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Ethereum switching to Proof of Stake (PoS)?

The NFT market tokens representing Digital Art, Music and Videos soared to a whopping price of $44 Billion last year. This increased attention to the Ethereum Blockchain, where most of the NFTs were bought and sold. Hence, Ethereum came up with the idea to change from Proof of Work to Proof of Stake.

Unlike a banking system, a Blockchain network doesn’t have a central gatekeeper to verify the transactions. Instead, Bitcoin and Ethereum, two of the largest cryptocurrencies, both rely on a mechanism called “Proof of Work (PoW)” to maintain the ledger of transactions.

What is Proof of Work (PoW)?

It is the algorithm that helps secure many cryptocurrencies like Bitcoin and Ethereum. The concept behind its creation was to control third parties like banks or states involved in the financial ecosystem. Participants maintained a shared ledger, which is why Blockchains like Bitcoin and Ethereum moved their systems entirely to PoW.

Even more specifically, PoW solves the “double-spending” problem. If, for instance, the users double-spend their coins, this will cause inflation in the overall supply, resulting in the devaluation of everyone else’s coins and making the currency worthless. Hence, the Blockchain networks shifted completely to PoW, making doubling digital currency very difficult.

What is Proof of Stake (PoS)?

The problem was quite clear for Ethereum developers regarding the limitations with PoW. So, they are almost in the final stages of building the new solution, “Ethereum 2.0”. This upgraded version of Ethereum will produce a faster, intensive mechanism called “Proof of Stake (PoS)”. It will not only maximize the speed and efficiency but also lower the existing fees.

In Proof of Stake, staking is similar to a proof of work’s mining. It’s the process through which a network participant gets to select the latest batch of transactions to the desired Blockchain and, in exchange, earn some crypto back. The details may vary, but PoS Blockchains generally deploy a network of “validators” who contribute or stake their personal crypto in exchange to get a chance to validate new transactions, update the Blockchain and earn themselves a reward.

How does Proof of Stake work?

Basically, in PoS, the algorithm selects a pool of validators based on the number of funds each validator has. If you’ve chosen and the committee of “attesters” accepts your block. Ethereum claims that the critical advantage behind switching from Proof of Work to Proof of Stake is the economic incentive to play by the rules. If a node picks up a bad block or transaction, the validators face “slashing”, which technically means that all their ether is “burned”.

Proponents have claimed that Proof of Stake is far more secure than Proof of Work. Attacking a PoW chain, you only need half the computing power in the network. Whereas, for PoS, you need to control more than half the coins of the system. It is pretty tricky to achieve this with PoW.

A Risky Move for Ethereum?

Moving the Blockchain network from Proof of Work to Proof of Stake comes with risks. Thousands and thousands of Smart Contracts operate entirely on the Ethereum chain, with billions of dollars of assets at stake.

Proof of Stake has still not been proven onto our existing Proof of Work platforms. Ethereum has been among the top Blockchain networks, and it will be difficult for them to transit from PoW to PoS. The vulnerabilities would surface once the new system is widely released.

Future of Ethereum?

With Ethereum’s transition to this new protocol, we are still unsure how it will affect the Blockchain market. If this plan for Ethereum succeeds, then this will increase the price of Ethereum to booming numbers in the Blockchain market.

However, Ethereum will be launching its “Ethereum 2.0” mid-next month. Only a few days left as Ethereum is working on the final touches of their Proof of Stake model. With the crypto market being uncanny, no one is still sure what the future of Ethereum holds after their new model implementations. Let’s hope it goes the right way, as it will completely revolutionize the Blockchain market.

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5 Things You Need To Know About The Metaverse

If you are a regular Internet user, then you have most likely heard about the term “Metaverse” especially from the recent Facebook rebranding to Meta. You might have heard about it from Fortnite creator Epic Games about their $1 billion funding to focus on their “long-term vision for the Metaverse”.

What is The Metaverse exactly?

The Metaverse is an immersive digital reality that allows users to participate in social activities from the comfort of their own homes.  The basic concept of the Metaverse is quite optimistic that is by working to replicate the real-world environment and enable interactive activities by combining augmented and virtual reality.

