Get a quote

Author: Kryptomind

Categories
Main Category

What are Smart Contracts in Blockchain?

Smart Contract

Smart Contracts increase transaction security and efficiency; therefore, they are a key component of blockchain technology. Not only that, but it also improves access to other components, such as applications running on different platforms.

How Does It Work?

Smart contracts are protocols or computer programs for automatic transactions maintained on a blockchain and activated in response to the fulfillment of specified requirements. In other words, smart contracts automate the execution of contracts so that all parties can quickly discern the result without needing a middleman or a waiting period.

These are self-executing contracts in which the terms of the buyer-seller contract are written directly into lines of code.

According to American computer scientist Nick Szabo, smart contracts are computerized transaction protocols that carry out contract terms. Szabo created the virtual currency “Bit Gold” in 1998.

Its use renders transactions visible, irrevocable, and traceable.

Advantages of Smart Contracts

Accuracy and Efficiency

The contract is instantly put into effect when a condition is satisfied. There is no paperwork to deal with, and no time was wasted fixing mistakes that might happen when filling out papers by hand because smart contracts are digital and automated.

Trust and Transparency

In this process, no third party is involved, and the people share encrypted transaction records; there is no need to be concerned about altering information for personal advantage.

Security

The encrypted nature of blockchain transaction records makes them extremely difficult to hack. Additionally, hackers would need to alter the entire chain to alter a single record on a distributed ledger since each entry is connected to the entries that came before and after it.

Savings

Smart contracts do away with the need for middlemen and all associated costs and delays.

In What Steps Do Smart Contracts Operate?

A smart contract is a special program that runs on a specialized virtual machine that is integrated into a blockchain or other distributed ledger and encapsulates business logic.

Step 1: Business teams work with developers to specify their standards for the expected behavior of the smart contract in response to specific occurrences or conditions.

Step 2: Simple conditions include payment authorization, package receipt, or a utility meter reading threshold.

Step 3: More advanced logic may be used to encode more complicated actions, such as calculating the value of a derivative financial instrument or automatically disbursing an insurance payment.

Step 4: The developers create and test the logic using a platform for building smart contracts. Once written, the application is forwarded to a different team for security testing.

Step 5: You may use an internal specialist or a business that specializes in evaluating smart contract security.

Step 6: After the contract has been approved, it is used on an already-existing blockchain or other distributed ledger infrastructure.

Step 7: Once the smart contract has been implemented, it is set up to wait for event updates from an “oracle,” which is essentially a cryptographically secure streaming data source.

Step 8: The smart contract runs after receiving the required concatenation of events from one or more oracles.

What Makes It So Important?

Decentralized apps and currencies of all shapes and sizes may be created by developers using smart contracts. They are maintained on a blockchain like any other cryptocurrency transaction and are utilized in anything from new financial tools to logistics and gaming experiences. A smart-contract software is often irreversible once it is put into the blockchain.

Decentralized applications, often known as “dapps,” are driven by smart contracts and contain decentralized financial technology (also known as DeFi), which aspires to revolutionize the banking sector. DeFi apps enable cryptocurrency owners to conduct complicated financial activities, including saving, borrowing, and insurance, from anywhere in the globe without a bank or other financial institution getting a share. Current apps that use smart contracts and are more widely used include:

Uniswap: A decentralized exchange that lets users trade certain types of cryptocurrency using smart contracts without any central body controlling exchange rates.

Compound: A platform that utilizes smart contracts to enable borrowers to get loans promptly and investors to earn interest without needing a bank to act as a middleman.

USDC: A cryptocurrency linked to the US dollar via a smart contract, making one USDC equal to one USD. Stablecoins, a more recent subset of digital currency, including UDDC.

So, how would you use these technologies that are enabled by smart contracts? Consider that you have some Ethereum that you would like to exchange for USDC. Put some Ethereum into Uniswap, which will use a smart contract to locate the best exchange rate automatically, execute the deal, and pay you your USDC. Then, without utilizing a bank or other financial institution, you might put part of your USDC into Compound to lend to others and obtain an algorithmically set interest rate.

Currency exchanges in conventional finance are pricy and time-consuming. Additionally, lending liquid assets to total strangers on the other side of the globe is neither simple nor secure for individuals to do. But all of those scenarios—as well as a wide range of others—are made conceivable by smart contracts.

Smart Contracts: Their Limitations

Smart contracts cannot obtain information about “real-world” events since they cannot make HTTP inquiries. This is intentional. The consensus required for security and decentralization might be compromised by using external data.

Conclusion

Smart contracts can potentially transform how international business and commerce are conducted by speeding up transactions, decreasing bureaucracy, and increasing cost-efficiency. Smart contracts might significantly impact various industries, including the arts, music, real estate, banking, manufacturing, retail, supply chain, and telecommunications. If you’re interested in blockchain and smart contract applications, Kryptomind offers the top smart contract developers you can connect with.

Categories
Main Category

Learn Basic Operation of Solana-CLI

Solana CLI

If 2020 is considered to be the year of Ethereum Defi. Then the Solana ecosystem’s year is 2022. The official website for Solana states that 400 projects have just been launched there. This is undoubtedly challenging for a blockchain that has recently launched its mainnet in April 2020. This article will first cover some fundamental Solana-CLI procedures, such as how to make a wallet and send money around.

Setup

Examples used in this piece were run on Ubuntu 20.04.

The CLI tools for Solana must first be downloaded from the company’s main website. You may download it by using the command below:

sh -c “$(curl -sSfL https://release.solana.com/v1.8.0/install)”

Restart your computer when the download is finished, and then verify that it was installed correctly:

$ solana –version 

solana-cli 1.8.0 (src:4a8ff62a; feat:1813598585)

Then, we must download Rust, the primary language Solana uses:

$ curl https://sh.rustup.rs -sSf | sh

$ source $HOME/.cargo/env

$ rustup component add rustfmt

Like other blockchains, Solana requires a wallet for storing, sending, and doing other operations with your tokens.

If you are unfamiliar with blockchain technology, a wallet is a set of public and private keys. Public Key may be compared to your account number. For instance, if your friend wants to send you some tokens, he must choose your public key as the recipient. The private key may be thought of as your account’s signature, which is used to verify that the transfer information was transmitted from and was authorized by your account. Your private key must be stored securely and adequately as a result. Otherwise, if it is lost, you won’t be able to spend any of your money; if it is leaked, anybody can move it at any time.

According to the company’s documentation, Solana Wallet may be set up in three modes: Paper Wallet, Hardware Wallet, and File System Wallet. The major focus of this article is on explaining how to establish a File System Wallet and utilize it for various tasks.

You can establish a new wallet account by following these steps if you need to:

$ solana-keygen new

The above command will produce a pair of public and private keys and store them in the following predefined locations:

/root/.config/solana/id.json

Additionally, you may choose where to store the freshly generated public and private keys:

$ mkdir solana

$ solana-keygen new –outfile /root/solana/my_wallet.json

After that, you must confirm that you are the wallet’s private key owner to the Solana network. You must first get this wallet’s public key:

$ solana-keygen pubkey ~/solana/my_wallet.json FEBxPgsTXTdWkifpiGUSjfzS7ztBFJKPnaHT8A7iUdFc

After that, pair the wallet file with this public key:

solana-keygen verify FEBxPgsTXTdWkifpiGUSjfzS7ztBFJKPnaHT8A7iUdFc /root/solana/my_wallet.json

To examine the current configuration, we may use the command:

$ solana config get Config File: /root/.config/solana/cli/config.yml

RPC URL: http://api.devnet.solana.com

WebSocket URL: ws://api.devnet.solana.com/ (computed)

Keypair Path: /root/.config/solana/id.json

Commitment: confirmed

Let’s now go over the setup information mentioned above:

Config File: The configuration file’s location;

RPC URL: The URL of the Cluster to which you are currently logged in. The network is referred to as a Cluster in Solana. You can now connect to several Clusters in Solana, including Testnet, Mainnet-Beta, and Mainnet. On your localhost, you may quickly build your own Solana Cluster. The setting above displays Solana’s Testnet at http://api.devnet.solana.com;

WebSocket URL: The Solana Cluster’s Websocket URL that you connected to. It is produced automatically from the RPC URL;

Keypair: The location of the wallet’s active wallet

We must change the wallet location to /root/solana/my wallet.json as the wallet display location is the Solana CLI’s default location:

$ solana config set –keypair /root/solana/my_wallet.json

This command can be used to switch between wallets on the same workstation.

