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Where will Blockchain Technology be in 2025?

 

Predicting where blockchain technology will be in 2025 is a challenging task, but here are several key trends and developments that are likely to shape the direction of the blockchain industry in the coming years.

Scalability and Interoperability:

One of the most significant trends in blockchain technology is the increasing focus on scalability and interoperability. Many blockchain platforms such as Ethereum have struggled to handle the volume of transactions that are required for large-scale adoption. 

As a result, there has been a push to develop new technologies and protocols that can improve the scalability and performance of these systems. We will likely see significant progress in this industry (blockchain technology) over the next few years, as more and more organisations and developers work on solving these challenges.

Decentralised finance (DeFi):

DeFi refers to a growing ecosystem of financial applications and services that are built on blockchain technology and operate in a decentralised manner. These applications allow users to access a wide range of financial services, such as lending, borrowing, and trading, without the need for traditional financial intermediaries. 

DeFi had explosive growth in recent years, and it is expected to continue to evolve and mature in the coming years. We will likely see more and more traditional financial services being replaced by DeFi platforms as they become more user-friendly and offer competitive features and benefits.

Social Impact and Sustainability:

Many organisations and individuals are exploring the use of blockchain to address global challenges such as climate change, poverty, and inequality. For example, blockchain-based platforms and initiatives are being developed to track the provenance of goods and ensure that they are produced sustainably and ethically. We will likely see more and more organisations using blockchain to create positive social and environmental impacts in the coming years.

Governance and Voting Systems:

Another area of interest is the potential use of blockchain for governance and voting systems. There is a growing belief that blockchain technology could be used to create more transparent and secure voting systems, particularly in the context of elections and referendums. Because blockchain-based voting systems could create an immutable record of every vote that is cast, which would make it difficult to tamper with the results of an election. We will likely see more and more governments and organisations using blockchain for this purpose in the coming years.

Integration with other technologies:

We will likely see more and more integration between blockchain technology and other emerging technologies such as artificial intelligence, the Internet of Things (IoT), and 5G networks. These integrations could lead to new and innovative use cases for blockchain technology.

Moreover, the integration of blockchain and 5G networks could enable new types of decentralised applications and services that can operate at scale. With the increased speed and bandwidth of 5G networks, it is possible to create blockchain-based systems that can handle high volumes of transactions and data in real-time.

Conclusion:

Despite these promising developments, it is important to recognize that there are still many challenges and impediments that need to be worked upon and met. Overall, it is clear that the future of blockchain technology is full of promise and potential. While there are certainly challenges and uncertainties, technology has the potential to transform a wide range of industries and bring about significant positive change in the world. As technology continues to evolve and mature, it will be interesting to see how it is used and the impact it brings on society and the global economy. 

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Top blockchain Trends in 2023

Blockchain technology has already revolutionized the way business is done, and the possibilities continue to expand. Some experts estimated it to be a $20 billion industry in 2023, and more companies will recognize the potential of distributed ledger technology.

As such, several trends are emerging in blockchain technology that will surely shape the future of the blockchain. In this writing, we will know about some top blockchain trends for 2023, from decentralized finance (Defi) to non-fungible tokens (NFTs), and what they mean for your business.

Trends of Blockchain Technology:

  • Asset Tokenization:

The process of tokenization is the creation of digital assets that can be traded on the blockchain. This is done by converting existing assets such as real estate into digital tokens. This permits you to purchase and trade assets on decentralized exchanges without any intermediary. Tokenization can also be used to create new assets such as loyalty points and reward points.

Tokenization has many benefits such as increased liquidity, reduced costs, and faster transactions. It can also bring new investment opportunities to individuals and institutions that were previously inaccessible. For example, tokenization has enabled partial ownership of assets. This means that you can own a portion of real estate or other assets without having to buy them outright.

Tokenization is still in its infancy and many challenges need to be overcome to realize its full potential. However, technology is evolving rapidly and there are already some exciting projects underway. With continued innovation and adoption, tokenization could have a major impact on how assets are traded in the future.

  • dApps:

Decentralized applications work on blockchain networks. They are similar to traditional apps but have some key differences because dApps are not retained by any intermediary, and they are run by a community of users, all of whom play a role in maintaining the network. They make dApps more secure and more resistant to censorship than traditional apps.

Another important difference is that dApps often use cryptographic tokens to power their networks and due to their cryptographic nature, the use of these tokens can encourage users to join the network or reward them for their contributions. This creates an ecosystem of users invested in the success of dApps.

So far, there have been several successful dApps based on Ethereum, EOS, and other blockchain platforms. Common examples include CryptoKitties, Augur, and MakerDAO. As more developers create dApps and more users use them, more amazing decentralized applications could emerge in the years to come!

  • Private Blockchain:

Private blockchains operate in a private context or closed network, using peer-to-peer connectivity similar to public blockchain networks. Businesses use this blockchain network to customize authentication settings and other key security options. Transactions on this network are faster than on the public blockchain and offer companies the opportunity to scale their network size up or down.

Only certain users can validate and submit transactions and view data on the chain. Via cryptography and consensus mechanisms, it ensures network security and provides a secure platform for exchanging funds and assets between parties.

Private blockchains can use different consensus models such as Proof of Work (PoW), Proof of Stake (PoS), or hybrid consensus models. These mechanisms allow private blockchain participants to independently verify each transaction without relying on third-party verification services or miners.

  • NFTs focus on real-world Utility:

NFTs are growing in popularity due to their focus on real-world utility. As you know, NFTs are digital assets that cannot be exchanged due to their uniqueness. This makes them flawless for the usage of such things, as collectibles, games, and even digital art.

One of the advantages of NFTs is that they can be transmitted and stored on the blockchain, which makes them more secure than traditional assets, which are often vulnerable to fraud. Additionally, NFTs can be bought and sold on decentralized exchanges, giving users more control over their investments.

The growing interest in NFTs has led to the development of new platforms and applications that utilize this technology. The most popular are decentralized, Axie Infinity, and Crypto Kitties. These applications allow clients/users to buy, sell or trade virtual assets in a safe and transparent mode. NFTs are likely to continue to grow in popularity in the coming years due to their focus on real-world utility.

  • DAOs Go Mainstream:

Over the past year, the popularity of distributed autonomous organizations (DAOs) has skyrocketed. A DAO is a decentralized organization run by a set of rules encoded on the blockchain. Rules are enforced by the network of users participating in the DAO.

DAOs have several advantages over traditional organizations. They are censorship and corruption resistant, transparent and efficient. Additionally, DAOs can be created and operated without expensive infrastructure or centralized management.

The rise of DAOs is partly due to the increasing maturity of blockchain technology. With the availability of a more robust platform and tools, getting started with DAO is easier than ever. Additionally, the rise of Ethereum-based protocols has made it possible to launch complex DAOs with multiple layers of governance.

As you know, DAOs are becoming more and more popular and we expect more innovations in this area. We believe that DAO will eventually go mainstream and become a major force in the global economy.

  • Decentralized finance (DeFi):

DeFi refers to a growing ecosystem of financial applications and services that are built on blockchain technology and operate in a decentralized manner. These applications allow users to access a wide range of financial services, such as lending, borrowing, and trading, without the need for traditional financial intermediaries. 

The DeFi space has seen explosive growth in recent years, and it is expected to continue to evolve and mature in the coming years. We will likely see more and more traditional financial services being replaced by DeFi platforms as they become more user-friendly and offer competitive features and benefits.

