Category Archives: Blockchain

Blockchain and Artificial Intelligence

Artificial intelligence (AI) is the ability of a computer program to think, learn and mimic human thought. Introduced in 1955 by John McCarthy, artificial intelligence has several different fields of study. These fields include computer science, mathematics, psychology, and philosophy, among many others. AI is linked to several different use cases. The most prominent use cases include machine learning, supply chain optimization, speech recognition, self-driving cars, and manufacturing optimization.

Now we know a bit about AI, let’s review a few examples of how AI is improving decentralized networks like blockchain.

Cryptocurrency Trading

During the past few years, artificial intelligence has substantially increased its presence in the area of crypto trading. This is particularly true with high-frequency trading (HFT). Essentially, HFT is a type of algorithmic financial trading characterized by high speeds and high turnover rates. High-frequency trading is a perfect vehicle for cryptocurrency trading because the crypto universe has several different exchanges.

HFT uses artificial intelligence to analyze multiple technical indicators across various exchanges in an effort to take advantage of market opportunities. AI is still in its infancy stage in regard to crypto trading. Going forward, artificial intelligence will play a pivotal role within the crypto trading community. These are commonly known as trading bots.

Suggested Read: What Are Public, Private, and Consortium Blockchains? – Cryptobite

Blockchain Security

Unfortunately, industries that find themselves in a hyper-growth phase are more susceptible to cyberattacks and malware. Without question, blockchain technology, along with digital assets, is currently experiencing an explosive rate of growth. Consequently, the blockchain industry has endured an exponential increase in malware, phishing, fraud, and digital theft. Based on data provided by industry experts, $9 million is lost to cryptocurrency scams on a daily basis.

The key to successfully thwarting a blockchain hack is to identify the threat and understand the nature of the attack as quickly as possible. Hackers are acutely aware that they must strike quickly in order to launch a profitable attack. Unfortunately, crypto exchanges have a poor track record in preventing cyber-attacks. AI-based cybersecurity systems are designed to detect a hack in real-time and dramatically increase the likelihood of stopping the attack. AI systems are far superior to traditional cybersecurity systems because AI has the ability to detect patterns from previous attacks. This information can be used to prevent future cyber threats.

Bitcoin Mining

As you know, all crypto transactions are verified and added to the blockchain by Bitcoin miners to maintain the integrity of the network. In exchange for their work, miners are rewarded with Bitcoin. Crypto mining requires energy consumption and computing power. Over the past few years, Bitcoin miners have explored the idea of using artificial intelligence to reduce energy waste and computing power to reduce costs.

A few of the largest mining companies have created AI-based systems, allowing companies to share power and increase profitability. AI algorithms have made crypto mining faster, more profitable, and more efficient. Without question, artificial intelligence will continue to play an essential role throughout the crypto industry.

Brief Summary of Blockchain and Artificial Intelligence

Artificial intelligence (AI) was introduced in 1955 by John McCarthy

  • AI is the ability of a computer program to think, learn and mimic human thought.
  • AI encompasses several different fields of study.
  • AI has increased its presence in cryptocurrency trading.
  • High-frequency trading uses AI to analyze technical indicators across many exchanges.
  • AI-based cybersecurity systems are designed to detect a hack in real-time.
  • Bitcoin miners use AI to reduce energy consumption and computing power.
  • A few of the largest mining companies have created AI-based ecosystems.
  • AI algorithms have made crypto mining faster, more profitable, and more efficient.

How Does Blockchain Compare to Other Innovations?

Probably, the most innovative discoveries of the past 100 years are the world wide web (i.e., internet) and the mobile phone. By now, both these things have become a must-have of modern human beings. Let’s look at the stats. In 1995, only 17% of USA residents were using mobile phones. By 2018, only 5% of US residents still did not have this device in use. While in 1995, only 16 million people (0,4% of the world’s population) were internet users, by 2018, this number increased to 4.2 billion, which is more than half of all people. Interestingly, during the first 5 years of the internet’s existence, only 5% of all people have found it worthy enough to use.

These numbers indicate how we interact with new technologies. As a general rule, most people are skeptical of discoveries and innovations at the early stages of their existence. Still, when the benefits of using a certain technology become obvious, it spreads all over the world with the speed of light.