As previously noted, Solana offers a variety of Clusters. In this article, Testnet will be used for all activities. The Mainnet and Testnet configurations are very similar. The main distinction is that on the testnet, all tokens and transactions are fake. Therefore, anyone may freely experiment with anything on the Testnet.

Solana-default CLI’s setup should point to Testnet after it has been downloaded. If not, you may establish using the command below:

$ solana config set –url https://api.devnet.solana.com

Additionally, you may get Sol coins via Airdrop on the Testnet. You may get 2 Sol coins by following these steps after finishing the above configuration:

$ solana airdrop 2

Let’s now create a new wallet with the name my wallet2.json. The directions remain the same as before:

$ solana-keygen new –outfile /root/solana/my_wallet2.json

Extracting its public key now

$ solana-keygen pubkey ~/solana/my_wallet2.json Ec2x4xwfxgLuZBwvuv1HmhFgujWNJ16Lkf92Zu81hv56

And verify your wallet:

solana-keygen verify Ec2x4xwfxgLuZBwvuv1HmhFgujWNJ16Lkf92Zu81hv56 /root/solana/my_wallet2.json

Solana’s Testnet has two wallets stored in the files /root/solana/my wallet.json and /root/solana/my wallet2.json, respectively. I received two Sols through airdrop in my wallet, located at /root/solana/my wallet.json. Let’s try sending one of these to /root/solana/my wallet2.json wallet now.

To check the setup right now, use the following command first:

$ solana config get Config File: /root/.config/solana/cli/config.yml

RPC URL: http://api.devnet.solana.com

WebSocket URL: ws://api.devnet.solana.com/ (computed)

Keypair Path: /root/solana/my_wallet.json

Commitment: confirmed

As shown earlier, our wallet is located at /root/solana/my wallet.json. Then, to send 1 Sol to this account, we enter the public key of the receiving account:

$ solana transfer Ec2x4xwfxgLuZBwvuv1HmhFgujWNJ16Lkf92Zu81hv56 1 Error: The recipient address (Ec2x4xwfxgLuZBwvuv1HmhFgujWNJ16Lkf92Zu81hv56) is not funded. Add `–allow-unfunded-recipient` to complete the transfer

You will discover a mistake in the initial transfer. The major cause is that the receiving account has no balance; hence the instruction should be altered to:

$ solana transfer Ec2x4xwfxgLuZBwvuv1HmhFgujWNJ16Lkf92Zu81hv56 1 -allow-unfunded-recipient

After success, execute the following command to check the recipient account’s balance:

$ solana balance Ec2x4xwfxgLuZBwvuv1HmhFgujWNJ16Lkf92Zu81hv56

1 SOL

We can also check the balance of the original account:

$ solana balance FEBxPgsTXTdWkifpiGUSjfzS7ztBFJKPnaHT8A7iUdFc

0.9985234 SOL

After transferring 1Sol from your first account, the remaining amount will be 0.9985234Sol rather than 1Sol. Because Solana transactions are the same as those of other blockchains, each transaction needs payment to the network’s Validator. As a result, the missing component is the transaction’s processing charge.

Categories
Main Category

Let’s Explore the ERC-1155 Token Standard

ERC1155, “Ethereum Request for Comments 1155,” is a token standard mostly utilized for NFTs (non-fungible tokens). It is advantageous to have a token standard like the ERC1155 to control these tokens since NFTs are becoming increasingly popular, and more artists want to produce NFTs. Additionally, understanding the ERC-1155 token standard, one of the top standards on Ethereum, is a crucial step for anybody desiring to begin in blockchain programming and wishing to construct NFTs. As a result, keep reading to learn more about the ERC-1155 token standard, what it is, and how it differs from other token standards. As a result, you’ll be prepared to begin using the ERC-1155 token standard to create ERC1155 NFTs.

ERC-721 was the first non-fungible token standard under Ethereum that NFT enthusiasts adopted. The Ethereum community did, however, discover ways to enhance and expand the capabilities of ERC-721. The newest NFT standard, ERC1155, has emerged and offers intriguing advancements. In this article, you’ll learn why the ERC-1155 standard is favored by developers nowadays.

The ERC1155 token standard is found to have borrowed from earlier fungible and non-fungible token standards like ERC-20 and ERC-721. The smart contract’s capacity to simultaneously represent several tokens is only one of its many new advantages. Additionally, compared to earlier standards, it is more efficient due to several batch operations. The improvements to ERC1155 make transactions simpler to manage, which Solidity developers and NFT producers will welcome. Additionally, they reduce transaction costs by lowering Ethereum gas prices. Furthermore, ERC1155 provides greater versatility by combining fungible, non-fungible, and semi-fungible token features.

What is ERC1155?

There are more uses for ERC1155 than NFT tokens. It prepares the ground for the administration and exchange of many tokens. Single deployed contracts using ERC1155 may contain a variety of non-fungible, fungible, and semi-fungible token combinations.

This ERC1155 token standard was created by the Enjin team and was inspired by other token standards like ERC721 and ERC20 tokens. It made its enhancements as well. Previously, for each fungible or non-fungible token, you had to deploy a new contract under ERC-20 or ERC-721. As a result, duplicate bytes of code are scattered across Ethereum’s network. The earlier standards also restricted some features by breaking each contract into separate addresses.

Obviously, the community needed to develop a new standard for the NFT and a larger token ecosystem for them to develop and spread into other applications. The number of transactions and the inefficiency of the contracts would need to be reduced if gaming platforms and other token-based dApps (decentralized apps) wished to use NFTs. So, ERC1155 was created.

With ERC1155, it can now send many token kinds at once and reduce transaction fees. On top of the ERC1155 standard, it is also feasible to build exchanges using atomic swaps and escrows of different tokens. As a result of ERC1155, the system is no longer required to approve token contracts one at a time.

ERC-1155 vs. ERC-721

The ERC-721 and ERC-1155 standards are the most often used for NFTs.

The ERC-721 token standard is the most recognizable NFT token standard because it was the first to be widely adopted. Additionally, this standard enables apps to leverage the NFT-specific Ethereum API from Moralis.

ERC-721 specifies the bare minimal interface that a smart contract must implement. It is possible to own, trade, and manage tokens using this minimal interface. A standard for the token’s associated information is not required. Additionally, it does not prohibit features that go above or beyond the minimum required.

Dieter Shirley, the CTO of Dapper Labs, first created ERC-721 as a draught EIP (Ethereum improvement proposal), which eventually inspired the game CryptoKitties. 

Keeping in mind that they only include links or URIs to the artwork, photos, or files, as well as their information, is a crucial aspect of NFT’s smart contracts. Such tokens point to off-chain sources for these data files and information, removing the need for the blockchain to house this data.