Conclusion:

Overall, it is clear that the future of blockchain technology is full of promise and potential. While there are certainly challenges and uncertainties, technology has the potential to transform a wide range of industries and bring about significant positive change in the world. As technology continues to evolve and mature, it will be interesting to see how it is used and the impact it has on society and the global economy.

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Top Trends of Metaverse in 2023

Top trends of Metaverse in 2023

The Metaverse is a persistent, user-created online world that exists across platforms. It is a shared, open environment where avatars can interact with each other and with virtual objects. The metaverse can be used for socializing, gaming, or other activities.

The term “metaverse” was first introduced by Neil Stevenson in his science fiction novel Snow Crash. In this book, the Metaverse is his three-dimensional representation of the Internet, allowing avatars to interact with each other and with virtual objects. The Metaverse is similar to Second Life, the online world that started in 2003.

There are several trends to describe what the metaverse will look like as it becomes more widely available. One thing is for sure, it’s not just another place to gamble.

Trends of Metaverse:

2023 is shaping up to be an important year for the Metaverse. Here are a few trends that could rule the metaverse in 2023.

  • Increased Interactivity and Social Connectivity:

As technology advances, the metaverse becomes increasingly interactive and social. With avatars in immersive environments such as multiplayer games, virtual reality experiences, and other shared spaces, there are even more ways to connect with others.

  • Improved Graphics and Immersion:

Graphics and immersion are key ingredients in making the Metaverse a fun place to be. As hardware and software evolve, we see more realistic and believable graphics that make it easy to forget you’re not in the real world.

  • More Engaging Content:

Content within the metaverse becomes more engaging as creators strive to make their work more immersive. As individuals leave their footprints in the metaverse, there will be more user-generated experiences, worlds, and objects. This may include more interactive elements such as games and puzzles.

  • Increased Security:

As the metaverse has grown in popularity, security measures have been put in place to protect user information and prevent fraudsters from taking advantage of unsuspecting victims.

  • Greater Customization Options:

Users have more customization options regarding their avatars and the environments in which they exist within the metaverse. This includes everything from customizing your avatar’s appearance to choosing the type of panorama you want to explore.

  • Improved Users Experience:

The user experience within the metaverse continues to improve as technology advances. This improved experience makes it easier for users to steer and find the content they’re scrutinizing for.

  • Decentralization:

The trend toward decentralization will continue. The metaverse will become more decentralized as people build their own experiences and platforms using open-source technology. This creates a more participatory and democratic metaverse where everyone has a say in how they develop.

Future of Metaverse?

The metaverse is constantly evolving and the future of the metaverse is always in flux. However, there are some key trends that we can expect to shape the future of the metaverse.

First, the growing popularity of Augmented Reality (AR) and Virtual Reality (VR) technologies means that more and more people will interact with the Metaverse via AR/VR devices. This will proliferate his AR/VR content and experiences within the Metaverse, creating new ways to interact with and navigate the Metaverse.

Second, artificial intelligence (AI) will play an increasingly important role in the Metaverse. AI-powered avatars and bots will become more commonplace, and AI will be used to create more realistic and believable environments and characters.

 Conclusion:

Heading into 2023, the popularity of the Metaverse will explode. As new platforms and technologies emerge, blockchain-based metaverse applications emerge, social media platforms grow, and companies and organizations use the metaverse for training and simulation, it is clear that the metaverse is the future of online interactions.

In addition, Web 3.0 and the existing open-ended virtual world will bring much-needed stability to the Metaverse, allowing existing players to continue using existing and upcoming resources. While media will provide new platforms and opportunities to new players for shaping the future of the metaverse.

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Boom or Bust? What the Future of NFTs holds?

Many years ago, the future of NFTs was just a concept that a GIF or a JPEG file would be considered an art collectible was just unthinkable. Unlike today, they are known as NFTs, crypto investment assets with a market that surpassed a whopping 49 billion dollars in 2021. These digital tokens and NFTs are bought and sold on specific marketplaces where many tech investors have seen huge profits.

This idea of a digital marketplace where artists could share their work and sell them off directly without the involvement of auction houses or museums seemed impossible just a few years ago. It has drastically evolved over the past 5-6 years, allowing artists, big companies, and organizations to share their work on the NFT marketplace easily.

How did NFTs come into existence?

The concept of NFTs started to evolve on the surface when Meni Rosenfield introduced the idea of colored coins on paper in 2012. The basic idea was to teach a class of methods for representing and managing real-world assets on the blockchain to provide complete ownership of those assets. The idea wasn’t compatible with the Bitcoin blockchain but later came on to become the foundation of NFTs.

Kevin McCoy, a digital artist, minted the first NFT in 2014. Its name was “Quantum” and it was released on the namecoin blockchain. The Quantum was a digital pixelated octagon image that resembled an octopus in different changing colors. After this, several other NFTs were minted on several blockchains and soon after, Ethereum became the hub for releasing all new NFTs making the future of NFTs quite clear.

How NFTs turned out to be a Colossal Success?

In 2021, it became the year of the NFTs with a massive surge in the demand and supply of NFTs. This happened when famous auction houses like Christie’s and Sotheby’s started selling the NFT art pieces and took their auctions online. Christie’s NFT sale of Beeple’s “Everyday: The First 5000 Days” was sold for a whopping $69 million. Such a massive sale like this one validated the NFT marketplace’s growth and gained new customers’ trust.

After artworks, NFTs entered the music industry and succeeded there. Kings of Leon was the first music band to have had their album released through NFTs. Moving on, merchandise, concert tickets and even song tracks started getting sold as NFTs. The affiliation between the audience and the artist directly was one of the primary reasons behind the success of NFTs in the music industry. The main reason is the no longer involvement of third parties or intermediaries for their interactions.

NFTs today aren’t just limited to art, games, or music but they are also trending for every possible real-world asset. To utilize NFTs to their full potential, companies like LCX have introduced the concept of tokenization of diamonds. Almost all diamonds are unique, making them perfect to be tokenized into NFTs. These Tiamonds were enabled by LCX’s framework and are based on the Ethereum blockchain. Tiamonds provide complete transparency, value and security for your investments.

What’s the future of NFTs?

Despite some ups and downs in the past regarding the success of NFTs, it has survived and has become a huge hit. Considering all the aspects of what NFTs are today, we can confidently say they are here to stay. They have had an enormous impact, specifically in the art world. With many people moving towards the Metaverse, it will also definitely aid in the surge of NFTs.

NFTs are still a new technology, and their further growth largely depends on people’s realization of their impact in different fields. The more people realize its capacity and potential, the more they expand. It might still look blurry to some people about the future of NFTs, but with the recognition they have today, something big will happen for NFTs.

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Crypto Winter: Is It Over?

We all know that cryptocurrencies have seen better days. Lately, all the cryptocurrencies have been thriving to gain the credibility they had a few years ago. This year has been challenging for the crypto market.

The famous cryptocurrency Bitcoin (BTC) has been hovering around $20,000 nowadays, which is 70% off its high back in November 2021. It’s just not only Bitcoin that has been feeling the downward pressure. Others like Ethereum (ETH), Polygon (MATIC), Cardano (ADA), etc., have been 60% more off than last year.

Blockchain experts have already called this the next Crypto Winter after the last one, which lasted nearly three years, from February 2018 to December 2020.

What is Crypto Winter?

