentially compromising the security and integrity of the blockchain.
Malicious Nodes: Malicious nodes in a blockchain network can engage in various activities like sybil attacks or eclipse attacks, potentially compromising the networks security.
Oracle Exploits: Blockchain-based applications often rely on external data sources known as oracles. If these oracles are compromised, they can provide incorrect data to smart contracts.
A blockchain security audit is a comprehensive assessment of a blockchain systems security measures to identify vulnerabilities, weaknesses, and potential risks. The goal is to ensure the integrity, confidentiality, and availability of data and assets on the blockchain. A thorough audit provides stakeholders, including developers, users, and investors, with confidence in the blockchains security.
Code Review: The audit begins with a detailed examination of the blockchains codebase, especially smart contracts. Auditors assess the code for vulnerabilities, adherence to best practices, and potential exploits.
Network Security: The networks architecture is examined to identify potential vulnerabilities, such as DDoS attacks, malicious nodes, and other network-related risks.
Consensus Mechanism Evaluation: In proof-of-stake and proof-of-work blockchains, the consensus mechanism is crucial. Auditors evaluate the consensus algorithm for potential attack vectors.
Private Key Management: The audit assesses how private keys are generated, stored, and managed to prevent unauthorized access.
Smart Contract Analysis: Smart contracts are a significant focus of the audit. Auditors check for potential vulnerabilities, gas optimization, and correctness of code execution.
Third-party Integration: Many blockchain applications rely on third-party services like oracles and external APIs. These integrations are assessed for security and reliability.
A Blockchain security audit is a manual, systematic, and structured code evaluation of a blockchain development project. Typically, the procedure involves the extensive use of static code analysis tools. The primary responsibility for auditing, however, rests with expert security professionals and blockchain developers, who must examine the code for flaws. Lets examine the various steps involved in the Blockchain due diligence procedure.
A poorly directed audit of Blockchain security is worse than no audit. It causes confusion, consumes time, and yields no tangible result. To avoid getting stuck in a directionless loop during a blockchain security audit, define your audit objectives before beginning the process.
A broad aim of a security audit, blockchain or else, is to identify security risks in your system, network, and tech stack. This objective can also be subdivided into several smaller objectives pertinent to various security areas and your particular requirements. Additionally, specify the action plan that should follow the security audit. A predetermined objective and action plan will prevent you (the auditor) from going astray during the audit and keep your evaluation on track until the very end.
The second stage is to identify the target systems components and associated data flow. In addition, the auditing team must be familiar with the projects architecture and use case. A thorough examination of test plans and test cases is also required for a successful audit. When conducting a Blockchain smart contract audit, first close down the source code version. This ensures that the auditing procedure is transparent. In addition, this phase allows you to distinguish between the version of the code that has already been audited and any new versions that you render. However, it is essential to record the version number(s).
Blockchain applications have nodes and APIs that are accomplished by communicating over private and public networks. Nodes and their respective responsibilities can vary in solutions because they are the communicating entities in the Blockchain network. Due to the constant evolution of implementations and risks, organizations may wish to conduct a risk assessment. There are potential security hazards associated with data, transactions, etc. in the blockchain.
One of the essential components of a blockchain security assessment is threat modeling. Potential system security issues can be identified more readily with threat modeling. Specifically, threat modeling can uncover data deception and manipulation. In addition, it can detect denial of service attacks against a Blockchain system. As part of the audit of the blockchains security, this step identifies data manipulation.
Exploitation & Remediation is the final phase of the Blockchain security auditing procedure. Exploitation of the vulnerabilities discovered in the above steps reveals the gravity of the risks. Exploitation entails determining the simplicity of exploiting a vulnerability and the systems manifestations. Nonetheless, Remediation is concerned with resolving these vulnerabilities.
Blockchain security audits play a pivotal role in maintaining the trust and integrity of blockchain systems. In a world where digital assets and decentralized applications are becoming increasingly prevalent, the importance of robust security measures cannot be overstated. By following the steps outlined in this guide, blockchain developers and stakeholders can proactively identify and address security vulnerabilities, ultimately fostering a safer and more secure blockchain ecosystem for all participants. Remember that blockchain security is an ongoing process, and regular audits should be part of any blockchain projects security strategy.
Read more:
From revolution to real-world value: How companies can benefit from Web3 in 2024 – Yahoo Finance
In 2023, the excitement of the grand metaverse dreama virtual, augmented-reality online existence championed by tech giants including Meta CEO Mark Zuckerbergvanished. While the concept had gained early traction among tech enthusiasts, most consumers didnt get the appeal. As investors started pulling back on metaverse investments and flocking to generative AI, many business leaders were left questioning the broader value of Web3.
