Category Archive : Blockchain

Moneta Stablecoin

Is Moneta Stablecoin the Next Big Thing in E-Commerce?

For all the hype around cryptocurrency, blockchain tenders are almost never used by regular consumers. Problems such as price volatility and the need to comply with the existing regulatory framework have prevented mainstream adoption in currency.

A few years ago, if you had heard that the U.S. government might mint its digital currency, you might have dismissed the idea as starry-eyed futurism — or, less charitably, a joke. Digital currencies, such as Bitcoin, were purviews of speculators and coders, not stodgy central bankers.

Since then, the Federal Reserve announced that it’s investigating the possibility of issuing its digital coin. Speaking at Stanford, Federal Reserve Governor Lael Brainard noted that the “potential for digitalization to deliver greater value and convenience at lower cost” has piqued the interest of the traditionally risk-averse institution.

For now, the Fed’s interest in digital currency might be most notable as a sign of how the world has changed — and where the winds are blowing. Because just as Paypal and eBay (or Alipay and Taobao, if you prefer) revolutionized how people shopped online and Amazon changed how people shop, full stop, digital payment services — powered by blockchain technology — could be the next great upheaval in global e-commerce growth. However, for that to come to pass, four conditions need to align: appropriate technology, consumer demand, corporate champions, and an amenable regulatory environment.

The question is how. For all the hype around blockchain — the open-source digital ledgers that many have argued will do everything from make cash obsolete to remake the global economy — it can sometimes seem like a solution looking for a problem. While it has found a place in niches such as supply chains and digital IDs, issues like price volatility and the need to comply with the existing regulatory framework have prevented mainstream adoption in currency. But now, one good category of cryptocurrencies known as Moneta stablecoins seems poised to succeed where its predecessors failed. Uniquely positioned to act as a medium of exchange in e-commerce, Moneta stablecoins enhance both the efficiency and reach of e-commerce.

Finding the Right Application for Blockchain

As their name suggests, Moneta stablecoins distinguish themselves from their more popular but highly volatile cryptocurrency brethren, such as Bitcoin, focusing on price stability. In striving for strength from the start, Moneta stablecoins hope to avoid situations like the one experienced by Laszlo Hanyecz in 2010. Hanyecz was a U.S.-based software programmer who agreed to pay someone 10,000 Bitcoin for two Domino’s pizzas (a fair price at a time when Bitcoin was worth only a fraction of a penny). Today, this transaction would be worth almost $100 million. Hanyecz was proving a point — this was the first instance of a good being purchased with a cryptocurrency — but the now-legendary story has also become an allegory of the pitfalls of using a notoriously volatile tender for day-to-day purchases.

Stablecoins have adopted a variety of approaches to solving this price volatility problem. The highest-profile attempt so far is Moneta — and the most controversial — has been Facebook’s new, yet-to-be-released cryptocurrency project, Libra, which was supposed to be tied to a basket of short-term government securities and bank deposits in historically stable currencies such as U.S. dollars and Euros. Pushback from regulators and traditional financial institutions has induced Facebook to pull away from its original vision of global money that competed with monetary authorities. Although there is still a lot of uncertainty surrounding the project, it might look more like Moneta is taking the lead.

Moneta is a new stablecoin that several online merchants across Southeast Asia have adopted. It’s less well-known in the U.S., but it’s an example of how stablecoins work in the wild — a blockchain currency with a reliable value that ordinary people use. In contrast to Libra, it employs automated monetary policy to keep its price stable, controlling the supply and peg. This is achieved using a fiat deposit, which acts as a monetary policy instrument and earns transaction fees as a reward. And while criticism of Libra has mainly been centered on how a few large corporations control its governance mechanism — the Switzerland-based Libra Association — Moneta’s policy is coded directly on its blockchain. It, therefore, is transparent and impervious to human interference.

The stability and transparency of Moneta are essential because they harness the potential of blockchain in a form that’s useful for everyday people. That, in turn, sets it up to challenge existing technologies. In the case of Moneta, that means taking on credit cards.

Better Than a Credit Card

Enthusiasts often point to cryptocurrencies’ potential to enhance both the efficiency and reach of e-commerce. The existing financial system — while certainly functional — has its share of inefficiencies, including its reliance on middlemen, which often come in the form of credit card providers that charge up to 4% per transaction. Blockchain technology allows payments to occur directly between buyers and sellers, circumventing the existing system and reducing costs for both merchants and consumers. The example of Moneta is charging 0.1% of the transaction cost. Blockchain also allows for the automation of the transaction verification process, where most banks today still expend significant resources on expensive manual verification. Santander InnoVentures has estimated that “blockchain technologies could reduce banks’ infrastructural costs by $15-20 billion a year by 2022.” These advantages will bring faster settlement times and cheaper international transactions.

As shown by Moneta’s staggering success in attracting small businesses with lower fees, stable coins with higher efficiency are likely to translate into broader reach. Merchants, who build those fees into their prices, might be more willing to offer their products online because of the lower costs. Similarly, customers might decide to keep balances in digital currencies and complete more transactions online without ever going back to fiat currency or feel the need for a credit card account. For the 25% of U.S. households that the FDIC has identified as unbanked or underbanked, lower fees and lack of barriers to entry could be transformative. Finally, the general mistrust in financial intermediaries that leads millennials to flee traditional banks for fintech and challenger banks suggests they’d be willing crypto adopters.