Crypto Winter, in terms of the cryptocurrency market, is referred to the steady and unstable growth where the market seems to be unprofitable. Defining it further, the crypto winter refers to when the prices contract and remain low for a pervasive period.

Cryptocurrencies aren’t the only thing suffering in this long winter. The people and companies behind it are also facing difficulties as well. Major blockchain and crypto companies have witnessed and seen profound losses. Even the leading NFT marketplace, OpenSea, had to cut its staff by 30% during this year’s summer.

Advantages of Crypto Winter

It’s not the first time the market has settled over a crypto winter. From such experience, we know that the crypto winter is much like the conventional bear market because the results are similar.

Due to the long term of this crypto winter, many young startups have weeded out. Thus, indirectly allowing the top companies to prove and mature their crypto products.

Will Crypto Come Roaring Back?

When it comes down to predicting the crypto winter’s end and the crypto market’s future, many experts have pointed out that more essential cryptocurrencies will prevail.

Many people and investors have stopped buying cryptocurrency due to the current market situation. Whereas some investors love the pullback, viewing it as a chance to double down on the crypto market for the long term. A few analysts predict that the crypto winter will likely end in the earlier months of 2023.

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Cardano Vasil Hard Fork? What Is It?

Cardano is a decentralized Proof of Stake (PoS) blockchain network designed to be a more efficient alternative to Proof of Work (PoW), just like Ethereum’s merge last month. Cardano’s ecosystem allows other developers to create decentralized apps, tokens, or other use cases for scalable blockchain networks.

Recently, Cardano implemented new functionality in their system through the Vasil Hard Fork, improving the network for all its users. The upgrade was to change the Cardano developer’s development experience using Plutus to create their decentralized applications.

What Is Cardano Vasil Hard Fork?

Cardano’s Blockchain implemented Vasil Hard Fork technology intended to increase the chain’s throughput by enriching smart contract capabilities and reducing the current costs. Plutus is Cardano’s native smart contract language.

Vasil will help deliver a second version of Cardano’s scripting language, Plutus (V.2). Plutus helps differentiate the code that drives the smart contracts, which runs on a user’s machine and remains off-chain from the on-chain validation of transactions.

How will Vasil Hard Fork help Cardano?

The recent upgrade on the Cardano blockchain network will enhance the ecosystem’s efficiency, block latency speeds, and transaction throughput. Moreover, the Vasil Hard Fork will see the implementation of a technique known as diffusion pipelining. This technique which will help to block propagation times and indirectly increasing the network’s transaction processing capabilities.

The Vasil Hard Folk will also introduce three essential Cardano Improvements (CIPs) named CIP-31, CIP-32, and CIP-33. CIP-31 will help raise a new reference input mechanism that will allow the DApps to access transactional output data without having to recreate it again. This will help make the entire process more streamlined and time-saving.

The CIP-32 is designed to increase Cardano’s decentralization levels by adding on-chain data storage features for the users. CIP-33 will help make the transactions cheaper by making changes to the system’s programming script, making the processing faster and reducing the fees.

Lastly, another improvement will be added, named CIP-40, as a part of Vasil. This will help introduce a new output transaction mechanism that will improve the block transmission without the full validation. The updates includes enhancing Cardano’s native smart contract programming language Plutus to a more functional advancement than its previous iteration.

Potential Effects on Cardano?

The Vasil Hard Fork was already released at the end of last month and the remaining updates are still taking place. The second phase of the Vasil Hard Fork will help redefine the Plutus cost model. This will directly affect the memory fees and processing powers required to help govern the Cardano’s native smart contracts.

Apart from working on the Vasil Hard Fork, the Cardano’s development team is working on the layer-2 scaling solution, the Hydra Head Protocol, which is capable of processing transactions from the Cardano network while using it as the settlement layer and core security.

At this point, the update from Cardano revealed that they had successfully addressed the issue with Hydra’s node framework. There isn’t a specific date for the current situation, but it will be out within a few months.

What the future holds for Cardano?

The future is quite uncertain, but it is sure that Cardano’s Vasil Hard Fork update will definitely impact new users and investors to move toward Cardano’s blockchain network in the coming time.

Since the start of 2020, Cardano’s cryptocurrency ADA has significantly witnessed dips in its transaction volumes. Even after the recent upgrade, it hasn’t helped increase ADA’s value in the cryptocurrency network.

Even after the switch to Vasil Hard Fork, there isn’t a boom in the price of ADA lately. The facts show that Cardano’s ecosystem has made tremendous strides over the past few years. These efforts show that the project is primed for big things in the years to come.

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The Parachain Advantage

How Parachains Work

The heterogeneous multichain approach developed by Polkadot in 2016 enables numerous, independent blockchains with specialized functionality to cooperate under a single layer of security.

The Polkadot network’s backbone comprises layer-1 next-generation blockchains called parachains, which put the “multi” in multichain and establish a free alliance of independent chains. In this network of layer-1 parachains, Polkadot serves as the foundational and supporting layer-0 protocol. Thanks to Polkadot’s cross-chain interoperability, any kind of data or asset may be transmitted between parachains, ushering in a new paradigm of interchain services, organizations, and economies. Polkadot’s multichain design enables it to be the foundation for a new, decentralized internet that its creator Dr. Gavin Wood has dubbed “Web3.”

As opposed to just depending on layer-2 scaling solutions, the parachain approach scales blockchain technology in a much more decentralized and trustless manner. A single group of decentralized validators secures many blockchains where transactions can occur “in parallel” or concurrently.

In Polkadot’s expanding ecosystem, over competing technologies, more than 130 blockchain development teams worldwide are creating and launching their parachains, mainly due to the clear benefits the parachain architecture offers them. Several parachains are already up and running in Kusama, Polkadot’s “canary network,” and they have handled several thousand transactions since the summer of 2021.

The Principal Advantages Of Parachains:

The parachain architecture developed by Polkadot opens up new vistas of potential for blockchain systems and the future of Web3. Due in part to the fact that the parachain model offers so many advantages, it might be challenging to summarise its genuine worth. 

Only a few examples of them are as follows:

Specialization

The parachain concept was developed with the idea that many different kinds of blockchains will collaborate in the future of Web3. This is because no specific blockchain design is ideal for all use cases. Each chain has trade-offs that make it more suited for some applications than others.

Blockchains must offer a range of services, much as the existing internet adapts to varied needs: one chain may be created for gaming, another for identity and access management, another for financial, etc. Polkadot establishes the framework for a blockchain internet by linking these several chains.

For practically any blockchain use case, parachains may be customized, and they can serve as a tool for testing out novel use cases, particularly on Kusama. Because of their specialization, parachains can accomplish more as a group than any one chain could achieve on its own, fostering the development of a vibrant ecosystem for decentralized enterprises.

Flexibility

When constructing a chain, parachain developers have the most significant amount of flexibility, thanks to Polkadot. The sole technical prerequisite for a parachain is its ability to demonstrate to Polkadot verifiers that each of its blocks complies with the established protocol. Beyond that, the possibilities for creating the ideal chain for a certain use case or collection of uses are endless.

Compared to those that build on top of a smart contract platform, blockchain developers have significantly more flexibility when creating a parachain. Developers that construct at the smart contract layer are constrained by the blockchain’s underlying architectural choices, which might not be ideal for their use case. With Polkadot, developers may go deep into the layer-1 parachain’s internal reasoning, opening them a myriad of additional opportunities for optimization.

The parachain model’s adaptability allows for the broadest range of blockchain technology variations, fostering innovation in Web3 and avoiding the drawbacks and mistakes of earlier blockchain networks.