In short, Web3 is the vision of a decentralized, user-owned Internet built on three foundational technologies: blockchain (a distributed ledger); smart contracts (the ability to execute agreements without third party oversight); and tokens or tokenization (digital representations of assets, such as nonfungible tokens, or NFTs, stablecoins, cryptocurrencies or tokenized real-world assets).Despite the disillusionment of the past year, there are green shoots of value in this space, with a shift away from the casino mindset that pervaded in Web3s earliest days and toward chasing real-world value.
The rise of stablecoins, cryptocurrencies pegged to a real-life currency or asset, which now tops $130 billion in global circulation, is enabling companies to make transactions faster and cheaper. The digital exchange platform Airtm, for instance, uses Circles U.S. dollar-tethered (USDC) coin to deliver low-cost cross-border payments, saving up to 35% when paying remote workers. Blockchain and smart contracts are enabling the tracking and tracing of materialsfrom gold to airplane parts to carbonacross complex ecosystems. Tracr, a De Beers company blockchain, now tracks more than 100,000 gold stones a month, roughly 15% of the worlds production. Brands such as Nike and Puma are also demonstrating success leveraging Web3 technologies in conjunction with physical campaigns for customer engagement.
This quiet shift towards more practical, value-based applications of Web3 has led industry leaders likeCiti to estimatethat $5 trillion of central bank-issued digital currencies, or CBDCs, could be circulating by 2030, with tokenization of real-world assets approaching $4 trillion. Thats a far cry from the Web3obituaries that have been written over the past year.
Story continues
The early versions of Web3were born out of a revolutionary ideology of insurgents with a vision of an alternative to established institutions. But the reality that has emerged is that Web3 is now being embraced by savvy incumbents, like JPMorgan Chase, Nike, and BlackRock,and even being integrated into the fabric of existing institutions it was once meant to destroy.The goal is now more practical: embedding Web3 technology in processes, assets, and value chains that aim to solve global problems that are not possible with Web2 alone.(Web2 refers to the second era of the Internet, emphasizing user collaboration and interaction, with centralized ownership and control of data by major tech companies.)
In order to realize that potential, however, companies old and new first need to rethink how they approach Web3 and derive value from it. Many large companies are already engaged in this process. But many more companies of all stripes could and should be doing the same. For that to happen, their leaders need to update their Web3 understanding in three ways: 1) Web3 must be seen as an accelerator, not a replacement; 2) it must move away from general-purpose technology towards focused, value-proven use cases; and 3) ecosystem strategies must shift their focus from dominance to networked partnerships.
This key change in Web3's outlook as a means of enhancing current Web2 propositions and infrastructure means that instead of focusing on creating distinct virtual worlds such as Meta's Horizon Worlds, Web3 needs to be embedded in companies' tech stacks and integrated into business strategies.
The Starbucks loyalty program Odyssey is a prime example of a modern Web3 loyalty programembedded within existing journeys and real-world experiences. Odyssey members earn stamps (NFTs) redeemable for exclusive rewards, such as invitations to real and virtual events; the stamps can also be traded on NFT marketplaces. The beta program isestimatedto have generated over $1 million in revenue, despite targeting only a fraction of Starbucks customers. That return, if extrapolated out, could mean tens if not hundreds of millions of dollars in additional revenue.
Enterprise tools are also increasingly integrating Web3 components to match companies interest.Salesforcenow offers smart contract templates, Web3 data models, and wallet risk scoring, to make it easier for companies to launch Web3 loyalty programs.Solana Pay, a decentralized payment protocol, is providing customers near-zero-fee Web3-native payments through integrations with global commerce giants such as Shopify.
Audius, a decentralized music streaming platform thatattracts between7 million and 8 million monthly users, has been successful offering a highly integrated, user-friendly experience that includes custodial wallets for fans operated by the company. Rather than expecting music lovers to be Web3 aficionados, Audiuss CEO says the aim is for fans to get the benefits of decentralization without having to be super aware of using a wallet.
