blockchain Archives - The App Solutions

What Is Web 3.0? Internet Next Era Based on Blockchain

Posted on August 28, 2023September 20, 2023 by Pavel Tantsiura

Web 3.0 is heard everywhere, no matter what resource you go to, what forum you open, and any social media platforms… New buzzword – this is how people who do not share the general enthusiasm speak about Web 3 with a slight touch of disdain. However, they are clearly in the minority. Everyone talks about it with enthusiasm; they see the future behind it.

Web 3.0 is followed by blockchain, cryptocurrencies, non-fungible tokens (NFT), and many more terms that make your head spin if you are not in the loop. And, of course, you have to be familiar with the matter! We don’t know precisely how long Web 3.0 will last or if Web 4.0 will replace it. However, without understanding the general principles of technology, your business will not last long.

What is Web3? The Decentralized Internet of the Future Explained

At one time, the World Wide Web blew up the “market” of information online, which now, located on the network, could be available to anyone with the Internet, anywhere on the planet. Web 2.0, in turn, has radically changed the principles of communication. And Web 3.0 is more about values and meanings. Web 2 is an interface revolution, and Web 3 is a backend revolution.

What Is The Difference Between Web 2.0 Vs. Web 3.0?

The term Web 3.0 itself originated in 2014. Ethereum co-founder Gavin Wood created it. Simply put, Web 3.0 is a decentralised way of communicating on the Internet instead of the centralized storage that Web 2.0 offers. This significantly increases the level of security and safety of personal data. And all this is possible thanks to the blockchain system.

What is Blockchain

Blockchain is a database that is different from other similar decentralized networks. It does not have a single owner who could use the information stored there at his discretion by right of ownership. Instead, the participants collectively manage the blockchain database, and it is available to anyone. At the same time, stealing this surface data has become much more difficult.

The idea is that everything you do, from shopping to social media, is handled through the same secure processes, providing both more privacy and more transparency.

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The blockchain system uses the principle of cryptography for protection – information is stored in blocks, which, to form a single whole, line up in a chain. Hence the name. In order to somehow distinguish between blocks, each of them has its own timestamp, data, and a hash pointing to the content.

These shares can be managed by people who have enough tokens or crypto. If you have enough of these tokens, you have the right to vote on the network. Governance token holders can spend their assets to vote on, for example, the future of the decentralized lending protocol.

What is Web3 in Crypto?

When you hear about web3, you will notice that cryptocurrencies are often part of the conversation. This is because cryptocurrency plays a significant role in many of these protocols. In addition, it provides a financial incentive (tokens) for anyone who wants to create, manage, contribute to or improve one of the projects.

These protocols can offer many services:

Calculations
Storage
Bandwidth
Identification
Hosting

Service consumers typically pay to use the protocol, similar to paying a cloud service provider today.

Cryptocurrencies have created a robust market for decentralized finance (Defi), which is only growing every year. Web3 applications are often based on a technology called Ethereum, which, like bitcoin, rewards users who help maintain its network. This coin is called Ether, which has a total market value of $511 billion.

The apps themselves can also have linked tokens that can not only pay for services, but also act as voting shares that govern the development of the apps, and even the fee structure.

What is a Web3 app?

Web3 applications run either on blockchains or in decentralized networks consisting of many peer nodes (servers) or in a combination, forming a crypto-economic protocol. These are decentralized apps.

At the heart of Web3 are distributed applications (or dApps) built using the Ethereum blockchain that pay users to help keep it online. Dapps play the same role for Web 3.0 that the App Store has played for the Apple ecosystem so far.

How Does Blockchain Amplify Adtech Industry

More than 8,700 active decentralized applications are registered on the DappRadar tracker. They include many crypto trading platforms and games. Sometimes the line between the two is blurred: many games involve winning and trading non-fungible tokens, or NFTs, virtual characters, or collectibles that can cost sky-high prices.

Most decentralized apps are now used for a cryptocurrency exchange or NFT trading. A small percentage of dApps are games that can be played to earn money in cryptocurrency.

Web3 and NFT

Speaking of games… In Web 2.0 iteration, gamers can only resent the number of bugs in the next sequel to their favorite game. With Web 3.0, users can vote on the necessary changes with their tokens and, in fact, build the game as they like. NFT is also on the wave in the gaming industry. Game fans are buying up items placed in virtual reality.

And in general, now a musical composition or a picture in a museum, as well as any meme, and even your cat, can become tokenized. So, one of the notorious NFT Rare Bored Ape Yacht Club was sold in 2021 for $3.4 million!

If earlier venture capitalists participated in developing a game (and, in general, any other product) with their own money, who dictated to the creators the conditions under which profit would be possible in the shortest possible time, now anyone can financially participate in the development. The company announces the release of x number of tokens, gives 10% to early investors, puts up 10% for sale, and saves the rest for future payments to contributors and project financing.

Someone will probably think this principle is too similar to a financial pyramid. However, all blockchain data is entirely public and open, and buyers have complete transparency about what is happening. At the same time, network marketing companies that do not shun fraud keep everything a secret.

Web 3.0: Prospects, Issues, and Challenges

The idea of a decentralized internet looks attractive. We immediately imagine freedom from the “oppression of the capitalists” who monopolize entire areas of our daily lives. However, not everything is so rosy.

Who is currently investing in Web 3.0 the most? Venture capitalists, big tech companies, and hedge funds with multi-million dollar capitals. Accordingly, modern blockchain networks are unevenly distributed. In other words, the encryption keys for multi-million dollar sums are in the hands of just a few large investors. It’s just that information is now stored in more than one place, which is really much more difficult to control. Still, if at the same time you hire a lot of figureheads who will be participants in the decentralization scheme, then the whole idealistic principle comes to naught.

Some experts go further, arguing that Web 3.0 is the same centralized organization, just with a different name. Needing no introduction, Elon Musk says Web3 is more of a “marketing buzzword” than reality.

It is worth noting that some cybersecurity experts emphasize that although it is more challenging to hack data in the blockchain format, it is also almost impossible to prevent such a hack. After all, the problem is not whether people can easily access it, but whether they know how to manage their data securely. An example of such a problem would be the widespread theft of cryptocurrencies.

