Category Archives: BMB Academy

Crypto.com’s CRO Rebrands to Cronos

Crypto.com’s CRO Rebrands to Cronos, Token Mechanics Remain Unchanged

Say goodbye to Crypto.com Coin, and hello to “Cronos” – the popular crypto exchange’s new name for its CRO utility token. The token, which is native to the Crypto.org and Cronos EVM chains, will see neither its ticker symbol nor mechanics change.

Crypto.com’s and Cronos’s Growth

Adoption of the Cronos chain has scaled rapidly since launch. It now contains over 350,000 unique addresses on-chain, with $15 million in trading volume and $2.5 billion TVL. That makes it the 10th ranked DeFi platform by value locked within about four months. 

Crypto.com is now inviting more developers to apply for funding from its $100 million ecosystem fund at Particle B. There are at least 120 devs that have already built on the platform. 

Crypto.com showcased an ad at the Bengals vs Rams superbowl match, featuring basketball legend Lebron James. The company has also recruited famous actor Matt Damon for promotional services, who is part of the exchange’s home page ad. 

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What 2022 holds in store for Ethereum?

What's in store for Ethereum(ETH) in the year 2022?

Well like most other cryptocurrencies, (ETH) has been on a rollercoaster ride for over a year and a half now. Things looked peachy for the world’s second-largest crypto in 2021 with its native currency Ether (ETH) trading around the $4,000USD mark and global market cap rising to $500 billion by the end of the year. However, the new year started on a rough note and the price nearly halved to $2,200USD in January following interest rate hike indications from the US Federal Reserve.

Ether prices have since stabilised and even begun to recover slowly. It is currently trading at around $2500 – $2,740USD on coinmarketcap at the time of writing.

Ethereum is set to complete its transition from a proof-of-work (PoW) mechanism known to be the cause for heavy enviromental impact to the proof-of-stake (PoS) consensus mechanism. The move to Ethereum 2.0 as it is called is being done in phases that started from end of 2020.The transition is nearing fruition and is expected to complete by the end of 2022. This new consensus mechanism will lower energy consumption and reduce transaction fees as well.This transition is said to have minimal impact on how Ethereum operates for end-users, smart contracts and dapps.

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The Rise of Polygon

The Rise of Polygon

MATIC is the native token of the Polygon blockchain. MATIC is primarily used on the blockchain as a staking token to validate transactions using the Proof of Stake (PoS) method. Miners can use these coins as both capital assets (which increase in value over time) and utility tokens (which can be staked for regular returns).

cryptocurrency stock

The Polygon network was meant to improve the lack of efficiency and scalability in Ethereum. Polygon creatora went on to start MATIC, basing their operations in Mumbai.When the platform had been developed, it could provide scalable solutions to Ethereum’s problems and utilize sidechains as a scalability asset. The network also bypassed the Proof of Work (PoW) problem by establishing itself as one of the only PoS blockchains at the time.

Fast-forward into 2021, Polygon underwent a rebranding exercise and completely changed its mission statement in February 2021. It became the network that served as an interconnection snice and the bridge between blockchains and networks while leveraging Ethereum’s security protocols.

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Knowing the ‘WHAT’ and ‘HOW’

Knowing the ‘WHAT’ and ‘HOW’

Bitcoin And Blockchain Concept

What Is Blockchain And What Can Businesses Benefit From It?

It seems the blockchain revolution is in full swing. Over the course of a one-year period, Google search requests for the keyword “blockchain” have increased by 250%. The U.S. Senate recently had a public discussion about the blockchain’s most prominent application, cryptocurrency. And several public entities have added “blockchain” to their company name. So what’s all the hype about? 

What is blockchain and how will businesses benefit from it?

In simple terms, a blockchain can be described as an append-only transaction ledger. What that means is that the ledger can be written onto with new information, but the previous information, stored in blocks, cannot be edited, adjusted or changed. This is accomplished by using cryptography to link the contents o the newly added block with each block before it, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it. Blockchains are consensus-driven. 

Molecular abstract network, dark background, 3d illustration

A large number of computers are connected to the network, and to reduce the ability for an attacker to maliciously add transactions on the network, those adding to the blockchain must compete to solve a mathematical proof. The results are shared with all other computers on the network. The computers, or nodes, connected to this network must agree on the solution, hence the term “consensus.”

