All things you need to know about the Crypto space, Blockchain, NFTs and Metaverse.

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Blockchain Technology

2 Jan 2023

The Blockchain Reward

Lets talk about the blockchain reward, as nodes need to solve cryptographic puzzles on a P2P network through the use of bruteforce, and the number of possible combinations is about 1077, Satoshi Nakamoto decided to include an incentive in the Bitcoin system to make up for all these great efforts.

The first node to solve the puzzle will be awarded with a reward, which is known as the “block reward”. The first ever reward was set at 50 bitcoins. In reality, every time a new block is included in the blockchain, it generates a corresponding reward anew.

Nakamoto also figured out a way to control the creation of new bitcoins, by setting a limit of up to around 10 minutes between new blocks being included in the blockchain. Looking at it this way, you can say a cryptographic puzzle is solved every 10 or so minutes. That means 144 blocks per day or 52560 per year. As more nodes and more powerful computers join the network, puzzles will be solved much faster.

To avoid any inflationary trends, Nakamoto also included a parameter called ‘Difficulty’ in the protocol. This increases the number of leading zeros in the resulting hash when a node tries to solve the puzzle. In addition to this, the block reward is halved every 210,000 blocks (which is approximately every 4 years). The last reward will be awarded in the year 2140.

Lets take a break here, we will continue from the next publication. Stay tuned!!!

Cryptocurrency

14 Dec 2022

Trading Bitcoin

A lot has been said about bitcoin lacking intrinsic value, hence not having any real value in the currency markets. However, taking the intrinsic value of an asset into consideration when trading is only one approach to the markets.

Another approach focuses more on the price chart, demand and supply, and the crowd’s psychology in order to make informed decisions – usually by traders who prefer technical analysis over fundamental analysis while trading.

Price patterns and popular indicators may be used to deduce a lot of information from a price chart. Don’t forget that it is not only the financial headlines that move the markets, but the traders’ psychology as well. With the right indicators and tools, you will realise that traders’ psychology is also present on the price charts. Therefore, CFDs on bitcoins and other cryptocurrencies (i.e. speculation on cryptocurrency price movements without owning the actual cryptocurrency) are usually traded against the US Dollar, and may be treated and traded just like any other financial instrument if you apply disciplined technical analysis to your trading.

Lets take a break here, we will continue from the next publication. Stay tuned!!!

Metaverse

6 Nov 2022

What is the Metaverse

The metaverse is a concept of an online, 3D, virtual space connecting users in all aspects of their lives. It would connect multiple platforms, similar to the internet containing different websites accessible through a single browser.

The concept was developed in the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a metaverse was once fiction, it now looks like it could be a reality in the future.

The metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the metaverse.

You can already see some aspects of the metaverse in existing virtual video game worlds. Games like Second Life and Fortnite or work socialization tools like Gather town bring together multiple elements of our lives into online worlds. While these applications are not the metaverse, they are somewhat similar. The metaverse still doesn’t exist yet.

Besides supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain the potential to power this future technology.

Why are video games linked to the metaverse?

That is a very nice question, now here is the answer. Video games are linked to the Metaverse because of the emphasis on 3D virtual reality, video games offer the closest metaverse experience currently. This point isn’t just because they are 3D, though. Video games now offer services and features that cross over into other aspects of our lives. The video game Roblox even hosts virtual events like concerts and meetups. Players don't just play the game anymore; they also use it for other activities and parts of their lives in "cyberspace". For example, in the multiplayer game Fortnite, 12.3 million players took part in Travis Scott's virtual in-game music tour.

How does crypto fit into the metaverse?

Gaming provides the 3D aspect of the metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility. But what do these mean exactly?

If, in the future, we work, socialize, and even purchase virtual items in the metaverse, we need a secure way of showing ownership. We also need to feel safe transferring these items and money around the metaverse. Finally, we will also want to play a role in the decision-making taking place in the metaverse if it will be such a large part of our lives.

Some video games contain some basic solutions already, but many developers use crypto and blockchain instead as a better option. Blockchain provides a decentralized and transparent way of dealing with the topics, while video-game development is more centralized.