Many projects don’t even list contact numbers, although they may support online chat groups. If you accidentally type in a typo and send money to the wrong account, it could be lost forever. You will not be able to solve the problem as if you called the bank’s customer service. After all, if earlier it was the bank that provided the security of your finances, then in Web 3.0 – God helps those who help themselves. With freedom, you get a responsibility that not everyone can handle.

Skeptics believe that many of the requirements underlying Web3, such as distributed architecture and decentralization, are better implemented without blockchains. Since building a decentralized structure based on a centralized one does not radically change anything.

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In Conclusion

So, does Web 3.0 technology, which has not yet become firmly established in everyday life, no longer justifies itself? As in any innovative solution, there will always be people who simply want to make money on fraud, but also enthusiasts who will create genuinely amazing things. So, is Web 3.0 a boon or a slightly updated Web 2.0? This will be shown in the next decade. In any case, a lot depends on how the big players behave.

The APP Solutions always strives to be at the forefront of the latest technology. For us, Web 3.0 is not something from the distant future but a completely unambiguous reality with which our employees work closely. Therefore, if you are interested in developing in the Web 3.0 area – feel free to write!

Credits to Depositphotos

What is a Dapp? Understanding Decentralized Applications

Posted on August 28, 2023September 20, 2023 by Pavel Tantsiura

In this issue:

What is a Centralized Application?
What are the Decentralized Applications (Dapps)?
What is Dapp Used for?
What is Dapp Cryptocurrency?
Pros and Cons of Decentralized Apps
How to Make a Dapp?
Key Takeaways

The last decade in Internet technologies was marked by the complete dominance of Web 2.0, which implies centralization. This means that any application you deal with is owned and operated by one person or a stakeholder group that decides what the app should look like and where it should go. Often this course is chosen by business laws and against the users’ wishes who can do nothing in response except to declare a boycott. However, an alternative to a striking app would be the same app with roughly similar rules and laws. So how do we get out of this vicious circle?

It seems that a solution has been found, and decentralized applications can become such a solution.

What is a Centralized Application?

To understand how decentralized applications work (dapps for short), we first turn to their predecessors mentioned above.

Centralized applications are managed and owned by a single company and run on a single server or server cluster. The principle of operation is simple: someone downloads a copy of the application, and the application works by sending and receiving information from this server.

In other words, the application will not work if it is not associated with this server. If the centralized server fails, the app stops working on user devices until the problem is fixed.

Examples of centralized applications include Facebook, WhatsApp, Netflix, Steam…

What Is The Difference Between Web 2.0 Vs. Web 3.0?

Centralized apps have several distinct advantages over dApps. As a developer, you retain complete control over the application and how it is used. Centralized applications can usually handle large amounts of traffic.

Moreover, it is much easier to update the centralized application since the update is automatically sent to the user’s device.

All this suggests that there are disadvantages. In the event of a system error, no one will be able to use the application until the problem is resolved, which may cause inconvenience to your customers. Also, you may incur higher cybersecurity costs as you need to secure the central server.

What are the Decentralized Applications (Dapps)?

And now, let’s go directly to the “protagonist” of our article. Decentralized Applications, also called dApps or simply dapps, are digital applications that operate on a blockchain or P2P network (such as BitTorrent, where participants both download and distribute content simultaneously). Thus, we see that these applications existed long before the Web 3.0 era. But they were just isolated cases.

Instead of downloading the application, the user pays the developer a certain amount in cryptocurrency to download the smart contract or source code. Thus, there is no single center for the “distribution” of data. DApps are most often created on the Ethereum platform.

What Is Web 3.0? Internet Next Era Based On Blockchain

Ethereum is a flexible platform for creating new dApps, providing the infrastructure developers need to innovate digital applications. In this way, you can quickly deploy dApps in any industry of your choice. Today it is decentralized finance (DeFi) and banks, ecommerce, games, social networks, that is, in all those areas in which we most often resort to the services of centralized applications.

What is Dapp Used for?

Speaking about the practical application of dApps, among which:

DeFi (in 2021, the cryptocurrency market was about $40 billion)
Digital collectibles (NFT market)
Gaming/Gambling
Communication
Marketplaces
Healthcare (blockchain as a logistics method in pharmaceuticals)

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A decentralized application must generate digital assets that serve as proof of value.

An example of a social network as a dApp is Peepeth, similar to Twitter in its communication principle. In Peepeth, the difference is that you won’t be able to delete your post if you change your mind. But, on the other hand, no one will remove it at anyone’s request.

With games as an example, the fun app Cryptokitties immediately comes to mind, where users can buy and sell virtual funny cats.

What is Dapp Cryptocurrency?

Here, dApps work on the same principle as in any other area. It is open-source and free from interference from anyone’s authority.

Internally, dApps interact with the respective blockchain network through a wallet that bridges the blockchain ecosystem.

Wallets manage your address on the Ethereum blockchain and the cryptographic keys needed to identify and authenticate you. Instead of using the HTTP protocol to communicate with the blockchain, dApp wallets run smart contracts that interact with the blockchain and execute transactions.

Once smart contracts are deployed on the decentralized network, you cannot change them. Dapps can be decentralized because they are controlled by the logic in the smart contract, not by an individual or company. It also means that you need to design your smart contracts carefully and test them thoroughly.

Pros and Cons of Decentralized Apps

Decentralized applications definitely have their benefits, depending on what you need from your application.

First, because there is no single server, users will not lose access to the application if the server goes down. Secondly, since there is no centralized storage, user data will not be compromised in the event of a data leak or hacking attempt.

Decentralized systems based on blockchain or other distributed ledger technologies avoid the single point of failure problem inherent in systems based on centralized servers. In addition, the blockchain has robust consensus mechanisms that make it resistant to malicious attacks.

However, dApps have a few drawbacks.

Your target audience is smaller because cryptocurrencies and blockchain are not yet mainstream technologies. Moreover, because dApp transactions are often slower and more expensive than centralized, it can be difficult for you to get people to your dApp in the short term.

Finally, since there is no centralized deployment, fixing bugs or updating software on user devices is much more difficult.

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The fact that all dApps are essentially open-source allows developers to build on each other’s work, combine and recombine different elements from different projects to create new types of applications and services. This encourages innovation and allows the space to grow and develop in exciting and often unexpected ways.

How to Make a Dapp?

It should be mentioned right away that the easiest way to do this is on the Ethereum protocol. This platform is maximally adaptive for any developer’s idea since it was created to come up with innovative solutions based on it.