Using ERC1155 to Create Semi-Fungible Tokens 

What exactly are semi-fungible tokens, though? These new token types combine various characteristics of the token standards that came before them. Imagine that you’re getting the best of both worlds. Consider this helpful analogy: You can design a shop voucher, which is a fungible token that retains value until you use it. After being redeemed, the coupon has no further cash value and cannot be traded like any other fungible token. As a result, the redeemed voucher now has different features and is distinct in terms of the item saved, the user, the price, etc. As a result, it stops being fungible. A semi-fungible token standard like ERC1155 can, however, embody both characteristics.

The Enjin blog claims that ERC1155 is a revolutionary method of defining tokens. The least amount of information required to differentiate each item from the others allows storing several objects in a single contract. The contract state, according to Enjin, “contains configuration data per token ID and all the behavior guiding the collection,” he adds.

As a result, this new token standard enables the creation of NFTs like CryptoPunks and CryptoKitties and utility tokens like BNB, for instance. Transactions are safer and more efficient thanks to their enhancements. ERC1155 reduces gas costs by grouping transactions together, in contrast to ERC-721. Additionally, the creation of effective NFTs and fungible tokens simultaneously demonstrates an improvement above ERC-20 and ERC-721.

ERC1155 Contracts

Multiple token kinds can now be transferred thanks to ERC1155 contracts simultaneously. On top of the ERC1155 standard, you may implement various functionality, including atomic swaps and escrows (helpful in trading) of different tokens. By doing this, you do away with the requirement that ERC-721 token contracts be individually authorized. Additionally, as was already noted, many NFT and fungible token types can be combined into a single ERC1155 contract.

Atomic Swap of Multiple Tokens

ERC1155 contracts can help you save money on Ethereum gas costs since, in this case, the full batch gets approved and transacts in just two easy steps. You may also transfer several products to numerous receivers using ERC1155 contracts.

Transferring Many Tokens at Once to Various Accounts

Moving various items to several users simply requires one contract and one transaction. ERC1155 eliminates redundancy and is lightweight and practical.

ERC1155 Contract Sample

// contracts/GameItems.sol

// SPDX-License-Identifier: MIT

pragma solidity ^0.6.0;

import “@openzeppelin/contracts/token/ERC1155/ERC1155.sol”;

contract GameItems is ERC1155 {

    uint256 public constant COPPER = 0;

    uint256 public constant CRYSTAL = 1;

    uint256 public constant ELDER_SWORD = 2;

    uint256 public constant KNIFE = 3;

    uint256 public constant WAND = 4;

    constructor() public ERC1155(“https://game.example/api/item/{id}.json”) {

        _mint(msg.sender, COPPER, 10**18, “”);

        _mint(msg.sender, CRYSTAL, 10**27, “”);

        _mint(msg.sender, ELDER_SWORD, 1, “”);

        _mint(msg.sender, KNIFE, 10**9, “”);

        _mint(msg.sender, WAND, 10**9, “”);

    }

}

An ERC1155 contract has now been initialized. The gaming objects included in this agreement are both fungible and non-fungible. The “Elder Sword” is not fungible in this situation, but copper is.

You can also see that each item listed under “GameItems” has a corresponding number. Simply put, this means that any number, including “copper” and “crystal,” is really just an alias for “0,” “1,” and so on. These names are internally interpreted as “0,” “1,” “2,” “3,” and “4”.

There are a number of “mint calls” in the function Object() { [native code] } portion of the ERC1155 contract. New token kinds are created via the mint calls. Copper is coined in this game’s currency in the quantity of “1018,” whereas crystal is minted in the quantity of “1027.” The elder sword is an NFT since it is only available in a single quantity, or “1”. Because there is just one of it accessible, it is special and uncommon despite the fact that the knife and wand mint in large numbers. They might also be non-fiat tokens (NFTs) since they stand for distinct objects that are not coins. Additionally, you don’t need to start a new contract; you can simply keep adding items to the existing one.

ERC1155 – The Gold Standard

Versions of smart contracts are used in significant NFT markets. Users can generate new goods using ERC1155 without deploying new contracts on various marketplaces. ERC1155 so offers a benefit while developing dApps on Ethereum. The new superior standard for NFT platforms developed today also makes more sense in the NFT marketplace development. ERC1155 may advance your blockchain development career alongside Moralis, which provides new, potent techniques to enhance your NFT dApps and platforms.

Given these benefits, there are few reasons to return to the earlier, cumbersome standard. However, it is still a choice for straightforward projects and a helpful teaching tool for any inexperienced blockchain developer or NFT coder.

Summary

ERC1155 is currently regarded as the “gold standard” for NFT platform development due to all the distinctive benefits it offers. It enables the combination of several token kinds and the ability to handle many users or receivers in a single deployed contract and transaction. With numerous unique characteristics, such as developing semi-fungible tokens, it is an advance above previous NFT standards.

ERC1155 may assist you in developing the upcoming wave of popular NFT games, markets, and platforms when combined with Moralis’ robust Web3 development tools, which let you quickly set up a blockchain node and shift backend work to its infrastructure, and construct dApps.

Categories
Main Category

Metaverse Vs. Web 3.0: What’s the Difference?

The internet is continuously growing — today’s version is significantly different from the sluggish, text-dominated one we all believed was the bomb in the 1990s. Tomorrow’s internet will have its wonders.

If you’ve been following any forecasts about how the internet of tomorrow will appear and work, you’ve probably heard the phrases “Web 3.0” and “The Metaverse“ thrown around, but they’re not the same thing.

Here are the differences between Metaverse and Web 3.0 & what each means for your online future.

Web 3.0

Web 3.0 is frequently referred to as the next phase of internet development. It is a revolution in some ways in the fundamental principles underlying how the internet operates. It’s also crucial to remember that web 3.0 is not explicitly defined. Why? It is still an idea that is being worked on. Tim Berners-Lee, the guy who created the internet, believes that the semantic web will be the next significant development in its development.

The semantic web is concerned with making all online material machine-readable. People can question whether virtual assistants like Siri and Alexa are already making the same claims. Does this indicate that the third generation of the web has already begun?

Since 2020, there have been significant changes in how people view web 3.0 and the metaverse, particularly with the introduction of blockchain. As a result, developing a decentralized web is now the primary goal of web 3.0. Given that everyone may use the internet in the modern world, you must ask why decentralization is necessary.

However, a significant portion of the web is owned by large tech companies, making the case for a decentralized web strong. In addition to decentralization, web 3.0 covers various essential subjects, including non-fungible tokens, decentralized finance, decentralized autonomous organizations, or DAOs.

Before learning the distinction between web 3.0 and the metaverse, you may think of web 3.0 as a new strategy for creating a new financial universe. Web 3.0’s primary emphasis will be combating competition from well-known platform companies. It would also try to introduce new ways for online users to collaborate.

Step into the Metaverse

The metaverse is one of the most discussed topics in technology, which has led many professionals in the field to speculate about its possible ramifications. The involvement of major corporations like Meta, Microsoft, and Epic Games demonstrates promising futures for the metaverse. Additionally, comparisons between the metaverse and web 3.0 also highlight the importance of the metaverse.

What precisely is this metaverse, then? The metaverse is a digital environment that combines virtual environments with physically persistent virtual realities. The metaverse may be viewed as a 3D depiction of the digital world you can access through your smartphone.

Consider using an avatar to shop for clothing at a virtual store and fitting the clothing to ensure a proper fit. In a future where users could easily navigate the various locations, the metaverse would essentially merge several digital realms. Participants may be able to use certain features through the different digital places in the metaverse.

For instance, they can cooperate with coworkers for work in the metaverse or play games with pals. The metaverse’s potential to replace the internet as we know its fundamental concept demonstrates it. From this, you can see how the web 3.0 and metaverse debate has become crucial today.