There has also been a recent wave of interest in the convergence of Web3 and GenAI, as companies explore how blockchains immutable ledger and decentralised digital identities could create greater trust in and verifiability of AI-generated content. Web3s recordkeeping of information could help determine whether content is human-generated or AI-generated.Aptos Labs and Microsoftare exploring the convergence of the technologies to determine whether training data is bias-free and whether LLM-generated outputs are authentic and trustworthy. Shortly after the launch of ChatGPT, OpenAI co-founder and CEO Sam Altman announced the launch of new company,Worldcoin, to provide proof of person digital identity for the AI age.
Artists, meanwhile, are combining AI and Web3. Singer and songwriterGrimeshas merged the two to allow users to transform their vocals into Grimess unique vocal style. Resulting royalties would be automatically splitusing smart contractsbetween the collaborating artists and Grimes. The generative power of AI combined with the pay-out ability of smart contracts offer a powerful integrated solution.
Embedding Web3 technologies into Web2 infrastructure to enhance rather than replace existing propositions is essential to drive adoption. But for more widespread adoption, use cases must also be embedded within regulatory guardrails. New regulations, such as MiCA (EU Markets In Crypto-Assets Regulation), were launched in 2023, but stronger focus on regulation is needed for Web3 technology to proliferate more widely.
Rather than being deployed as all-purpose use cases, Web3 is valuable when focused on specific scenarios where it adds to what Web2 alone can already offer. The best examples of Web3 applications moving from general-purpose to specific technologies are in the realm of tokenization. When NFTs first launched, they were used to drive speculative value, but had limited functionality. Companies flocked, creating NFTs with limited consumer value, and as a result the NFT market quickly crashed.
We now see investment shifting towards utility-based NFTs. Companies likebook.ioare using utility-based NFTs to transform ownership of digital content, such as e-books. Currently, when readers buy e-books, they dont own the book itself, only a license to view the content. That means they cant resell, lend, or give it away. In addition, authors have limited opportunities to take advantage of secondary market royalties. The advancements in NFT infrastructure and decentralized storage aim to address these problems.
NFTs are also being used as proof of ownership for real-world assets including art and luxury collectibles. The platformBlockBarspecializes in NFTs of luxury liquor brands that serve as proof of authenticity. The companyArianeeallows brands more broadly to create digital product passports connecting physical products to a digital identity that can be tracked and traced.
Meanwhile,established companies such asJPMorgan Chase now offer tokenized deposits to develop new trading, borrowing, and lending services throughblockchain platforms such as JPMorgansOnyx.And fungible assets such as stablecoins are making it easier and cheaper to make virtual transactions. According to arecentreport,in 2022, stablecoins settled over $11 trillion worth of transactions onchain, almost matching the payment volume of Visa ($11.6 trillion) during the same period.
The rise and fall of Metas metaverse vision showed that trying to exert market dominance while trampling ecosystem dynamics is counterproductive. To realize the benefits of Web3, co-opetition and partnership-building are essential. In 2024, we anticipate that more companies will adopt decentralized technology to advance solutions for collective, global problems. But what does that mean for a CEO looking to extract value from Web3?
For CEOs, when we think about the future, its important to remember Web3 is no longer about technological disruption, but about co-optation of the new with the old to create infrastructure and ecosystems that solve problems jointly across a shared value chain. Were already seeing this assimilation across industries.
One example isProject Guardian,a collaboration between players across the global financial ecosystem, including policy makers and industry groups, to explore the feasibility of open, interoperable networks that enable digital assets to be used across global platforms for multiple use cases. This is an important step to jumpstart the move away from closed ecosystems with siloed use cases.London Stock Exchange Groups recent announcement of a blockchain-based trading platform, after it had determined the public blockchain infrastructure was now good enough to build on, is another indication that the nature of Web3 may be moving from private to more open, public infrastructure.
Web3 building blocks have the potential to address significant challenges in the carbon market, such as carbon credit credibility, standardization, and transparency across the value chain. Blockchain, smart contracts, and tokenization can contribute to providing the necessary global trading infrastructure to establish a unified, fluid carbon market. To make that happen, however, it is essential for participants in the ecosystem to come together across the value chain.Startups likeKlimaDAOandToucanare already in the marketToucan alone has tokenized over 20 million carbon credits, generating $4 billion in carbon trading volumeand are being joined by incumbents like SAP, which is offering a green token using blockchain.To truly unlock global value, however, we still need to see a more substantial shift in mindset to embrace ecosystem collaboration and open, public infrastructure.
The reality is that Web3, including the metaverse, is not dead, but it is different. As we move from tech utopia to real use cases, having a clear strategy of when and how to use Web3 is important. Companies should look at how the building blocks of Web3 can enhance their tech stacks and business strategies, not replace them, and do this with a laser-focus only on use cases beyond what Web2 alone can offer.