Typically, it takes about 10 years before the average consumer makes an effort to research a new product or service. By this time, approximately 10% to 20% of the overall population had adopted the innovation. The remaining 80% to 90% of the population is still on the sidelines, unwilling to implement this new technology into their daily lives. Within 20 years of the new product’s existence, the majority of the population finally adopted it. Without question, consumers are very slow to implement new technologies.

Suggested Read: Blockchain and the Banking Industry – Cryptobite

Adoption of Blockchain Technology

But should we wait another 20 years to see the adoption of blockchain technology? Most likely, it will occur much faster than the internet, mobile phones, automobiles, or air travel. Why? Because once the blockchain infrastructure is in place, the old ledger system becomes useless. Therefore, soon, consumers will not have to choose between the new digital ledger and the old manual ledger. Companies that won’t migrate to the blockchain will be left behind and eventually forced out of business.

Within the next decade, blockchain technology will permeate our daily lives. For example, everyday things like voting, purchasing a vehicle or a home, visiting a medical care provider, investing in the stock market, obtaining a bank loan, going to college, or shopping at a retail establishment, will encounter blockchain technology.

Most probably, within the next five to 10 years, we will encounter blockchain technology daily. This explains why it will be exponentially larger than the internet.

Brief Summary of Blockchain In Comparison to Other Innovations

  • As a general rule, people are skeptical of discoveries and innovations.
  • It takes approximately 10 years for the average consumer to become a regular user of innovations.
  • Full adoption of a new product or service takes 20 to 30 years.
  • The adoption rate of blockchain will occur much faster.

What Is Blockchain Consensus Algorithm?  

Blockchain technology has many different moving parts. Hence, to operate smoothly, the architecture must be properly designed. An important piece of Nakamoto’s architectural design is the use of a consensus algorithm. 

Blockchain Consensus Algorithm in a Nutshell

In its simplest format, a blockchain consensus algorithm is a decision-making process. It is designed to assist in reaching a common decision by a group of people. Of course, in this particular scenario, the consensus algorithm involves blockchain-related solutions.

How Does it Work?

Let’s assume that 20 co-workers are asked to collaborate and offer a recommendation on a specific project. Each participant in the group will reach a decision that will provide the greatest individual benefit. The group must listen to each recommendation and decide which of them will provide the greatest overall benefit. The final recommendation must be accepted by all group members regardless of whether it offers the best solution for each individual.

Let’s assume that 20 co-workers are asked to collaborate and offer a recommendation on a specific project. Each participant in the group will reach a decision that will provide the greatest individual benefit. The group must listen to each recommendation and decide which of them will provide the greatest overall benefit. The final recommendation must be accepted by all group members regardless of whether it offers the best solution for each individual.

Suggested Read: Luxury Fashion Brands Are Entering The Crypto Space (cryptobite.io)

Brief Summary of Blockchain Consensus Algorithm

  • An important piece of blockchain architecture is the use of a consensus algorithm.
  • It is a decision-making process that helps a group of people to make a common decision.
  • The consensus algorithm always produces the optimum solution for the overall group.
  • A consensus algorithm helps to create fairness and equality in a decentralized ecosystem.

What Are Public, Private, and Consortium Blockchains?

When people hear the word “blockchain,” people usually think of Bitcoin. Bitcoin is known as a public blockchain, which is the most common type of blockchain. However, many people are not aware that other blockchains exist in addition to public blockchains. The list includes private and consortium blockchains. So, what is the difference between public, private, and consortium?

Public Blockchain

A public blockchain is the most popular type of blockchain. Bitcoin, Litecoin, and Ethereum are public blockchains. The common denominator in a public blockchain is the fact that all transactions can be sent and received by anyone in the world.

All nodes within a public blockchain are given the same transmission power. Additionally, each node has the authority to audit transactions. Therefore, all nodes in a public blockchain are decentralized and fully distributed.

Most people in the crypto community would agree that decentralization is a major benefit offered by public blockchains. Another added benefit is the high level of security. Due to the fact that all transactions can be checked by anyone, fraudulent activity is much easier to detect.

Suggested Read: What Is Segregated Witness? – Cryptobite

Private Blockchain

A private blockchain is the exact opposite of a public blockchain. A single authority or organization has control over the network. Users must obtain permission from the organization to gain access.