How Does Blockchain Amplify Adtech Industry

Next, we will provide general step-by-step recommendations on how to build a decentralized app.

Create a smart contract (it is the base for any dapp)
Take care of the front end (even if your users are knowledgeable in blockchain technology, you still need to work on UI/UX to attract not only new consumers but also retain old ones)
The back-end must be centralized (yes, and here we are forced to return to the direct competitor of dapp if your application is not only ordinary transactions but also add extra features)
Include QA (as already mentioned, changes in the code after entering production are almost impossible, so testing of such applications should be carried out much more carefully than it is with standard applications)
Deployment and support (download dapp to your usual App Store and Google Play and don’t forget to update the user interface from time to time)

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As you can see, you can’t do without professionals here because, in addition to creating a dapp, you need to consider interactions with external user interfaces that would attract users with their usability. And at the same time, create an ecosystem of comparable analytics and server system.

The APP Solutions is committed to achieving long-term results in conjunction with its customers and will be able to choose the best solution for you.

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Key Takeaways

So what is a dapp? Decentralized applications are emerging with over 70 million users worldwide, but many more users are downloading centralized applications. But, of course, like any innovation, not everyone is ready to accept dapps with open arms, considering it an overrated idea, fun for a limited circle of people.

However, the real competition between dapps and centralized applications and the entire technology of Web 2.0 as a whole can be spoken of as technology develops when more and more new opportunities open up.

Credits to Depositphotos

What Is DeFi? The Basics of Decentralized Finance

Posted on August 28, 2023September 20, 2023 by Pavel Tantsiura

In this issue:

What Exactly is DeFi?
DeFi vs. Traditional Finance
What is DeFi, and How does It Work?
Pros and Cons of DeFi
Types of DeFi
What is a DeFi in Crypto?
What Can You Do with DeFi?
Why is DeFi Important?

DeFi or decentralized finance is a way to receive, use, distribute and store money by eliminating intermediaries using the blockchain method. DeFi is a global, peer-to-peer (i.e., directly between two people, not through a centralized system), anonymous, financial ecosystem open to all.

What Exactly is DeFi?

DeFi is based on blockchain technology, which allows you to store a copy of a transaction in several places at once, while no organization can control or change it. DeFi is different in that it expands the use of blockchain from simple transfer of value to more complex financial use cases. Formally, you become a bank for yourself because you can freely duplicate its services in lending, borrowing funds, insurance, trading in assets and derivatives, only without completing countless pieces of paper.

DeFi vs. Traditional Finance

Imagine the banalest situation in your routine. For example, every day you go out for lunch at the same cafe because they cook really delicious food. You pay for this meal with your credit card. But have you ever thought that you are not paying to the business but are using an intermediary, the bank? If the latter does not like something or seems suspicious, your payment will be rejected or considered in a particular order – and along with your entire banking history (just went out for lunch, right?)

But what if it’s not a trivial dinner but a “serious” money transfer that you sent to another continent? If the speed, in this case, is a decisive factor for you – the last thing you would like to hear is “the transfer will take several banking days.”

What Is The Difference Between Web 2.0 Vs. Web 3.0?

But not only direct purchases are in the field of view of centralized financial institutions. It’s the same for:

Loans
Insurance
Crowdfunding
NFTs
Rates
Securities and so on

In the case of DeFi, this inconvenience disappears. You pay directly from your wallet to the counterparty’s wallet for any product or service. Moreover, even some progressive companies began to issue salaries in cryptocurrency.

The blockchain technology market is expected to grow to nearly $70 billion by 2026, according to MarketsandMarkets.

What Is A Dapp? Understanding Decentralized Applications

What is DeFi, and How does It Work?

DeFi takes the core premise of Bitcoin – digital money – and expands on it to create an entirely digital alternative to stock exchanges. But huge offices of several floors in elite business centers are not needed here. A gadget with which you can access the Internet is enough. So DeFi fans are talking no more, no less about open, free, and fair financial markets accessible to all.

DeFi uses cryptocurrencies and smart contracts to provide financial services to eliminate intermediaries. Users typically interact with DeFi through software called dApps (“decentralized applications”), most currently run on the Ethereum blockchain.

How Does Blockchain Amplify Adtech Industry

In DeFi, a smart contract replaces a financial institution in a transaction. The smart contract is a type of Ethereum account that can hold funds and send/refund them under certain conditions. No one can change this smart contract while it is running – it will always work as programmed. Contracts are also publicly available for review and audit. This means that bad contracts often quickly become the focus of community scrutiny.

Because DeFi is open source, the protocols and applications are theoretically available for users to test and innovate. As a result, people can mix and match protocols to unlock unique combinations of possibilities by developing their own dApps.

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Pros and Cons of DeFi

Any innovative technology is designed to make life easier for ordinary people and improve the quality of life. From this perspective, DeFi is a very attractive concept that is still gaining potential. At the same time, everything new, one way or another, has its drawbacks, both in terms of flaws and the human factor. Let’s take a closer look at the pros and cons of DeFi.

Among the advantages are:

Lack of intermediaries in transactions (a plus both in terms of security and the financial side)
Ability to take out a loan without “baggage” in the form of a credit history
Higher interest rates due to market dynamics

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Interestingly, the disadvantages of DeFi are the flip side of the advantages.

Yes, you keep your data secure, but if you forget the password, you may lose your assets as there is no governing body to call and ask for a password reset after answering the mother’s maiden name question.
Yes, you can take out a loan without fear that your credit history will catch up with you. However, as a consumer, you are deprived of the guarantee of your rights protection.
Yes, you can make good money on high-interest rates, but high volatility always comes with risks.

Types of DeFi

The most popular (but far from the only) types of DeFi include:

Decentralized Exchanges (DEX)
Stablecoins
Lending platforms
Prediction markets

Roughly speaking, it is like a currency exchange point in a bank, only cryptocurrencies and not in a bank, without intermediaries. If, in real life, with real money, such an exchange with a high degree of probability could end in fraud on someone’s part, then in an online exchange where the transaction is stored on more than one medium, a scam is almost impossible.

Stablecoin

This is a currency whose stability outside the Internet is confirmed by the currencies we are used to (for example, dollars or euros). Such a measure is needed to stabilize the price of crypto since their stability is not as strong as fiat funds.