This also makes the work of appending data to the ledger decentralized. That is, not a single entity can take control of the information on the blockchain. Therefore, we need not trust a single entity since we rely on agreement by many entities instead. The beauty of this construct is that the transactions recorded in the chain can be publicly published and verified, such that anyone can view the contents of the blockchain and verify that events that were recorded into it actually took place. Prior to the advent of the blockchain, there was no way to secure and validate ownership in a digital asset or verify a transaction in a trustless, public manner. 

Take, for example, the act of utilizing a software license to gain access to a program like Microsoft Word. To enforce the right to use the software, it must check a centralized server operated by Microsoft. If Microsoft wanted, it could deny access to the software or transfer those permissions to another user. While we consider Microsoft a trusted entity, the risk of illicit behavior increases when an untrusted party is introduced. Perhaps a better example is ownership of a more valuable asset, such as a substantial share in a company, or a valuable digital asset such as a one-off piece of digital artwork. To transfer shares of ownership in a company, the current model requires stacks of paperwork, a lawyer, or a centralized and trusted entity, such as the New York Stock Exchange.

What about transferring a digital asset like art?

How do you prevent people from copying the digital file and sending many others a copy? If there’s no way to publicly verify the transfer of a single asset to a single entity, then there’s no way to enforce ownership or authenticity. 

This is why the value in art is always in the physical good.

 
 

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*7 Reasons* Why Bitcoin will grow exponentially!!!

*7 Reasons* Why Bitcoin will grow exponentially!!!

Though cryptocurrency is, not quite a mainstream payment method yet, more businesses are accepting it. Should you? Here are seven reasons it could be a boom!

Bitcoin BTC coins in the shopping cart on the financial diagram.

1. Eliminate chargeback fraud

A Bitcoin transaction is immutable. Once a client has paid for a product or service, the money is in your account. Unlike credit card payments, charges cannot be reversed.

2. Immediate availability

There is no third-party-dependent waiting period the way there is with bank-owned payments. Once payment is successful, the transaction amount is in your wallet and accessible immediately.  You can convert Bitcoin into your local currency fiat at the end of each transaction, at the end of each working day, or according to a custom set schedule.

Credit card reader and mobile phone with NFC technology for cashless payment transaction

3. Lower transaction costs

Credit card payments usually end up costing you a 2 to 4 percent fee. With Bitcoin, this amount is a low flat fee, not a percentage of the transaction.

4. Attract new customers

As Bitcoin rises in popularity, more users seek out participating businesses. This can mean exposure to a clientele you didn’t have before.

5. Garner publicity

Bitcoin makes the news in a way fiat currency can’t. Local, national, and even international news outlets are reporting on businesses taking Bitcoin payments, giving you an opportunity for free publicity.

6. Buy into an inevitable business practice

Given the steady rise of cryptocurrency, there is no indication that it will cease being in circulation. And where Bitcoin goes, other altcoins are sure to follow. In the future, accepting cryptocurrency as payment might be standard procedure.

7. Gain experience with blockchain technology

Blockchain is the future. Bitcoin is an easy, accessible way to introduce yourself and your business to its workings. This could lead to further technical exploration at a later stage once you’ve gained confidence working with the technology and have identified a need for blockchain tech in your business.

 

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What is Bitcoin?

What is Bitcoin?

BITCOIN - BTC ( World No.1 )

Close up photo of bitcoin crypto currency

Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital  currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. 

 

Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. There is no Bitcoin office or Bitcoin owner.  Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in March 2021 there were 70 million unique users using a cryptocurrency wallet, most of them using bitcoin. Current Bitcoin Market Capitalisation US$906 Billion.

ETHEREUM - ETH ( World No. 2 )

Ethereum and Bitcoin

Ethereum is an open-source, public,blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions. Ether is a token whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.  Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is thought to be Turing complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowd sale that took place between July and August. Ether market capitalization is currently US$ 250 Billion in 2021.

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48 Blockchain Nouns

48 Blockchain Nouns

Do you know a few?

When entering the chain, many people may be confused by various professional terms. Therefore, today we have compiled the most common 48 blockchain nouns for your reference.

1. Blockchain

Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. Is a shared distributed ledger where transactions are permanently recorded by additional blocks.

