Hire the Best Kafka Developers | Real-Time Data Solutions

Wrapped Ethereum: A Solution to Interoperability Wrapped Ethereum tokens (wETHs) are an approach to utilize ETH on blockchain networks other than Ethereum. They enable easy trading between the Ethereum blockchain and Ethereum request for comment (ERC) - 20 tokens. Moreover, they boost the blockchain development services like the decentralized finance (DeFi) system. In this article, we will get into the details of wETH and its effects on Ethereum blockchain application development like DeFi. Understanding Wrapped Ethereum (wETH) A wrapped Ethereum (wETH) is a tokenized version of Ethereum (ETH) at a 1:1 ratio. Essentially, it is an ERC-20 token pegged to the value of the ETH. Users can swap their wETH with ETH but cannot use them as transaction fees. Suggested Read | ERC-20 Token Standard | Things You Must Know The Issue with Ether (ETH) DeFi protocols run with the help of smart contracts. ERC-20 is among the most popular token standard on Ethereum, and most smart contracts rely on this standard. Following the rules of this standard, any token can become compatible with Ethereum and its related platforms. Additionally, the ERC-20 token is a widely accepted blueprint for token development across other blockchains like Avalanche and Polygon. This standard removes a requirement for custom codes for new tokens. However, the founders introduced ERC-20 standard way after the development of Ethereum's native currency, ETH. It means that ETH does not adhere to this standard by default. It creates an incompatibility between ETH and ERC-20 tokens. Consequently, many dApps can work with ERC-20 tokens but are not compatible with ETH. Wrapped Ethereum addresses this issue by making Ethereum compatible with the ERC-20 token standard. It is an ETH wrapped in an ERC-20 standard. It enables platforms with ERC-20 to support ETH. Check It Out | ERC-20 Token Standard | A Compact Guide to Development The Working of Wrapped Ethereum Users can send their ETH to a wETH smart contract, which then generates wETH in return. Meantime, smart contracts lock the ETH to maintain a reserve for wETH. Users can also unwrap their ETH after depositing them into the contract. The computer code will remove or burn wETHs from circulation to ensure constant value. It will give an equal amount of ETH to depositors. Users can get wETH by swapping them with other crypto tokens on various exchanges. Also, Visit | Unexplored ERC Token Standards On Ethereum Benefits of Wrapped Ethereum wETH offers the following benefits: Interoperability wETH resolves the interoperability issue of Ethereum by allowing seamless interaction between Ethereum and other ERC-20 tokens. It improves the overall efficiency and facilitates transactions in the network. Price Stability Since smart contracts peg wETH to ETH price at a 1:1 ratio, their values remain the same. It ensures a stable and constant value of wETH that is essential for smooth trading in DeFi apps. DeFi Compatibility As wETH is an ERC-20 token, it is compatible with many DeFi applications and protocols. Enhanced Liquidity wETH ensures liquidity within decentralized exchanges (DEXs). It facilitates easy trade and execution of transactions. Simplified Token Swaps wETH simplifies ETH swapping with ERC-20 tokens. It serves as a bridge between both types of assets. Further, the token streamlined the user experience. Explore More |Blockchain Interoperability: Importance, Challenges, and Solutions Future Possibilities of Wrapped Ethereum Wrapped Ethereums facilitate the interaction between Eth and ERC-20 tokens, enabling a much more decentralized ecosystem. It offers trade and exchange between different Ethereum-based platforms. They play a crucial role in offering valuable services to Ethereum users. It may also serve as a stabilizer between various blockchains and maintain consistent prices among them. Need to know more about wrapped Ethereum or wish to create a token using the ERC-20 token? Our blockchain experts can provide you with assistance. Contact us to avail yourself of our services.