It garnered interest since its inception especially after the world pandemic due to COVID-19 as many people participated in a variety of virtual events whilst staying at home.

Its unique feature of it is that it focuses on the concept of presence to make all users feel like they are having a face-to-face interaction with this new iteration of the Internet. The concept may seem all daunting but here are 5 things about the Metaverse that will help you to understand it better:

1- Is The Metaverse a completely New Technology?

Just imagine that you could fully experience and participate in any sort of concert, business event or gaming by simply wearing a headset. You’ll feel like you’re physically present there just because of the 3D features the Metaverse has.

The question remains “Is Metaverse a completely new technology or not?”. Realistically, it is just a combination of two previous technologies: Augmented Reality (AR) and Virtual Reality (VR). Both these technologies are combined to create an exciting 3D environment that can be simulated through glasses, headsets or watches. Not only these but it can also be accessed through other existing technologies like computers, gaming consoles or even cell phones.

2- What type of Businesses will be in The Metaverse?

Several business opportunities are available in the Metaverse. Some of the possibilities are endless and will involve multiple industries like:

– Virtual Concerts, Events and Meetings

– Shopping Experiences

– Virtual Augmented workspaces to offer a more collaborative connection between employees

– Better learning experience through Virtual Institutions

– Social Media Platforms that will allow users to interact using their 3D avatars

3- Blockchain Technology in The Metaverse

Everyone is quite familiar with Blockchain nowadays and its effect today in the modern world of digital transactions. It is a system for recording all trackable assets and financial transactions within any business network. Any sort of valuable asset whether it is tangible or intangible can be traced in Blockchain Technology to minimize the risks of any third-party involvement. Incorporating Blockchain Technology into the Metaverse is still an ongoing process. Two of the most well-known cryptocurrency platforms, Bitcoin and Ethereum are working and helping to establish Blockchain technology in the Metaverse which provides digital transactions in that virtual reality.

4- No Ownership of The Metaverse

The idea of the Metaverse is entirely a shared concept even though Facebook changed its name to Meta. Facebook couldn’t be considered to take complete credit for developing this new technology. A lot of companies are exploring new features to enhance their own pockets with this technology. Big Tech companies like Microsoft, Roblox, Unity, Nvidia and others are all building their ideas of a better virtual world to develop new digital experiences.

5- Is The Metaverse Safe?

Many users have already sparked conversations about safety concerns and analyzed if it could be a responsible & secure immersive environment. Qualified experts on digital privacy have explained the activities in the Metaverse will be monitored and under surveillance to ensure user safety & privacy. It will also have a legal framework of guidelines that will help focus on prevention and implement consequences of the action in case of any sort of virtual harassment is to occur. The Metaverse will take all precautionary measures and help users to trust the technology. By the end of 2024, there will be 1.7 billion AR mobile users worldwide. Accessibility, cost and safety are the top three factors cited by Extended Reality (XR), industry experts as driving the AR market past the VR market.

The Conclusion?

The Metaverse is a catalyst of the future that will add to the next generation of the Internet. If you look back historically at the existing major tech trends, no one had envisioned it as it is today. While everyone knows it’s a game changer in the future, no one is exactly sure where it will end up. We would all have to wait and see what exactly the Metaverse holds for everyone in the future. Most likely, Metaverse is the future and will revolutionize the way we see the world right now.

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New Ethereum Token Standard ERC-4907?

As technology continuously evolves, a new concept is introduced every day. An exciting concept in the world of NFTs is rentable NFTs. According to ERC-4907, an NFT owner may provide permission to a third party to use their NFT for a certain amount of time. The user will lose access to the NFT after that period is over.

P2E video games are still a relatively recent trend in both gaming and cryptocurrency. Despite this, the sector has tremendous development potential since it successfully combines two things that everyone wants: money and fun.

Entry into the P2E market has been increasingly simpler with the continued growth of NFT rental services. They allow gamers to rent an NFT without conditions and pay lenders a percentage of their profits. In turn, owners of non-fungibles have the opportunity to earn additional passive income.

What are NFT Rentals?