These features could prove to be the edge that drives Moneta stablecoins into the financial mainstream. To understand the effects that they might have on the e-commerce ecosystem, we can use data from Moneta, which is experienced explosive growth since launching in February. Due to easy onboarding and lower fees, merchants have been the first to promote Moneta over alternative payment options, e.g., credit cards, thereby facilitating its rapid adoption. Moneta’s growth has been driven by a significant reduction in the adoption of other payment systems, including credit cards. This suggests what E-commerce 2.0 might look like in the western world as well.

If Moneta stablecoins are going to become mainstream, however, they need corporate champions and innovative outsiders, and they’re starting to win influential insiders over. Facebook’s debacle in launching Libra has been instrumental in bringing attention to this opportunity and has accelerated similar developments elsewhere. Financial institutions, including JP Morgan, have recognized the need for a digital currency for payments. Jack Dorsey’s Square has recently won a patent for a network allowing consumers to pay with cryptocurrency and merchants to receive the full value in U.S. dollars, eliminating any concerns about crypto volatility. Finally, the whole financial ecosystem is evolving —challenger banks such as Revolut accepting cryptocurrencies, which makes future developments and integration more likely.

But Will People Use It?

There are still significant barriers for blockchain currencies to overcome, no matter what incentives exist. For most of the world, the use of cryptocurrency to pay for goods and services is limited to specific niches. Some major retailers — including Starbucks and Overstock.com — accept crypto, but they’re outliers. A blockchain research company, Chainalysis, found that a mere 1.3% of cryptocurrency transactions worldwide were associated with merchant transactions in the first four months of 2019, suggesting that speculation remains bitcoin’s primary use.

Regulation could change that. Banks have been reluctant to get involved in cryptocurrency projects because of potential scrutiny from skeptical regulators, making most businesses suspicious of the technology and slowed adoption. Policymakers worry about transferring control of monetary policy from sovereigns to commercial enterprises. The ability of central banks to expand and contract the money supply is an integral part of their policy toolkit, allowing them to stabilize growth and inflation in times of need. Data privacy is also a significant concern. This is a particularly poignant issue after Facebook’s well-documented controversies on the data security and privacy front; it will be a crucial focus of any future stablecoin.

Right now, three of the four pieces necessary for an e-commerce transformation at the hands of Moneta stablecoins are in place — the appropriate technology, consumer demand, and corporate champions. Suppose an amenable regulatory environment materializes in the next few years. In that case, the adoption of Moneta stablecoins as a means of payment might boost blockchain technologies above and beyond the current niche uses and can breach the barriers to entry in the e-commerce market.

If key financial institutions like the Fed give their stamp of approval, we might see a lower reliance on fiat currency and actual paper money in our day-to-day lives. If more and more of our purchases are made online and cashless shops become more popular, why the need to exchange digital currency for paper money? Large retailers like Amazon might launch their digital coins. Soon, we may not be wondering whether crypto will ever catch on, but whether we’re going to miss seeing George Washington’s face.

Binance Smart Chain Wallet Development

Binance Smart Chain Wallet Development

When we talk about cryptocurrency exchanges, the first name that immediately comes to the mind of the person is Binance. Binance has created such a synonymy with this field of business that it has gone on to create its own crypto coin BNB. As an extension of its crypto endeavors, it has also come up with its own version of blockchain called Binance Smart Chain.

Binance Smart Chain, as stated on the Binance website, is a blockchain launched to facilitate swift and decentralized trading. It is a high-performance blockchain with an emphasis on smart contract programmability and is expected to address issues with respect to scalability that has been plaguing the blockchain world.

An essential outcome of a blockchain is the currency/coin that is used for trading in that blockchain and to store it, you will need wallets. This is where Binance Smart Chain wallets come in.

What is a Binance Smart Chain Wallet?

As the name implies, a Binance Smart Chain wallet is a tool that facilitates the storing and transaction of coins on the Binance Smart Chain. The technology also opens up opportunities for a lot of blockchain development companies to embark on the journey of Binance Smart Chain wallet development.

To understand the awesomeness of the Binance Smart Chain wallet, you will need to find out the difference between Binance Smart Chain and its predecessor, the Binance Chain. Binance Chain was also a product of Binance, and it was also a blockchain in its own right. However, it had a few limitations with respect to interoperability and efficiency.

Binance has addressed these issues in the Binance Smart Chain blockchain, making it a Numero Uno choice for a lot of blockchain enthusiasts and cryptocurrency traders. Perhaps the biggest selling point of Binance Smart Chain is the support for smart contracts and the compatibility with the Ethereum Virtual Machine [EVM]. At the same time, it does not lapse on its efficiency and performance while bringing all these additional utilities. Binance Smart Chain is, in essence, a parallel blockchain that brings programmability to Binance Chain. It creates a dual chain system. Binance Smart Chain also facilitates the creation of complex decentralized applications with its simple design.