Credit Platforms

These are intermediaries in the digital world of decentralized finance. If you can get a loan from a bank, why can’t you borrow cryptocurrency? With a high degree of probability, you will want to use an intermediary platform that will direct you to the right source of crypto finance.

Similarly, an intermediary platform allows you to offer your services as a crypto lender. Interest rates for services depend on demand. To take out a loan, the user needs to deposit collateral – often ether, the token that powers Ethereum. This means that users do not reveal their identity or associated credit score in order to take out a loan the way conventional non-DeFi loans work.

Prediction Markets

The same betting shops, but again without intermediaries. As you know, betting offices do not operate legally in all countries of the world. Here you can bet on any event – from the next presidential election to corgi races this summer – and not be afraid that you will not receive your finances if you succeed.

What is a DeFi in Crypto?

While DeFi is usually a significant player in the cryptocurrency conversation, it goes beyond creating an alternative digital currency or value. Instead, DeFi is working to replace the role of traditional financial systems with its smart contracts.

As of December 2021, there are 9,822 different cryptocurrencies available for trade, investing.com tells us. For comparison, as recent as 2019, there were 3,000 of them.

DeFi is designed to use cryptocurrencies for transactions. However, the technology is still evolving, so it’s hard to pinpoint precisely how existing cryptocurrencies will be implemented, if at all. According to Coin Metrics, five different cryptocurrencies process over 100,000 transactions each day.

While Bitcoin is a decentralized digital currency that runs on its blockchain and is used primarily as a store of value, DeFi is a concept that describes financial services built on public blockchains such as Bitcoin and Ethereum. They allow users to earn interest or borrow against their crypto assets.

DeFi consists of many applications related to financial services such as trading, borrowing, lending, and derivatives.

Here we are talking about Ethereum not as a cryptocurrency, but as a platform where applications for DeFi are developed. Since Ethereum is considered the most manageable base for developing dApps, most applications are written on this platform. Accordingly, you can borrow tokens on one site and exchange interest tokens on another market in a completely different application. They are universal. This process is similar to how you cash out your money in a “foreign bank” when yours is not in the immediate vicinity.

DeFi on Ethereum is not only a blockchain but also assets, protocols (smart contacts), and finally, full-fledged product applications that power the protocols.

What Can You Do with DeFi?

In addition to the absolute freedom of transactions in peer-to-peer trading, you can also create ideal conditions for passive income if you lend to others and earn interest on loans, as we mentioned above. Moreover, you can trade tokenized versions of investments such as stocks, funds, NFTs.

DeFi can also be seen as a long-term benefit – put some of your cryptocurrency in alternative savings accounts and earn better interest rates than you would typically get from a bank.

Why is DeFi Important?

However, do not forget that investing in DeFi is a risky undertaking at the moment. About $2.2 billion was outright stolen from DeFi protocols in 2021. Moreover, many scammers used plausible pretexts for theft, imitating the “security” of the site where reckless crypto investors trusted their money. And if you or your financial advisor don’t understand the subject well enough, it’s better to invest in something more stable.

Decentralized finance is still in its early stages of development. First, it is unregulated, which means that the ecosystem is still full of infrastructure failures, hacks, and scams. Other issues are system stability, energy requirements, carbon footprint, system upgrades and maintenance, and hardware failures.

However, you can get a good profit and, if you’re lucky, worldwide recognition, only if you are on the wave of the business avant-garde, understand all the trends, and successfully apply them in practice. Right now, when the dApps market is not yet oversaturated with offers, it’s time to start developing an application for DeFi. Then, you can put it in the hands of The APP Solutions. Like no one else, we understand the importance of such technology and are ready to face any challenges!

Credits to Depositphotos

What Is An NFT? Non-Fungible Tokens Explained

Posted on August 28, 2023September 20, 2023 by Pavel Tantsiura

In this issue:

Definition of a Non-Fungible Token (NFT)
How Is an NFT Different from Cryptocurrency?
Advantages and Disadvantages of NFTs
What is an Example of Non-Fungible Token?
Why would Anyone Buy an NFT?
How to Buy NFTs
Afterword

There are many “blank spots” in the web world of 3.0 technologies, whose meaning is not so easy to explain to the layman who decided to reach new horizons. In fact, the detection mechanisms of blockchain, crypto market, and token, in a nutshell, are difficult to explain. This is the whole concept of next-generation interaction on the Internet. Everything seems much more manageable with NFT. If the above terms are something abstract, then what NFT will appear knows almost everyone – costly pictures.

Of course, everything is far from being so simple, but the brightness of an object is of interest. Few technologies in the Web 3.0 galaxy are as well-received.

Five years after the advent of Bitcoin, the minting and sale of NFTs began. The first NFT was created by Kevin McCoy in May 2014 and then sold for just $4. Next, McCoy minted the Quantum, making $1.4 million.

WHAT IS WEB 3.0? INTERNET NEXT ERA BASED ON BLOCKCHAIN

Layman can’t understand why people pay for the opportunity to own images that are available to everyone on the Internet. So let’s figure out where the shoe pinches.

Definition of a Non-Fungible Token (NFT)

NFT stands for “non-fungible token”. After deciphering the abbreviation, it didn’t get much more evident, did it? If the token is non-fungible, it is not equivalent to any other (whereas, for example, if the same bitcoins are all the same, any can be exchanged for any). It’s hard to argue that you can’t trade a Da Vinci painting for a Van Gogh painting. The value of both artworks is high, but in different ways. The same is true for art world images.

Therefore, many think NFTs are just another collection (like stamps, coins, or beer coasters.) But, actually, it’s even more fun. After all, if you buy a painting by Thomas Cole for your private collection, the maximum that “shines” for other not-so-lucky connoisseurs of art is to see reproductions or photos on the Internet, which is not even close to the original. But with NFT, you can at any time get your free ownership of that part of the state that belongs to the GIF or a video for which someone paid several million dollars.

Why do you need virtual sneakers 100 times more expensive than just going to a shoe store and buying a genuine copy?

What is the meaning of all this? What is an NFT for real?

First, NFTs are just as speculative as any other trend: repurchase it to resell expensively. However, goals can be nobler. For example, you want to support your favorite artist (in case you understand something about digital art). Well, for everything – you need the legal rights.