NFT Rentals operates similarly to other rentals in the real world. Let’s say you desire a premium automobile for a few days. The most economical option is to hire a car for the necessary number of days and return it without fail to the owner when your rental period is up rather than purchasing a new vehicle. Like renting a car for a few days, the goal is to return the NFT to its rightful owner when your rental term is up.

The Importance of NFT Renting

There are several advantages to renting to NFTs, and they can have a wide range of utilities.

Both owners and tenants gain from NFT rentals. The renter offers a chance to interact with the NFT community or utilize an NFT’s service that they otherwise wouldn’t be able to afford, even temporarily. The owner can monetize their NFT and get passive revenue from a static asset that would otherwise gather virtual dust in their digital wallets. These advantages of NFTs renting in the gaming industry are unquestionably beneficial to casual and high-net-worth players.

NFT rentals have enormous potential. You may rent digital artwork, metaverse territory, and many gaming materials. With the widespread adoption of blockchain games, guilds, and metaverse in the upcoming years, the NFT rental industry will prosper. As a result, users, guilds, and projects will hold vast quantities of idle NFTs. To lower the cost of participation and encourage continued usage among current users through rental income, it is essential to maintain a thriving rental market.

Current NFT Rental Methods

NFTs may now be rented out in one of two ways:

  • Collateralized Renting
  • Collateral-free Renting

In both cases, the owner will provide the user access to the NFT in exchange for a security deposit or other agreement to return the NFT to the owner when the rental time is over. Once rented out, the original owner loses control of the NFT, which raises several dangers. Additionally, the owner must manually retrieve their item when the rental period is up, which is a complex and expensive operation, especially when renting many assets concurrently.

The separation of the roles of owner and renter with an expiration date made possible by the introduction of ERC-4907 implies that the privileges of the leaseholder expire automatically without the need for any further on-chain actions.

NFT Rental Dual Role Standard ERC-4907

By differentiating who is the owner and who is the user of the NFT, ERC-4907 introduces a new position and makes it feasible to “rent” the NFT. The renter can use the NFT up to the end of the loan period, at which point it immediately reverts to its owner.

The ERC-4907 standard, which adds the dual roles of “owner” and “user” at its application layer, expands ERC-721. Through an automatic “expires” feature that enforces the user’s time-limited role, ERC-4907 optimizes NFT rentals. This ground-breaking feature makes NFTs rentable by default and prevents yet another on-chain transaction by removing the need for owners to withdraw user rights actively.

It is simple to implement ERC-4907 by adding a small amount of code. The ecosystem for NFTs may develop and innovate more quickly if this paradigm becomes the norm.

The Protocol Offers:

Simple implementation: Backwards compatibility and easy to implement.

Functions for the NFT: It is much simpler to control what lenders and borrowers can and cannot do with the NFT when there are separate “owner” and “user” roles.

On-chain time management (expires): After the rental period has expired, the “user” of NFT is immediately revoked.

Simple Third-Party Integration: The NFT owner may rent the NFT to some users and simultaneously utilize the NFT in a mortgage platform. The “user” role of the NFT is used in renting, whereas the “owner” role is used in mortgages.

Increasing access to NFT: Renters can use the NFT but cannot transfer it or alter its user-ship, which is automatically revoked upon expiration; hence renting an ERC-4907 NFT does not need OC or any collateral at all. This increases the options for people to rent NFTs and use them.

Increasing market liquidity: As The Metaverse and Web3 grow, more and more individuals will choose to rent NFTs to enjoy their advantages, including those who cannot afford to buy in-game items or virtual property or who do not choose to do so. Over time, this will significantly enhance NFT market liquidity.


We discussed the NFT Rental Standard ERC-4907, its operation, and the rationale for the renting system. An essential standard known as ERC-4907 does away with the requirement for collateral when lending and borrowing NFTs. NFT owners, buyers, markets, and artists will access safer and more profitable opportunities if it becomes accepted as the norm for NFT production and programming.

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How Are NFTs Impacting The Art World?

Non-fungible tokens, or NFTs, have recently piqued the interest of international artists and collectors, generating new economic activity. But much of the discussion neglects to include how NFTs change the conventional art market. The consequences of purchasing and selling fascinate collectors, galleries, museums, auction houses, and artists.