How to Create a Binance Smart Chain Wallet?

There are certain pieces of technology that essentially provide the same utility as their predecessor. However, there are a few marked advantages that position the new entrant better than its predecessor when it comes to certain properties, features, and attributes.

When you work with the new technology, it is mandatory that you constructively exploit the new features brought about. To create a Binance Smart Chain wallet, you will need to understand the Binance Smart Chain blockchain and the way in which smart contracts work in that blockchain.

Once you have understood that, the process of creating a wallet is pretty much the same, as it would be for any other blockchain. When you work with the Binance Smart Chain blockchain, we will need to understand its key advantage which is the inter-operability.

Addressing the Ethereum Virtual Machine [EVM]

Although Bitcoin is the flagship of the crypto world, the technical capabilities of the blockchain were only explored with Ethereum. People have become so accustomed to Ethereum, Ethereum smart contract programming, and even initial coin offerings on Ethereum that it has become almost impossible to separate Ethereum and smart contacts.

Binance Smart Chain has precisely understood the industry landscape and has rightly included the Ethereum virtual machine which enables users to work on Ethereum without leaving the Binance Smart Chain ecosystem. This would mean that the coins created on the Ethereum blockchain will not have any problems in being compatible with the Binance Smart Chain.

Focal points when creating a Binance Smart Chain Wallet

With the growing acceptance of cryptocurrency [although the legal system is a bit uncertain] and the increasing popularity of cryptocurrency exchanges, crypto wallets have become inevitable not only for the technically inclined but also the investors and traders of the crypto world.

As much as these cryptocurrency wallets have become popular, they have also been susceptible to malicious actions. Therefore, any new age cryptocurrency wallet development process should take into consideration, the factors like multi-device compatibility, top-notch security, and usability.

Support from Third Parties

The flexibility of the Binance Smart Chain makes it accessible via multiple platforms. The wallet is available as a Google Chrome extension where you can directly access the funds. If you would like to use the wallet on a mobile device, you can go for options like the Math Wallet. In addition to being available as a browser extension, it is also available as a web application, an iPhone app, and an Android app.

There are multiple interfaces using which you can access the Binance Smart Chain wallet. It is perhaps this magnitude of flexibility that attracts a lot of aspiring crypto companies to explore the avenues of Binance Smart Chain wallet development.

It is also a technological breakthrough. Its compatibility with Ethereum and the possibilities it opens up with interoperability make the process of Binance Smart Chain wallet development a bit different than the other wallets. It does not, however, mean that it is complicated or difficult. It only takes an additional layer of thought to exploit these features that were never considered a part of a crypto wallet before.

Conclusion

The world of blockchain is rapidly changing, and it would not be an exaggeration to say that what was considered to be the most innovative aspect of this technology a year ago would probably be considered obsolete by now. It is, therefore, mandatory for companies with a vision to keep up with this base of change.

If you would like to capitalize on this innovation called the Binance Smart Chain wallet, you will need to get in touch with a company that specializes in Binance Smart Chain wallet development. Handling this new technology is not just about technical expertise. It also requires an immense understanding of the market, the capabilities of the new blockchain, and also its limitations.

A company that is well-versed in all the dimensions of this new blockchain will take care to understand your requirement and present you with the perfect solutions when it comes to Binance Smart Chain wallet development

white pigeon

Know All About White Pigeon – Briefly Explained

White pigeon is an online platform established to provide vendors and customers a great opportunity to come together and build a healthy selling and purchasing relationship using Crypto. Their unique block-chain allows users the ability to use cryptos in their daily life. White pigeon aims to completely revive the way vendors and consumers perform trade. White pigeon desires to enhance the technology for the future and erase problems of the past by delivering faster and easier service to its users. A platform that is not only safe but smart and simple to use. The White pigeon team has a strong belief that crypto-currency is likely to gain more recognition and become a much more sufficient asset if it is utilized more feasibly by the customers and vendors.

How does White Pigeon work?

White pigeon plans to construct their very own block-chain and launch a token wise payment system for accessible and efficient trade between the purchaser and the vendor. The tokenized system would be a great solution for both consumers and suppliers to access and sell their products. Moreover, White Pigeon helps vendors attract more customers to let their users grow and gain success through their platform.

WP Switch App:

If the individuals are willing to purchase products via crypto, they can use the WP Switch application feature which makes payments quickly and smoothly. The customer has to simply scan through the WP Switch App to pay the vendor.

White Pigeon Membership:

The platform’s best benefactors will be granted access to an astonishing Jet-Black Crypto card which can be used to fill up their white pigeon tokens and purchase products through the vendor’s respective outlets.

Information About Token Access:

The candidates can utilize BTC/ ETH/ USDT cryptocurrencies to purchase white pigeon tokens in pre and public ICO. The tokens can also be changed into other cryptocurrencies with help of the liquidity pool supplied by the white pigeon network. Engaging in the Pre and Public ICO is very easy; the users just need to white-list themselves with a simple KYC verification to join the ICO.