Blockchain developers also take influence from the video game world too. Gamification is common in Decentralized Finance (DeFi) and GameFi. It seems there will be enough similarities in the future that the two worlds may become even more integrated. The key aspects of blockchain suited to the metaverse are:

1. Digital proof of ownership: Digital proof of ownership: By owning a wallet with access to your private keys, you can instantly prove ownership of activity or an asset on the blockchain. For example, you could show an exact transcript of your transactions on the blockchain while at work to show accountability. A wallet is one of the most secure and robust methods for establishing a digital identity and proof of ownership.

2. Digital collectibility: Just as we can establish who owns something, we can also show that an item is original and unique. For a metaverse looking to incorporate more real-life activities, this is important. Through NFTs, we can create objects that are 100% unique and can never be copied exactly or forged. A blockchain can also represent ownership of physical items.

3. Transfer of value: A metaverse will need a way to transfer value securely that users trust. In-game currencies in multiplayer games are less secure than crypto on a blockchain. If users spend large amounts of time in the metaverse and even earn money there, they will need a reliable currency.

4. Governance: The ability to control the rules of your interaction with the metaverse should also be important for users. In real life, we can have voting rights in companies and elect leaders and governments. The metaverse will also need ways to implement fair governance, and blockchain is already a proven way of doing this.

5. Accessibility: Creating a wallet is open to anyone around the world on public blockchains. Unlike a bank account, you don't need to pay any money or provide any details. This makes it one of the most accessible ways to manage finances and an online, digital identity.

6. Interoperability: Blockchain technology is continuously improving compatibility between different platforms. Projects like Polkadot (DOT) and Avalanche (AVAX) allow for creating custom blockchains that can interact with each other. A single metaverse will need to connect multiple projects, and blockchain technology already has solutions for this.

What is a metaverse job?

As we mentioned, the metaverse will combine all aspects of life in one place. While many people already work at home, in the metaverse, you will be able to enter a 3D office and interact with your colleagues’ avatars. Your job may also be metaverse related and provide you with income directly usable in the metaverse. In fact, these kinds of jobs already exist in a similar form.

GameFi and play-to-earn models now provide steady income streams for people worldwide. These online jobs are great candidates for metaverse implementation in the future, as they show that people are willing to spend their time living and earning in virtual worlds. Play-to-earn games like Axie Infinity and Gods Unchained don’t even have 3D worlds or avatars. However, it’s the principle that they could be part of the metaverse as a way to earn money entirely in the online world.

Lets take a break here, we will continue from the next publication. Stay tuned!!!

NFTs

6 Nov 2022

Lets Discuss the NFT

What is an NFT?

A non-fungible token (NFT) is a type of cryptographic token on a blockchain that represents a unique asset. These can either be totally digital or tokenized versions of real-world assets (example land, house etc). As NFTs aren’t interchangeable with each other, they may function as proof of authenticity and ownership within the digital realm.

Fungibility means that an asset’s individual units are interchangeable and essentially indistinguishable from each other. Fungibility is a desirable property for currency because it enables free exchange, and theoretically, there is no way to know the history of each individual unit. However, that isn’t a beneficial trait for collectible items.

What if we could create digital assets similar to bitcoin but instead add a unique identifier to each unit? This would make each of them different from all the other units (i.e., non-fungible) and thereby open up a wide array of new use cases. Essentially, this is what an NFT is.

How do NFTs work?

There are many frameworks for the creation and issuance of NFTs. The most prominent of these is ERC-721, a standard for the issuance and trading of non-fungible assets on the Ethereum blockchain.

There have been other standards introduced, such as ERC-1155. It enables a single contract to contain both fungible and non-fungible tokens, opening up a whole new range of possibilities. The standardization of the issuance of NFTs allows a higher degree of interoperability, which ultimately benefits the users. It means that unique assets can be transferred between different applications with relative ease.

BNB Chain has its own NFT standards: BEP-721 and BEP-1155. These two provide similar functionality to the previously mentioned Ethereum standards. Both have become attractive for creators looking to mint NFTs as the cost is substantially lower than on Ethereum.