A brand-new class of crypto assets, NFTs are distinct from Bitcoin, which is fungible or interchangeable. An NFT is often an exceptional digital depiction of a good, such as a work of art, in the context of art and collectibles. It is saved on a “blockchain,” a digital database that frequently acts as a decentralized public ledger and resembles a certificate of authenticity. Artwork, music, collectibles, and other digital assets, whether tangible or digital, can serve as the foundation for NFTs. So, where do NFTs fit into the current environment of the art market? NFTs may be viewed as a fad by some, but they have intriguing ramifications for both the development of digital art in the present and the future.

NFTs Profit for Artists

Artists and their artwork follow a well-worn road, starting with galleries, which put the art with museums and collectors, then the secondary market focused on auction houses. Museums, collectors, and artists buy and sell art in galleries and auction houses. NFTs and associated marketplaces allow artists to sell directly to buyers.

NFTs affect artwork price and how galleries and artists are compensated. As new art is made and sold, the gallerist decides the price. A secondary market may develop for a seasoned artist’s work over time, increasing liquidity. When an artwork sells on the secondary market, the revenues go to the owner. The artist doesn’t benefit from price rises after the original sale. NFT contracts may contain royalty terms, so artists get a portion of any upside. Big NFT exchanges like OpenSea obey these rules, but private deals are murkier. Given that NFTs are freely launched and tradeable, a collapse of primary and secondary markets may imply buyers have more influence on market pricing.

This democratization of the art market means more buyers and sellers from within and beyond the conventional art world are trading across different platforms, so it’s more crucial than ever to be attentive and educated.

Accessibility and Cost

Blockchain technology and NFTs are altering how people view art and art ownership. NFTs frequently refer to some type of artwork, whether it be digital or tangible. Ownership of an NFT, however, does not entail ownership of the actual work of art. Non-fungible tokens are occasionally sold alongside the actual artwork and occasionally not.

With his collection of 10,000 NFTs, “The Currency,” by British artist Damien Hirst, Hirst explored the issue of ownership by having each NFT represent a different tangible piece of art. NFTs are sent to buyers, who choose between actual artwork and digital non-fungible tokens. One is destroyed, the other. Additionally, museums are considering how to employ non-fungible tokens. To raise money to restore the same masterworks, some institutions have produced NFTs of the masterpieces in their collections. As museums see NFTs as distinct forms of art, new issues about their acquisition, storage, and curation arise.

NFTs might create a new category of art purchasers. Blockchain enhances these possibilities by making fractionalized art ownership more popular and simpler to acquire and sell, even if owning art through art funds is not a new concept. Through a higher minimum commitment, traditional art funds provide each investor with proportionate participation in a collection of works of art. Blockchain makes it easier to acquire partial ownership of one or more art pieces, allowing for free secondary market trading for less money.

Communities and Collectibles

Non-fungible tokens affect more than just great art. Minting NFTs works for collectibles like baseball cards. NBA Top Shots is an early NFT in this category that lets users gather highlight videos of their favorite athlete’s dunks or jump shots.

This group of NFTs has an intriguing trait in that they might potentially benefit from a sizable fanbase or collector base that supports one another’s tastes. New artistic communities are being created by offering artists new, more direct means to communicate with their fans through non-fungible tokens. The firm Yuga Labs’ 2021 release of a collection of NFTs featuring cartoon apes called The Bored Ape Yacht Club caused a stir in the art and business realms, generating millions of dollars and attracting the attention of famous people. Members of the “Club” get access to exclusive chat rooms, receive “airdropped” deals (new NFTs sent straight to their wallets), and the ape images even serve as a virtual coat of arms for social media accounts. Historically, art communities have been established through galleries; however, NFTs also support the development of online and virtual communities.

NFTs and Art World: Conclusion

NFTs are upending the art market by altering how art is traded. Through websites like OpenSea and Foundation, digital art creators may sell directly to collectors, bypassing brokers and galleries. Understandably, auction houses would like to participate in this significant upheaval. In October, Sotheby’s, selling NFTs valued at $100 million in 2021, debuted Sotheby’s Metaverse, a specialized, exclusive NFT market. In the future, this will develop to encompass a complete range of market characteristics, such as leading offers, dynamic auctions, open editions, and the ability to mint generative artworks.