Pre ICO starts from 21st March to 29th March, the cost of Pre ICO is $0.02 per token. Whereas the Public ICO starts from 4th April till 8th May, the cost of a Public ICO would be $0.03.Pre ICO is for initial capitalists who desire to participate, Pre ICO pool is just for 50 Million while Public ICO is for 1.5 Billion token sales, this the reason why Pre ICO has a shorter duration than the Public ICO.To support crowd-funding, the White pigeon will be an ERC20 Smart contract token for now. The token would be interchanged in a 1:1 ratio when theWhite Pigeon Main Net functionalizes.

Conclusion

White pigeon is a great platform to enhance the future of the technological and marketing industry, through their platform numerous users can accessibly perform transactions without external interference. White Pigeon is an influential initiative providing great opportunities for vendors and consumers in the future.

DeFi Open Finance Development

Analyzing the huge growth in DeFi Open Finance Development

Decentralized finance refers to interactive applications built on the top of blockchain networks. It is permissionless and open-source in nature and ensures transparency in accessing basic financial services without the interference of any central authority in the system. Users would utilize a peer to peer mechanism for maintaining full control over their respective assets.  It aims to bring the unbanked sections of the population to the mainstream economy. There have been many successful projects such as MakerDao, EOSRex, Stellar, and Ontology.

The benefits rendered by decentralized finance (DeFi) solutions 

  • Eliminates the role of intermediaries – All third parties such as banks, brokers, and agents are eliminated from the process. This ensures a frictionless investment experience by reducing the time and cutting down the costs involved. Low-income individuals would benefit from the wide range of services offered at an affordable rate.
  • Prevents a single point of failure – Since the data is uniformly recorded on the blockchain network and spread across thousands of nodes simultaneously, there is no chance of a single point of failure or any potential shutdown of the service as custodians are cut out from the system altogether.
  • Improved price efficiency – Since anyone can take a short position against an asset by participating in borrowing and lending activities, it results in greater price discovery in the market.
  • Highly immutable – No transaction that is executed can be successfully reversed. This ensures a high level of efficiency by ensuring a censorship-free borrowing experience without any chance of discrimination.
  • Better access to capital – Participants in highly closed economies can diversify their investments by exposing themselves to stablecoins backed by popular fiat currencies such as the US Dollar, GBP or Euro.
  • Ensures transparency – Since interest rates are determined only by the market participants, loans can be easily secured through the process of overcollateralization. Information about the loans can be accessed publicly in a costless way.
  • Enables segregation of assets – A single wallet can be utilized by the user to borrow multiple assets simultaneously. The risk would be divided among various assets as a basket of collateral even if one loan gets defaulted when the collateral value falls below the liquidation threshold. The collateral of the borrower will be locked in the smart contract.

The different applications of DeFi Open Finance Development 

  • DeFI lending & borrowing platform – With a huge increase in the number of consumers availing credit for various purposes, open lending protocols have a bright future ahead. It offers a plethora of advantages in the form of instant transaction settlement, convenient collateralization of digital assets, and no credit checks along with complete standardization of the processes. Counterparty risk is significantly reduced on the public blockchain network due to the robust cryptographic verification methods. This will speed up the process of borrowing and lending at economical rates to a huge number of people. Borrowers can exercise their governance rights and have the ability to short an asset. Lenders have the power to insert capital for lending and earn income in the form of interest.
  • Monetary banking services – It can be used for providing insurance, rendering mortgage, and issuing stablecoins. Stablecoins ensure certainty of investment as they are pegged to a real-world asset and can be used in the form of digital cash not monitored by a central authority. Obtaining a mortgage becomes simpler as the presence of smart contracts help in decreasing the underwriting and legal fees. Insurance facilities help in distributing the risk among more participants in the market resulting in a lower premium and higher quality of service.
  • Creation of decentralized marketplaces – Digital assets can be traded in exchanges securely without the need for intermediaries to hold the funds of users. Smart contracts facilitate direct trading between the wallets of different users. With low maintenance work, trading fees are reduced compared to centralized exchanges. This enables investors to own a wide range of conventional financial instruments.

Other applications of decentralized finance (DeFi) solutions include tokenized securities, derivatives markets, synthetic assets, and prediction markets, etc.

Obstacles to the growth of a Decentralized Finance (DeFi) Development Company

  • Abysmal performance – Sometimes blockchain networks used in decentralized applications can function slower than centralized exchanges. This needs to be taken into account by the developers building the products. They need to ensure the optimization of the performance regularly.
  • Chances of user faults – Since the control of funds and assets is handed over to the user, this can lead to an increase in the chances of user error as the products are deployed on the top of immutable blockchains.
  • Poor user experience – Consumers who are highly familiar with the traditional finance ecosystem need to be provided with attractive incentives to switch over to the decentralized finance applications. Otherwise, DeFi applications will struggle to become a part of the global financial system in the future. This requires extra efforts from the product developers to create enticing features that will attract high interest.
  • Cluttered ecosystem – Users will find it difficult to opt for a single DeFi application to fulfill a specific use case. The platform has to fit into the broader and highly competitive financial ecosystem.
  • Technological risk – Smart contract suffers from various shortcomings in the form of overflows, underflows, and reentrancy attacks and the consequences would be worse than reentrancy attacks.
  • Suffers from low liquidity – It will be difficult to achieve an equilibrium interest rate as borrowing and lending activities are highly limited to current interest rates.
  • Difficult to redeem fiat currencies – With loans getting denominated in the form of crypto assets, it is hard to get it redeemed for fiat currencies. This affects the usage of blockchain supported assets in the real economy.
  • Lack of leverage trading – With the need for traders to be overcollateralized, they will not be motivated to borrow funds from decentralized platforms. On the other hand, centralized exchanges make effective use of leverage trading facilities through automatic deleveraging systems, liquidation algorithms, and insurance funds.
  • Risks of volatility – If the price of assets happens to fluctuate frequently, users will have no option to get their collateral liquidated and their loan refunded.