Interoperability

The ability of blockchains with different designs to communicate with one another is a crucial component of parachain architecture. Blockchains are no longer remote islands that are cut off from one another because of Polkadot’s interoperability, also based on cross composability. By building a decentralized, interconnected internet of blockchains where previously there were just isolated networks to their tribalistic communities, parachains put an end to the age of walled blockchains.

Importantly, Polkadot enables parachains to communicate any kind of data, not only tokens, between one other, creating a range of new blockchain use cases. Instead of being restricted to the functionality of just one blockchain, Polkadot developers may develop services that utilize the advantages of several chains.

When you compare the effects of free trade and isolationism on economies, you can see the actual value of interoperability. Each blockchain is comparable to a separate, sovereign state with its internal society and economy. Accordingly, the parachain model offers a robust framework for international free trade, abolishing the isolationism and balkanization that impede economic growth and restrict the effect of each chain separately.

Scalability

In contrast to just depending on layer 2, the parachain paradigm allows Polkadot to scale at layer 1, which is more decentralized and effective. However, layer-2 solutions can also be included in parachains, significantly enhancing scalability. With Polkadot, transactions may be dispersed throughout a network of specialized layer-1 blockchains and processed concurrently, greatly enhancing throughput and scalability compared to non-sharded networks.

Decentralization, data availability, and security will all still be maintained as Polkadot improves scalability and transaction throughput in the future, thanks to several improvements that have been suggested. The final item is crucial because other networks could favor TPS at the cost of these crucial elements, but giving up decentralization for throughput violates Web3’s fundamental goal.

No Platform Costs

Polkadot-connected Parachains have unlimited access to computational power without paying extra fees or “gas” prices. Due to Polkadot’s versatility, parachain developers and dapp developers can design any price system they see fit for their customers.

The best part is that users of parachains don’t even need to be aware they’re dealing with a blockchain or that they need to own DOT tokens to access applications and services. In this way, a substantial obstacle to usability and acceptance that occurs with traditional networks may be removed by blockchain technology thanks to the parachain paradigm. Imagine if you had to carry a specific token and pay the price each time you wanted to use an app on your phone. Eliminating platform costs for consumers will be a key factor in the widespread adoption of Web3.

Security

New blockchains often need to establish a network of validators to bootstrap their security. Due to the difficulty and length of this procedure, many blockchains have a degree of security that makes them susceptible to assaults.

When linking to Polkadot, parachains instantly receive strong security. Newer blockchain teams may quickly obtain security akin to a bank because of this built-in safety mechanism, also known as shared security. Additionally, it lowers their entrance hurdles and drastically shortens the time needed to create a new network.

Upgradability

Technology is constantly evolving in our environment; one day, it may be cutting edge, and the next, it may be outdated. Like any software, blockchains require regular upgrades to integrate new features as they become available, address issues, and incorporate more sophisticated technology. However, modernizing traditional blockchains is a time-consuming process that sometimes involves “forking” or breaking the chain, which hinders innovation and occasionally splits communities.

Upgrades that are simpler and “forkless” are available for Polkadot and its parachains. As a result, parachains may be quickly updated following the desires of their communities, enabling them to be prepared for what the future may bring. With the parachain concept, blockchains may more easily change and adapt to new situations, ensuring their continued relevance as new technologies are developed.

Independent and Adaptable Governance

On Polkadot, parachains are free to use any governance model they see appropriate and have access to various pre-built modules for setting up different on-chain governance systems. The possibility of hard forks of their chain, which run the danger of dividing their communities in two, may be considerably reduced by teams thanks to the availability of advanced on-chain governance systems.

In addition, on-chain governance offers parachain communities a way to be transparent and responsible, which is necessary for many organizations and fiduciaries who frequently need to witness transparent decision-making procedures before using blockchain technology. A robust system of governance, when combined with Polkadot’s forkless upgrading function, enables parachains to keep their competitive edge while simultaneously fostering community cohesiveness and guaranteeing that all stakeholders have a vote in the network’s destiny.

Financial Services

To obtain financial autonomy and operate independently to support activities in accordance with the wishes of their communities, parachains might make use of on-chain treasuries. Treasury-enabled parachain communities can readily assume the shape of a DAO when combined with on-chain governance (decentralized autonomous organization).

This allows for new decentralized finance models, including cross-chain mergers and acquisitions, decentralized charity, decentralized sovereign wealth funds, and funding for network-beneficial initiatives. Blockchains may now “act in the world” financially thanks to the parachain paradigm, which was previously only available to centralized organizations and businesses.

Effortless Development

In the end, the advantages listed above wouldn’t matter much if creating a parachain was an impossible task. However, various development tools are available to parachain development teams, making it simpler than ever to create a blockchain.

The main Polkadot parachain SDK, Substrate, is a blockchain development platform created by Parity Technologies that helps teams greatly minimize the effort and complexity of creating a parachain. With Substrate, developers may utilize pre-built modules for typical blockchain characteristics that can be combined and reconfigured, like blockchain building bricks, to construct the unique parachain most appropriate for their use case.

With parachains, what once required years of laborious effort with sizable teams of experienced engineers may now be completed in a few weeks with the resources of a young company.

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What Is Blockchain Security?

The data format created by blockchain technology has built-in security features. It is based on consensus, decentralization, and cryptographic principles to guarantee transaction trust. Most distributed ledger technologies (DLT) and blockchain systems group data into blocks, each containing a transaction or sequence of transactions. A cryptographic chain is almost impossible to alter since every new block connects to every block that came before it. Each transaction within a block is verified and approved by a consensus mechanism, ensuring its veracity and accuracy.

Blockchain technology offers decentralization by enabling participation from members of a distributed network. The transaction record cannot be changed by a single user, and there is no single point of failure. However, blockchain technology differs significantly in terms of security.

What Are The Security Differences Between Blockchain Types?

Blockchain networks might differ regarding who can participate and who controls the data. Networks are often classified as public or private based on who is permitted to join and permissionless or permissioned based on how members access the network.

Public Blockchain

Public blockchain networks often enable anybody to join and members to remain anonymous. A public blockchain validates transactions and achieves consensus using internet-connected machines. Bitcoin is the most well-known public blockchain example, and it obtains consensus through “bitcoin mining.” The bitcoin network’s computers, or “miners,” attempt to solve a complicated cryptographic challenge to generate proof of work and confirm the transaction. This network has few identification and access constraints other than public keys.

Private Blockchain

Private blockchains usually allow only known organizations to join and utilize identities to validate membership and access credentials. The groups join together to build a secret, members-only “business network.” In a permissioned network, a private blockchain obtains consensus using a process known as “selective endorsement,” in which recognized users validate the transactions. Members can only maintain the transaction ledger with particular access and permissions. More identification and access constraints are required for this network type.

When developing a blockchain application, it is crucial to determine which form of the network would best meet your business objectives. For laws and regulatory reasons, private and permissioned networks are ideal. On the other hand, public and permissionless networks can achieve more decentralization and diffusion.

Public blockchains are open to the public, and anybody may join and validate transactions.

Private blockchains are mainly restricted to commercial networks. A single organization or consortium controls membership.

The number of processors participating in a permissionless blockchain is not limited.

Permissioned blockchains are only accessible to a specific group of users who have been issued identities via certificates.