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DApps: Decentralized Application | What Is It?

DApps are true innovation that masterfully uses the benefits of decentralization to provide end users with the utmost security and sensitivity. Decentralized applications created on top of blockchain are referred to as DApps.

What are DApps?

The backend software of a dApp runs on a decentralized peer-to-peer network. Compare this to a typical app, where the backend code runs on centralized servers.

The sole difference between blockchain-powered decentralized apps and the mobile or web apps we now use daily is how you conduct transactions or connect with other users through the blockchain network. The data being transacted in this case is dispersed throughout a decentralized network of millions of nodes, keeping user records and identity secure and impermeable rather than being under the jurisdiction of a single large corporation, intermediary, or company.

It’s Unique Characteristics:

The extraordinary qualities and attributes that DApps possess are what set them apart. Let’s mention some of them and quickly go over them.

Censorship Proof: 

If you utilize a decentralized app, no one in the blockchain network can restrict your profile or account since it is not under the jurisdiction of a central organization or owner.

Let’s examine it with yet another example:

Suppose you use a dApp similar to Facebook and post messages to the app network. No one, not you, can take those messages down after they’ve been published.

Open Source: 

DApps must be open-sourced, and the developer community must have access to the code base. However, any improvements in the open-sourced DApp code must be made by a consensus method that essentially amounts to a majority vote rather than a developer.


Because a DApp is decentralized, its anonymous data must be kept on an immutable, public blockchain.

Dapps provide complete data integrity and are cryptographically secured. Thanks to cryptographic primitives, everything saved on the blockchain is unchangeable and incontrovertible, preventing hackers and attackers from forging your transaction without your permission. Your credentials are kept secure by using your wallet to approve DApp operations with your DApp user account.

Maintain Anonymity:

As a dApps user, you may maintain anonymity throughout any transactions in the DApp.

Get Incentivized: 

Tokens produced in DApps are used in the blockchain ecosystem to reward validators.

Zero Downtime DApps: 

DApps are hosted on decentralized blockchain platforms like Ethereum and polygon, guaranteeing high availability around the clock. It is exceedingly unlikely for a blockchain technology like Ethereum to be compromised or experience downtime.

The Function of DApps

The backend code for DApps is stored and executed on a decentralized network, such as the Ethereum blockchain, where smart contracts are used for the app logic and data storage.

In this case, smart contracts are a collection of protocols that are publicly available on the blockchain and may be seen and executed in accordance with those protocols. As a trustworthy intermediary, smart contracts facilitate agreements and transactions. The intelligent smart contract that stores the logic to regulate the DApp’s transactions is the main reason DApps can be decentralized on a specific blockchain network.

Use Cases and Examples:

It includes running decentralized finance (DeFi) lending services, games, NFT, collectibles, and marketplaces. 

DApps Case Study:

Decentralized Trading Protocol: UniSwap

Open-sourced liquidity protocol: (AAVE)

Most Effective aggregator of DeFi: 1-inch

Everyone can broadcast, share, and earn money from audio with Audius.

Rarible is both a marketplace for these assets and an Ethereum-based distributed network that facilitates direct exchange.

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What Is Blockchain Trilemma? How Can We Solve It?

Blockchain, a leader in innovation, is one of the most exciting sectors in the world, driving the development of new technologies and frequently changing the paradigm. The blockchain trilemma is one of the most well-known obstacles that developers and innovators in the cryptocurrency sector have worked tirelessly to solve as the industry has grown.

The Blockchain Trilemma: What Is It?

We must first examine the blockchain concept to understand the blockchain trilemma. Blockchain is a public, shared, immutable database or ledger where the transactions recorded are unchangeable. The three most important characteristics of blockchain are decentralization, scalability, and security.

By being decentralized, a blockchain allows for equal participation from all parties in its creation and verification. Blockchain administration is divided among members throughout the whole network, making it more decentralized and secure than if a single body managed it. The decentralized network is more open and accessible than the conventional Internet.

Blockchain security entails that it should be able to fend off efforts by wrong parties to gain control of it. The price of maintaining complete blockchain system control is typically used to gauge security. A blockchain is considered more secure if it is more expensive to manipulate.