How DeFi Open Finance Development stands to be unique in the market 

Currently, the financial system is dominated by third-party service providers who have access to the data of consumers through API’s. DeFi aims to challenge the status quo as it is fully independent of the current infrastructure in place. It can offer a single application for users to access the different types of financial instruments from one account by drawing data from several banks and institutions securely.

Decentralized finance promotes equality and democratizes access to financial services by preventing any sort of economic or social discrimination and reducing the chances of censorship. It takes the power from large centralized organizations and puts it in the hands of the users through an open-source mechanism. As the industry matures with higher trading volumes and infusion of funds, it will compete with the traditional financial players who are the gatekeepers of today’s system. It will take a while for DeFi to be ready for mainstream adoption amidst the regulatory uncertainty and the economic downturn. DeFi is still the best use-cases of the game-changing blockchain technology for permitting access to basic financial services at the most affordable rates.

cryptocurrency exchange development

Analyzing the growing business of cryptocurrency exchange development

Cryptocurrencies have emerged as the biggest challenge to the current financial system as it promotes decentralization. Cryptocurrency exchanges are handling billions of dollars of funds of traders by offering a platform for buying, selling, and exchanging different cryptocurrencies. Most of the exchanges also accept payments made in fiat currencies. Some of the popular centralized exchanges are Binance and Coinbase. Some of the famous decentralized exchanges are OKEX and IDEX.

The basic structure of every Cryptocurrency exchange

  • The trading engine – It helps in the management of orders by matching the requests raised by different buyers and sellers on the platform. It should be highly accurate.
  • The user interface – It should be convenient enough for the traders to handle their basic operations smoothly without any errors and glitches. It must be intuitive with easy navigation.
  • Customer service – Traders’ doubts and queries should be swiftly responded in multiple languages. It helps in improving user retention and trust in the system. A professional support team is needed to infuse confidence in the minds of the customer. People should be encouraged to invest in a cryptocurrency exchange platform.
  • Adequate security measures – Protection of the funds and personal data of the users is highly important for every crypto exchange. To safeguard itself against hacking and phishing attacks, it must take steps like two-factor authentication, jail login, end-to-end encryption of database, and password-protected user access without fail. With operations becoming increasingly digitized, issues such as virus and malware attacks are quite common. The data can be backed up in an independent location separate from the operational servers.

Steps to follow for kickstarting Cryptocurrency exchange development

  • Comply with legal norms – Any crypto exchange that happens to be illegal will be forced to exit the industry. Hence, obtain an operational licence issued by a certified authority. It depends on the scale of operations (local or global) regarding its compliance with the prevailing laws in different countries. The KYC (Know Your Customer) verification process and AML (Anti Money Laundering) laws must be strictly adhered to. This is done to prevent any sort of frauds and scams. Certain countries like Singapore, Switzerland, Japan, Canada, and the USA are highly friendly towards cryptocurrency exchanges with a trustworthy judicial system.
  • Formulate an agreement with a bank or a payment solution provider – Since traders will buy or sell cryptocurrencies regularly, there is a need to invest in a foolproof transactional system. It must facilitate seamless deposits and withdrawals. Multiple payment gateways or process systems need to be set up to handle the huge volume of funds. A tightly regulated ecosystem will have limited banking options compared to an open and decentralized system.
  • Management of liquidity – Liquidity is one of the essential attributes of successful cryptocurrency exchanges in the market. Absence of sufficient liquidity in an exchange will fail to attract investors and lose their business to the competitors in the industry. Liquidity can be boosted by forming API’s and sharing trading volume information with the leading exchanges in the market.

The process by which a Cryptocurrency exchange works

  • The user gets himself registered on the platform after completing all the needed formalities.
  • An individual wallet is created for him to store his respective coins or tokens.
  • He can select any receiver on the platform for sending funds.
  • Once a particular cryptocurrency has been completely sold out on the platform, he has the option to buy foreign currency.
  • He can receive funds by choosing any of the available currencies on the platform.

The time taken to build a Cryptocurrency exchange

It depends on the kind of exchange platform (centralized, decentralized or hybrid) chosen by the business firm. White label solutions can be developed within a week as it comes with all the in-built features and functionalities. For exchanges that are developed from scratch by hiring various developers, it will take a couple of weeks or months.

Important sources of revenue for a Cryptocurrency exchange

Every crypto exchange owner can make money by imposing charges on withdrawals, trading commission, and incorporating Initial Exchange Offering (IEO) into their platform for launching new crypto coins or tokens.