Just like other blockchain tokens, your NFT will exist on an address. It’s worth noting that NFTs can’t be replicated or transferred without the owner’s permission – even by the issuer of the NFT. If you are looking to store and have a place to view your NFTs, you can do that in an NFT-enabled wallet such as Trust Wallet.

NFTs can be traded in open marketplaces, including Binance’s NFT platforms, BNB Chain-based BakerySwap, and OpenSea on Ethereum. Naturally, NFTs are prone to price changes in response to market supply and demand as well as cultural trends that some of the NFTs are tied to.

But how can such things have value? Just like with any other valuable item, the value isn’t inherent to the object itself but is rather assigned by people who deem it valuable. In essence, value is a shared belief. It doesn’t matter if it’s fiat money, precious metals, or a vehicle – these things have value because people believe they do. This is how every valuable item becomes valuable, so why not digital collectibles?

What can NFTs be used for?

That is a nice question, now here is the answer to that awesome question. NFTs can be used as collectible items, investment products, or serve many functional purposes.

Online gaming has emerged as a major use case for non-fungible tokens. Gaming economies are nothing new. And since many online games have already had their own economies, using blockchain to tokenize in-game assets is taking only a step further. The use of NFTs could potentially solve or mitigate the common problem of inflation that many games have.

While virtual worlds are already flourishing, another exciting use of NFTs is the tokenization of real-world assets. These NFTs can represent fractions of real-world property that can be stored and traded as tokens on a blockchain. This could introduce some well-needed liquidity to many markets that otherwise wouldn’t have much, such as fine art, real estate, rare collectible items, and many more.

Digital identity is also a sector that can benefit from the properties of NFTs. Storing identification and ownership data on the blockchain would increase privacy and data integrity for many people around the world. At the same time, easy and trustless transfers of these assets could reduce friction associated with sharing personal data.

How do I make NFTs?

I know this will be your next question because you want to own your own NFT, that's good, now creating your own NFTs is a simple process offered by numerous platforms and NFT exchanges. All you need to get started is some crypto to pay your minting fee and something to turn into an NFT. You’ll also need to choose between minting your NFT on Ethereum or BNB Chain.

Ethereum has traditionally been the home of NFTs and their development. It has a large user base and well-established NFT community, but transaction fees can be hefty. This makes small purchases, sales, and transactions costly for users. BNB Chain is a newer blockchain but it has already seen a lot of growth in its NFT markets. Transactions on BNB Chain are also much cheaper than they are on the Ethereum blockchain.

On our next publication we will be teaching you on how to create your own NFT.

NFT Popularity

One of the first NFT projects to gain significant traction was CryptoKitties, a game built on Ethereum that allows players to collect, breed, and exchange virtual cats.

CryptoKitties gained some notoriety after it congested the Ethereum blockchain due to the high network activity that it spawned. An estimated 25% of Ethereum’s traffic in December 2017 was related to these collectible cats.

However, the popularity of NFTs has since reached much broader markets with the likes of Eminem, Jimmy Fallon, Steph Curry, Post Malone, and many other celebrities all owning an NFT from The Bored Ape Yacht Club.

As NFTs popularity soared further, a record-breaking $69 million was paid for Everydays: the First 5000 Days, an NFT created by digital artist Beeple, at Christie's Auction House in March of 2021.

Arguably, it’s NFTs use cases related to digital art that have captured the most attention from celebrities and the mainstream media so far. However, use cases continue to be discovered for this versatile asset class, and non-fungible tokens will likely have many more important applications going forward.

Lets take a break here, we will continue from the next publication. Stay tuned!!!

FAQ

What blockchain network does Eweb Meta support

Eweb Meta is often called the home of Bep20 tokens by some users, this simply means that Eweb Meta only support Bep20 version of the tokens available in the platform. Note: they are four tokens that are not bep20 which are on Eweb Meta platform, the coins are Bitcoin, Ethereum, Litecoin and Doge. The rest of the tokens are all Bep20 tokens.