In turn, this is an opportunity for self-expression for the artist without needing to “struggle” in an art gallery or auction house to exhibit, popularize, and sell digital artwork. In addition, artists can program royalties to receive a percentage of each sale towards their artwork. This is an excellent incentive for creators because this will not work with tangible assets – for your physical artwork, you can make a profit only once. NFT creators can also add their NFT details such as creator identity, secure file links, and more during transactions.

In 2021, the NFT market was valued at $41 billion, approaching the total value of the entire global fine arts market. According to CNBC, from the second quarter of 2021 to the third quarter, the market grew by 704% (and from 2020 to 2021 by 21,000%.)

At the same time, in May 2022, The Wall Street Journal reported: “The NFT market is collapsing.” Daily sales of NFT tokens decreased by 92% compared to September 2021, and the number of active wallets in the NFT market fell by 88% compared to November 2021. While rising interest rates had impacted risky bets across the financial markets, NFTs are among the most speculative. An authoritative newspaper makes this conclusion.

DappRadar data shows that NFT trading volume on OpenSea (the largest NFT marketplace) has reached $300 million per day, with over 9.5 million transactions so far this year in 2021.

These figures are significant, but the hype has already subsided: the average daily volumes fell to $71 million in December, while the number of active users and the number of transactions decreased slightly.

Each NFT is a registered token stored on the network and connected to the Ethereum platform. It is worth noting that specific token standards offer different use cases. The Ethereum network was the first to support NFT with its ERC-721 standard, and it is currently the most widely used. Many other phenomena are being added or are planning to add NFT support. ERC-721 is Solidity’s legacy smart contracts standard; “inherited” means that developers can create new ERC-721 compliant smart contracts copying from the reference implementation. ERC-721 provides basic methods that allow you to track the owner of a unique identifier, as well as a permitted method for transferring an asset to another owner.

The ERC-1155 standard offers “semi-fungibility” and also provides a counterpart to ERC-721 functionality (meaning that an ERC-721 asset can be created using ERC-1155). Unlike ERC-721, where the unique identifier represents a single asset, the unique identifier of an ERC-1155 token represents an asset class. There is an additional quantity field to represent the class quantity that a particular e-wallet has. The ERC-1155 standard reduces the transaction and storage costs required for NFTs and combines multiple types of non-fungible tokens into a single contract.

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NFT is a digital asset representing real-world objects such as art, music, in-game items, and videos. They are bought and sold on the Internet, and the exact mechanisms usually encode them as many cryptocurrencies. Like cryptocurrencies, NFTs are issued on the blockchain with unique identification codes and metadata that distinguish them from each other. In addition, each NFT has its digital signature, which allows owners to verify ownership as well as authenticity. Non-fungible tokens are created when blockchains combine records containing cryptographic hashes – sets of characters that identify a set of data – with previous records, creating a chain of identifiable data blocks.

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NFTs can represent real-world items such as art and real estate. The tokenization of these real tangible assets makes buying, selling, and trading more efficient while reducing the chance of fraud.

Technically, everything digital can be sold as an NFT – Nyan Cat GIF ($590 thousand) and Doge meme ($4 million), a piece of Limp Bizkit video clip, a screenshot of a tweet, animated stickers, digitized Pokemon cards… So what can we say if there is even non-fungible toilet paper!

NFTs can eliminate intermediaries, simplify transactions, and create new markets. However, there is a drawback to this digital analog of art. Over time, some formats in which certain NFTs are created will become outdated and lose their relevance. And transferring to another structure will mean a symbolic “loss” of the original. For now, digital art creators are converting PG, PNG, and MP4 to NFTS for sale.

It is also worth considering that the creator of the NFT, at his discretion, can create both a one-of-a-kind sample and release several copies of the same collectible. Moreover, you can combine one NFT with another to “spawn” a third, unique non-fungible token.

How Is an NFT Different from Cryptocurrency?

Five years after the advent of Bitcoin, the minting and sale of NFTs began. Kevin McCoy created the first NFT in May 2014. McCoy minted the Quantum, which earned $1.4 million at a Sotheby auction in November 2021.

We have already mentioned above that Bitcoin (as well as any other cryptocurrency – Dogecoin, Ethereum, Litecoin…) is an absolutely interchangeable story. All “coins” have the same value and are similar, like twins. But NFT is always something original that has no equivalent. The technical principle of creation is the same, but the similarity ends there. Each has a digital signature, making it impossible to exchange NFTs one for one. NFTs are usually stored on the Ethereum blockchain, although other blockchains also support them.

Advantages and Disadvantages of NFTs

What is an Example of Non-Fungible Token?

An NFT is created from digital objects representing sometimes tangible and sometimes intangible items, for example:

Graphic art
Physical art
GIFs
Videos/Photos
Music
Games/Virtual avatars
Collectibles
Designer stuff
Legal documents
Signatures
Domain name
Tickets/Coupons
Memes, etc.

They can be immediately created in the form of a non-fungible token or be in a different format, and then, if necessary, the asset can be minted.

Speaking of examples of NFTs, one cannot fail to mention the artwork Everydays: The First 5000 Days. The digital artist Beeple sold his work for $69 million. This is one of the NFT records to date, and this photo collage by Mike Winkelmann was the third highest-grossing piece of art sold by a living artist. By the way, here’s another advantage of NFT for you – you don’t have to die to become famous (we all know how artists usually end up, for whose paintings hundreds of millions are given after their death.)

Less famous but even more appreciated digital art was Pak’s The Merge. In December 2021, 30,000 collectors bought the NFT painting for $91.8 million. So yes, in digital art, a work can have several owners; each has its part of the chain.

Rare Bored Ape Yacht Club is an NFT illustration of costumed monkeys that seems like just a fun picture for a book at first glance. However, it is something more. This is a kind of digital philosophy – a community of like-minded apes, a set of 10,000 unique avatars generated by algorithms. At Sotheby’s auction, $24.4 million was paid for this image.

An example of an NFT as the new branded merchandise might be Coca-Cola. And doing so well in the marketing field, the sparkle water brand decided to auction off an NFT series loot boxes, including a branded jacket that can be worn in Decentraland. In addition, all purchases were accompanied by a fully stocked Coca-Cola refrigerator. The auction brought in over $575,000, going to charity.