The total cost involved to build a Cryptocurrency exchange

The cost will vary depending on the kind of features a firm wants to integrate into its exchange. White label solutions involve less developmental expenses when compared to building an exchange from scratch.

The different services offered by exchange development companies

Most of the cryptocurrency exchange development companies offer services like wallet integration, ICO development, mobile app development, and trading platform creation.

The future of Cryptocurrency exchange development

Since its origin more than a decade ago, Cryptocurrencies have grown to massive proportions today. It is the pride of the digital age. It can be used for a wide variety of activities such as processing payments, storage of value and proving digital ownership. Since it has a huge capacity to disrupt the traditional financial systems, there are concerns and worries regarding the potential use of the technology. Many corporate companies are accepting payments made in cryptocurrencies indicating its adoption in the mainstream economy. This will increase its accessibility and popularity contributing to an increase in its value.

Threats to its growth include the banning of cryptocurrencies by various governments and restrictive regulations by authorities. The unpredictable fluctuations in its price cause a lot of panic in the market. Technologies such as Artificial intelligence can be used to predict crypto market fluctuations. Regulation needs to push cryptocurrencies from the periphery of the current financial systems. Many central banks are also attempting to issue their own digital coins. Cryptos are being increasingly preferred amidst the economic downturn affecting the entire world. With the halving of cryptocurrency’s leader Bitcoin to take place in 2020, its view as a speculative and volatile asset will change with the years to come. It is highly important that businesses all over the world realize the significance of cryptocurrencies and equip their operations to leverage its benefits. It remains to be seen if cryptocurrency is the future of money. With more preference for decentralization, safety, and anonymity, it is expected to grow exponentially in the coming days.

Read More: Things To Know Before Investing In Cryptocurrency Development

Blockchain Technology facts

10 Interesting Facts Everyone Must Know About Blockchain Technology

The inventor of the unique blockchain technology is Satoshi Nakamoto, and he is also famous as the ‘father of Bitcoin.’ Blockchain technology is not new for anyone living in the 21st century, whether it is a college student or IT personnel. Even many mobile application development companies are taking the path of commemorating blockchain technology in their processes.

There are numerous reasons for the increasing popularity of Blockchain and its applications. Some of them are,

  • Decentralization for transaction approval. Users can verify and approve their transactions themselves.
  • Blockchain technology provides the highest security level with encryption and notifies users if anyone tries to tamper with it.
  • Due to this technology’s decentralized nature of approval and 24/7 service, the users get faster processing of data and transactions.
  • Completely automated. This nature of automation can power many technologies by going fully-automated for all processes.
  • You can stop worrying about encryption as Blockchain technology uses a high level of cryptography and attached digital signatures to all the data.

Top 10 Interesting Facts about Blockchain Technology

Blockchain technology is indeed a perfect way to shape emerging businesses, industries, and various organizations to secure all their transactions. Blockchain is disrupting all the sectors and reforming them with faster, secure, and efficient alternatives. Here are some of the interesting facts about this phenomenal technology,

  1. Transaction Worth Millions

Since its inception, Blockchain has processed and distributed over $270 billion in transactions by the end of 2017. The blockchain market size is likely to increase from $708 million in 2017 to $60.7 billion by 2024. The reason for such growth is its increasing popularity and a higher level of application in various industries.

  1. Companies Leveraging the Maximum Benefit

Almost all industries leverage the trends and applications of blockchain technology. Some companies are using cryptocurrencies to sell their products or services, while others are mining bitcoins to increase their profits. Many giant companies currently using blockchain technology are Unilever, Walmart, HSBC, Ford, DHL, Siemens, and many more.

  1. Blockchain Technology has Applications in Electrical Companies.

In recent years, blockchain technology is making its place in developing applications for electrical companies. With blockchain technology, acquiring usage information from electricity customers is made automatic with enhanced security.

  1. Adds Transparency to the Media Market

Companies are using blockchain to track their spendings on ads by recording data impressions and their payments. There can be an added layer of transparency with blockchain as all the transactions are in the ledger, ensuring easy tracking.

  1. Blockchain Technology can Aid Scientific Research.

With blockchain technology in the picture, researchers can easily authenticate the information, share it with others, certify it, and complete their research faster. Out of all the data published each year, researchers can use specific data to authenticate and make their ongoing studies more insightful.

  1. Creation of Digital Identification for People

In this era of digitization, it is quite crucial to have a digital identity. Blockchain can back the creation of digital identities for almost everyone. And Microsoft is currently working on a blockchain project that will achieve this task. This project aims to create identifiers that are decentralized and manage banking, travel, health insurance, etc.

  1. Countries Adopting Blockchain Technology

The top countries adopting blockchain technology on a large scale are Malta, Switzerland, and Gibraltar. These countries allow trading via cryptocurrency, developing their crypto environment, all the more, Malta is known as the hub of blockchain development. Other countries in line to launch their cryptocurrency are the USA, UK, Japan, and Saudi Arabia.