Cyberattacks

While blockchain technology generates a tamper-proof database of transactions, blockchains are not susceptible to cyberattacks and fraud. Those with malicious intent can exploit known blockchain technology flaws and have succeeded in various hacks and scams. 

How Do Scammers Exploit Blockchain Technology?

Hackers and fraudsters threaten blockchains in four ways: phishing, routing, Sybil, and 51 percent assaults.

Phishing Attempts

Phishing is a fraud designed to get a user’s credentials. Fraudsters send emails to wallet key owners that appear to be from a reputable source. The emails employ bogus URLs to request users’ credentials. Knowing a user’s credentials and other confidential material may lead to losses for the individual and the blockchain network.

Attacks on Routing

Blockchains rely on huge data transfers in real-time. Hackers can steal data as it is being sent to internet service providers. Because blockchain participants cannot perceive the threat in a routing attack, everything appears normal. However, criminals have grabbed private data or currency behind the scenes.

Sybil Attacks

In a Sybil assault, hackers establish and utilize many phony network identities to overwhelm the network and bring it down. Sybil is a well-known novel character who suffers from multiple identity disorder.

51% of the Attacks

Mining necessitates a significant amount of computational power, especially for large public blockchains. However, if a group of miners could pool enough resources, they might control over half of the mining power on a blockchain network. Having more than half of the power implies you have control over the ledger and can alter it.

It should be noted that private blockchains are still not subject to 51 percent attacks.

Enterprise Blockchain Security: 

When developing an enterprise blockchain application, it is critical to address security at all tiers of the technological stack, as well as how to handle network governance and permissions. A complete security plan for an enterprise blockchain system comprises both standard security controls and controls that are unique to the technology. Some of the security controls unique to business blockchain platforms are as follows:

  • Management of identity and access
  • Management of key personnel
  • Data security
  • Secure communication
  • Smart contract safety
  • Transaction approval

Employ specialists to assist you in designing a compliant and secure system to help you reach your company objectives. Look for a production-grade platform for creating blockchain applications that can be deployed in your preferred technological environment, whether on-premises or through your preferred cloud vendor.

Categories
Main Category

How To Create Your Nft From Scratch And List It On Opensea

Since the advent of the game CryptoKitties and, more recently, when the founder of Twitter auctioned its first tweet as an NFT for approximately $3 million, NFTs have grown in popularity.

We’ll go over how to start your NFT collection in this post, complete with “digital pieces of art” as tokens. We will do this by utilizing the ERC-721 standard and the Ethereum blockchain. The “pieces of art” (pictures) will be kept in IPFS, and as we adhere to ERC721 JSON Schema metadata requirements, the NFT will also be accessible in OpenSea.

What Exactly Is An NFT?

A Non-Fungible Token, also known as an NFT, is a distinct digital asset whose validity is guaranteed by the blockchain. This kind of token is a fantastic tool to be utilized in platforms or businesses that provide a variety of items where they must demonstrate special qualities and traits like:

Collectibles

Art

Game items

Virtual worlds

Documentation and real-world assets

The ERC721 standard: what is it?

The ERC-721 is a Non-Fungible Token Standard that defines an API for tokens within Smart Contracts. It was first suggested by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in January 2018.

It offers features including the ability to move non-fungible tokens between accounts, determine an account’s current token balance, identify the owner of a particular token, and determine the total number of tokens that are now in circulation on the network.

permits optional metadata implementation for your tokens as well.

Pre-requisites:

Node JS & npm — https://nodejs.org/es/download/

Truffle — https://www.trufflesuite.com/truffle

Pinata account — https://www.pinata.cloud/

IDE

Metamask Chrome extension & wallet- https://metamask.io/download.html

Metadata

The metadata storage problem can be solved in a variety of ways. For this article, I’ve opted to host the metadata off-chain (i.e., away from the blockchain), but I’ll do it in a decentralized manner utilizing IPFS to access the metadata.

It may be centralized, and in that case, we’d gain in several ways, including a quicker reaction or more control over the project. or directly on-chain, where deployment costs are greatly increased by the present restrictions on fees and gas prices.

Reference for the ERC721 JSON Schema:

{
    "title": "Asset Metadata",
    "type": "object",
    "properties": {
        "name": {
            "type": "string",
            "description": "Identifies the asset to which this NFT represents"
        },
        "description": {
            "type": "string",
            "description": "Describes the asset to which this NFT represents"
        },
        "image": {
            "type": "string",
            "description": "A URI pointing to a resource with mime type image/* representing the asset to which this NFT represents. Consider making any images at a width between 320 and 1080 pixels and aspect ratio between 1.91:1 and 4:5 inclusive."

Real example of an NFT metadata:

{
    "description": "Galaxy & stars photos",
    "external_url": "https://www.pexels.com/photo/milky-way-galaxy-during-nighttime-1252890/",
    "image": "https://gateway.pinata.cloud/ipfs/QmZ6iJbUpEfKxUodwx4DgaF9zquvRjJEMXAkH8EJtWPLKm",
    "name": "Starry Night #1",
    "attributes": [
        {
            "trait_type": "Author", 
            "value": "Hristo Fidanov"
      },  
      {
            "trait_type": "Camera", 
            "value": "NIKON D750"
      }, 
      {
            "trait_type": "Resolution", 
            "value": "6016px x 3385 px"
      }, 
      {
          "display_type": "date", 
          "trait_type": "Published", 
          "value": 1531951200
      }
]
}

And in the image below, we can see how the outcome would look if we followed the OpenSea conventions:

NFT

Upload Metadata To IPFS & Pinata

The first step will be to submit the images that we wish to link to our tokens to Pinata, which will let us keep the images stored immutably and decentralized.

Following that, we’ll see our photograph in ‘My Files.’ Enter the Url to the corresponding metadata text file by clicking on it.

Lastly, we should have a folder similar to the one below with the various files holding our metadata.

Finally, we’ll submit the folder to Pinata.

Additionally, it will provide you with a URL for the contract deployment script, which you will require later.

If you click on it, you should be sent to a folder that looks like this:

Setting Up The Environment

You will need WSL2 to execute every command on Windows OS

Start creating a new project:

mkdir <FOLDER_NAME_PROJECT>
cd <FOLDER_NAME_PROJECT>
npm init -y

Then, install OpenZeppelin Contracts, which provides a variety of Solidity files that we will utilise to implement ERC721:

npm install --save-dev @openzeppelin/contracts

And installing the deployment development framework, which in this example will be Truffle:

npm install truffle

Establishing The Truffle Project

Most Truffle commands must be executed against an existent Truffle project in order to be used. As a result, the first step is to build a Truffle project.

npx truffle init

This program will generate a directory named ‘contracts’ as well as a configuration file (‘truffle-config.js’), which is a Javascript file that may run the necessary code to construct and maintain your truffle environment settings, for example:

Coherence between the compiler used in your scripts and the one chosen in the configuration.

Your project’s network configuration (Development, Rinkeby, Kovan, Göerli, etc.).

We’ll look into this file later.

Smart Contracts And Deployment Files

ERC721 & Extensions

Solidity smart contracts are analogous to the “classes” idea in the OOP model. Contracts include state variables with permanent data and functions that can alter these variables. Calling a function on a separate contract (instance) will result in an EVM function call, switching the context and rendering state variables in the calling contract unavailable.

We will utilize Preset ERC721PresetMinterPauserAutoId, which is an ERC721 that has been pre-configured with the ERC721 standard and its extensions.

Essentially, we are importing numerous Solidity smart contracts with distinct functions into a single file that combines all of them to offer us the majority of the standard’s capability.