The most famous use case for NFTs is Cryptokitties. Launched in November 2017, they are digital images of cats with unique identifiers on the Ethereum blockchain technology. Each kitten is individual and has an Ethereum price. They breed among themselves and produce new offspring with different characteristics and ratings than their parents. Within a few short weeks of launching, the Cryptokitties amassed a fan base that spent $20 million of ETH to buy, feed and raise them. Some enthusiasts have even spent over $100,000 on it.

However, it would be a mistake to think that NFT is your ticket to wealth. More than half of the registered sales did not reach the $200 mark – so more than 75% of NFTs are sold for as little as $15, if not less. And this is even before the commission of the exchange, which sometimes levels out all earnings, making it meaningless because the average cost of minting a digital file, at the moment, is $70.

The average check of “lucky ones” on NFT marketplaces is $500-900. And only 1% of such tokens are purchased for $1500 and more. Although after the NFT boom, it became much more challenging to make sales statistics, so you should not rely on this data entirely. On the other hand, you also can’t ignore it so as not to be disappointed.

WHAT IS A DAPP? UNDERSTANDING DECENTRALIZED APPLICATIONS

Like any art, digital artwork is about marketing, performance, and chance, not about non-fungible tokens per se. Moreover, the same NFT artwork can cost different money at different times. However, according to CNET, around 250,000 are actively trading on just one of OpenSea’s NFT marketplaces each month.

Speaking of demographics; almost half of the collectors belong to the millennial generation, and there are three times more men than women. NFT lovers mostly live in the Pacific region. However, the countries of Africa and South America began to show steady growth. But the first-world countries are much less interested in such investments. So, according to Finder, more than 70% of US residents do not even know what an NFT is. Perhaps this may be because people from advanced economies prefer to invest in more stable and time-tested assets.

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Why would Anyone Buy an NFT?

The purpose of buying NFT can be different – for your own collection, as an act of charity, and as a digital asset for further resale. As a result, several marketplaces have sprung up around NFTs that allow people to buy and sell. The popular NFT marketplaces include OpenSea, SuperRare, Foundation, Rarible, Mintable, Axie Infinity Market, Nifty Gateway, but there are many others. Each of the exchanges has its specialization. However, they are all ultimately focused on digital artwork.

Now the most exotic options are being discussed, where an NFT could be used. For example, with valuable assets like cars and real estate represented in Ethereum, you can use NFTs as collateral in decentralized loans. This is especially useful if you are not rich in cash or crypto but own physical assets. And in this case, NFT is already intersecting with another pillar of the web3 world – DeFi.

Experts warn that although NFTs have been around for almost a decade, this is not enough to speak with certainty about their investment prospects despite their attractiveness and relative success. The value of an NFT is based entirely based on what someone else is willing to pay for it. Thus, demand will determine the price, not fundamental, technical, or economic indicators that usually affect stock prices and, at least in general, form the basis for investor demand.

What Is DeFi? The Basics Of Decentralized Finance

In other words, if you draw monkeys now, it’s not a fact that someone will need them, unlike the legendary NFT Rare Bored Ape Yacht Club, which was sold in 2021 for $3.4 million.

It is also worth noting that in 2021, NFT secondary sales crossed the $15 billion mark.

Also, do not forget that NFT is not immune from plagiarism, theft, or fakes like any art. Exchanges are trying to track this unpleasant trend, but, unfortunately, the phenomenon cannot be avoided. For example, a process known as “sleepminting” allows a fraudster to mint an NFT in an artist’s wallet and transfer it back to their account without the artist becoming aware. And since legal processes are not regulated, the deceived buyer has nowhere to look for the truth.

To sum it all up, approach NFTs the same way you would any investment:

Do your research
Understand the risks, including that you could lose all your dollars invested if you decide to take the plunge
Tread with a healthy dose of caution

How to Buy NFTs

Depending on the creator’s wishes, you can buy NFTs for both physical money and cryptocurrency. However, when setting a price tag in dollars or euros, it should be understood that at first the payment will be made in cryptocurrency, which must later be converted into cash.

HOW DOES BLOCKCHAIN AMPLIFY ADTECH INDUSTRY

If you want to create your NFT collection, you need to purchase some essential items. First, you need to get a digital wallet that will allow you to store NFTs and cryptocurrencies. A digital wallet is a cryptocurrency wallet that supports the blockchain protocol on which NFTs are built.

You will likely need to purchase some cryptocurrency, such as Ether, depending on which currencies your NFT provider accepts. You can buy cryptocurrency with a credit card, then move it from the exchange to your wallet.

Afterword

How far will NFT take us digitally? Perhaps soon, we will open a house with our Ethereum wallet as a cryptographic proof of ownership. But perhaps these funny pictures will quickly lose their relevance, like spinners, simple dimples, or Tamagotchi (does anyone even remember what Tamagotchi is?)

In any case, digital assets have become too visible to be ignored. So the decision to invest in non-fungible tokens (NFTs) or not should be based on a high level of awareness so that you do not wish for missed (or not missed) opportunities in the future.

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Web Development: The Results of the 2017 and What’s Waiting for Us in 2018

Posted on August 28, 2023September 20, 2023 by Pavel Tantsiura

In this issue:

AI, Machine Learning, & Robots
Bots
Internet of Things
Static Site Generators
Angular vs React
SVGs Taking Over
Motion Design

It’s the end of the year and what a year it has been! Every day seems to bring more and more innovations. Just at the WebSummit 2017, there were over 2,000 startups that talked about the digital world and how business and approaches are transforming daily.

What were the trends of 2017 that affected our lives and what should we be ready for in 2018?

Artificial Intelligence, Machine Learning, & Robots on the Rise

Artificial Intelligence is certainly not a new word for most of us. If we think of the ancient myths and fairy tales we’ve read as kids, there were often artificial beings that were bestowed with intelligence by their creator.

The AI as we know it (or got used to, from all the science fiction books and movies as well as the current news) got a boost in the 1950s and then again in the 2000s when the world wide web started to offer a lot of the information online and the world became digitized.

The basic (speaking in relative terms here) AI example is widely used Facebook photo tagging. Image and facial recognition are a part of the AI’s machine learning features.

In 2016, the AI started to write poetry (it was weird, speaking personally, but hey, tastes differ) and now there are also AI web designers. Molly is the Grid’s designer who helps the users create their website with the best UX and UI practices in mind and who’s available 24/7.