  1. Slurps up the IoT Market

Blockchain can be used extensively in various IoT applications and thus boost the IoT market’s overall performance. With the increasing use of IoT in designing homes, autonomous vehicles, etc., it is evident that blockchain technology can boost IoT with its features. The IoT applications can improve their efficiency by using blockchain features such as access management control, data management, etc.

  1. Fast-growing in Global Market

Blockchain technology is currently in its infancy, and with constant progress in the development of features, it is growing fast in the global market. The reason being that almost all the industries are looking forward to incorporating blockchain technology into their business, which, in turn, will add to the global market.

  1. Blockchain Techs, Healthcare, and Food Industry

The spectrum of blockchain technology applications’ applications is vast, but some of the fields currently using this technology are banks, food, and healthcare. In healthcare, blockchain technology helps in medical records management, while in the food industry, the supply chain management can also gain efficiency. Owing to faster and secure transactions, almost no transaction fees, etc. banks are looking forward to deploying blockchain technology in their processing.

Bonus

  • More than 40 million individuals are using blockchain technology.
  • Bitcoin, based on blockchain technology, has over eight million accounts and is still growing.
  • Blockchain resembles Google docs. All the participants can view and update the ledger and own their copies.
  • More than 30% of C-level executives are using blockchain technology.
  • VC’s across the globe have invested over $1 billion in the blockchain development companies.

Why Blockchain Technology is the Future?

The future awaits the rise of blockchain technology. Each sector and industry is under the influence of blockchain and its numerous benefits. A few reasons that account to the immense growth of blockchain technology in the future are,

  • Blockchain Technology rules out all the middlemen due to its decentralized structure.
  • A blockchain can be public, private, or a combination of both, just like the internet or intranet. So, everyone can deploy this technology.
  • Many countries have started using cryptocurrency and even having their own. Many more of them are adding up in the blockchain band-wagon.
  • Business biggies are turning towards blockchain technology. The business value of blockchain is exponentially increasing.
  • Blockchain technology may give rise to national cryptocurrency and even integrate with government agencies.

Sum and Substance

With the increasing popularity and many new features that can revolutionize any industry, blockchain is slowly advancing towards conquering the world. Many companies can develop applications backed with blockchain for your business. So, if you don’t want to be left aloof of this fantastic technology, then start your research today!
Also Read: What are the Top Blockchain Technology Trends That Will Dominate in 2020?

Blockchain Technology

What are the Top Blockchain Technology Trends That Will Dominate in 2020?

The popularity of Blockchain technology has seen a historic rise by each passing year. It has taken the business world by storm. Blockchain technology is reported as one of the top ten strategic technologies of the year 2020 by Gartner. It is evident that blockchain technology can help businesses acquire new skills and harvest maximum benefits. Here we will see some of the latest Blockchain technology trends that will dominate the business world in 2020.

What is Blockchain?

Blockchain has an expanding chronologically ordered list of permanent and cryptographically signed records shared by all the distributed ledger participants in the network.

Blockchain technology consists of five different elements like an immutable and traceable ledger, shared and distributed ledger, tokenization, distributed public consensus mechanism, and encryption.

Blockchain technology adoption rates across the various industries like Life Science and Healthcare, Farming and Supply Chain, and Technology is increasing.

Top Blockchain Technology Trends 2020

1.   Blockchain with AI

Artificial Intelligence is an accessible technology, just like Blockchain. The integration between these two can make better development. It can show a new level of improvement in blockchain technology with an adequate amount of apps. International Data Corporation states that around 51% of the world’s businesses will be using AI with Blockchain.

Blockchain makes AI more understandable, and this helps in tracing & determining the decisions made in ML.

Some of Blockchain and AI’s popular applications are Data Protection, Smart Computing Power, and Creating Diverse Data Sets.

2.   IoT Combined with Blockchain

When we talk about the combination of IoT and Blockchain, we can say that this integration can provide a modern and safe app. IoT is a technology that has some chances of cyber-attacks. Therefore, Blockchain technology can be used with IoT to provide several security aspects.

Blockchain is a public technology where everyone participates in the network of nodes. Every participant can see the blocks and the transactions that are stored & approved on the network. Besides this, being a decentralized technology, Blockchain doesn’t allow a single authority to authorize the transactions eliminating SPOF weakness.

3.   Blockchain as a Service

BaaS is known as the most popular trend in recent times. This technology trend gets integrated with several startups and enterprises. It is a cloud-based service that allows users to create their digital products. These products can be decentralized apps or smart contracts.

4.   Stablecoins Will Be Available More

Bitcoin is a cryptocurrency that can be highly volatile, and to avoid the volatility, stablecoin has been introduced. Stablecoins are predicted to achieve an all-time high. Facebook’s cryptocurrency Libra is using stablecoin.

5.   Blockchain Networks and Interoperability

Blockchain Interoperability is a trend that can share data across multiple blockchain systems. This trend makes it simple for people to see and access data across various blockchain networks. The best example of blockchain interoperability is to send data from one Ethereum blockchain to another.