Private blockchains are most useful to businesses that need to maintain privacy and security. For example, two companies that are collaborating on a top-secret project would benefit from a private blockchain.

A private blockchain is completely centralized because public access is not ordinarily permitted. But private blockchains have similarities with decentralized public blockchains.

The network is based on a peer-to-peer format, where each user maintains a complete copy of the ledger. Additionally, the ledger is immutable, which means it can’t be changed or altered. Also, the private blockchain requires consensus approval for any additions to the network.

Consortium Blockchain

A consortium blockchain is a mixture of public and private blockchains. In a consortium blockchain, only a select few nodes of the network reserve the right to authorize transactions. The remaining nodes within the network are assigned the tasks of creating new transactions, reviewing transactions, and examining blockchain history.

The division of power within the consortium is dependent on the network. Each consortium can be different from other consortiums in terms of the consensus process. The remaining features of a consortium blockchain are generally a mixture of public and private blockchains.

Brief Summary of Public, Private, and Consortium Blockchains

  • A public blockchain is the most common blockchain.
  • Bitcoin blockchain is an example of a public blockchain.
  • All nodes in a public blockchain are decentralized and fully distributed.
  • The major benefit of a public blockchain is decentralization.
  • A private blockchain is the opposite of a public blockchain.
  • Permission is required prior to gaining access to a private blockchain.
  • Public and private blockchains have many similar mechanisms.
  • A consortium blockchain is a mixture of public and private blockchains.
  • Only a select few nodes of the network reserve the right to authorize transactions on a consortium blockchain.

Blockchain and the Banking Industry

Over the past few decades, society has witnessed an enormous amount of change in the way people conduct their daily lives. Technological advances have completely altered the way consumers communicate, work, travel, shop, eat and educate themselves.  There have been major disruptions in various industries across the global landscape.

Without question, the biggest trend across all industry groups is the adoption of blockchain technology. This is particularly true in the banking industry, which has been in existence since the Bank of England issued paper banknotes in 1695. This marked the beginning of modern banking. Since that point, very little has changed within this industry.

Banks have no incentive to change the underlying structure of their business model because it is how they make money.

Removing Intermediaries

The core component of the modern banking industry is the use of intermediaries. Over time banks have discovered that this is an incredibly profitable business model. Intermediaries are in the middle of all banking transactions. The intermediary stands between the customer and their money.

Banks charge fees for their services. Thanks to the use of intermediation, banks enjoy a constant stream of revenue. This explains why banks have no incentive to remove intermediaries.

Blockchain has the capacity to be a major disruptive force in the banking industry because this technology can remove intermediaries. In fact, the removal of intermediaries offers one of the greatest long-term potentials in regard to blockchain use cases. Removing intermediaries from the banking industry would reduce cost and improve efficiency.

There are other ways blockchain technology will disrupt the traditional banking sector.

Suggested Read: What Is Ethereum Plasma? What Does It Do? – Cryptobite

Cross-Border Payments

As you know from our previous discussions, cross-border payments usually involve the unbanked population who reside in developing countries. These citizens have limited access to basic financial services. Consequently, they are required to use cross-border payment services when sending funds to family members in other countries.

These types of transactions are generally very expensive because the payments involve foreign currency fees. It’s not uncommon for fees to exceed 10% of the transfer amount.

During the past few years, an increasing number of the unbanked population have been reducing their dependence on money transfer agents (MTA) when conducting cross-border payments. Instead, they are using crypto wallets stored on a public blockchain. They have enjoyed a substantial reduction in transfer fees. A typical crypto fee is 3% compared to 10% with a money transfer agent.

International Trade

Historically, one of the most lucrative businesses for banks has involved the financing of international trade. International trade is the buying and selling of goods and services between countries. It allows countries to expand their markets and gain access to other products that are not available domestically. An example of international trade would involve Wal-Mart purchasing a shipment of bananas from a South American farmer. Another example includes a United States restaurant purchasing several bottles of wine from a French vineyard.

The trading of goods and services between countries is the driving force behind the global economy. Without economic trade between countries, the growth rate of the global economy would be incredibly small. Based on data provided by the World Trade Organization, the total amount of international trade between countries in 2017 was $22.0 trillion. The number increased to $25.3 trillion in 2018. As you can see, these numbers are staggering, and it explains why international trade is such a profitable business for banks.