There are key questions companies can pose to themselves to help assess if and how Web3 is needed.Is there a deficit in transparency and trust that Web3 technologies, like blockchain, could address? Can Web3 mechanisms such as tokenization unlock liquidity where traditional methods have failed? In the age of unlimited content, how might utility-based NFTs and smart contracts ensure an effective digital asset ownership and reward strategy for creators and consumers?
Beyond that, company leaders should rethink how they approach their ecosystem dynamics. Finding the right partners to build stronger network effects, from technology collaborators to industry peers and cross-industry stakeholders, will be vital for a strong ecosystem for success.
Read other Fortune columns by Franois Candelon.
Franois Candelon is a managing director and senior partner at BCG and the global director of the BCG Henderson Institute.
Michael G. Jacobides is the Sir Donald Gordon Professor of Entrepreneurship and Innovation at London Business School, and an advisor at BCG and Evolution Ltd.
Urs Rahne is a managing director and partner at BCG X and a fellow at the BCG Henderson Institute.
Katie Round is a principal at BCG X and an ambassador at the BCG Henderson Institute.
Some of the companies featured in this column are past or current clients of BCG.
This story was originally featured on Fortune.com
The rest is here:
From revolution to real-world value: How companies can benefit from Web3 in 2024 - Yahoo Finance
Telecoms in 2024 Rising Demand for Automation, Smart Contracts and Cyber Insurance Featured – The Fast Mode
One of the advantages the telecom industry has is that it is well versed in developing and adopting standards to maximize interoperability between partners and even competitors both at the service provider level and at the technology provider level. Interoperability translates into agile digital supply chains that enable delivery of high value, complex and on-demand digital services to enterprise customers. The widespread availability of first-generation generative AI is already disrupting aspects of many industries and the outcomes of such disruption are far from understood. One thing that is clear for the telecom industry generative AI will increase demand for the combination of on-demand connectivity, compute and storage supplied by an ever-wider range of downstream suppliers. Business automation between partners both within the telecom industry and across industries will increasingly become essential for the viability of companies in the telecom space.
In 2024, business automation will reach a tipping point, driven by enterprise demand for cloud-like services. In addition, new areas of business automation that will become more widely understood are smart contracts and cyber insurance.
#1: Automation Takes Center Stage: Streamlining Services and Adapting to the Dynamic Landscape
Business automation will continue to surge across industries, driven by efficiency gains, improved customer experiences, and the need for agility in a rapidly evolving digital landscape. Network-as-a-Service (NaaS), which combines connectivity, application assurance, security, and cloud services, is a prime example of how automation facilitates the delivery of dynamic and scalable services, catering to the ever-changing needs of businesses in the hyper-connected era.
Standardized APIs will be key to seamless automation across the supply chain, and operators who proactively adopt standards-based automation will gain a first-mover advantage. By embracing standardized automation operators can deliver services tailored to customer needs faster and improve customer loyalty by making service changes, upgrades, and policy updates on-demand. As customer demands accelerate and evolve, adopting automation will become increasingly crucial for service providers to stay competitive, streamlining service delivery and accelerating time-to-market. Technological advancements like AI and cloud computing will propel automation capabilities forward, enabling increasingly sophisticated orchestration and intelligent service management.
Overall, the future of business automation is bright. NaaS serves as a powerful example of how automation can revolutionize service delivery, and its impact will extend far beyond the telecommunications industry. By embracing automation and prioritizing standardization, businesses can unlock a competitive edge and prepare for success in the digital age.
#2: Smart Contracts for Streamlined Telecom Partnerships
The implications of using automated code running in blockchains (i.e., smart contracts) to do business between partners will become more evident in 2024 within telecoms both large and small. Smart contracts used between business partners (e.g., buyers and sellers) require legal, financial, IT and cybersecurity approvals from departments within all counterparties before they can be used. Compare this with regular text-based master service agreements and terms and conditions which require approval 'only' from the legal and finance departments of the counterparties before they come into force. This high level of coordination of multiple stakeholders from different companies to agree on the use of a smart contract will drive demand for off-the-shelf, open standard smart contracts that can be used as is, or with minimal adjustment. In other words, why reinvent the wheel at great cost with no discernible increase in value?