Technology: MEAN , PYTHON more Category: Blockchain

Dimple Dasila

30 May 2023

Cross-Chain NFT Marketplace: A Beginner's Guide Interoperability is one of the major obstacles when it comes to blockchain networks and NFT marketplaces. One technology that can solve this issue is cross-chain technology which facilitates connectivity across various blockchains. Similarly, developing an NFT marketplace with cross-chain technology can resolve interoperability-related challenges. This concept enabled by NFT development facilitates NFT traders to use NFTs and tokens across other blockchain and NFT marketplaces. This article gives you a comprehensive insight into these NFT marketplaces. Cross-chain NFT Marketplace Before getting directly into cross-chain NFT marketplaces, first, we have to understand the concept of cross-chain. Across-chain protocolenables users to exchange data between multiple blockchains and enables interoperability between them. Individuals can communicate with one another directly using the cross-chain protocol. As a result, blockchains with comparable networks can exchange value and information. Cross-chain functionality is the capacity of two separate blockchains to work together. With a traditional NFT marketplace, a user cannot sell an NFT minted on Ethereum on a different blockchain. It restricts the NFT to sell to a wider audience. Here, a cross-chain NFT marketplace can enable the smooth trading of a variety of digital assets as NFTs across different blockchains. It can manage and control the minting and trading of NFTs on different blockchain networks. Suggested Read | Cross-Chain DEX for Seamless Interoperability and Liquidity The Working of Cross-chain NFT Platform Conventionally, NFT marketplaces do not have an interoperability aspect. However, a cross-chain NFT marketplace uses a system of an atomic swap, relay, and simplified payment verification that gives the systems the ability to communicate with different blockchains. This platform uses these systems in the following manner: Atomic Swap System An atomic swap system facilitates the transfer of cryptocurrencies from various blockchains. This system in a cross-chain NFT marketplace enables the intersection of many blockchains. It makes communication between blockchains possible. Read More About Atomic Swaps Relay A relay is a smart contract that receives and shares information among different blockchains. It enables the block validation of the host chain using proof-of-stake (PoS) consensus. Simplified Payment Verification (SPV) SPV is a payment system that enables proof-of-work (PoW) consensus subset validation. It lets users check their transactions without downloading the entire blockchain. Also, Visit |How to Decide a Suitable Blockchain Consensus Algorithm Why Develop Cross-chain Platform Over Single Chain Platform Below we have listed multiple aspects of a cross-chain platform that makes it better than single chain platform: Interoperability Interoperability is a primary aspect of a cross-chain NFT marketplace. It enables users to mint and trade NFTs across multiple blockchains. So, a platform becomes flexible in terms of offering exclusive NFTs. Further, this aspect of the platform enhances the liquidity of various assets. Greater Scalability The platform can support a high number of transactions. Users experience high performance without any delay or buffering in the transactions. Multi-wallet A multi-wallet feature of the platform means more active users can engage in NFT trading. It allows investors to split their investments into multiple wallets and diversify their assets. Wide Range of Collection A cross-chain technology-based platform offers an extensive variety of NFT collections from different creators on various blockchains. So, it increases the convenience for sellers and buyers. High Return on Investment (ROI) A cross-chain NFT marketplace can communicate with multiple blockchains. So, it accepts a variety of assets from several domains. This aspect provides users with a high ROI due to a wider audience. Also, Read |Blockchain Interoperability: Importance, Challenges, and Solutions Cross-chain Platforms: Real-World Examples AxelarSeais a cross-chain NFT marketplace that enables traders to utilize tokens from any chain. It helps in NFT management across all chains. Another cross-chain platform isMetaNFT. The platform enables the simultaneous selling and buying of NFTs on Ethereum, Polygon, and BSC. Some other real-world examples of cross-chain platforms are Agoran, Moonbeam, etc. Check It Out | Building An Advanced NFT (Non-Fungible Tokens) Marketplace Cross-chain NFT Marketplace Development Cross-chain NFT marketplace development requires expert knowledge and experience. You can take assistance from a service provider like Oodles. We offer cross-chain NFT marketplace development services. Our developers have experience in creating high-quality solutions. You can discuss your project requirements with ourskilled experts. Contact us today.