Paper Trails and Traditional Banking

Despite major advances in technology, banks have failed to modernize international trade. For example, the vast majority of trade between countries is still conducted using antiquated paperwork. This includes documents such as bills of lading, invoices, letters of credit, banker’s acceptance, and bank drafts.

During the past few years, blockchain technology has dramatically improved international trade between countries. Blockchain technology has removed the bulk of paperwork, which is quite common when dealing with foreign countries. Additionally, blockchain technology provides all participants with a secure network for monitoring each transaction in a real-time fashion. This allows each participant to know the location of all merchandise throughout the entirety of the transaction.

The blockchain network is a substantial improvement over the outdated system used by the legacy banking system. International trade conducted in this way suffered from lost merchandise, costly delays, inaccurate paperwork, and poor communication between the participants.

Banks Adopting Blockchain Technology

Over the past two years, several banks have started adopting blockchain technology. This was because they were losing their international trade clients to the shadow banking system. Shadow banking consists of financial institutions with access to large pools of available capital for lending purposes. Examples of shadow bank institutions include peer-to-peer lenders and private equity funds.

Over the course of the past decade, shadow banks have slowly been stealing market share from traditional banks. Beginning in 2018, shadow banks used blockchain technology as a way to differentiate themselves from legacy banks. Companies established working relationships with shadow banks because they discovered that blockchain technology was cheaper and more efficient. This explains why traditional banks are now keen to adopt blockchain technology.

Identity Verification

Each year, banks devote an incredible amount of time and resources to regulatory compliance. Commercial banking is one of the most heavily regulated industries within the global economy. The area that generates the greatest expense is the KYC identification policy. KYC is an acronym for “Know Your Customer.”

This policy was introduced on 26 October 2001, as part of the USA Patriot Act in response to the 911 terrorist attack. KYC requires banks to obtain the name, address, identification number, photo ID, and a brief financial profile. The main objective of KYC is to prevent money laundering and fraud.

Unfortunately, particularly for small financial institutions, implementing KYC is very expensive and labor-intensive. Thankfully, blockchain technology is capable of eliminating redundant KYC procedures. This is accomplished by allowing customers to register their identity on a secure peer-to-peer network.

Banks and other financial institutions have access to the network when approved by the customer. Thanks to the blockchain, customers are only required to provide KYC information one time.

Brief Summary of Blockchain and the Banking Industry

  • There have been major disruptions in various industries across the global economy.
  • The biggest disruption is the adoption of blockchain technology.
  • Blockchain technology will have the biggest impact on legacy banking.
  • The core component of the modern banking industry is the use of intermediaries.
  • Blockchain can remove intermediaries from legacy banking.
  • Banks are reluctant to adopt blockchain because the current model is very profitable.
  • Banks are slowly embracing blockchain because they are losing customers.
  • Blockchain networks are lowering the cost of cross-border payments.
  • The unbanked population is selecting Bitcoin wallets over money transfer agents.
  • International trade is a multi-trillion-dollar industry.
  • Legacy banks initially made no effort to modernize international trade.
  • In 2018, the shadow banking system combined blockchain with international trade.
  • Customers preferred dealing with shadow banks because of blockchain technology.
  • Many traditional banks are now conducting business on the blockchain network.
  • Commercial banking is one of the most regulated industries.
  • KYC was introduced in response to the 911 terrorist attacks.
  • KYC is very expensive to implement, particularly for small banks.
  • Thanks to blockchain, legacy banks are finally beginning to modernize.

Blockchain Scalability

Blockchain scalability is the rate at which a cryptocurrency network can process transactions. Technically, a blockchain is a time-linked distributed ledger. This means that each node in the network retains a copy of the ledger.

On the surface, this is a good idea because it reduces the risk of corruption by any individual or group within the network. However, requiring each node to retain a copy of the ledger dramatically reduces the throughput of the system. Essentially, the system can only work as fast as any single computer within the network. Each block within the blockchain is nothing more than a series of transactions. The transaction processing capacity is limited in terms of size and frequency.