Standardizing a smart contract means getting industry leaders in the telecom industry to reach consensus on a range of topics: What are the business requirements and use cases for the use of the smart contract? What are the inputs and outputs of the smart contract? What are the interfaces and data models used for the smart contract? Has it been security audited? In what environment will it run? How will blockchain be used to guarantee that the results can be audited, can't be tampered with but don't expose sensitive commercial information? Who will operate the smart contract and how will its operation be paid for? What level of additional capabilities in distributed applications (dApps) will be required?
2024 will see an increased understanding and development of workflows for handling the creation and use of new open standard smart contracts.
#3: Cyber Insurance: Securing the Digital Supply Chain in an Age of Risk
With physical attacks on commercial shippingespecially in the areas of the Black Sea and the Gulf being reported in the general media more recently, the public has become more aware of the cost of those attacks especially in terms of increased insurance rates. Without insurance, many ships won't sail on vulnerable maritime routes driving up costs and depriving some countries of easy access to trade and certain goods. The telecom industry is in many ways similar to the shipping industryrather than loading containers on massive ships that sail across the oceans, the telecom industry is responsible for 'shipping' trillions of packets of mission-critical digital data in fractions of a second across the world for their customers. They and their enterprise customers are collectively storing and processing exabytes of data every day. Many companies in the digital economy would like to be able to pass the risk of damage from cyberattacks on these exabytes of data to a third-party insurer. The challenge is that assessing risk for cyber insurance cannot rely on decades of cyberattack history in the way that maritime insurance uses historical shipping data to calculate its risk premiums.
2024 will see a rising demand for cyber insurance and increased innovation in being able to both mitigate and measure risk from cyberattacks to the global economy's digital supply chains using new zero trust and other emerging technologies.
These are just a few examples of emerging trends that will become more prominent in 2024 in the telecom industry, as well as examples of the huge potential for innovation and new business that can grow to address these challenges over the next few years. Generative AI is grabbing the headlines but many new and important markets for telecoms will emerge as a result and in parallel.
See original here:
Bunzz launches AI-powered smart contract audit tool with free audits for first 20 projects – crypto.news
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Singapore, Singapore, Jan. 3, 2024, Chainwire
Bunzz pte ltd (Singapore), the operator of the web3 development infrastructure Bunzz, has announced the release of the open beta version of its AI-powered smart contract audit tool Bunzz Audit.
The company will provide free audit rports for the first 20 projects.
Web3 projects and applications often face operational issues or hacking threats due to vulnerabilities in their smart contracts.
To mitigate these risks, Smart Contract Audits are crucial.
Yet, users of major audit firms have encountered the following pain points:
Bunzz, as a smart contract development infrastructure, has resolved these pains with the research and development of Bunzz Audit, leading to the launch of its Open version.
Users are welcome to try a Bunzz Audit for free.
Audit firms usually identify vulnerabilities in smart contracts by manually comparing them with past patterns. This process is costly and leads to variable report quality.
Bunzz Audit tackles these issues by using AI to integrate a database of known vulnerability patterns and results from existing contract analysis tools.
Manual audits are reserved for project-specific vulnerabilities.
To celebrate the release of the Open version, Bunzz Audit will conduct audits and provide reports free of charge for the first 20 projects.
Given that normal audit costs range from $50K to $1 million, this offers a significant advantage to users who seize this opportunity.
Users can request a free smart contract audit from Bunzz Audit here: https://9vi3topj6b2.typeform.com/to/EAb8IHmA
(Note: For lengthy or complex contracts, a separate estimate may be required)
Bunzz is a dapp Development platform that provides blockchain developers with easier tools to save development time through a GUI and the advanced blockchain developers and an open source Smart Contract Hub to allow smart contracts combinations and build complex dapps.
For more information: https://bunzz.dev
CEOKenta AktustuBunzz pte ltd[emailprotected]
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
Continue reading here:
Unlocking the Future: A Beginner’s Guide to Programming with Blockchain and Solidity – Medium
In the rapidly evolving landscape of technology, blockchain has emerged as a transformative force, disrupting industries and reshaping the way we perceive and conduct transactions. For aspiring developers looking to dive into the world of blockchain programming, the journey begins with understanding the basics of blockchain technology and mastering a language tailor-made for smart contracts Solidity. This blog post serves as your roadmap to kickstart your programming journey in the realm of blockchain and Solidity.
1. What is Blockchain?
- Start by grasping the fundamental concept of blockchain. Its a decentralized and distributed ledger that records transactions across a network of computers. Each transaction, or block, is linked and secured through cryptographic hashes, creating an immutable chain.