We may examine the ERC721PresetMinterPauserId.sol and all of the other Solidity files used for this smart contract by going to the node

path\node_modules\@openzeppelin\contracts\token\ERC721 and/or in OpenZeppelin’s Github.

// SPDX-License-Identifier: MIT
// OpenZeppelin Contracts v4.3.2 (token/ERC721/presets/ERC721PresetMinterPauserAutoId.sol)

pragma solidity ^0.8.0;

import "../ERC721.sol";
import "../extensions/ERC721Enumerable.sol";
import "../extensions/ERC721Burnable.sol";
import "../extensions/ERC721Pausable.sol";
import "../../../access/AccessControlEnumerable.sol";
import "../../../utils/Context.sol";
import "../../../utils/Counters.sol";

/**
 * @dev {ERC721} token, including:
 *
 *  - ability for holders to burn (destroy) their tokens
 *  - a minter role that allows for token minting (creation)
 *  - a pauser role that allows to stop all token transfers
 *  - token ID and URI autogeneration
 *
 * This contract uses {AccessControl} to lock permissioned functions using the
 * different roles - head to its documentation for details.
 *
 * The account that deploys the contract will be granted the minter and pauser
 * roles, as well as the default admin role, which will let it grant both minter
 * and pauser roles to other accounts.
 */
contract ERC721PresetMinterPauserAutoId is
    Context,
    AccessControlEnumerable,
    ERC721Enumerable,
    ERC721Burnable,
    ERC721Pausable
{
    using Counters for Counters.Counter;

    bytes32 public constant MINTER_ROLE = keccak256("MINTER_ROLE");
    bytes32 public constant PAUSER_ROLE = keccak256("PAUSER_ROLE");

    Counters.Counter private _tokenIdTracker;

    string private _baseTokenURI;

    /**
     * @dev Grants `DEFAULT_ADMIN_ROLE`, `MINTER_ROLE` and `PAUSER_ROLE` to the
     * account that deploys the contract.
     *
     * Token URIs will be autogenerated based on `baseURI` and their token IDs.
     * See {ERC721-tokenURI}.
     */
    constructor(
        string memory name,
        string memory symbol,
        string memory baseTokenURI
    ) ERC721(name, symbol) {
        _baseTokenURI = baseTokenURI;

        _setupRole(DEFAULT_ADMIN_ROLE, _msgSender());

        _setupRole(MINTER_ROLE, _msgSender());
        _setupRole(PAUSER_ROLE, _msgSender());
    }

    function _baseURI() internal view virtual override returns (string memory) {
        return _baseTokenURI;
    }

    /**
     * @dev Creates a new token for `to`. Its token ID will be automatically
     * assigned (and available on the emitted {IERC721-Transfer} event), and the token
     * URI autogenerated based on the base URI passed at construction.
     *
     * See {ERC721-_mint}.
     *
     * Requirements:
     *
     * - the caller must have the `MINTER_ROLE`.
     */
    function mint(address to) public virtual {
        require(hasRole(MINTER_ROLE, _msgSender()), "ERC721PresetMinterPauserAutoId: must have minter role to mint");

        // We cannot just use balanceOf to create the new tokenId because tokens
        // can be burned (destroyed), so we need a separate counter.
        _mint(to, _tokenIdTracker.current());
        _tokenIdTracker.increment();
    }

    /**
     * @dev Pauses all token transfers.
     *
     * See {ERC721Pausable} and {Pausable-_pause}.
     *
     * Requirements:
     *
     * - the caller must have the `PAUSER_ROLE`.
     */
    function pause() public virtual {
        require(hasRole(PAUSER_ROLE, _msgSender()), "ERC721PresetMinterPauserAutoId: must have pauser role to pause");
        _pause();
    }

    /**
     * @dev Unpauses all token transfers.
     *
     * See {ERC721Pausable} and {Pausable-_unpause}.
     *
     * Requirements:
     *
     * - the caller must have the `PAUSER_ROLE`.
     */
    function unpause() public virtual {
        require(hasRole(PAUSER_ROLE, _msgSender()), "ERC721PresetMinterPauserAutoId: must have pauser role to unpause");
        _unpause();
    }

    function _beforeTokenTransfer(
        address from,
        address to,
        uint256 tokenId
    ) internal virtual override(ERC721, ERC721Enumerable, ERC721Pausable) {
        super._beforeTokenTransfer(from, to, tokenId);
    }

    /**
     * @dev See {IERC165-supportsInterface}.
     */
    function supportsInterface(bytes4 interfaceId)
        public
        view
        virtual
        override(AccessControlEnumerable, ERC721, ERC721Enumerable)
        returns (bool)
    {
        return super.supportsInterface(interfaceId);
    }
}

And these features enable us to carry out many transactions linked to NFTs and the ERC721 standard:

Mint. To’mint’ an NFT is to produce a digital version of something and add it to the blockchain.

Burn. This allows you to transfer the token to a ‘black hole’ account with no public access, where you can only check the balance but not the content.

Pause. Allows you to delay NFT transfers, which might be handy if you want to halt the asset’s marketability for whatever reason.

Transfer. The asset has to be transferred and tracked in the blockchain.

Insert Metadata. Provide a token URI. Our token URI will be baseUri + tokenId, which will be added and incremented automatically with each minting.

We simply need to copy the artefacts to the build/contracts directory because the build/contracts directory been compiled:

mkdir -p build/contracts/
cp node_modules/@openzeppelin/contracts/build/contracts/* build/contracts/

Deploy contract script

Using your IDE create 2_deploy_token.js in the migrations directory with the following contents: 

// migrations/2_deploy_token.js
// SPDX-License-Identifier: MIT

const ERC721PresetMinterPauserAutoId = artifacts.require("ERC721PresetMinterPauserAutoId");
module.exports = function(deployer) {
  deployer.deploy(ERC721PresetMinterPauserAutoId, "My NFT","NFT", "https://gateway.pinata.cloud/ipfs/QmcdnHCTuPoazQG8ft3tsRQ6RZTob6EDgAR5Mo3LV2Weif/");
};

Here we are setting (in order):

The contract we are using

The name of the collection

Symbol of the NFT

baseTokenURI pointing to the IPFS, which points to our metadata.

Migrations  

As stated in the Truffle documentation, migrations are Javascript files that assist you in deploying contracts to the Ethereum network. These files are in charge of staging your deployment activities and are created with the premise that your deployment requirements would evolve.

So, migrations are extremely important when managing the interactions of a larger project and deploying multiple smart contracts that rely on each other at different periods.

You can find this file inside the migrations directory as 1_initial_migrations.js’

const Migrations = artifacts.require("Migrations");

module.exports = function (deployer) {
  deployer.deploy(Migrations);
};

pragma solidity >=0.4.22 <0.9.0;

contract Migrations {
  address public owner = msg.sender;

  // A function with the signature `last_completed_migration()`, returning a uint, is required.
  uint public last_completed_migration;

  modifier restricted() {
    require(
      msg.sender == owner,
      "This function is restricted to the contract's owner"
    );
    _;
  }

  // A function with the signature `setCompleted(uint)` is required.
  function setCompleted(uint completed) public restricted {
    last_completed_migration = completed;
  }
}

Deploy To A Public Testnet (Rinkeby)

An Ethereum testnet is a network that is remarkably similar to the main network, except that the ether has no value and may be gained for free. This makes them particularly helpful for applications such as testing transaction costs.