Bitcoin Scalability

On the Bitcoin network, the average block creation time is 10 minutes, and the block size is limited to 1 megabyte. Therefore, the average time to process a transaction on the network is three to seven seconds. These size and frequency limitations were never a problem until Bitcoin exploded in popularity beginning in 2017. Bitcoin entered a raging bull market during Q3 2017. Suddenly, it became abundantly clear that the blockchain network had a major scalability problem.

The transaction speed was simply too slow to service the number of users. The Bitcoin blockchain network managed to stumble its way through 2017 until the bull market dissipated in early-2018. Unfortunately, many first-time customers encountered a rather poor experience with Bitcoin and the entire blockchain network. The slow transaction speed forced many users to pay extremely high processing fees and it often took several hours for a transaction to be added to the blockchain network.

Lightning Network

In July 2017, the Bitcoin community held a number of formal meetings and discussions on how to solve the scalability problem. These meetings consisted of developers, miners, and full node users. Two different perspectives emerged on how to solve the scalability problem. The first solution was to increase the block size limit. The second solution was to focus on exponential scaling off-chain by building additional protocols.

Ultimately, the Bitcoin community decided to solve its scalability problem by launching the Lightning Network. The Lightning Network is a payment protocol that operates on top of the Bitcoin blockchain known as a “layer 2” protocol. By adding another layer to the blockchain, it enables users to create payment channels between any two parties. These payment channels have no expiration date, thus allowing both parties to conduct multiple transactions without a time constraint.

The key ingredient of the Lightning Network is the fact that all transactions occur off-chain. In other words, the transactions occur outside of the main Bitcoin blockchain network. Of course, the transactions are eventually added to the main network.

Upon completion of all activity between the two parties on the Lightning Network, the information is transferred to the main network. However, in order to increase efficiency, all transactions between the two parties are recorded as a single transaction on the Bitcoin blockchain. The transaction speed on the Lightning Network is much faster in comparison to transactions that occur on the main network because Lightning users are not competing for space on the crowded Bitcoin blockchain. Additionally, fees are less expensive on the Lightning Network.

Despite the fact that the Lightning Network has reduced the blockchain scalability problem, several members of the Bitcoin community were never in favor of conducting transactions outside of the main network. Consequently, these members decided to create their own solution to Bitcoin’s scalability dilemma.

Bitcoin Cash

As we mentioned, the Bitcoin community held several meetings in July 2017 in an effort to solve the scalability problem. During these meetings, there was never a unanimous decision to adopt the Lightning Network. Instead, several developers and miners were in favor of increasing the block size limit as a way to increase the number of transactions on the Bitcoin blockchain. In order to reach a peaceful agreement between both parties, a hard fork was created, which provided two different solutions to the scalability dilemma.

In August 2017, Roger Ver launched Bitcoin Cash (BCH). Bitcoin Cash is the most famous hard fork occurrence within the Bitcoin blockchain ecosystem. During the past few years, Bitcoin Cash has been a solid performer within the crypto universe. Bitcoin Cash is always ranked among the top 10 in terms of daily volume and market capitalization.

Although BCH is a solid performer in the area of volume and market capitalization, the coin has never approached the trading volume level of Bitcoin. This is a clear indication that the crypto community has chosen to adopt the Lightning Network and other scalability solutions as the solution to Bitcoin’s scalability problem.

The Liquid Network

The Liquid Network is a Bitcoin sidechain designed to offer fast and confidential transactions between trading platforms. The project originated in 2015. The testnet version was released in May 2017, with version 1.0 launching in October 2018.

A sidechain is a secondary blockchain on which fictitious tokens are used to make currency transfers. Operations performed on the secondary blockchain are not recorded on the main blockchain. Consequently, the fees are substantially reduced, and the throughput is much higher because the nodes of the sidechain are private, capable of handling a large number of transactions.

The main advantages of the Liquid Network Sidechain are more transactions per second and shorter confirmation times. The end result is fast transfers at much lower prices. Additionally, the sidechain is able to maintain a level of decentralization because there is more than one entity managing the sidechain.

Nakamoto put little thought into the issue of scalability. Thankfully, the cryptocurrency universe has some of the most talented people working to improve Nakamoto’s original design of the blockchain network. This includes scalability. Even though the Lightning Network or the Liquid Network are not perfect, they are a step in the direction of increasing scalability.