2. The Role of Smart Contracts:
- Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They run on blockchain networks, automating and ensuring the execution of predefined conditions without the need for intermediaries.
3. Introduction to Solidity:
- Solidity is a programming language specifically designed for writing smart contracts on blockchain platforms, with Ethereum being one of the most popular choices. Familiarize yourself with the syntax, structure, and unique features of Solidity.
4. Setting Up Your Development Environment:
- Install the necessary tools and software to create and deploy smart contracts. Ethereums official development environment, Remix, is an excellent starting point for beginners. Additionally, consider using popular code editors like Visual Studio Code with relevant extensions.
5. Hello World in Solidity:
- Dive into coding by creating a simple Hello World smart contract. This introductory exercise helps you understand the basic structure of a Solidity contract and how to deploy it on the Ethereum blockchain.
Go here to read the rest:
Unlocking the Future: A Beginner's Guide to Programming with Blockchain and Solidity - Medium
The Ultimate Guide: How Blockchain Works and Why You Should Care – Medium
IntroductionIn an ever-evolving technological landscape, blockchain has emerged as a transformative force, reshaping industry and challenging traditional norms. In this comprehensive guide, we explore the intricacies of Blockchain, unpack its functions, and clarify why adopting this technology is paramount.
Blockchain basic understandingWhat is Blockchain?Blockchain is a decentralized, distributed ledger with secure and clearly recorded transactions across multiple computers. Each block in the chain contains a unique identifier (hash), as well as a timestamp and transaction data. These blocks are connected via a cryptographic hash, creating an immutable chain.
Decentralization and SecurityOne of blockchains main strengths is its decentralized nature. Unlike traditional centralized systems, blockchain operates on a network of nodes, eliminating the need for a single point of control. This decentralization enhances security by preventing malicious attacks and ensuring data integrity.
Blockchain technologyA consensus toolBlockchain relies on consensus mechanisms to validate and approve the transactions. Common methods include proof of work (PoW) and proof of service (PoS). PoW requires solving complex mathematical problems to validate the transactions, while PoS relies on the amount of cryptocurrency held by the participant.
Smart contractsSmart contracts are self-made contracts where the terms of the contract are written directly into law. These agreements automate the process, ensuring creative and effective compliance with the agreements. Ethereum, the leading blockchain platform, is known for its popularity of smart contracts.
Blockchain applications in the industryFinance and CryptocurrencyThe financial sector is rapidly embracing blockchain, as cryptocurrencies such as Bitcoin and Ethereum have gained widespread adoption. In finance, blockchain ensures secure, transparent, and efficient transactions, and reduces reliance on intermediaries.
Supply Chain ManagementBlockchains transparent and tamper-resistant ledger is invaluable in supply chain management. It enables traceability, reduces fraud and error, and ensures authenticity throughout the supply chain.
Health care systemBlockchain in healthcare provides improved data security and transactions. Patient records stored in a decentralized ledger facilitate information sharing between healthcare providers by ensuring confidentiality.
Real estate for saleThe real estate industry is benefiting from blockchains ability to facilitate property transactions. Smart contracts automate production processes, reduce paperwork, and reduce the risk of fraud.
What it means for the future and why you should careChanging trust and transparencyBlockchains impact extends beyond businesses, fundamentally changing how we perceive trust and transparency. As we move into a future where decentralization is the norm, blockchain is poised to be a driving force.
Financial InclusionThe decentralized nature of blockchain paves the way for financial inclusion. Individuals without traditional bank accounts can participate in the global economy through cryptocurrencies and decentralized finance (DeFi) platforms.
Environmental ImpactThe transition from blockchain to more environmentally friendly forms of consensus, such as PoS, addresses concerns about the environmental impact of energy-consuming PoW the solution of. These changes position Blockchain as a sustainable technology for the future.
ConclusionIn conclusion, Blockchain is not just a buzzword; It is a revolutionary technology and it is reshaping our world. Its applications are vast and sophisticated, ranging from economic transformation to ensuring transparency in the supply chain. As we embrace the era of decentralization, understanding Blockchain is not an option but a necessity.
Ready to Future-Proof Your Business? Contact ESP Softtech Now!Whether youre a startup looking to gain a competitive edge or an established business aiming for digital transformation, ESP Softtech is here to help. Take the leap into the future of technology and watch your business thrive.