Difference between Metaverse and Web 3.0

Definition

A simple comparison between the metaverse and web 3.0 should start by looking at their definitions. 

Metaverse

The metaverse is a virtual environment where three-dimensional objects may be interacted with. The metaverse will enable users to interact with other users and virtual things using virtual reality headsets.

Web 3.0

Web 3.0, on the other hand, is essentially an advancement of the methods through which users may manage their digital assets and online personas. With web 3.0, individuals might manage and monetize the material and produce the content of their choice. Web 3.0 is a vision for the internet’s future in which people can claim ownership of their works.

Fundamental Technology

The underlying technology of web 3.0 and the metaverse would be the next crucial aspect to consider. 

Metaverse

Various essential technologies exist in the metaverse that supports the ecosystem. You would want connection, interfaces, decentralization, the creator economy, experiences, and supporting technology for the metaverse development.

Web 3.0

The goal of Web 3.0 was to build a decentralized internet that would exclusively employ cryptocurrencies and blockchain technology. Blockchain can facilitate user interaction with online services governed by a decentralized computer network. Web 3.0 can also use public blockchain capabilities to provide open and permissionless access to anybody with an internet connection.

Application Range

The possible uses of both technologies would be another significant distinction between web 3.0 and the metaverse. 

Metaverse

Movies, entertainment, video games, education, simulation-based training, and social media platforms are all combined into one platform by the newly emergent metaverse dimension. All of these metaverse applications are still in the development phase, though. Therefore, it would be premature to presume that practically all real-world behavior could be mirrored in the metaverse.

Web 3.0

In reality, Web 3.0 is the new internet generation’s norm. It may be viewed as a guideline that all internet users must follow. Therefore, web 3.0 would apply to the whole web rather than just certain apps.

Conclusion

The conclusion from the discussion of web 3.0 and the metaverse is that the two technologies work flawlessly together. It is easy to see how metaverse and web 3.0 are more interconnected and reliant on one another. The web 3.0 movement promotes a decentralized network, which may be the foundation for connectivity in the Metaverse, a virtual environment.

Additionally, the metaverse’s creator economy can support web 3.0’s goal of creating a new financial system by providing decentralized solutions. The metaverse, however, is still in its early stages of development and would need a significant jump in the underlying technology. On the other hand, with the recent impressive rise of NFTs and DeFi, web 3.0 is taking the proper shape. Let’s wait and see how web 3.0 and the metaverse develop in the future.

Categories
Main Category

Zero Knowledge Proof: What is its role in Blockchain?

Technology development has led to an expansion in the breadth of fraudulent actions throughout time. Therefore, one of the key duties involved in the transaction process is maintaining security protocols. Although blockchain has emerged as one of the most promising breakthroughs, we still require extra security measures to guarantee transaction security. Zero Knowledge Proof, often known as ZKP, is an excellent choice in certain situations.

Blockchain has been linked to cryptography since its conception. However, with the introduction of ZKP, many have started to pay attention to the blockchain and cryptography combo. On a blockchain platform, the transaction is entirely secured using cryptographic methods. In other words, the combination of blockchain and cryptography provides a safe method of conducting financial transactions.

Zero-Knowledge Proof: What is it?

Zero-Knowledge Proof is a cryptographic approach in which no information is given during a transaction other than exchanging a specific value known to both the prover and the verifiers. Zero-knowledge proof is a way for a user to demonstrate to another user that they know an absolute value without disclosing any additional or further information.

The following three characteristics are fundamental to ZKPs:

Completeness

The completion attribute indicates that the transaction has been confirmed and that the prover is free to proceed with processing it. The verifier has the power to give the prover the input he initially sought when the transaction assertion is true.

Soundness

According to the soundness property, the transaction is correct and not connected to any fraudulent activity. It means that the verifier cannot be persuaded under any circumstances if the transaction scenario is different and the assertion is false. In this case, neither the prover nor the prover’s request for the inputs may be certified by the verifier.

Zero-knowledge

The only information available to the verifier is the current statement and whether or not the statement is legitimate. Any further information and personal data from different parties will be concealed.

At the most fundamental level, constructing a Zero-Knowledge Proof necessitates the verifier to ask the prover a sequence of questions about the actions that may be taken when the prover accurately understands all the necessary facts. It is more likely that the verifier’s test will ultimately show the prover to be incorrect.

What are the Two Basic Types of Zero-Knowledge Proof?

The following are examples of the two primary categories of ZKPs:

Interactive ZKP

The concepts’ activities relate to mathematical probability. In interactive ZKP, a prover must persuade a particular verifier before doing the same for each additional verifier. To convince the verifier of a specific fact in interactive ZKPs, the prover must carry out a set of tasks.

Non-Interactive ZKP

There is no interaction between the prover and the verifier in non-interactive ZKPs. In non-interactive ZKP, a prover provides a piece of evidence that anybody may check, and the verification process can even be deferred. They require specialized software to improve the non-interactive ZKPs’ process.

Zcash is a well-known use of Zero-Knowledge proof. The first use of zk-SNARKs was in the cryptocurrency Zcash, which also serves as the basis for Zero-Knowledge cryptography.

Now, we must comprehend what zk-SNARKs are. Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, or zk-SNARKs, is an acronym. A technique called zk-SNARKs takes advantage of non-interactive ZKP.

Zk-SNARKs support the three algorithms listed below.

Key Generator

A key generator defines a parameter for generating a key pair. After creating a private or public key pair, a trustworthy source can remove the private data. Then, using the available data, a new key pair is made. One would be used for proving, while the other would be used for confirming.

Prover

The person who has to verify their expertise is given the proving key. He will get the secret key, check it, and then send the statement.

Verifier

The prover will provide input, and the verifier will confirm the statement’s validity.

Zk-SNARKS must also have the four properties listed below.

  • The assertion is the only thing the verifier will learn. It should take a few milliseconds to complete a task if it has to be brief.
  • Non-interactive: The procedure ought not to involve any interaction.
  • The proof must adhere to the soundness principle and use zero-knowledge encryption.
  • Without a reliable witness, neither the prover nor the verifier can continue the procedure.

What are the Different Blockchain Applications For Zero-Knowledge Proof?

Blockchain Messengers

Even if modern messengers made encryption a guarantee, unsecured blockchain technology might be the next great thing in technology. With the assurance of a solid, unencrypted solution, ZKPs and blockchain may work together to provide a value-added messaging platform that is secure for everyone.

File System Controls of the Future

ZKPs can assist in securing data and logins with many levels of protection. As a result, ZKPs can be a significant barrier to data alteration and retrieval for hackers or other manipulators.

Protecting the Storage

With the data included in the storage unit, ZKPs feature a security protocol. The access channels have strong security measures that produce an extremely secure, seamless environment.

Private Blockchain Transaction Transfer

Private blockchain transactions raise the most serious concerns due to multiple flaws in established protocols. ZKP may effectively integrate private blockchain transactions to produce a robust hacker-proof system.

Data Security

Banks and hospitals are organizations that must protect sensitive data from unauthorized access. Combining ZKPs with blockchain can make data access difficult.

What are the Benefits of Zero-Knowledge Proofing?

Simplicity

The most noticeable feature of ZKPs is their simplicity. It does not require software skills, yet it may provide superior solutions that influence our everyday lives. Furthermore, because it is entirely unencrypted while remaining extremely secure, it may simultaneously provide the best of both worlds.

Secure

When it comes to transferring information, ZKPs are incredibly secure. As a result, a user may utilize it confidently without needing to study the codes or analytics to grasp its fundamentals.

Saves Time

ZKPs reduce the time necessary for blockchain transactions, providing consumers with value in a noble way.