2. Block

In the Bitcoin network, data is permanently recorded in the form of files, which we call blocks. A block is a record set of some or all of the latest bitcoin transactions and is not recorded by other previous blocks.

3. Block head

The block header stores the header information of the block, including the hash value of the previous block (PreHash), the hash value (Hash) of the block, and the time stamp (TimeStamp).

4. Satoshi Nakamoto

Claiming to be a Japanese-American, the Japanese media often translates to the history of Nakamoto. This person is the creator of the Bitcoin protocol and its related software Bitcoin-Qt, but the real identity is unknown.

5. Cryptocurrency

A cryptocurrency is a type of digital currency (or virtual currency). It is a trading medium that uses cryptography to ensure transaction security and control the creation of trading units.

6. Node

A copy of the ledger operated by the participants of the blockchain network.

7. Oracles

Oracle provides a bridge between real-world and blockchains by providing data to smart contracts.

8. Decentralization

Decentralization is a phenomenon or structure that must occur or exist in a system with many nodes or in a group with many individuals. The influence between nodes and nodes creates a nonlinear causal relationship through the network.

9. Consensus mechanism

The consensus mechanism is to complete the verification and confirmation of the transaction in a short period of time through the voting of the special node; for a transaction, if several nodes with irrelevant interests can reach a consensus, we can think that the whole network can also A consensus is reached.

10. Pow - proof of workload

Proof of Work refers to how much money you get, depending on the amount of work you contribute to mining. The better your computer performance, the more mine you will be assigned to.

11. PoS - proof of equity

Proof of Stake, a system of interest distribution based on the amount and timing of your currency. In POS mode, your “mining” gain is proportional to your currency age, regardless of the computer’s computing performance.

12. Smart Contract

A smart contract is a computer protocol designed to disseminate, verify, or execute a contract in an informational manner. Smart contracts allow for trusted transactions without third parties, which are traceable and irreversible.

13. Time Stamp

A timestamp is a string or encoded message used to identify the date and time recorded. The international standard is ISO 8601.

14. Turing complete

Turing completion refers to the ability of the machine to perform any other programmable computer capable of performing calculations. An example is the Ethereum Virtual Machine (EVM).

15. 51% attack

When a single individual or group has more than half of the computing power, the individual or group can control the entire cryptocurrency network. If they have some malicious ideas, they may issue conflicting transactions to damage the entire network.

16. Dapp - decentralized application

An open source application that runs automatically, stores its data on a blockchain, motivates it in the form of a cryptographic token, and operates on a protocol that displays valuable proof.

17. Decentralized Autonomous Organization

It can be thought of as a company that operates without any human intervention and gives all forms of control to a set of non-destructible business rules.

18. Distributed Ledger

Data is stored over a distributed node network. A distributed ledger does not have to have its own currency, it may be licensed and private.

19. Distributed Network

Processing power and data are distributed across nodes rather than a network with a centralized data center.

20. Predictive machine

The oracle is a trusted entity that introduces information about the state of the external world by signing, allowing the identified smart contract to react to an uncertain external world. The prophecy machine has the characteristics of being non-tamperable, stable in service, auditable, etc., and has an economic incentive mechanism to ensure the driving force of operation.

21. Zero knowledge proof

The zero-knowledge proof was proposed by S. Goldwasser, S. Micali, and C. Rackoff in the early 1980s. It refers to the certifier being able to believe that a certain assertion is correct without providing any useful information to the verifier.

22. Private Key

A private key is a string of data that allows you to access tokens in a particular wallet. They are hidden as passwords, except for the owner of the address.

Vintage keys
23. Public Key

It is paired with the private key. The public key can calculate the address of the currency, so it can be used as a voucher for the currency address.

24. Advanced Encryption Standard

The Advanced Encryption Standard (AES) in cryptography, also known as Rijndael encryption, is a block encryption standard adopted by the US federal government.

25. Wallet

A file containing a private key. It usually includes a software client that allows access to transactions that view and create specific blockchains designed by the wallet.

26. Cold Wallet

In general, a cold wallet is a wallet that stores digital currency offline. The player generates a digital currency address and a private key on an offline wallet and saves it. The cold wallet is to store digital currency without any network, so the hacker can’t enter the wallet to get the private key.