See the original post:
The Ultimate Guide: How Blockchain Works and Why You Should Care - Medium
XRP Myths: Expert Corrects Three Misconception About Ripple – CryptoPotato
An illuminating conversation unfolded on X this week about XRP Ledgers smart contract features. A Ripple expert corrected some misconceptions that Ripple is not as feature-rich as its competitors.
If you ask Google Bard or any AI chatbot why XRP price hasnt shown the kind of gains Bitcoin (BTC) and Solana (SOL) have this year, it might tell you its because Ripple doesnt have as many use cases:
While XRP is initially designed for fast and cheap cross-border payments, its use case hasnt evolved or broadened significantly.
Other competitors like Ethereum and BNB Chain offer a wider range of functionalities like smart contracts and decentralized finance (DeFi), which might attract more user interest and drive price appreciation. Google Bard, Dec. 2023
This is a common misconception about Ripple. But a recent conversation thread with XRPL Labs founder Wietse Wind on X, formerly Twitter, set the record straight.
An X.com user wrote a harsh critique of XRP Ledger on Wednesday:
And its failed horribly, unbelievable XRPL has been around since 2014 and is so far behind other blockchains.
In response, the CTO at XRPL Labs asked:
Genuine question: If you could have 5-10 things added to the XRPL, that other chains already have, what would those be?
In reply to some of the answers, XRPL founder Wietse Wind cleared up some of the misconceptions markets and cryptocurrency communities online still have about Ripple.
While some have claimed that XRPL is centralized because RippleNet works by API rather than a consensus mechanism, XRP Ledger is, in fact, decentralized. It uses a hash-based consensus mechanism via a network of trusted node validators.
The XRP Ledger protocol does allow for token issuance, programmable money, smart contracts, and decentralized finance applications (DApps) such as decentralized exchanges (DEX).
After multiple court victories for Ripple Labs against the Securities and Exchange Commission this year, Wietse said in the discussion thread that this is mostly irrelevant to the value that XRP provides.
Ripple is currently in the remedies phase of the trial and may settle with the SEC. But it could fight all the way to the Supreme Court.
See the original post:
XRP Myths: Expert Corrects Three Misconception About Ripple - CryptoPotato
Whales Market Announces the Launch of Its Revolutionary Dapp and $WHALES Token on the Solana network – The Defiant – DeFi News
Singapore, Singapore, January 3rd, 2024, Chainwire
The Whales Market team is excited to announce a significant milestone in the evolution of decentralized finance: the launch of our state-of-the-art decentralized application (Dapp) and Whales Market's native token, $WHALES, on the Solana blockchain. This marks a pivotal moment in the company's journey, led by the experienced and innovative LootBot team.
Revolutionizing OTC Cryptocurrency Trading
Whales Market's mission is marked by its efforts to transform the Over-The-Counter (OTC) trading landscape within the Solana ecosystem. By introducing a secure, trustless platform for the trading of pre-TGE allocations, tokens, and NFTs, powered by smart contract technology, Whales Market is making a significant leap in ensuring transaction transparency and efficiency.
Introducing Pre-Market and OTC Market
The Whales Market platform is uniquely designed to cater to diverse trading needs through two distinct markets:
1. Pre-Market: A groundbreaking approach to P2P trading of pre-TGE token allocations, utilizing smart contracts for enhanced security and transparency.
2. OTC Market: Facilitates the safe and secure P2P trading of tokens and NFTs, moving away from the traditional, informal trading channels.
A Forward-Thinking Economic Model
Whales Market's innovative economic model, centered around the $WHALES token, ensures a sustainable and growth-oriented ecosystem. This model incorporates a balanced approach to revenue generation, featuring trading fees, revenue sharing, and Buyback and Burn mechanisms, contributing to continuous development and expansion.
Future Aspirations and Expansion Plans
While currently focused on the Solana ecosystem, Whales Market ambitiously plans to expand into Ethereum and beyond, exploring both EVM and non-EVM chains, as well as ZK blockchains.
Cryptocurrency's Rising Influence in Global Finance
With the cryptocurrency market rapidly gaining momentum and traditional financial markets evolving, Whales Market is at the forefront of this transformation. Paving the way for a seamless transition of major cash flows from traditional markets to the dynamic world of cryptocurrencies
About Whales Market
Whales Market is committed to providing a transparent, secure, and innovative platform for OTC traders, setting new standards in the decentralized finance landscape.