Brief Summary of Blockchain Scalability

  • Blockchain scalability is the rate at which the Bitcoin network can process transactions.
  • The transaction processing capacity is limited in terms of size and frequency.
  • The average block creation time within the Bitcoin network is 10 minutes with a block size of 1 megabyte.
  • Two solutions emerged regarding the blockchain scalability problem.
  • The first solution was to increase the block size limit.
  • The second solution involved the creation of a new payment protocol.
  • The new protocol would operate on top of the Bitcoin blockchain.
  • It became known as the Lightning Network.
  • All transactions within the Lightning Network occur off-chain.
  • The Bitcoin community could not reach a consensus agreement concerning scalability.
  • Roger Ver was in favor of increasing the block size limit and launched Bitcoin Cash (BCH).
  • The Liquid Network is another scalability solution being worked on
  • Going forward, users can choose BCH or BTC depending on their scalability views.

What Makes Blockchain Secure?

The entire purpose of blockchain is to let people share valuable data in a secure, tamper-proof environment. Therefore, the security of the blockchain is critically important. As we discussed in the Hard Forks and Nodes sections of Blockademy, there are three main participants involved in securing a decentralized network for the blockchain ledger. The participants include miners, developers, and full node users. All three play a vital role in the security of the blockchain they use.

There are two important features responsible for creating a tamper-proof blockchain. These two components are a cryptographic fingerprint and a consensus protocol.

Hashing

As you may recall, a cryptographic fingerprint is more commonly known as a hash. A blockchain is formed by linking together individual blocks of transaction data. To prevent fraudulent transactions, the blockchain only contains validated transactions. These validated transactions are a series of encrypted letters and numbers, known as a hash.

Hashing takes a considerable amount of time, computing power and energy to successfully complete. Therefore, the miner who conducts the hashing will receive a cryptocurrency reward. The crypto reward will only be triggered when the hashing was completed, and the block was successfully added to the blockchain.

Nodes

Nodes are responsible for verifying that the miner’s hash matches its block. If all nodes are in agreement, they each update their copy of the blockchain with the new block. This process is known as “consensus protocol.”

Hashing, along with the consensus protocol is what makes the blockchain immutable. Immutable means “unable to be changed.” When a block has been verified and added to the blockchain, changing the block is virtually impossible.

Brief Summary of Blockchain Security

  • The main purpose of blockchain is to allow users to share sensitive information securely.
  • Creating a tamper-proof blockchain involves hashing and a consensus protocol.
  • Blockchain only contains validated transactions.
  • These transactions are validated by miners.
  • For their work, miners receive a crypto reward.
  • Nodes are responsible for verifying that the miner’s hash matches its block.
  • If all nodes are in agreement, they each update their copy of the blockchain.
  • This process is known as “consensus protocol.”
  • Hashing, along with the consensus protocol is what makes the blockchain immutable.

What You Should Know About Solana and Cardano

Solana and Cardano are altcoins that were created as an alternative to Ethereum. They feature lower transaction fees and a high speed of data processing. Experts believe that these altcoins can surpass Ethereum in terms of capitalization after some time because they lack the main disadvantages of Ethereum: low transaction speed, high energy consumption, and higher fees.

We Compared Solana & Cardano

These altcoins are very similar, but they have some differences. 

Cardano is better known among traders and investors. This altcoin operates using the PoS algorithm. Recall that Ethereum still uses the PoW algorithm in its work. Cardano has an average processing speed of 250 transactions per second. On the Ethereum network, transactions are processed ten times slower. Accordingly, Cardano requires less power and other costs. 

However, this is not the maximum limit of transaction speed. Cardano runs on a Hundra 2.0 system, which allows it to increase the speed to 1,000,000 transactions per second in the future. This is higher than what is planned for Ethereum 2.0, which will be introduced soon. 

Cardano has become even more popular due to its access to smart contracts. This has allowed altcoins to enter the DeFi. Recall that these are financial instruments in the form of services and applications created on the blockchain. This will increase the popularity of the system and make it more widespread. 

Solana is another altcoin, which is a profitable alternative to Ethereum. However, this system was introduced only recently. In parallel, users have gained access to the SOL token. At the moment, Solana has a higher transaction rate, which is 60,000 transactions per second. The average fee is $0,00025, which is lower than Cardano’s. 