We will deploy to the Rinkeby public testnet because OpenSea enables testing on Rinkeby.

What are the requirements for deploying on a public testnet?

Obtain a testnet node.

Make a new account.

In our Truffle configuration file, update our network configuration.

Contribute to our testing account

Connect To A Testnet Node

The simplest way to connect to a testnet is using a public node service like Infura.

Create an Infura account, create a new project, and save the ‘ProjectID’ since we’ll need it later.

Set Up A New Tester Account

An Ethereum account is required to send transactions on a testnet. This is included in the Truffle and Mnemonics package:

npx mnemonics

And this will output a series of phrases on your terminal screen that you will need to sign transactions with your account, so save them to write later in the secrets.json file.

In Our Truffle Configuration File, Update Your Network Setup

Because we are utilizing public nodes, we must sign all transactions locally.

We will combine @truffle/hdwallet-provider with our previously prepared list of mnemonic phrases.

We will instruct the provider on connecting to the Rinkeby testnet through the Infura endpoint.

npm install –save-dev @truffle/hdwallet-provider

Following the installation, we will update the truffle-config.js file with a new connection to Rinkeby’s testnet.

This is how it should look:

/**
 * Use this file to configure your truffle project. It's seeded with some
 * common settings for different networks and features like migrations,
 * compilation and testing. Uncomment the ones you need or modify
 * them to suit your project as necessary.
 *
 * More information about configuration can be found at:
 *
 * trufflesuite.com/docs/advanced/configuration
 *
 * To deploy via Infura you'll need a wallet provider (like @truffle/hdwallet-provider)
 * to sign your transactions before they're sent to a remote public node. Infura accounts
 * are available for free at: infura.io/register.
 *
 * You'll also need a mnemonic - the twelve word phrase the wallet uses to generate
 * public/private key pairs. If you're publishing your code to GitHub make sure you load this
 * phrase from a file you've .gitignored so it doesn't accidentally become public.
 *
 */

 const HDWalletProvider = require('@truffle/hdwallet-provider');

 const { projectId, mnemonic } = require('./secrets.json');
 
 module.exports = {
   /**
    * Networks define how you connect to your ethereum client and let you set the
    * defaults web3 uses to send transactions. If you don't specify one truffle
    * will spin up a development blockchain for you on port 9545 when you
    * run `develop` or `test`. You can ask a truffle command to use a specific
    * network from the command line, e.g
    *
    * $ truffle test --network <network-name>
    */
 
   networks: {
     // Useful for testing. The `development` name is special - truffle uses it by default
     // if it's defined here and no other network is specified at the command line.
     // You should run a client (like ganache-cli, geth or parity) in a separate terminal
     // tab if you use this network and you must also set the `host`, `port` and `network_id`
     // options below to some value.
     //
     // development: {
     //  host: "127.0.0.1",     // Localhost (default: none)
     //  port: 8545,            // Standard Ethereum port (default: none)
     //  network_id: "*",       // Any network (default: none)
     // },
     // Another network with more advanced options...
     // advanced: {
     // port: 8777,             // Custom port
     // network_id: 1342,       // Custom network
     // gas: 8500000,           // Gas sent with each transaction (default: ~6700000)
     // gasPrice: 20000000000,  // 20 gwei (in wei) (default: 100 gwei)
     // from: <address>,        // Account to send txs from (default: accounts[0])
     // websocket: true        // Enable EventEmitter interface for web3 (default: false)
     // },
     // Useful for deploying to a public network.
     // NB: It's important to wrap the provider as a function.
     // ropsten: {
     // provider: () => new HDWalletProvider(mnemonic, `https://ropsten.infura.io/v3/YOUR-PROJECT-ID`),
     // network_id: 3,       // Ropsten's id
     // gas: 5500000,        // Ropsten has a lower block limit than mainnet
     // confirmations: 2,    // # of confs to wait between deployments. (default: 0)
     // timeoutBlocks: 200,  // # of blocks before a deployment times out  (minimum/default: 50)
     // skipDryRun: true     // Skip dry run before migrations? (default: false for public nets )
     // },
     // Useful for private networks
     // private: {
     // provider: () => new HDWalletProvider(mnemonic, `https://network.io`),
     // network_id: 2111,   // This network is yours, in the cloud.
     // production: true    // Treats this network as if it was a public net. (default: false)
     // }
 
     rinkeby: {
       provider: () => new HDWalletProvider(mnemonic, `https://rinkeby.infura.io/v3/${projectId}`),
       network_id: 4,       // Rinkeby's id
       gas: 5500000,        // Rinkeby has a lower block limit than mainnet
       confirmations: 2,    // # of confs to wait between deployments. (default: 0)
       timeoutBlocks: 500,  // # of blocks before a deployment times out  (minimum/default: 50)
       skipDryRun: true     // Skip dry run before migrations? (default: false for public nets )
     },
  
 
   },
 
   // Set default mocha options here, use special reporters etc.
   mocha: {
     // timeout: 100000
   },
 
   // Configure your compilers
   compilers: {
     solc: {
       version: "0.8.9",    // Fetch exact version from solc-bin (default: truffle's version)
       // docker: true,        // Use "0.5.1" you've installed locally with docker (default: false)
       // settings: {          // See the solidity docs for advice about optimization and evmVersion
       //  optimizer: {
       //    enabled: false,
       //    runs: 200
       //  },
       //  evmVersion: "byzantium"
       // }
     }
   },
 
   // Truffle DB is currently disabled by default; to enable it, change enabled:
   // false to enabled: true. The default storage location can also be
   // overridden by specifying the adapter settings, as shown in the commented code below.
   //
   // NOTE: It is not possible to migrate your contracts to truffle DB and you should
   // make a backup of your artifacts to a safe location before enabling this feature.
   //
   // After you backed up your artifacts you can utilize db by running migrate as follows: 
   // $ truffle migrate --reset --compile-all
   //
   // db: {
     // enabled: false,
     // host: "127.0.0.1",
     // adapter: {
     //   name: "sqlite",
     //   settings: {
     //     directory: ".db"
     //   }
     // }
   // }
 };

To avoid hardcoding your mnemonics and projectId, a secrets.json file must be included in the project directory (from Infura). You are free to use any alternative secret-management system you choose as long as it is secure.

In this situation, the file utilized should include the following:

{     
"mnemonic": "car photo eye hurricane hawk ...",     
"projectId": "505c127050..." 
}

Fund Your Testing Account

To get the testing accounts, Truffle is providing you in the project, execute:

npx truffle console --network rinkeby

and then:

npx truffle console --network rinkeby

This command will drop a list of the different accounts you can use:

Choose the first option.

Make a tweet or a Facebook post about it.

Copy the URL of it and submit it to Rinkeby’s Faucet.

Now, you have your Rinkeby ethers, so you can start spending some rETH!

Deployment:

On your project directory, execute these commands:

npx truffle console --network rinkeby 
truffle(rinkeby)> migrate

Now deploy your contract:

mynft = await ERC721PresetMinterPauserAutoId.deployed()

When The Contract Is Completed

If everything went well, you should be able to interact with the contract, so we will mint 1 NFT:

truffle(rinkeby)> await mynft.mint("YOUR_METAMASK_ACCOUNT_ADDRESS")

OpenSea

Now we will list our NFT on OpenSea so that it may be seen and purchased by anybody.