Privacy

The most valued feature of ZKPs is the protection of its users’ privacy. It never involves sensitive data transfer and is thus inherently private.

Safety

Users of ZKPs are aware of the requirement for ZKPs to share data, and they may avoid any firm that requires access to personal information for no legitimate purpose.

Categories
Main Category

5 Interesting Facts About Blockchain You Didn’t Know!

Although blockchain has drawn a lot of attention as the basis for cryptocurrency transactions, the technology is helpful for more than just keeping track of who has traded bitcoins for whom. At its most basic, blockchain is an open ledger that nobody controls. Sure, it’s a financial transaction technology, but because it’s decentralized, people, corporations, and governments may use it to record all information exchanges.

Blockchain technology is emerging just as the digital world requires it. The ability to construct a distributed, verifiable and tamper-proof online ledger provides businesses with a tool that may make trust-intensive choices considerably easier. So, how exactly does it work? Simply put, a blockchain is a chain of unique digital data saved across a network of computers. When a validated interaction occurs, a new block of unique digital information is added to the blockchain, and the blockchain is updated across the whole distributed network.

The following are some facts about blockchain technology:

1. The Invention of Blockchain and Bitcoin 

The Blockchain and Bitcoin Inventor Satoshi Nakamoto is the creator of both bitcoin and blockchain technology. However, nobody knows who Satoshi Nakamoto is. However, other people believe that the father of Bitcoin is a guy of Western American origin in Temple City, Los Angeles named Dorian Satoshi Nakamoto.

Several coincidences happened at that time. For instance, the first person to acquire a bitcoin trade was computer scientist Hal Finney, who lived next door to Nakamoto. Dorian Satoshi Nakamoto, however, disputed it at the time. As a result, we have yet to learn the true identity of this bitcoin inventor.

2. Crypto-friendly and Blockchain Countries

Switzerland, Gibraltar, and Malta will be the most advocated blockchain and crypto-friendly countries on the earth. Switzerland, for example, has the world’s most stable market and has been receptive to blockchain and cryptocurrencies. Gibraltar was the first country to implement and facilitate cryptocurrency trading to establish a fiscal service commission.

The primary goal of this commission is to provide a permit for ICO operations. Furthermore, it keeps those firms dealing with crypto on track. Malta is a blockchain island and is considered the epicenter of blockchain development.

It is regarded as the origin of its blockchain and other crypto firms. It is the first option for those ready to start their own business and operate from the world-class blockchain.

3. Increased Blockchain Adoption

Blockchain will be one of the era’s prominent technologies. According to an industry survey, 40 million individuals have begun to learn about this technology, many of whom apply it for business purposes. In the next ten decades, the quantity will increase by up to 80%.

Many organizations and corporations use digital currencies as payment methods because they allow them to bypass traditional financial transactions’ difficulties while still providing access to worldwide cash exchanges.

4. Blockchain Technology in the Global Market

The development of blockchain technology is still in its early stages, but progress is being made at a rapid rate. Most companies have started implementing this technology to offer the modifications necessary to update outdated systems. The market for blockchain technology is projected to reach around $60 million by 2024, in line with an industry study and inspection findings.

5. Transactions Through Blockchain

Blockchain technology transactions are significantly quicker than those carried out using conventional methods. This might result in significant transaction cost savings, particularly for international transactions. This is the most crucial reason that several institutions, such as American Express and ALFA banks, have started incorporating blockchain technology to build more economically viable versions of their services.

Based on the data stated above, it is apparent that blockchain technology will be the leading technology, and it is projected to take over the globe in the following years.

Are you interested in implementing blockchain technology in your business? Choose the blockchain development firm leading the pack so that you can quickly find the finest answers to your significant problems and improve your business to an extended degree. Kryptomind is a leading blockchain development company that can help you with all blockchain projects.

Categories
Main Category

Learn About Rollup Protocol

The Optimistic Rollup is the key concept that enables optimism. We’ll go through a high-level explanation of how Optimistic Rollups function. Then we’ll describe why Optimism is designed as an Optimistic Rollup and why we feel it’s the greatest option for a system that meets all of our design objectives.

Optimistic Rollups TL;DR

Optimism is an “Optimistic Rollup,” which is a fancy way of saying a blockchain that benefits from the security of another “parent” blockchain. Specifically, Optimistic Rollups use their parent chain’s consensus process (such as PoW or PoS) rather than supplying their own. This parent blockchain in Optimism’s instance is Ethereum.

Block Storage

All Optimism blocks are saved in a special Ethereum smart contract called the CanonicalTransactionChain (opens in a new window) (or CTC for short). Inside the CTC, optimism blocks are stored in an append-only list (we’ll describe how blocks are added to this list in the following section). The Optimism blockchain is formed by this append-only list.

The CanonicalTransactionChain comprises code that ensures that new Ethereum transactions cannot modify the existing list of blocks. This promise, however, can be violated if the Ethereum blockchain is rearranged and the sequencing of previous Ethereum transactions is altered. The Optimism mainnet is built to withstand block reorganisations of up to 50 Ethereum blocks. If Ethereum undergoes a broader reorg, Optimism will also undergo a reorg.

Avoiding such major block reorganisations is a core security aim of Ethereum. Optimism is, therefore, safe from huge block reorganisations as long as the Ethereum consensus process is. Optimism obtains its security features from Ethereum (at least in part) through this link.

Block Production

The production of optimism blocks is generally coordinated by a single entity known as the “sequencer,” who assists the network by offering the following services:

Offering real-time transaction confirmations and status changes.

L2 block construction and execution

L1 is receiving user transactions.

There is no mempool in the sequencer. Thus, transactions are accepted or denied in the order they were received. When a user submits a transaction to the sequencer, it validates it (pays a suitable fee) and then adds the transaction to its local state as a pending block. These pending blocks are frequently submitted to Ethereum in big batches for finalization. This batching approach drastically decreases overall transaction expenses by distributing fixed costs and transactions within a batch. The sequencer employs some rudimentary compression methods to reduce the quantity of data broadcast to Ethereum.

Because the sequencer has priority write access to the L2 chain, it can ensure what state will be completed as soon as it settles on a new pending block. In other words, the consequence of the transaction is accurately known. As a result, the L2 state may be changed consistently and fast. This provides a quick, rapid user experience, with features such as near-real-time Uniswap pricing changes.

Alternately, users can completely omit the sequencer and instead submit their transactions to the CanonicalTransactionChain by means of an Ethereum transaction. One is often more expensive since the user pays the whole fixed cost of submitting this transaction, which is not amortized across many such transactions. However, this alternate submission approach has the advantage of being immune to sequencer censoring. Even if the sequencer deliberately blocks a user, they may still utilize Optimism and use this approach to get their money back.

For the time being, the lone block producer is Optimism PBC.

Block Execution

Ethereum nodes obtain blocks from Ethereum’s peer-to-peer network. Instead, optimism nodes download blocks straight from the CanonicalTransactionChain contract’s append-only list of blocks. For additional details on how blocks are kept within this contract, see the section on block storage above.

The Optimism client software and the Ethereum data indexer are the two main components of Optimism nodes. The Ethereum data indexer (or DTL) rebuilds the Optimism blockchain from blocks submitted to the CanonicalTransactionChain contract. The DTL looks for events generated by the CanonicalTransactionChain that indicate the publication of fresh Optimism blocks. It then looks at the transactions that generated these events to recreate the published blocks using the typical Ethereum block format.

The Optimism client program, the second component of the Optimism node, is a nearly vanilla version of Geth. This implies that behind the hood, Optimism is nearly identical to Ethereum. Specifically, Optimism and Ethereum share the same Ethereum Virtual Machine , account and state structure, gas metering system, and fee schedule. This design is known as “EVM Equivalence”, and it implies that the majority of Ethereum tools (including the most complicated ones) “simply work” with Optimism.