Users can join Whales Market on this exciting journey by visiting: Official Website | Twitter | Telegram | Documentation | Dapp
Contact
Dexter Simmonscontact@whales.market
Read more from the original source:
Whales Market Announces the Launch of Its Revolutionary Dapp and $WHALES Token on the Solana Network – Crypto Reporter
Singapore, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The Whales Market team is excited to announce a significant milestone in the evolution of decentralized finance: the launch of our state-of-the-art decentralized application (Dapp) and our native token, $WHALES, on the Solana blockchain. This marks a pivotal moment in our journey, led by the experienced and innovative LootBot team.
Revolutionizing OTC Cryptocurrency Trading
Our mission at Whales Market is to transform the Over-The-Counter (OTC) trading landscape within the Solana ecosystem. We are introducing a secure, trustless platform for the trading of pre-TGE allocations, tokens, and NFTs, powered by smart contract technology. This marks a significant leap in ensuring transaction transparency and efficiency.
Introducing Pre Market and OTC Market
The Whales Market platform is uniquely designed to cater to diverse trading needs through two distinct markets:
1. Pre Market: A groundbreaking approach to P2P trading of pre-TGE token allocations, utilizing smart contracts for enhanced security and transparency.2. OTC Market: Facilitates the safe and secure P2P trading of tokens and NFTs, moving away from the traditional, informal trading channels.
A Forward-Thinking Economic Model
Our innovative economic model, centered around the $WHALES token, ensures a sustainable and growth-oriented ecosystem. It incorporates a balanced approach to revenue generation, featuring trading fees, revenue sharing, and Buyback and Burn mechanisms, contributing to continuous development and expansion.
Future Aspirations and Expansion Plans
While our current focus is on the Solana ecosystem, Whales Market ambitiously plans to expand into Ethereum and beyond, exploring both EVM and non-EVM chains, as well as ZK blockchains.
Cryptocurrency's Rising Influence in Global Finance
With the cryptocurrency market rapidly gaining momentum and traditional financial markets evolving, Whales Market is at the forefront of this transformation. We are paving the way for a seamless transition of major cash flows from traditional markets to the dynamic world of cryptocurrencies.
Stay Connected
We invite you to join us on this exciting journey:
- Twitter: https://twitter.com/WhalesMarket- Community: https://t.me/verifyWhalesmarket- Documentation: https://docs.whales.market- Dapp: https://app.whales.market- Website: https://whales.market
About Whales Market
At Whales Market, we are committed to providing a transparent, secure, and innovative platform for OTC traders, setting new standards in the decentralized finance landscape.
Follow this link:
Number of Smart Contracts Deployed on Ethereum Record 96% Drop in the Last 6 Months – BanklessTimes
Although the concept of a smart contract has existed since the 1990s, Ethereum was the first platform to recognize its potential and remove the necessity for a third party through its implementation. This has contributed to the advancement of the smart contract market.
However, according to a Banklesstimes.com analysis, the number of new smart contracts deployed over the past six months has fallen by over 90%. The number of new smart contracts deployed on June 1, 2023, stood at 1.4m. However, 60.4k smart contracts were deployed on Ethereum on December 1.
BanklessTimes crypto expert Alice Leetham commented:
Typically, the number of contracts executed on a contract network indicates the level of on-chain engagement. There is a greater chance that this engagement could impact price movements when there are more dApps in various sectors, like DeFi, NFTs, gaming, and others. This is because ETH, the token of Ethereum, is utilized for settling network fees.
She added that whenever there is a spike in on-chain activity, the demand for block space is higher, requiring developers to use more ETH for a slot in a block.
Falling contract deployment coincides with the exemplary performance of ETH prices. ETH prices have rallied from $1873.91 on June 1st to $2352.50 on December 11th. Even though bulls are yet to push the coin above $2400, an immediate resistance level that, if broken, could see ETH prices float to new 2024 highs.
Throughout history, there has been a link between the quantity of contracts utilized and the corresponding price movements. It is common for developers to intensify their efforts when prices are on a trend, resulting in contracts being deployed. However, it is worth noting that this pattern was not evident in the performance observed earlier in June. During that time, there was a disparity between spot prices and the number of contracts launched.
Despite experiencing a fivefold increase between January 14 and January 23, there is potential for a much higher number of contracts if this action were synchronized with the fluctuations in ETH prices.
However, it's worth mentioning that smart contracts on the Ethereum network have shown growth in 2022. According to a report from Alchemy, a software company, over 100,000 dApps were introduced during the course of the year.
View post:
Number of Smart Contracts Deployed on Ethereum Record 96% Drop in the Last 6 Months - BanklessTimes