Scalability describes the capacity and speed of the blockchain to handle transactions. The fundamental functionality of a blockchain is scalability, and the most crucial indicator for assessing a blockchain’s scalability is transaction per second (TPS). It is essential to raise the TPS and enhance the scalability of blockchain since it is generally acknowledged that a relatively low TPS is one of the primary reasons that blockchains like Bitcoin have not been widely embraced in the first place.

Security, decentralization, and scalability—the three properties mentioned above—are the fundamental core of blockchain technology. Even though the technology constantly evolves, everyone agrees that an “ideal” blockchain should simultaneously be decentralized, safe, and scalable. However, industry producers and developers frequently discover that it is exceedingly challenging to address all three problems simultaneously. When building a blockchain, it is often necessary to sacrifice one feature to benefit the other two; this situation is known as the “blockchain trilemma.”

A Perfect Example Of The Trilemma Of Blockchain; Bitcoin

An illustration of the blockchain dilemma is the scalability of bitcoin. Although Bitcoin is a fantastic invention, its platform is not the most scalable. However, the Bitcoin platform is among the internet’s most secure and decentralized. Due to its less than optimum transaction speeds, it has regrettably developed a bad image regarding scalability. It is less than ideal if you want to utilize it as money. Since the competition processes transactions in milliseconds, card processors like Visa and Mastercard outperform Bitcoin in this regard. Although the Lightning Network has helped to resolve this issue, this Layer 2 scaling method still has several drawbacks. In the end, any cryptocurrency that wants to function as a fiat currency must be scalable enough.

Many raised whether or not all three traits could be accomplished in a single network. Developers have concluded that it is impossible to achieve all three aspects and that the only option is to make do with what is now technologically feasible while working out how to make the necessary trade-offs in a practical setting. While every project works to optimize its network, every blockchain architecture will have certain flaws. Therefore, developers must determine how much of each attribute they are ready to give up to attain maximum performance.

Different Approaches to the Blockchain Trilemma Solana(SOL) 

Solana uses enterprise-grade servers and a Proof of Stake (PoS) technology to attempt to resolve the blockchain trilemma. It relies on synchronization and a limited number of servers to accomplish blockchain decentralization. There are issues with blockchain decentralization despite this, nevertheless. The server cost is often around $10,000, and joining the processing cluster requires staking thousands of dollars, which is typically only an option for large companies and wealthy people. As only a few people can fund SOL, this hinders decentralization initiatives.

Polkadot (DOT)

With the capacity to quickly establish a customized blockchain, Polkadot provides a revolutionary data availability and validity scheme to enable various blockchains to interact.

This implies that you obtain both interoperability and security. To achieve energy efficiency, it makes use of a next-generation POS platform. The Relay Chain and Parachain are the fundamental components of this blockchain. It is a significant advance on Solana because it uses validators to guarantee network consensus.

Cardano (ADA)

One of the most ecologically friendly protocols, Cardano has this to offer. Because it employs the Ouroboros secure blockchain system, it has built-in security. However, processing speed is sacrificed for security. Therefore, the network doesn’t handle transactions as quickly as some others. However, because it lacks the enormous processing needs necessary for a network like Solana, joining the network is much simpler.

Fantom (FTM)

According to Fantom, the blockchain trilemma problem has been resolved. One of the most popular crypto coins, its network provides more than 200 DApps. The network can attain the claimed speed, security, and dependability thanks to Fantom’s aBFT consensus technology. The validator nodes of Fantom, which assist in establishing it as a trustless and leaderless system, are another element of the company’s approach to the blockchain trilemma. With Fantom and FTM, blockchain decentralization is therefore greatly enhanced.

Avalanche (AVAX)

The Avalanche network has yet another effective strategy for controlling the blockchain trilemma’s restrictions. They mainly achieve their blockchain’s decentralization by rewarding users who stake and manage validator nodes. The fact that these benefits are such great means that potential validators don’t need to invest a lot of tokens to get started.

Avalanche has impressively low hardware requirements, too. For less than 1/100th the cost of the gear required to start as a validator on the Solana network, one can start with less costly hardware.