We can use the Truffle console to find the address of our contract on Rinkeby:

truffle(rinkeby)> mynft.address

Navigate to Opensea and choose ‘My Collections,’ followed by the three vertical dots for ‘Import an existing smart contract.’

After choosing ‘Live on testnet’, copy & paste your smart contract address:

You could see the message: ‘We couldn’t find this contract.’ Please check that this is a legitimate ERC721 or ERC1155 contract deployed on Rinkeby and that you have already minted things on the contract.’

This is a regular problem; Opensea will display your tokens, but it may take some time. As long as the token contract and transactions are visible on Etherscan Rinkeby, you know it is a genuine ERC-721 contract with minted X things. You may have to wait 12/24 hours for their NFTs to emerge.

And, assuming no problems arise, we should be able to see our NFT posted on OpenSea in the following structure:

https://rinkeby.opensea.io/assets/[nft contract address]/[token id]

Import It Into Your Metamask Wallet

You should be able to import your NFTs into your Metamask wallet as well. Simply launch the Metamask Chrome extension, enter the address you used for the minting, then click ‘Import Tokens’ from the menu. You will be asked for the contract address, which, once copied, will automatically set the token symbol you supplied before. You must also pick the decimals.

Following steps

There are several options for further developing your NFTs at this point:

One of them may be to research how to deploy on the mainnet and how to estimate the cost.

Another possibility is to include oracles in contracts to carry out confirmed off-chain actions.

Examine how to include all metadata on-chain directly and how the gas and fees function.

An API might be used to offer centralized metadata.

Make interactive NFTs.

Categories
Apps Development blockchain Blockchain development Exchange

What Is NFT Metadata

NFT metadata is a crucial element of NFT projects and blockchain technology. Digital assets are tracked, and their owners are identified using them. This blog article will examine NFT Metadata and its application to blockchain technology. 

NFT Metadata

The metadata of an NFT describes the digital asset’s extra attributes and characteristics. This can contain the item’s creation date and time, the name and contact details of the creator, an explanation of the asset, and searchable keywords. Blockchain ledgers that hold metadata enable NFT owners to keep track of and maintain their assets.

An NFT maker can create something that is one-of-a-kind and hard to replicate because of the metadata. As a result, investors and collectors are very interested in NFTs with comprehensive metadata.

Where is the NFT Metadata Kept?

NFTs are kept in the decentralized IPFS (interplanetary file system), a group of machines that interact using the same protocol. To support a large number of users and NFTs, the system is distributed and scalable. The interplanetary file system’s resistance to censorship and data loss is its key benefit. This is so that if one node in the network goes offline, it won’t impact the other nodes since the data is dispersed among several distinct nodes.

The interplanetary file system has the drawback of being slower and less effective than other storage systems. However, this compromise is worthwhile for many users who prioritize censorship resistance and data confidentiality.

This distinguishes and adds value to NFTs: since their data is kept on the blockchain, they cannot be duplicated or altered. A token that reflects the underlying data is what you purchase when buying an NFT. The data is unchangeable and stored safely on the Ethereum blockchain. As a result, using NFTs to acquire and sell digital assets is safe.

Off-Chain NFT Storage

Your NFTs are entrusted to a third-party service when you store them off-chain, such as with a cloud storage provider like Google Drive or AWS. Your NFTs are tracked by this service, which also makes sure they’re always available to you. One should be aware that off-chain storage of NFTs has several dangers. First, your NFTs can be permanently lost if the provider goes out of business. Second, your NFTs could’ve been taken if the service had been hacked.

Your NFTs can become unreachable due to the service, which would prohibit you from trading or transferring them. Therefore, before choosing, it is crucial to consider the advantages and disadvantages of holding your NFTs off-chain.

NFT Metadata With JSON Data

To mint an NFT, you must first produce a JSON file with the necessary NFT information that describes what the token represents.

A JSON file format for encoding metadata will soon be implemented on the Ethereum network, making it simpler for NFTs to communicate with smart contracts. Developers may store JSON information on the Ethereum blockchain thanks to the ERC 721 Ethereum NFT standard.

This is especially helpful for NFTs, which frequently require to contain extra information like the name of the artist, a description of the NFT, or license details. The web3 API and other JSON-based systems, such as them, are more easily interoperable with NFTs thanks to the JSON standard. Additionally, it enables metadata-based querying and filtering of NFTs.

A few crucial data bits must be present in the JSON file for constructing NFT metadata. You must first give the NFT a unique identification. It may be a URL or another distinctive string. The NFT’s description, title, and keywords must be added, along with some other foundational metadata.

The file type for the NFT itself should also be specified. Doing this will make it possible for people to interact with it and show it properly. You may generate a whole and valuable JSON file for your NFTs by including these necessary data bits.

NFT Metadata Technicalities:

The following NFT discussion will employ the traditional Ethereum ERC-721 token standard.

The description of each ERC-721 includes a “metadata” string that describes the non-fungible token in detail. For instance, this information may identify a certain. JPEG, yet a CryptoPunk.JPEG and a DeadFellaz.JPEG differ significantly. Although JPEG files are similar in size, their values are very different.

The main issue that confuses people regarding NFT metadata is where files are stored off-chain—is it anything like Google Drive? Is it a storage area for files on Amazon Web Services? Who oversees the online storage of NFT metadata?

Each NFT refers to online-based audio or visual (image, audio, etc.) asset. It sends a request to a particular place for the material, returning the requested content for you to view or hear. NFTs often point to an HTTP URL or an IPFS  hash that is located online.

ERC-721s specify metadata in a standardized JSON format, which resembles this: ERC-721s specify metadata in a standardized JSON (JavaScript Object Notation) format, which often is maintained by the website that hosts the NFT.

{
    "title": "Asset Metadata",
    "type": "object",
    "properties": {
        "name": {
            "type": "string",
            "description": "Identifies the asset to which this NFT represents",
        },
        "description": {
            "type": "string",
            "description": "Describes the asset to which this NFT represents",
        },
        "image": {
            "type": "string",
            "description": "A URI pointing to a resource with mime type image/* representing the asset to which this NFT represents. Consider making any images at a width between 320 and 1080 pixels and aspect ratio between 1.91:1 and 4:5 inclusive.",
        }
    }
}

Since storing a JSON would be excessively costly and resource-demanding, the data is kept as a URI  inside the Ethereum contract. However, the URI string directs the visitor to a page where they may get the JSON description of the token.

On the blockchain, the token’s metadata is a permanent, irrevocable record containing information about its ownership, what it stands for, and its transaction history. The image’s name, description, URL for hosting, and occasionally other specific information like the project’s total supply, the type of encryption used, and a unique signature are all contained in the JSON file.

NFTs’ Limitations

Typically, this JSON metadata just serves to identify the object and doesn’t offer any further information beyond the absolute minimum.

Multiple initiatives are aiming to fix the Ethereum network’s flaw and restriction that the data isn’t particularly searchable or accessible by other smart contracts.

The token issuers, the legal owners of the NFT contract, provide the data. For better or worse, users cannot update the data, which can be difficult for several reasons.

Links can break, as we have observed in the changing Internet ecology. Since the NFT metadata contains a link that directs you to another location where you may view the art, if that link is broken, you will be required to a highly costly 404 error page. Users are unable to change either the JSON data or the links.

The main problem is that the NFT’s inherent worth may be in jeopardy if the data could be updated. The market would react, most certainly severely, if, for instance, a hostile third party discovered an exploit to replace all of the Bored Ape Yacht Club image information with images of real apes found on Google.