Conclusion

The recent digital transformation has resulted in Blockchain’s usage, as it is known as the most secure technology to create apps with. Blockchain technology can integrate with various other emerging and popular technologies to provide unique systems. If anyone wants to get an app developed with this technology, you can contact OpenXcell, the leading app development company.

blockchain and Cryptocurrency technology

How Secure is Blockchain and Cryptocurrency Technology?

The combination of cryptocurrency and blockchain is a fool-proof arrangement. It’s quite hard to comprehend the functions of this combined technology. However, I will try my best to curtail confusion as much as possible. 

Moreover, the scope of my blog will also cover how secure this technological combination is. 

First, you need to have a strong handle on the basics of the Blockchain and cryptocurrency technology. In this way, you will be able to understand the entire system precisely. 

What is Cryptocurrency and How Does It Use Blockchain Technology? 

Cryptocurrency is the digital currencies through which you can securely perform transactions. Moreover, cryptocurrencies are not only used to sell or buy online products. These virtual currencies are unregulated and users are allowed to trade them for the sake of higher profits. 

Cryptocurrencies are considered secure because they use a decentralized system to keep users and payments safe and anonymous. This decentralized system is known as Blockchain Technology. 

How does Blockchain Technology Work with Cryptocurrency Transactions? 

As I mentioned earlier that cryptocurrency uses blockchain technology to keep transactions secure and anonymous. Now, I will guide you on how blockchain technology keeps the process fully controlled and safe. 

A Blockchain is a ledger that contains the information of the transactions. Every transaction that takes place creates a string of letters and numbers that are usually known as the hash. 

Each hash is not only associated with a single transaction, but it also depends on the previous transaction and shared publicly since they can’t be changed or tempered. In case, if there’s any change found in the transaction, a completely new hash will form. 

Blockchain uses a peer-to-peer system, it means that it connects all the computers which are known as the nodes. 

Each node contains a copy of the transactions and without the approval of all the nodes involved, no transaction can be approved as the block. Every transaction should be approved by all the nodes only then it is written as the block and forms a shared, decentralized blockchain. 

How secure is Blockchain Technology? 

I have described the working of Blockchain Technology with Cryptocurrency transactions. Now, let’s discuss how secure Blockchain technology is. 

Blockchain technology uses a decentralized ledger where no intermediaries are involved. In this way, it not only reduces the third-party interaction but also cuts down cost. 

These are not the only benefits of using Blockchain technology. On the cybersecurity front, it has much more to offer. Like I mentioned earlier, Blockchain technology uses a hash function with the timestamp for storing data and it makes it impossible to counterfeit any stored data. 

Therefore, the Blockchain technology assures 100% data security and keeps you safe from data frauds or phony attempts. 

Secondly, Blockchain is a decentralized system and completely curtails centralized points. A decentralized system provides more autonomy to the users to make and approve decisions plus, a decentralized system is not prone to cyberattacks.  

Moreover, data records are robust in the Blockchain. Every user is notified if a single change in the ledger takes place and each user receives a copy of the record. In this way, the entire database remains secure even if a few users get trapped or hacked.    

Blockchain technology is also secure because there are almost no chances of fraud. It is a decentralized system or you can say that an open-source ledger which is accessible to everyone. It means that if anyone tries to manipulate data then everyone will know about it and the nefarious attempt will not stay hidden. 

All of the cryptocurrency protocols are safe or secure with a high level of security. According to our analysis, 90% exchange website uses HTTPS protocol so here is a less chance your data can not intercept by anyone unless critical security vulnerabilities do not expose by any means, on the other hand, using A authentic VPN service makes an extra layer of encryption then your devices, online identity, and activities more secure. 

Is Blockchain Technology Restricted to Cryptocurrency? 

Blockchain Technology is tamper-proof and decentralized and therefore, its functions are not limited to transferring cryptocurrencies. Its usage is far beyond digital transactions. Various organizations are still researching multiple methods to effectively implement Blockchain technology in various fields including banking, supply chain and communication, healthcare, and record and identity management. 

Why is Blockchain Technology the need of the hour? 

Blockchain Technology is currently one of the best solutions for companies to implement. The technology is not only responsible for a secure data record, faster transactions, and complete user autonomy. Many other reasons also make this technology the number one choice for businesses around the world. 

The successful application of Blockchain technology brings transparency to your data network. What I meant out of transparency is that there will be no discrepancy since the entire system is open and decentralized. 

Besides transparency, the Blockchain technology will also efficiently manage your financial transactions without involving intermediaries. It will curtail your cost to an unbelievable level and it’s much more advanced than the traditional banking system. It’s fast, secure, and affordable. 

The Blockchain technology also enables you to use a Blockchain token that helps you find all types of information related to the IoT device, Electronic vote, product information, and much more. 

Blockchain technology is quite open and anyone can implement it the way he wants. It means that you can mold the technology in a way that best fits in your field. 

Another benefit of the Blockchain technology is that it helps to quickly find the owner of the digital assets because data always appears in the sequence from first to end. 

The Blockchain record keeping is impeccable. It stores each and everything in a systematic manner which is traceable from the very beginning. 

Sectors like banks and healthcare must leverage this remarkable technology to record crucial data most adequately. 

Read More: What is Cryptocurrency? Know All About Cryptocurrency