Tokenization in blockchain technology is closely tied to the emergence and development of blockchain itself. Tokenization refers to the process of representing real-world assets or digital rights as digital tokens on a blockchain network. These tokens can then be transferred, traded, or utilized within the blockchain ecosystem. The concept of tokenization gained its initial momentum…
What is Web3.0 Identity? In short, it is an identity system that enables users to have control over their digital identities and data privacy. Web2.0 was defined by careless data sharing and its unregulated commercial exploitation; Web3.0 reverses that paradigm to enable data owners to be in control of their data. What is Web3.0 Identity?…
Since the inception of Blockchain technology, there has been an explosion of innovations in decentralized finance (DeFi), as several products and services have been integrated into projects built on Blockchain technology to proffer solutions to people’s problems. With Blockchain technology came about decentralization, security, scalability, immutability, and ownership amongst others. Governance Tokens are unlocking new…
What is Web 3.0? In a nutshell, it is the internet’s third generation, which includes concepts such as blockchain technology, decentralization, and token-based economics. But, before this undeniable technology, there were some that existed; let us take a brief look at them. Web 1.0 and Web 2.0 are eras in the evolution of the World…
A 51% attack in blockchain happens when a group gains control over more than half of the nodes or computing power within the network. This article aims to explore the concept of a 51% attack in blockchain and discuss preventive measures. Blockchain is a type of Distributed Ledger Technology (DLT) utilized for storing and maintaining…
In the conventional sense, a snapshot refers to the recorded state of a computer system at a particular moment. It is akin to taking a photograph, where an individual captures the information present on their server at a specific point in time. Now, let’s explore the concept of a snapshot in the context of blockchain….
What is a hard fork in crypto? Forks are caused by the fact that different parties must follow the same rules in order to preserve the blockchain’s history. Alternative chains may emerge when parties are unable to reach an agreement. While most forks are temporary, some are permanent. The difficulty of reaching fast consensus in…
What is the purpose of Nonce in Blockchain? In short, nonce stands for a number used once. The blockchain nonce is a crucial element in the realm of blockchain cryptography. The term “nonce” originates from Middle English, signifying something that is utilized only once or temporarily. Exploring the concept further will provide you with an…
A block in a blockchain refers to a fundamental component that comprises the transactions recorded within the blockchain. Once transactions are included in a block, they become irreversible, and once a block is added to the chain, it becomes immutable. The information contained within blocks remains permanently stored as long as the blockchain remains in…
What is a Hash in Blockchain? In short, it refers to an alphanumeric code that is generated by a specific algorithm. The Bitcoin hash algorithm, in particular, is SHA-256. Because the original data cannot be recovered through decryption, this algorithm is a one-way cryptographic function. The use of a cryptographic hash function in blockchain can…