The scalability and decentralization of the blockchain depend on validators. But few individuals are motivated to work as validators. In many cases, doing so is too expensive or difficult to do, restricting its advantages to a select few.

The Blockchain Dilemma: Is It Solvable?

When considering how to resolve the blockchain trilemma, there is no one solution. The Holy Grail cannot be attained, in theory. The most we can do right now is to maximize each blockchain’s potential to fulfill its declared purpose. Future generations may access networks with exponentially greater network transfer speeds and almost unlimited computing capacity. The blockchain trilemma might be resolved relatively quickly in that situation. Transaction speeds would be accelerated “to the moon,” which would solve the issue.


For most developers, the blockchain trilemma is currently a significant issue. Like everything else, we have a considerably higher chance of solving a problem if we know its exact nature. We should share their optimism as many developers are working on the blockchain trilemma’s difficulties.

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Top 5 Blockchain Development Companies in 2022

It is not surprising that the market for blockchain technology is expanding quickly, given how quickly technology advances. The blockchain market is anticipated to increase from USD 3 billion in 2020 to USD 39.7 billion in 2025, with a CAGR of 67.3%. This surge will be spurred by businesses’ growing desire to simplify their operations, promoting the expansion of blockchain development services.

Are you unsure whether your business should adopt blockchain technology? Naturally, you should consider managing the network and infrastructure more smoothly since this will increase income. However, there has recently been a plethora of blockchain app development businesses offering this service owing to rising demand, making it challenging to choose the best one.

To assist you in comparing and choosing the finest blockchain development company for your needs, we have created a list of the top 5 companies.

1) Cubix

Cubix is a blockchain development firm with over 12 years of expertise in creating software solutions. It has extensive experience developing and integrating unique blockchain applications. The company offers end-to-end services, from product development to technical advice and blockchain potential evaluation.

Cubix creates dependable and scalable blockchain solutions for fintech, commerce, banking, and logistics companies. They provide the following services:

Blockchain advisory

creation of smart contracts

Cloud-based blockchain services

E-wallet services

Blockchain supply chains for businesses

In addition to having operations in Pakistan and the UAE, Cubix has its main headquarters in the US.

2) SoluLab

Clients have given SoluLab a great review, and the blockchain development business has received excellent marks from Clutch (4.8/5), GoodFirms (5/5), and Design Drizzle.

Established in 2014, it currently serves clients in all time zones and operates in India, the US, and the UAE. The team at SoluLab is particularly interested in blockchain technology. The business offers full-circle development services in a variety of markets, including:

Cryptocurrency protocols

Smart contracts for enterprise blockchain

Decentralized software

Metaverse solutions 


NFT markets and games

Cryptocurrency exchanges and wallets

In addition to Ethereum, SoluLab supports the following blockchain networks: Binance, Polygon, Solana, Cardano, EOS, Avalanche, Fantom, Near, and MoonBeam.

3) Aspired

Aspired is a blockchain development company with a solid online presence and positive customer feedback. They have a 5/5 rating on Clutch and GoodFirms. The firm operates in the UAE and Pakistan, and its US headquarters is in West Palm Beach, Florida.

To work with customers, Aspired employs a specialized development team engagement approach. After obtaining project specifications, they determine the essential roles and narrow their talent pool to the most qualified applicants.

The team’s developers have a lot of expertise working on blockchain development projects and are prepared to provide their skills in areas like the creation of:

NFT games

Blockchain wallets


Smart contracts

Multichain Solutions


4) Kryptomind

With a primary focus on NFT and DeFi solutions and more than five years of combined expertise in the IT industry, Kryptomind is a multi-award-winning blockchain development company. Numerous reputable ranking and review organizations, including Clutch, GoodFirms, and HackerNoon, have acknowledged it as one of the best blockchain services.

Kryptomind offers services in all of the most well-liked blockchain development areas while focusing on cutting-edge technologies:

NFT marketplace & NFT games

Decentralized software (DApps)

DeFi (including exchanges, a custom platform accelerator, staking, wallets, lending and borrowing platforms, and smart contracts)

Private and Public Blockchain

Blockchain track-and-trace solutions

Cryptocurrency exchanges and wallets

Kryptomind offers end-to-end development services as one of the leading blockchain development businesses. Kryptomind has amassed many effective blockchain development products over the years. The most distinguishing characteristic of kryptomind is its exclusivity to blockchain technology. GWallet exchange, CryptoKara, Dafi, Senoa, FitScript, and the HOGI ecosystem are their most accomplished projects.