2017 also was the year when the first non-human woman was made a citizen. Sophia the Robot was bestowed this honor by the Saudi Arabia’s government. In one of the interviews at the WebSummit 2017, she said she was delighted but at the same time surprised that she wasn’t accepted as a citizen of the world, yet a country with strict gender rules has welcomed her with arms wide open.

Bots – Putting AI and Machine Learning to Work

Back in 2016, Microsoft’s CEO Satya Nadella has boldly declared “Bots are the new apps.” In 2017 they have started to shine, as businesses around the globe realized the potential hidden in these little powerful instruments.

What used to feel like talking to a little child who is learning a new language now feels like talking to a person. Bots are getting more personalized and provide a much better user experience, whether it’s Poncho, a weather bot who tells you the weather and shares jokes, or Dinner Ideas, a bot that helps you decide what’s for dinner based on your fridge’s contents.

During the conversations with users, the bots learn from human language and adapt to it naturally. However, it’s both a blessing and a curse. Microsoft has learned it the hard way when they have launched a bot named Tay, who learned sexist and racist slurs from the users it talked to. Oh well, things didn’t go as planned.

Internet of Things – Business and End Users

The top four industries that adopt IoT on a wide scale are manufacturing, consulting, business services, and distribution & logistics. It can be explained because these are the industries in which revenue growth is often hard to achieve and the Internet of Things technologies can provide a competitive advantage. Just think of all the tracking possibilities now for packages via drones.

From the needs and most-requested instruments, the businesses placed the most importance on Business Intelligence (BI), namely, the features like dashboards, reporting, advanced visualization, and other. The main objective that businesses place here is improved decision-making. The enhanced customer experience is also on the list of top 5.

In terms of the end-user relationship with IoT, people are getting used to the fact that you can turn on the vacation setting on your fridge when you’re away from your mobile phone or ask your Amazon Echo speaker to order you an Uber.

Static Site Generators

If we are talking about the actual web development as in websites and such, static site generators like Jekyll or Hugo certainly became the game changer in 2017. Well, okay, in a way, it’s going back to the first sites that were published in the WWW, but only much better.

Static site generators allow creating a website without a database, instead of running from files on your servers. The advantages of such an approach are shorter loading time, better security, and much easier deployment of templates and content.

It’s not ideal, however, because static sites require additional efforts to integrate real-time content (like user comments) with this type of sites.

JavaScript and the Great Battle of Angular vs React

JavaScript is the hottest web development trend of 2017 and it will continue to capture more and more evangelists. The frameworks and libraries of JavaScript are quite flexible and powerful and currently, there are two frameworks that are like Samsung and Apple, going back and forth.

The army of React fans is almost as big as Angular’s, but we’ll see how that pans out in the coming year.

Another potentially big player in this competition is VueJS.

SVGs Taking Over

With retina and ultra-high definition screens taking over the computers and mobile phones alike, making sure that your website or app looks great on any resolution is a must.

Conventional image formats, like jpg or png, can somewhat perform the task, but they are losing to the SVGs. These vector files are resolution independent and therefore look awesome on all devices.

Motion Design – Interactive Simplicity

Not a new trend of 2017, but it was the year of motion design gaining momentum. People crave simpler interfaces, but at the same time not at the cost of interactivity. Motion design helps to bridge these two, helping users to understand the flow between the actions using animation.

An added bonus: if it’s done properly and optimized for speed, motion design animations can make the user feel like the app is faster.

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How Does Blockchain Amplify AdTech Industry

Posted on August 28, 2023September 20, 2023 by Pavel Tantsiura

In this issue:

What’s it all about?
What is blockchain?
Blockchain in advertising
Pros of blockchain for adtech
Challenges of blockchain

Using blockchain, the advertising industry can potentially become more sophisticated. What can we expect from the “ad chain” idea?

Ad Tech is one of those industries that is always in an active search for the next big technological breakthrough. The reasoning behind that is simple: new technologies open up newer and better opportunities for doing more sufficient advertising business.

Considering how problematic are issues of privacy and transparency in advertising, blockchain seems to be a reasonable technological solution with the most potential to make a positive impact.

You know an old saying “When the future comes – embrace it!”

At the moment, there is no technology more enigmatic and perspective than blockchain. Everyone has their own opinion on it and its business prospects. There are numerous predictions, an innumerable number of various pitches, and a mind-boggling level of enthusiasm surrounding this technology.

What’s the deal?

According to the hype, blockchain is nothing short of being the lord and savior of every industry imaginable (and a couple of theoretical too). If you go through the think-pieces and overviews, blockchain can seemingly be applied to everything. And yet there is nothing specific about it. More on the reasons why later.

Sure, blockchain reimagines the way banking is performed over the Internet via cryptocurrencies. It also reshapes the entire medical and insurance management and decreases the influence of the third parties in the majority of operations. But it is too soon to say anything definite about its long-term prospects.

For now, blockchain is in the fad stage, and only after it will pass we will see the real worth of blockchain as a technological solution. Before that will happen, understanding blockchain is what we need, along with the knowledge of what it can bring to the table.

Let’s sort things out.

[Source]

What is blockchain technology?

The blockchain is a network of distributed data blocks linked and secured with a little help of the fine art of cryptography. It was introduced in 2008 by none other than Satoshi Nakamoto (aka nondescript bitcoin dude). Originally designed as a cryptocurrency transaction framework, it slowly moved beyond to the other areas and is now used in such fields as medical care and insurance systems.

In a way, a blockchain is a new form of a database. Just like a regular database, blockchain allows storing, validate, authorize, and transmit data over the internet.

The difference from a regular database is that it is not situated on a server located somewhere – blockchain is a distributed network of data without a centralized authority. It is installed on specific computers by involved parties in order to enact operation. There is no “ground control” per se, it is all Side A and Side B, and so on.

Once implemented, blockchain is set in stone and can’t be modified in any way. In such networks, block transactions contain data on all prior blocks i.e. blockchain. Blocks cannot be deleted just added and every change is easy to spot in the records. Since you are aware of all involved parties and every action is recorded – it is easy to see who does what, when, and how.

This creates an incredible level of transparency of the operation that raises the trustworthiness of the operation on a new dimension. And that is what blockchain very attractive to the AdTech Industry.

How blockchain is changing advertising

Ad Tech is a kind of industry that embraces many nascent technologies and makes them work for its benefit thus evolving them and the business to new heights. Sure, this attitude is spurned out of necessity, but it does not negate the fact that the ad industry is rather open-minded in terms of adopting and developing new technologies. The blockchain is no different in that regard.