Also Read: Everything You Want to Know About Bitcoin – Crypto Bite

Today Solana and Cardano are less popular than Ethereum. At the same time, they have a similar working principle. Solana surpasses Cardano and Ethereum in key technical characteristics. However, the new altcoins are not yet very popular. This is due to the lack of advertising and low media activity of projects in various media. In doing so, Solana Ventures seeks to attract desktop and mobile video game developers to build their projects based on its public blockchain, thereby raising the prospect of higher SOL adoption. A similar implementation boom in 2021 has helped raise the price of SOL by nearly 17,500% since the beginning of the year, from $1,51 to $262. 

Solana and Cardano Future

Experts believe that in a few years, the capitalization of Solana and Cardano could surpass $500 billion.

Many experts call Solana the “best competitor” to Ethereum, Cardano, and other smart contract platforms regarding “developer adoption and momentum.”

However, Solana has also shown signs of resource depletion, i.e., lack of prioritization among SOL transactions and fewer validators. This led to an eighteen-hour network outage in September 2021. If this is not corrected, it could increase the risks of reversed or altered transactions across the Solana network.

That’s why you shouldn’t invest all your money in Solana or Cardano. So far, these systems are not perfect. They have good prospects, and their capitalization will grow. However, their technical characteristics are limited. Ethereum still has a margin of safety. 

Blockster All-in-One Content Crypto Platform

What is Blockster

Blockster is a one-stop-shop for all things cryptocurrency and blockchain, with an
emphasis on profit. On Blockster, which is powered by user-generated content, you can
build your own profile, interact with a vibrant network of like-minded individuals,
contribute articles to the Blockdesk blog, host video chats, create groups, and stay up to
speed on the latest news via a Facebook-style news feed.

Blockster includes Blockwatch, a cryptocurrency data aggregator similar to
CoinMarketCap tracks the top 500 coins’ price movements. Additionally, a mobile
application and a thriving NFT marketplace will be available soon, allowing you to trade
some of the most fascinating digital artifacts.

There is even a part dedicated to teaching and learning, called Blockademy, which is a
constantly growing knowledge base of articles, tips, and how-to videos on all things
crypto. Unlike some other platforms, which promote tribalism and negativity,
Blockademy emphasizes open learning and is the ideal location for newbies and
professionals alike to congregate and expand their understanding of digital assets.

At a time when cryptocurrency is becoming more mainstream and existing players must
cross multiple social platforms to find the material they desire, Blockster unifies
everything. Blockster is a go-to network for crypto with a fully-featured social network
that establishes alliances with all the major personalities and crypto projects in the field
and delivers all the benefits of Telegram, Facebook, YouTube, Twitter, and
CoinMarketCap, among others.

The Blockster (BXR) Token

The Blockster (BXR) utility token is the network’s native token and is used to settle all
transactions within the ecosystem, as well as to enable holders to participate in staking
programs to increase their earnings. Advertisers utilize BXR to market their projects to a
highly focused and engaged audience without fear of deplatforming or censorship. BXR
is also used for platform-related activities such as tipping content, purchasing NFTs and
other services, and voting on critical platform development issues.

BXR investors receive 20% of every advertising revenue generated on the site. The more
the network’s user base, the higher the advertising prices and the greater the staking
incentives. BXR holders can also stake their tokens on the Digitex exchange via the
Blockfarm yield farming platform.

Blockster complements the Digitex ecosystem of goods, and all traffic from the
Blockster website is sent to the Digitex exchange, where users can trade without paying
a fee or earn incentives through our different staking programs. This benefits all tokens
listed on Digitex and creates a positive feedback loop as the social network and
exchange both grow in popularity.

How to Buy Blockster

Certain cryptocurrencies, such as Blockster, can be acquired only via decentralized
exchanges using another cryptocurrency. To purchase Blockster, you must first
buy Ethereum (ETH) and then use that cryptocurrency to purchase Blockster. And
you’ll need what’s known as a self-custody wallet to accomplish this.

