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Introduction to Metaverse and How Blockchain Enables It

Those, who have already entered the world of cryptocurrency might have heard of the term metaverse for sure. This is relatively a new term that has entered the crypto world and has gained immense popularity among crypto investors within a very short period.

 What is Metaverse?

The term metaverse is used for explaining a combination of mixed reality and virtual reality worlds. This world is assessed using a headset or a browser. Through a headset and a browser, it will be possible for a participant in this world to engage in real-time interactions with other people in the metaverse world.

Now, what will turn out to be the virtual world is a combination of disconnected metaverses like the walled gardens of the internet of the past. Eventually, they came together for forming the internet that we know in the present day. The present combination of metaverse worlds each has its own access to currency, interactions and access.

 History of the Term Metaverse:

Even though the term metaverse is gaining immense popularity, this term originated in the year 1992 following the popularity of a science fiction novel named Snow Crash. This novel used the term metaverse as a combination of the terms universe and meta.

The development of the term metaverse is generally associated with advancing virtual reality technology because of the increasing demands for immersion. This term is used as a buzzword for exaggeration of the development progress of different related projects and technologies for the purpose of public relations, user safety concerns, user addiction and information privacy.

How Blockchain Makes Metaverse Possible?

It will not be an overstatement to say that blockchain technology plays a prominent role in making metaverse possible. In other words, technology plays an inevitable role in the metaverse world. Those hearing the term metaverse get a question in mind first. They ask if people can socialize in the metaverse world, how will it be possible for them to buy products and how will they pay? What will be the currency in the virtual world? What will a person get in response to the transactions he does in this world?

The answers to all these questions can be provided by blockchain technology. This technology becomes crucial for developing an ecosystem in the virtual world, where a person can create, own and monetize his/her decentralized assets. The good thing about the blockchain applications in the metaverse is that they  offer access to digital space that is free from the inference of a centralized institution.

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DeFi Can be a Game Changer in Finance World - Here's Why

After the pandemic, everything changed and the world has turned into a situation, where we can call before Covid and after Covid like before Christ and After Christ. The pandemic has affected many fields and one of the most affected sectors is the finance sector undoubtedly. It will not be an overstatement to say that after the pandemic the international financial infrastructure is put to the test. Nevertheless, even in the face of multiple hard-to-believe events, the decentralized Finance or DeFi managed to grow. The blockchain-based DeFi technology has proven to be a lifesaver for many as it continues to revolutionalize the finance sector.

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What are Smart Contracts? How Can They Solve Real-Life Problems?

Smart Contracts are contracts that can execute themselves. Unlike regular contracts between a buyer and seller, in smart contracts, the agreement that these two parties consent to is written straight into lines of codes. The agreements and the code contained in these contracts stay across decentralized and distributed blockchain networks. The code takes care of the execution of the contract and the transactions in addition to being irreversible are trackable as well.

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An Intro to Chainlink and How it Connects Real World to Blockchain?

Chainlink is not only a technology platform but it is also a cryptocurrency. As a platform, it enables non-blockchain enterprises to safely connect with blockchain platforms. As a cryptocurrency, it is simply called the link. As a platform, chainlink functions as a middleware that brings together blockchain-based smart contracts with external data like stock prices and baseball scores. The link currency that belongs to this network pays operators of the chainlink network and it also uses the smart contract agreements of the network as collaterals. 

Features of Chainlink:

The good feature of chainlink blockchain is that it can support the safe sharing of computations, outputs and inputs. Some key features of this blockchain include:

Chainlink network supports decentralized feeding of data

It offers sources of randomness that can be verified

Chainlink supports automation

It supports cross-blockchain interoperability.

These features of chainlink blockchain help it connect the real world to the world of blockchain efficiently.

How Does Chainlink Connect to Blockchain?

Chainlink is called a blockchain abstraction layer or decentralized Oracle network. This network uses blockchain technology for safely enabling computations on and off the blockchain, thereby supporting hybrid smart contracts. Companies using chainlink networks get permission to access any of the major blockchain networks including Terra, Solana and Ethereum.