In order to understand how blockchain can be applied to the AdTech industry, we need to understand the problems the industry is facing at the moment.

Basically, there are two of them and both can be greatly eased by the implementation of the blockchain. One is transparency, the other is privacy. There are other issues but these are the two biggest.

Blockchain advertising’s supreme transparency and relative security of privacy is something of a glimmer of hope for an Ad Industry battered by Ad Blocking and compromised by Privacy issues (among other challenges).

What blockchain brings to the AdTech’s table

Brings transparency

As you know – lack of transparency equals lack of trust. The fact of the matter is – there are a lot of things happening in the dark during ad tech operations.

With help of blockchain – a certain level of clarity can be achieved. The thing is – every involved party works with the same information. That and the fact that every action is visible creates a precocious constraint.

In addition, none of the blocks can be modified – the only thing one can do inside a blockchain is to add new blocks. Everyone sees everything. This makes any activity relatively easy to track and analyze.

Even more-so – every change must be verified by all involved which drastically limits the chances of getting away with malicious intent

Promotes supreme accountability

Trust issues are running rampant in the ad tech industry. The fact that one basically needs to rely on the kindness of strangers is not particularly reasonable but it is the reality of the business. And as such, it needs to be resolved.

Hopefully, the transparency of blockchain can seriously increase the trustworthiness of operations between all involved parties. That is especially important in dealing with third parties, such as DMP, SSP, and Ad Exchanges.

What is the problem with third-party providers? Publishers and advertisers can’t see the specifics of how their money is used. This issue is complicated by often sketchy legal contracts and the general unwillingness of third-party companies to disclose their fees in full scope.

But what implementation of blockchain to financial transactions can give is clarity. Everyone involved will see exactly what goes where and why and in which quantity. And that is a huge step forward in terms of building trustworthy relationships.

Helps to foolproof operations via smart contracts

The concept of smart contracts is brilliant. Plain and simple – it is a foolproof mechanism. If something is not right – it will not proceed.

In essence, the smart contract is a piece of blockchain code stored within a system that defines agreed conditions of operations. The smart contract contains a certain pattern of actions that can be executed if all conditions are met. Any changes should be verified by all involved. Otherwise, nothing will happen.

This thing helps in multiple directions. First of all, it seriously limits the capabilities of ad fraud to get into your system. On the other hand, the smart contract can give users a say in the targeting operation.

Limits ad fraud activities

One of the biggest virtues of Blockchain is that everything is visible and thus you have an idea of what others do inside the system. This alone can seriously limit numerous fraudulent activities, such as bot traffic, domain spoof, and pixel stuffing.

All you need to do is to check the numbers of impressions, assess their nature, and verify their validity. Basically, blockchain is able to provide an additional checkpoint before the financial transaction that will partially limit ad fraud losses.

But it is important to understand that blockchain on its own can’t save you from ad fraud. It can help but you also need other tools.

Enhances privacy

Privacy is probably the biggest issue in the industry right now. While industry players pretended that it is not an issue for quite a while – now privacy concerns and direct actions to protect it actively choke the industry via Ad Block and other tools.

While Blockchain is an open protocol by default, it can be used for the benefit of user privacy. There are two ways it can pull it off.

The first is due to transparency and we already covered this earlier. The second way is a little bit more sophisticated.

Here’s how it works. Instead of gathering data to one store – it is possible via blockchain to store data on user devices. Then, when it comes to targeting, verification mechanisms kick in and either confirm or deny further proceedings. It can be overbearing for the user, but it will surely give him more control over his personal data.

What issues are there with blockchain and AdTech?

Insufficient Scalability

The biggest challenge that holds back any significant development of blockchain technology is lacking scalability. The fact of the matter is – at this point blockchain is simply unable to handle such an amount of operations. It is too slow. For example, Bitcoin is currently capable of processing around 2-3 transactions per second. In the case of ad tech real-time bidding operation, you need to process 2-3 million events and more. That’s a bit of an operational gap, right?

Here’s why – blockchain is decentralized. It is stored directly on the devices of involved parties. Another important thing is that it is constantly growing. For example, once upon a time, the bitcoin blockchain was sized 25 MB. Now it is 160 GB. That’s a lot. And that what slows things down over time.

However, this slowness is justified. The thing is – you need to verify every operation. And that keeps in line every single action inside the system.

One of the possible solutions to the problem is through the diverse use of smart contracts. This will allow to automate operations to a certain extent and make things faster.

Standards are in development

Another big challenge for full-scale adoption of blockchain in ad tech is the lack of standardization. Why it matters? One word – compatibility. Standards are like a universal language. Their existence guarantees compatibility and rapid development of the technology. Standards enable the combination of various solutions into one superior.

At the moment, IAB is actively working on the guidelines, but it is a long way to go. Sure, there are custom solutions here and there, but lack of standardization means none of them are compatible with each other. This also means that a joint effort in evolving the technology and exploring its further possibilities of use is virtually impossible.

Sure, there are custom protocols, cases when the inventory doesn’t meet the specifications, as well as companies still working on OpenRTB 2.3 – released in 2014. This might become a severe issue with the blockchain, as its ecosystem relies heavily on the standardization rules and agreements.

Lack of expertise

While blockchain is certainly a trendy buzzword, it doesn’t mean that there are many experts active in the fields. There are people who can write about blockchain concepts, possibilities, and opportunities. But talk is cheap (unless it is a Keith Richards album), it is the action that matters.

And the reality is – there are not many of those who can do a thing or two with blockchain and not break into tears. In fact, demand vastly exceeds supply. And those who actually have expertise on the subject are most likely already employed.

This is a natural problem for any nascent technology. Basically, blockchain is still in the stage of early adoption when the industries are yet to be convinced in embracing the technologies and their possibilities.

Conclusion

At the moment, blockchain is still an emerging technology with nothing particularly definite in its fold. While it is surely established itself as a viable technology that is able to solve certain biting problems here and there, there are still not many practically feasible and economically justified solutions for full implementation. However, that is more of a question of time than an actual problem.

In the context of the Ad Tech industry – blockchain is something of a dream in the process of a very slow realization. It will take a lot of time before it takes off. The concepts are there but the solutions are not there yet. Because of that, the only thing we can all do is wait for more things to come.

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