What Makes Blockster Different

While Blockster may sound like any other social platform where you can read news and
build relationships, what sets it apart is that it allows cryptocurrency advertising –
legitimate projects, upcoming projects, exchanges, and DeFi platforms – in fact, any of
the thousands of crypto-based enterprises that are looking to advertise

More Crypto News

The Art Collective Multichain DAO by Metazens

The Metazens, Metaverse Citizens, is one of my favorite projects recently launched on the DeSo blockchain. A professional artist created the DAO NFT project by the name of Meredith Marsone from New Zealand.

About The Art Collective DAO

The Metazens were minted on the DeSo blockchain to kick off the beginning of the Art Collective Decentralized Autonomous Organization. 20 original hand-drawn NFTs were the first steps to develop the 5,500 generative multichain series.

Multichain DAO NFT Project

The NFTs will be released as follows:

  • 20 Genesis on DeSo
  • 35 Super Rare Metazens with Music by Murkury
  • 500 Generative on DeSo
  • 2,500 Generative on Solana
  • 2,500 Generative on Ethereum

Just a heads up minting a Metazen on DeSo will get you a free Metazen on the Solana blockchain. Excellent 2 for 1 deal. If you do not have an account on DeSo, you can sign up on DiamondApp.

Each one of the blockchains will have its own DAO. 25% of the money from the NFTs sold will finance the DAO. The DAO will vote on purchases of NFTs and benefit from the profits when sold.

Also Read: Have You Ever Wanted To Be Early – Crypto Bite

The Future of The Metazens

This is not your ordinary NFT or DAO. It is turning into a fun project with great potential to become highly profitable.

So far, on the DeSo platform, the project is doing a derivative project for prizes and is about to launch Metamorphs. You will be able to use 2 of the generative mints to get a custom morph. The great thing about these morphs is that you still keep the original.

Meredith and her team continue to create new ideas to keep the project alive and exciting. It is also starting to build up a great community. We would love to have you here.

You can see more about this project on the website or here.

Mars Metaverse, Mining App, And Referral Code

Mars Company is in the process of creating a Mars Metaverse. They are starting with a mining app that requires a referral code or early special access. If you need a Mars Mining App referral code, use cryptobite and join our team. Through December 31st, they are also offering a 50% increase in mining rewards.

The metaverse market is currently sitting at USD 100 billion and is expected to increase to USD 1.5 trillion by 2030.

How Mars Mining App Works

The Mars Mining App is available on Apple and Google Play. You will need to download the app and enter a referral code to get started. As I mentioned previously, we set up a cryptobite referral code to get in early. Just type it in and go.

Mars Company has allotted 1 Billion coins for the mining process. Once these are gone, mining is over.

Using The Mars Mining App

After you sign up and enter the referral code, you will receive 2 MRST.

Currently, Mars has only released the basic mining app, so the current use is simple. You have a car that rides around mars automatically mining for 8 hrs. You can see the remaining mining time on the battery indicator. After 8 hrs, your vehicle will recharge before continuing to mine.

In future updates, you will be able to choose between 4 battery sizes (8 hrs, 12 hrs, 16 hours, and 24 hrs). There will also be minigames available to increase daily mining rewards.

Mining for MRST does not use your phone for the mining operation. By logging in to the app on your phone, you will start the mining process that is carried out using the AWS cloud server.

Related Reading: Is The Upland Metaverse The Next Big Thing – Crypto Bite

About The Mars Metaverse

What Blockchain Will The Mars Use?

The Mars Metaverse started on the Ethereum blockchain. On November 25th, Mars Company sent out an article that the blockchain used to operate the metaverse changed to Polygon. The change was to make the metaverse without the high gas fees so more people could participate.

What Will Be Available On The Mars Metaverse?

  • Earn MRST in the Metaverse.
  • The ability to purchase user created items and play minigames.
  • Purchase land and assets in The Mars Metaverse.
  • Construct buildings and earn rent.

The metaverse is new and still under development. I am interested to see how the future will progress. The good thing is if you are reading this, you are early. Early makes the most profit if you are looking for investment. It also carries the highest risk.

The Mars Metaverse Conclusion

I can’t wait to see where this metaverse leads. Some information needs to be cleared up on the project website, which is expected of a new project like this. I can’t pass up the opportunity to pick up the free MRST through mining while I wait on the release of the entire metaverse project.

I will update as new information is available. Share your experience or favorite metaverse project in the comments.