The DTL is constantly monitored by the Optimism client program for freshly indexed blocks. When a new block is indexed, the client program downloads it and performs the transactions contained inside it. To execute a transaction on Optimism, use the identical steps as on Ethereum: first, load the Optimism state, then apply the transaction against it. Finally, record the state changes that arise. This method is then repeated for each new DTL-indexed block.

Bridging Assets Between Layers

Optimism allows users to transmit arbitrary messages between Optimism and Ethereum smart contracts. This allows assets, especially ERC20 tokens, to be transferred across the two networks. The precise technique by which this communication takes place varies based on the direction in which information is transmitted.

This capability of the Standard bridge is used by Optimism to enable users to transfer assets (ERC20 tokens and ETH) from Ethereum to Optimism. Users can withdraw the same assets from Optimism and send them back to Ethereum. 

Transitioning from Ethereum to Optimism

Users merely need to activate the CanonicalTransactionChain contract on Ethereum to generate a new block on the Optimism block to convey messages from Ethereum to Optimism. For further information, see the section on block creation above. Blocks that users generate may include transactions that seem to come from that address.

Moving from Optimism to Ethereum

In the same manner that Ethereum contracts may easily produce transactions on Optimism, this is not feasible for contracts on Optimism. As a result, returning data from Optimism to Ethereum requires a little more effort. We need to be able to make verifiable claims about the optimism of Ethereum-based contracts rather than automatically producing verified transactions.

Making claims about the state of optimism that can be proven needs a cryptographic commitment in the form of the trie’s root. This commitment will alter after each block since optimism’s status is changed. Approximately once or twice per hour, a smart contract on Ethereum called the StateCommitmentChain publishes commitments.

Users can use these promises to produce Merkle tree proofs regarding the optimistic situation. Ethereum smart contracts can verify these proofs. The L1CrossDomainMessenger, a handy cross-chain communication contract that Optimism manages, may validate these proofs on behalf of other contracts.

These proofs may support verifiable claims regarding the information stored in any contract on Optimism at a particular block height. Then, using this fundamental capability, it will be possible for contracts on Optimism to communicate with contracts on Ethereum. Contracts on Optimism can utilize the L2ToL1MessagePasser contract (predeployed to the Optimism network) to store a message in the state of Optimism. Users may then demonstrate to Ethereum contracts that a certain Optimism contract wanted to deliver a specific message by demonstrating that the L2ToL1MessagePasser contract has saved the message’s hash.

Fault proofs

Fault proofs Instead, for a while, these promises are regarded as pending (called the “challenge window”). A proposed state commitment is deemed final if it is not contested during the challenge window, which is presently set to seven days. On Ethereum, smart contracts may securely receive evidence about the status of Optimism based on a commitment after it is deemed to be final.

When a state promise is contested, a “defect proof” procedure—previously known as a “fraud-proof” method—can be used to render it invalid. If the challenge is successful, the commitment is withdrawn from the StateCommitmentChain, at which point another proposed commitment will take its place. It’s crucial to understand that only the publicly available promises on the status of the chain are reversed by a successful challenge, not Optimism itself. A fault-proof challenge leaves the transaction sequencing and optimism unaltered.

The November 11th EVM Equivalence update is adversely influencing the fault-proof process, which is now undergoing significant rebuilding. The Protocol specifications area of this website has further information about this procedure.

Categories
Main Category

NFTs VS Crypto: Which One is Better?

NFTs, Cryptocurrencies, Web 3.0, Bitcoin or even Ethereum, the crypto world might appear complex, confusing and outwardly weird to someone who has never personally engaged with these things before.

The introduction of Blockchain and the technologies it enables represents a paradigm shift on par with the introduction of the internet itself. People’s reactions to Blockchain-based technologies today are similar to how they responded to the early days of the internet, which included skepticism, enthusiasm and downright terror.

The two most significant unknowns in technology manifest as Cryptocurrencies and NFTs. Therefore, you must understand what they are and how they are entirely different from each other. 

What are Cryptocurrencies?

Cryptocurrencies are digital currencies. The name “crypto” refers to the fact that these currencies (also known as digital tokens) are secured via a technique known as cryptography, which means they are highly secure and impossible to double-spend or duplicate.

This security is achieved through various mechanisms (including public-private key pairs, encryption algorithms and more), each of which has controversy. Still, for this explainer, it’s enough to know that cryptocurrencies are essentially a digital form of money — which is why digital tokens are frequently referred to as “X-coin.”

Ethereum (ETH) and Bitcoin (BTC) are the most well-known cryptocurrencies, each operating within their Blockchain system, although hundreds of other cryptocurrencies exist across dozens of Blockchain platforms.

What’s an NFT?

NFT stands for non-fungible token. They are digital tokens, similar to cryptocurrencies but unlike fungible. They are cryptographic assets that live on the Blockchain.

The most common comparison here is between physical money and distinct physical items people buy because they are unique. We talked about how cryptocurrencies are fungible, which means that the same amount of ETH in your digital wallet and ETH in someone else’s wallet has the same value and function.

Consider a tangible thing that is unique to you and exists just once. This could be a portrait you bought, a collectible like a playing card or a stamp or a signed copy of the first edition of a book you love.

These things can’t be changed. If someone asked you to trade your signed copy of the first edition of a book for a signed copy of the fifth edition, we hope you would say no. Even though they both have the exact words, they are not identical and can’t be changed.

What’s the Major Difference?

The most significant difference is that cryptocurrencies can be exchanged with each other, while NFTs are all different and have different values.

How crypto coins are put into circulation is another difference. NFTs are made, while coins are “mined”. It’s a complicated process, but in a nutshell, a miner is a computer that does accounting work on the Blockchain and gets paid in new coins.

To “mine” an NFT, you must turn a file into a token that can be used on a Blockchain. The Blockchain checks the transaction and adds a fee to it.

Which One is Really Better?

Both have various uses and can’t be compared with each other. NFTs and Cryptocurrencies are built on Blockchain and employ the same technology and ideas. They thus frequently attract others of similar backgrounds. However, they are entirely unlike in terms of their identities and ways of working.

– Trading

NFTs: 

Since NFTs are bought and exchanged online and kept in a digital ledger, they cannot be traded. Instead of purchasing a tangible image to place on the wall, the buyer receives an original digital file.

Cryptocurrency: 

Cryptocurrencies may be traded or swapped without losing any value. Based on Blockchain technology, their peer-to-peer system allows anybody to make and receive payments in any digital cash or cryptocurrency.

– Uses

NFTs: 

Each non-fungible token shows that a digital asset is unique and can’t be traded with anything else. Due to the cryptographic principles of the Blockchain, an NFT can never be modified, edited, or stolen.

Cryptocurrency:

Like traditional currencies, it is a means of exchanging digital information while avoiding existing currency difficulties. It enables speedy, safe & decentralized transactions and the purchase & payment of products & services.

– Volatility 

NFTs: 

NFTs are claimed to be less volatile than cryptocurrencies. The creative, aesthetic side of NFTs has drawn both artists and traders. However, it may prevent people who find the work of creating NFTs too challenging, complex or cumbersome.

Cryptocurrency: 

As crypto opponents and authorities have often indicated in their criticism of cryptocurrencies, in particular, are viewed as high-risk investments. Specific cryptocurrencies, such as Bitcoin, have been designed to be more stable than others.

The Final Verdict? 