27. SPV - light wallet

The light wallet relies on other nodes on the Bitcoin network, and only synchronizes the data related to itself, which can basically achieve decentralization.

28. The Whole Node

The whole node is the node with the complete blockchain ledger. The whole node needs to occupy all the blockchain data in memory synchronization, can independently check all the transactions on the blockchain and update the data in real time, mainly responsible for the broadcast of the blockchain transaction. And verification.  

29. Byzantinefailures - Byzantine General

The Byzantine General issue is a fundamental issue in peer-to-peer communications proposed by Leslie Lambert. The implication is that it is impossible to achieve consistency by means of message delivery on an unreliable channel where there is a message loss. Therefore, the study of consistency generally assumes that the channel is reliable or does not have this problem.

30. Super Ledger

The hyperledger is an open source project initiated by the Linux Foundation in 2015 to advance blockchain digital technology and transaction verification. By creating a common distributed ledger technology, organizations are encouraged to expand and build industry-specific applications, platforms and hardware systems to support their respective trading operations.

31. Lightning Network

The purpose of Lightning Network is to implement secure offline transactions. It essentially uses a hash time-locked smart contract to securely perform a 0-confirmation transaction. By setting a clever “smart contract”, the user is lightning. Unconfirmed transactions on the network are as safe as gold.

32. P2P - peer-to-peer network

That is, a peer-to-peer computer network is a distributed application architecture that distributes tasks and workloads between peers. It is a networking or network form formed by the peer-to-peer computing model at the application layer.

33. Mining

Mining is a nickname for the acquisition of bitcoin. The process of calculating the location of the coin using computer hardware and acquiring it is called mining. 

Cryptocurrency mining rig
34. Miners

Try to create a block and add it to the computing device or software on the blockchain. In a blockchain network, when a new valid block is created, the system will automatically give the block creator (miner) a certain amount of tokens as a reward.

35. Mining Pool

It is a fully automatic mining platform that enables miners to contribute their own computing power to mine together to create blocks, obtain block rewards, and distribute profits according to the power contribution ratio (ie, mine access to the mine pool) Force – gains).

36. Public chain

A completely open blockchain means that anyone can read, anyone can send a transaction and the transaction can be validly confirmed. People all over the world can participate in system maintenance work, anyone can trade or dig through Mine reads and writes data.

37. Private chain

Write permissions are only for blockchains of an organization or a specific number of objects. Read permissions can be opened to the outside world or restricted to any degree.

38. Alliance chain

The consensus mechanism is a blockchain that is controlled by a number of agencies.

39. The Main Chain

The term main chain is derived from the main network (mainnet, relative to the testnet testnet), which is the officially launched, independent blockchain network.

40. Side Chain

Pegged sidechains, which enable the transfer of Bitcoin and other digital assets across multiple blockchains, meaning that users can access new ones with their existing assets. The cryptocurrency system.

41. Cross-chain technology

Cross-chain technology can be understood as a bridge connecting each blockchain. Its main application is to realize atomic transactions between various blockchains, asset conversion, inter-blockchain internal information intercommunication, or solve Oracle problems.

42. hard fork

Blockchains have permanent differences. After the new consensus rules are released, some nodes that have not been upgraded cannot verify the blocks produced by the nodes that have been upgraded. Usually hard forks will occur.

43. Soft fork

When the new consensus rule is released, nodes that have not been upgraded will produce temporary forks because they do not know the new consensus rules and produce illegal blocks.

44. Hash - hash value

The general translation is “hash” and there is also a direct transliteration to “hash”. Simply put, it is a function that compresses messages of any length into a fixed-length message digest.

45. Hash Rate

Suppose that mining is to solve an equation problem, and only by substituting each integer, the hash rate is the speed at which data is processed per second.

46. Hash Tree

A hash tree is a tree-shaped data structure in which each leaf node is tagged with a hash of the data block, while a non-leaf node is tagged with a cryptographic hash of its child node tag.

47. SHA256

SHA-256 is an encryption algorithm used by Bitcoin for several digital currencies. However, it uses a lot of computing power and processing time, forcing miners to form mining pools to generate revenue.

48. Kyc

KYC is the abbreviation of Know Your Customer, which means to understand your customers. In the International Anti-Money Laundering Act, organizations are required to have a comprehensive understanding of their clients to predict and discover unreasonable business practices. And potential violations.

 

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