Cryptoverse

2022-10-24 07:30:45 Learn Crypto : Plasma

In a nutshell, Plasma is intended to be a scaling solution strategy for the Ethereum network. Plasma's core concept is to function as a framework of side chains that interact with the Ethereum blockchain as little as possible (the main chain). The Plasma topology is intended to act as a blockchain tree, structured hierarchically such that multiple "child chains" are produced on top of the parent chain.

The Plasma framework, which is created with smart contracts and Merkle Trees, allows for the establishment of an infinite number of side chains, which are effectively smaller versions of the Ethereum blockchain.

In fact, the child chains are meant to operate a customised smart contract, allowing businesses to use the Plasma framework according to their own requirements. As a result, multiple Plasma smart contracts may be written for various use cases. Plasma is possible to build a myriad of distinct child chains that would function in a preset manner, towards certain goals, while using the security given by the parent chain (not necessarily related to those of the main chain). As a result, the main Ethereum blockchain is less likely to get crowded.

The Ethereum Plasma is an open-source project with a public repository on GitHub. You may also refer to the official Plasma whitepaper for more extensive and technical details. Although the project is still in its early phases, the concept is incredibly intriguing. Plasma, if effectively deployed, has the potential to significantly increase the efficiency of the Ethereum network. Furthermore, it might be a good starting point for other blockchain networks that need to scale in the future. ओपन / कमेंट

2022-10-24 07:30:45 ओपन / कमेंट

2022-10-21 07:30:00 Layer 2 in Blockchain

A layer 2 framework or protocol is one that is developed on top of an existing blockchain system. The primary purpose of these protocols is to address the major cryptocurrency networks' transaction speed and scale issues.

Bitcoin and Ethereum, for example, are currently unable to perform thousands of transactions per second (TPS), which is clearly damaging to their long-term growth. Higher throughput is required before these networks can be effectively adopted and used on a larger scale.

The phrase "layer 2" refers to the many solutions offered to the blockchain scalability challenge in this context. The Bitcoin Lightning Network and Ethereum Plasma are two key examples of layer 2 solutions. Despite their distinct functioning principles and characteristics, both technologies aim to boost the throughput of blockchain networks.

In a larger sense, layer 2 protocols establish a supplementary framework in which blockchain transactions and operations can occur independently of the layer 1 framework (main chain). As a result, these strategies are often known as "off-chain" scaling solutions.

Because the second layer is added as an additional layer, the main chain does not need to undergo any structural changes when applying off-chain solutions. As a result, layer 2 solutions have the ability to provide high throughput while maintaining network security. ओपन / कमेंट

2022-10-21 07:30:00 ओपन / कमेंट

2022-10-20 07:30:00 Layer 1 in Blockchain

A base network, such as Bitcoin or Ethereum, and its underlying infrastructure are referred to as Layer 1. Layer-1 blockchains may confirm and finish transactions without requiring the use of a secondary network. Improving the scalability of layer-1 networks is challenging, as demonstrated by Bitcoin. Developers devise layer-2 protocols that rely on the layer-1 network for security and consensus as a solution.

A layer-1 network is another term for a foundation blockchain. Layer-1 protocols include Ethereum (ETH), Bitcoin (BTC), and Solana. They are referred to as layer-1 because they are the primary networks in their ecosystem. Off-chains and other layer-2 solutions are built on top of the main chains, as opposed to layer-1 solutions.

In other words, when a protocol processes and finalises transactions on its own blockchain, it is layer 1. They also have their own native coin, which they use to pay transaction fees. ओपन / कमेंट

2022-10-20 07:30:00 ओपन / कमेंट

2022-10-19 07:30:36 Ethereum Name Service (ENS)

The Ethereum Name Service (ENS) is based on the same principle as the Domain Name Service (DNS), but is tailored to the demands of Ethereum users. The Ethereum Name Service is a distributed, open, and extendable name system based on the Ethereum blockchain.

It intends to translate human-readable names into machine-readable IDs. The human-readable name in this scenario may be "MayankOnCrypto.eth," whereas the machine-readable identification could be the Ethereum address.

The standard Ethereum Address is transformed into language that can be read by humans (MayankOnCrypto.eth). This implies that instead of the regular address, users can transfer payments or communicate with "MayankOnCrypto.eth." Obviously, this makes things much easier for regular users while also significantly reducing the potential of a mistake.

ENS, like DNS, works on a system of dot-separated hierarchical names known as domains. The owner of a domain has complete authority over its subdomains. ओपन / कमेंट

2022-10-19 07:30:36 ओपन / कमेंट

2022-10-18 07:31:04 What is Regenerative Finance (ReFi)

Regenerative finance in cryptocurrency focuses on supporting community and public goods initiatives that will benefit our greatest silent stakeholder: planet Earth.

Increased demand for carbon credits, as well as novel applications such as real-world asset-backed stablecoins, can make it a profitable asset while also stimulating environmental project creation. Increased demand is also enabled via tokenized carbon credits, which may be directly embedded inside programmes for automated climate action.

Money, according to the ReFi idea, is a strong weapon for addressing our greatest issue - the climate catastrophe. It is the concept of making cash flow in order to renew the Earth in a scalable, permissionless, and middleman-free manner. ओपन / कमेंट

2022-10-18 07:31:04 ओपन / कमेंट