NFTs are now a good choice for artistic people who want to make money from their digital work. Because of the market’s creative, artistic component, artists and traders have been drawn to it. Cryptocurrency, on the other hand, is a bit surprising. It is used for trading, on the other hand some cryptocurrencies were intentionally built to be more stable than others. Stablecoins are cryptocurrencies with lower volatility than others, such as Bitcoin and Ethereum.

Categories
Main Category

Beginner’s Guide to IPFS

Beginner’s Guide to IPFS

Let’s start with a basic description of IPFS:

IPFS is a distributed system that allows you to store and access files, webpages, apps, and data.

What precisely does that mean? Assume you’re conducting a study on Leafy seadragon. Did you know they are classed as a Protected Species in South Australia and have no known predators? To begin, go to the Wikipedia page on seadragon at: 

https://en.wikipedia.org/wiki/Leafyseadragon.

When you enter that URL into your browser’s address bar, your computer requests the Leafy seadragon page from one of Wikipedia’s computers, which may be on the other side of the country (or perhaps the world).

However, it isn’t your only choice for fulfilling your Leafy seadragon demands! There is an IPFS mirror of Wikipedia that you might use instead. If you utilize IPFS, your computer will request the Leafy seadragon website as follows:

/ipfs/QmXoypizjW3WknFiJnKLwHCnL72vedxjQkDDP1mXWo6uco/wiki/Leafy seadragon.html

IPFS can discover that delectable Leafy seadragon information based on its contents rather than its location. The IPFS-ified version of the Leafy seadragon information is represented by the string of numbers in the middle of the URL (QmXo…), and rather than asking one of Wikipedia’s computer systems for the page, your computer uses IPFS to request a large number of computers all over the world to share the page with you. It can obtain Leafy seadragon information from anyone, not only Wikipedia.

When you utilize IPFS, you don’t merely get things from somewhere else; your computer also contributes to their distribution. When your neighbor or anybody using IPFS wants the same Wikipedia article as you, they may be just as likely to obtain it from you as they are from your neighbor or anybody using IPFS.

IPFS enables this for any type of file a computer may store, such as an email, a document, or even a database record.

There are various IPFS distributions and installation methods. However, this article will be using the cross-platform command-line interface program. The command interface is extensively documented and broad. Don’t be intimidated by the lengthy number of instructions; you’ll only need a few easy ones to get started with IPFS.

You must first generate a peer ID before you can use it. Open a terminal and type the following command:

ipfs init

The significance of that command and its result will be described in greater detail later; for now, simply go to the next step.

Publication of an Image File:

Let’s see if we can post this PNG image. Once you’ve saved it as ipfs-logo.png, launch a terminal in the directory where it is stored and type the following command:

ipfs add ipfs-logo.png

The result will be as follows:

added QmbYq2pMi91Xd5Hu6Z1edrvP4BwJXCH9HhRX8Tk99DJWG6 ipfs-logo.png

A multihash is a lengthy string that begins with Qm… It is a one-of-a-kind identifier derived from the file’s contents. No matter when and how often a file is rereleased, it will always be the same for that particular file.

Obtaining the File:

It’s just as easy to get the file back:

ipfs get QmbYq2pMi91Xd5Hu6Z1edrvP4BwJXCH9HhRX8Tk99DJWG6 --output out.png

The – -output parameter allows you to provide the name of the downloaded file.

Creating a Directory:

You may even publish an entire directory with files and nested directories simultaneously. To do so, add the -r (short for — recursive) parameter to the add command. Place the logo file in the logo directory, then run:

ipfs add -r logo

The result will be as follows:

added QmbYq2pMi91Xd5Hu6Z1edrvP4BwJXCH9HhRX8Tk99DJWG6 logo/ipfs-logo.png 
added QmU1muwAeYjHX1kUnYEXPWEhnFxcVGS6wv8tggoHLHkm3f logo

The directory’s identification appears on the bottom line. It may be accessed using ipfs get, just like a single file.

Each file in the directory may be identified by its relative path to the parent directory. Each file, however, has been granted a unique identification. Without any directory context, a specific file can be accessed by its multihash. In our example, the following commands should return the same file without fetching the whole directory:

ipfs get QmU1muwAeYjHX1kUnYEXPWEhnFxcVGS6wv8tggoHLHkm3f/ipfs-logo.png 
ipfs get QmbYq2pMi91Xd5Hu6Z1edrvP4BwJXCH9HhRX8Tk99DJWG6 --output ipfs-logo2.png

Embracing the Swarm:

You’ve just published some files to your local IPFS storage and retrieved them. However, your file is not yet accessible to the entire world. To accomplish this, you must first launch an IPFS node:

ipfs daemon

The node functions as both a server and a client. It will link to several other nodes and share information on available material. You can see which nodes are related to you by entering:

ipfs swarm peers

The result will include several lines that like the following (the exact addresses and hashes may vary):

/ip4/99.7.131.248/tcp/4001/ipfs/Qmf3KKqHdL1fUDiguRsTojXBBrqR94yx4EUd8EesXogcSs /ip6/2604:a880:cad:d0::17:2001/tcp/4001/ipfs/QmUR8d2WLbNcAFRMWn3SMdBRDhJugZUezfwLkDYti3Gc3w

Each line represents an IPFS node’s multiaddress. It comprises an IP network location (address and port) and a distinctive peer identification. The node’s address may change (when your laptop goes from place to place to café, for example), but the peer ID remains constant.

Data Storage:

No one node can conceivably store all of the data ever released. This indicates that your node may opt to discard some of the data. This also implies that you cannot rely entirely on your peers: if no one is interested in retaining your data, it may just vanish from the network.

You can pin the data object’s identification to prevent it from vanishing. This ensures that the data is not erased if your local node decides to clear up some space.

Because the files you’ve uploaded are automatically pinned, let’s pin something you don’t have yet:

ipfs pin add /ipfs/QmNhFJjGcMPqpuYfxL62VVB9528NXqDNMFXiqN5bgFYiZ1/its-time-for-the-permanent-web.html

The result should be as follows:

pinned Qmcx3KZXdANNsYfSRU1Vu4pchM8mvYXH4N8Zwdpux57YNL recursively

This process also downloads the data to your computer to ensure that it never disappears. However, recovering it should be a breeze now:

ipfs get Qmcx3KZXdANNsYfSRU1Vu4pchM8mvYXH4N8Zwdpux57YNL -o article.html

How to Find the Right Data:

Despite the fact that the file was just 26 kB in size, the last action may have taken a while. This occurs because data must first be identified until it can be saved.

The requested data block might be stored on any IPFS node worldwide. Because your local node is unlikely to maintain direct links to every other server or keep a record of every block added elsewhere, locating the correct node might take some time.

The information about which node holds which blocks is arranged in a distributed hash table, which is spread among nodes in the same way as data is. When searching for data specified by a specific hash, your node must first discover the node with that block. The node requests several of its immediate peers, so if one of them happens to have the block in question, the search is over. If a peer does not hold the data, it makes the identical query to its peers until the data block’s keeper is discovered.

The network’s nodes are configured so that this procedure has minimal overhead, and the entire network may be traversed in minutes. However, in the worst-case scenario, the search may take several minutes. This is true for recently released data, and knowing your colleague seated next to you published it can be aggravating. Fortunately, you can avoid the worldwide search if you already know where to seek it.

Recall the Qm… hash that the init command printed out? That was your node’s peer ID, after all. When you type the command, it will be presented with some more information, so don’t worry if you forgot to write it down.

ipfs id

The resulting JSON object will include various fields. For the time being, the most significant is the node ID.