The Ethereum platform hosts the chainlink blockchain. This platform uses proof of work operating protocol. Anyone can view the code of chainlink projects and can also contribute to them as chainlink is an open-source blockchain project.

Chainlink Connects Real World To Blockchain – How?

Indeed, blockchains are highly dependable and secure networks for exchanging value. Nevertheless, the blockchain has insufficient functionality to natively gathered external data. Also, blockchain lacks the ability to send data to off-chain systems with A to Z tamper resistance. This is where chainlink extends the best help.

How? Chainlink brings together smart contracts to the real world. The network does it with the use of secure oracles. Chainlink network extends the functionality of blockchains by bringing together smart contracts to real-world payments, events and data. Above all, chainlink does it in a highly dependable manner with the best tamper resistance.

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Meaning of Proof of Work & Proof of Stake in Cryptocurrency launch

Are you new to the world of cryptocurrency? If so, you might have or even you might not have heard the terms proof of work and proof of stake. These two are concepts that ensure the security of cryptocurrency transactions. Together they are referred to as consensus mechanisms.

The good thing about these two concepts is that both of them help make sure that users are honest with transactions. They do this by incentivizing good actors and making it highly expensive and hard for those with bad intentions. In turn, double spending and similar frauds are prevented.

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Meaning of Proof of Work & Proof of Stake in Cryptocurrency

Are you new to the world of cryptocurrency? If so, you might have or even you might not have heard the terms proof of work and proof of stake. These two are concepts that ensure the security of cryptocurrency transactions. Together they are referred to as consensus mechanisms.

The good thing about these two concepts is that both of them help make sure that users are honest with transactions. They do this by incentivizing good actors and making it highly expensive and hard for those with bad intentions. In turn, double spending and similar frauds are prevented.

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What does Hashing Mean in Blockchain?

If you are new to the term hashing in blockchain, you might have heard this term in mathematics for sure. The reason is that a hash is a function related to mathematics that transfers an input of arbitrary size into a fixed length encrypted output. In other words, irrespective of the size of the input file or data, the unique hash associated with the data or file will be of the same size as other hashes.

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What are the Top 10 Advantages of Blockchain Technology?

After the launch of Bitcoin in 2009, blockchain has proven itself that it is a technology that is practically possible. It was thought to be a theoretical aspect earlier. Bitcoin is actually considered an example of the effectiveness of this technology. From thereon, organizations from different niches have started thinking about how they can use this technology for the benefit of their business. You are here to know the benefits of blockchain technology, isn’t it? So, you might already have a basic idea of what blockchain is all about. Yes, you are right! It is a system of recording.

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What is Blockchain? The Innovation that will Change Finance

Those, who have invested in cryptocurrencies would have heard about the term blockchain for sure. Even, those working in the finance domain would have heard this term. While many of them know what is it, a few do not know what is it and wish to learn about it. If you are one such person, you are in the right place to gain some basic knowledge on this term.

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WHAT IS BLOCKCHAIN? THE INNOVATION THAT WILL CHANGE FINANCE

You might be aware of what is a database. Blockchain is such a database. But, the difference is that this database is distributed. This distribution happens among the nodes of a computer network. You know that a database stores information. In the same way, the blockchain stores information electronically in digital format.

[coinskooleducate]

WHAT IS BLOCKCHAIN? THE INNOVATION THAT WILL CHANGE FINANCE

You might be aware of what is a database. Blockchain is such a database. But, the difference is that this database is distributed. This distribution happens among the nodes of a computer network. You know that a database stores information. In the same way, the blockchain stores information electronically in digital format.

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WORST 10 SCAMS IN CRYPTOCURRENCY HISTORY – HOW MANY DO YOU KNOW?

In 2021, cryptocurrency scams had a record-breaking year. As compared to $7.8 billion taken by scammers in 2020, the amount lost by investors in cryptocurrency in 2021 increased to $14 billion. It means that the money lost in this domain to scammers by investors almost doubled.