Technology: ReactJS , ANGULAR more Category: Blockchain

Dimple Dasila

29 May 2023

The Future of Streaming: Decentralized Blockchain Solutions The future of streaming is decentralized. Although streaming services like YouTube are great, they have many drawbacks. Now, an alternative is emerging that is unrestricted by centralized organizations like Google and Facebook, thanks to blockchain technology. In this quick guide, we explore crucial insights we need to know about decentralized streaming powered by blockchain development services in 2023, including how it functions and why it is better than conventional streaming solutions. Challenges With centralized services, a few substantial businesses control and decide what users can upload, discuss, and consequently, even think about. If they violate the rules of service, they are out. Online streaming services like YouTube now block content that was acceptable just a few years ago. At the same time, comment sections from news websites are disappearing. Decentralized streaming platforms can help in this situation. The Emergence of Decentralized Streaming Platforms Decentralized streaming platform development is becoming increasingly popular due to offerings like top-notch security, freedom of speech, and numerous other benefits. Take note of conventional sites, such as YouTube or Spotify. We observe that the site does not give content producers enough freedom to be completely honest with their audience about their opinion or content. However, the situation is the exact opposite on the decentralized streaming network. The content creators have enough freedom to express their opinions without any restrictions on a decentralized blockchain-based streaming network. Such a platform does not remove content from the platform until creators start advocating any antisocial movements like nudity, hate speech, or terrorism. The Odysee video platform is among the best examples of a decentralized video-sharing network. Content creator can submit their work to Odysee and get paid when viewers watch videos in LBRY coins. Also, Explore | Developing a Blockchain-Powered Media Streaming Platform Blockchain Technology has the Potential to Transform Streaming with the: Blockchain-Based Profile Creation: Digital identity-based account creation that contains immutable users interests and info Multiple Payment Gateway: Customizable, flexible crypto-based secure payment options, including digital cards and others Search and Geolocation: An easy-to-use tool that uses geolocation and finds broadcasts based on users' current location Multi-Access & Multi-Lingual: Multi-country access with multi-lingual streaming options to connect the global audiences Video Resolution Conversion: Video division into smaller segments to reduce extensive memory usage for server uploads User Ratings and Reviews: Reward mechanisms for users to rate and review a particular video accessible by other users Streaming Solutions Development with Blockchain On-Demand Streaming Platforms Development Creating blockchain-based on-demand streaming services enables viewers to pay per metered viewing and pay content owners depending on consumption viewing. With smart contracts, stakeholders can boost content distribution, consumption, and payment models, improve royalties administration, reach a bigger audience globally with multi-country access, and more. Moreover, they can encourage creative loyalty management initiatives to sustain steadfast customer loyalty. Live Streaming Platforms Development Providing live streaming solutions that are affordable, safe, and scalable enables users to create live or on-demand videos and power their streaming capabilities. It allows users to broadcast a variety of content with ease, including surveillance, conferences, gaming, coding, entertainment, educational courses, and more, using blockchain technology. Further, blockchain plays a crucial role in reducing infrastructure costs or high streaming bills significantly with quicker TPS (transaction processing per second) and scalability. Audio Streaming Applications Development Creating platforms based on smart contracts can address concerns with rights holders and royalty payments in the audio streaming sector, including on-demand music, instructional podcasts, and more. Direct access to music streaming for content providers enables them to share in the profits made from streaming. With blockchain-licensed intellectual property integration, it is possible to stop piracy and integrate innovative payment options like microtransactions and metered viewing available to users and artists. You may also like | How NFTs are Revolutionising the Music Industry A few of the Current Blockchain-based Streaming platforms Livepeer Livepeer is a decentralized peer-to-peer platform that runs on the Ethereum blockchain and primarily seeks to democratize live video. The Livepeer Token, or LPT, cryptocurrency allows users to engage in the live peer network. YouNow Similar to Livepeer, the video streaming network YouNow is for services like video chat and live broadcasts. Want to enter the decentralized video streaming platform market to increase revenue and turn your business into a unicorn, connect with our skilled blockchain development experts.

Technology: WORDPRESS , PYTHON more Category: Blockchain

Mudit Kumar

28 Mar 2023

Hire the Best Kafka Developer

Additional Search Terms

Related Skills

Skills Blog Posts

Don't just hire talent,
But build your dream team

Post a job
and hire a pro

Browse through
our projects

Let us help you find
the real talent

Hire the Best Kafka Developer

Additional Search Terms

Related Skills

Skills Blog Posts

Don't just hire talent, But build your dream team

Post a job and hire a pro

Browse through our projects

Let us help you find the real talent

Don't just hire talent,
But build your dream team

Post a job
and hire a pro

Browse through
our projects

Let us help you find
the real talent