If you know the node ID that must hold the data you want, you may bypass the time-consuming search by providing a direct connection with that node. To accomplish this, use the command:

ipfs swarm connect /ipfs/Qm…

replacing the node’s ID for the Qm… path

Your IPFS node must first look for a new peer before connecting. This step can also be skipped if you know the distant node’s entire multi-address. In such a scenario, you may run the same command with the complete multiaddress as an input, as seen below:

ipfs swarm connect /ip4/<IP address>/tcp/<port number>/ipfs/<peer ID>

IPFS may operate over various network protocols, and a node often listens on numerous network interfaces.  As a result, a node will often have many multi addresses with somewhat varied forms.

Each one contains the peer ID and information on how it may be accessed (e. g. an IPv5 address and port).

You may also retrieve the node’s addresses by using its peer IDs:

ipfs dht findpeer Qm...

When a Peer Connection Fails:

It’s possible that your colleague at the workstation next to yours has uploaded a data block — say, a new Fury build — but you can’t seem to get it or even connect to his IPFS node. The most common reason for these problems is a network connection, such as a firewall that stops machines on the very same network from communicating with one another. The following procedures will assist you in determining the root of the problem.

Attempt to access the data using a WWW gateway. The IPFS logo, for example, described at the start of this article, may be seen at this URL:

https://ipfs.io/ipfs/QmbYq2pMi91Xd5Hu6Z1edrvP4BwJXCH9HhRX8Tk99DJWG6

This usually takes several minutes for newly released data. If, however, the request expires, one of these things happens:

The node(s) that used to hold the data block is presently offline, or the node that published the block is disconnected from the entire network, maybe due to a network firewall.

Whether the gateway successfully retrieves the data, but the local IPFS node did not use telnet to see if you can access the peer’s address and port. You’re out of luck if the connection could be formed. Data sharing is still feasible, but not in all cases, only through a third node that you and your peer can access. You have two options for resolving the issue:

Speak with your network administrator about allowing IPFS connections on your local network.

Hosting your data at one of the pinning providers may move it outside the limited network.

Categories
Main Category

Create NFTs on NEAR Protocol Using Rust

Near Protocol

Introduction

On the blockchain, Non-Fungible Tokens serve as distinct ownership records. An NFT is typically linked to a valuable and uncommon item, such as a work of art, a ticket to a performance, a collectible cat, a hostname, or a real entity. Depending on the contract, NFTs may be minted, purchased, sold, or destroyed. Ethereum-based NFTs are Cryptokitties and SuperRare. NFTs can be implemented on NEAR.

There are a lot of rules about NFTs! But by far, the most popular is the ERC721 standard, which says things like how NFTs can be developed and transferred. This sustained long-term well, but like all ERC standards, it is only defined for the Ethereum platform. ERC721 may be portable to NEAR once NEAR EVM emulation is ready. Still, for now, the NEAR team has made an NFT reference implementation that requires a different NFT standard: NEP-4, which is described in a language-independent manner that is more

NEAR Protocol 

NEAR Protocol is a new generation of layer one blockchain that solves problems like limited throughput, slow transaction rates, and poor compatibility. It is based sharding, which means that when network usage is high, nodes are split into smaller pieces called “shards,” and computing is done in parallel across these pieces. This network can grow to meet more users’ needs.

What is NEP -4?

NEP-4 is a very simple standard that only does the bare minimum to support the ownership and transfer of NFTs. However, it does include the ability to give power to other users or other smart contracts. This is a powerful feature because it means improvements could be made in the future by making cross-contract calls with a smart contract instead of upgrading the contract we write today. Other NFT projects on NEAR have already started to help NEP-4, so it’s a good choice for the short term.

This tutorial will show you how to build a smart contract for the Near protocol that will mint NFTs.

Prerequisite

To build the near-smart contract that we require.

Rust:

We will develop a smart contract using Rust’s high-performance general-purpose programming language. 

Near CLI:

Use the Near CLI command-line interface to connect to and interact with the near blockchain.

Near Wallet:

Before beginning our project, we require a near wallet. 

Setup

To get started, Create a cargo project.

cargo new nft --lib

Go to project folder nft you will see.

src/lib.rs — This is where we are going to write our smart contract

Cargo.toml — This is our project configuration file

Go to the cargo.toml and add

[lib]
crate-type = ["cdylib", "rlib"]
[dependencies]
near-sdk = "*"
near-contract-standards = "*"

Getting Started

use near_sdk::{
    near_bindgen,
    borsh::{self, BorshDeserialize, BorshSerialize}
};
near_sdk::setup_alloc!();
#[near_bindgen]
#[derive(BorshDeserialize, BorshDeserialize)]
pub struct Contract {}
#[near_bindgen]
impl Contract {}

Let’s simplify this strange-looking code without taking any action just now. Because NEAR employs a stateful methodology, our contract state will be held in struct Contract, and we will code our state-changing methods in the implementation Contract.

It should be noticed that in this case, we are using specific macros and deriving characteristics. The state is changed using the #[near bindgen] macro so that it can be live on the NEAR chain. The features from the Borsh crate for the deserializing and serializing state are BorshDeserialize and BorshDeserialize.

Let’s now designate our state for NFT. You are aware that NFT has certain metadata attached to it. According to this description, our state appears as follows.

use near_contract_standards::non_fungible_token::{
    metadata::NFTContractMetadata, NonFungibleToken,
};
pub struct Contract {
    token: NonFungibleToken,
    metadata: LazyOption<NFTContractMetadata>,
}

The default value for this state must always be set; hence an initializer function is required.

#[derive(BorshSerialize, BorshStorageKey)]
pub enum StorageKey {
    NonFungibleToken,
    Metadata,
    TokenMetadata,
    Enumeration,
    Approval
}
#[near_bindgen]
impl Contract {
    #[init]
    pub fn new(owner_id: ValidAccountId) -> Self {
        Self {
            token: NonFungibleToken::new(
                StorageKey::NonFungibleToken,
                owner_id,
                Some(StorageKey::TokenMetadata),
                Some(StorageKey::Enumeration),
                Some(StorageKey::Approval)
             ),
             metadata: LazyOption::new(
                StorageKey::Metadata,
                Some(&NFTContractMetadata {
                    spec: NFT_METADATA_SPEC.to_string(),
                    name: "Example Name".to_string(),
                    symbol: "Example".to_string(),
                    icon: Some("ANY_SVG".to_string()),
                    base_uri: None,
                    reference: None,
                    reference_hash: None,
                 })
             ),
        }
    }
}

The #[init] macro-enabled function will always run first. It is usually employed to establish the default state. 

Everything for our initializer and state is now established. Let’s implement functional NFT minting.

impl Contract {
    
    ......
    
    #[payable]    
    pub fn nft_mint(
        &mut self,
        token_id: TokenId,
        receiver_id: ValidAccountId,
        token_metadata: TokenMetadata,
    ) -> Token {
        self.token.mint(token_id, receiver_id, Some(token_metadata))
    }
}

This should be deployed to the chain. To build, enter the following command:

cargo build --target wasm32-unknown-unknown --release

Run the following command to deploy

near deploy --wasmFile target/wasm32-unknown-unknown/release/nft.wasm --accountId "your near account username"

This will provide you with a program id that you may use to access the smart contract’s RPCs. You may use the nearby CLI or the javascript client to communicate with the contract.

Kryptomind is a USA-based NFT minting company that has completed several profitable NFT projects for its clients. To get the most outstanding outcomes, our work methodology uses the most recent technologies and methods. We want to make the complex process of minting NFTs as simple as possible. At Kryptomind, our team of committed specialists works hard to meet your goals and requirements.

Facebook Twitter Youtube Instagram Behance Linkedin

© 2022 Copyright, All Right Reserved, Kryptomind.com 

Services

  • Blockchain
  • Web App Development
  • Mobile App Development
  • Consultacny

Careers

Company