5) Labrys 

Labrys is an Australian blockchain development company offering services in this area since 2017. Labrys works with companies of all shapes and sizes, from start-ups to established corporations and governments. They may help customers that require development assistance in the following areas:


Smart contracts


Enterprise blockchain

Blockchain integration

Labrys offers consultancy and proof of concept (POC) development services in its capacity as a leading blockchain development business. Its staff can help clients with various tasks, including UI/UX design, product definition, MVP development, and more.

Clutch has given Labrys a high rating of 5/5, while GoodFirms has a rating of 5/5. Clients laud the team’s output quality, adaptability, and communication.


Blockchain is being used by many companies in many sectors, including education, gaming, and finance. Hire a qualified team of engineers if you’re ready to use blockchain to boost your company’s performance. Consider the team’s experience, services, and portfolio when selecting the finest blockchain development firm for your project.

Main Category

Proof Of Authority: What you Need to Know About it!

Proof of Authority is a variation on the Proof of Stake consensus process in which network users stake their identity and reputation rather than tokens. Proof of Authority, first proposed in 2015 by Ethereum co-founder Gavin Wood, has recently emerged as one of the more popular consensus methods as the blockchain community looks for alternatives to Proof of Work. PoA, or Proof of Staked Authority (PoSA), aims to address some problems of existing PoW alternatives, including Proof-of-Stake.

To Begin With, Why Replace PoW?

The groundbreaking notion of Satoshi Nakamoto, which gave rise to Bitcoin and ignited the blockchain revolution, may be characterized as the ideal union of decentralization and cryptography. The Proof of Work algorithm, the brilliant idea that underpins the Bitcoin network and ensures its immutability and resistance to hostile operations, was at the core of this union.

PoW became the default consensus algorithm for most blockchain protocols that appeared after Bitcoin since it looked to serve the function. But blockchain technology gained popularity, making several PoW limits that weren’t initially clear. Many people in the blockchain community began seeking alternatives due to these shortcomings.

The Drawback of Pos That Proof of Authority Seeks to Address

Proof of Stake algorithms has been one of the most often used consensus solutions with the movement away from PoW. The benefits of PoS are apparent: it gives network validators an even greater financial incentive to act responsibly; it doesn’t require a lot of processing power or specialized equipment; and it allows for sharding, which increases the scalability of a blockchain network.

Given all these benefits, it is not unexpected that Proof of Stake (PoS) is now being implemented on Ethereum, the second-most popular blockchain network in the world. But the PoS also has a critical flaw that is frequently ignored.

Proof of stake algorithms assumes that participants in a network who have staked tokens will be motivated to act in the network’s best interest or risk losing their investment. Therefore, it seems sensible to think that a person will be more driven to ensure the network’s success if they have a more significant interest in it. This presumption, however, ignores the possibility that, despite identical stakes potentially having equal financial worth, their holders may not view them similarly. For instance, regardless of the actual stake level, a person with 20% of their entire possessions placed in a network is likely to be far more committed to that network’s success than a person with 1% of their holdings staked.

The algorithm’s premise is that network users stake their identities rather than using tokens. As a result, validators in PoA systems are well-known entities who stake their reputations on the line for the privilege of validating the blocks, in contrast to the majority of blockchain protocols where anybody may join without identifying their names. This modification to the PoS paradigm assures that all network members are equally motivated to contribute to the success of their network by eliminating the need to take into account any financial inequalities between the validators.

Proof of Authority: Benefits and Drawbacks

PoA is not feasible for public blockchains like Bitcoin and Ethereum, which include hundreds or even thousands of validating nodes because of the identification requirement. PoA networks are less decentralized since they often have a small number of validating nodes. They also have a high throughput capacity, which is good.

Proof of authority is similar to PoS because it takes little computing work and no specialized hardware. However, PoA networks often only use entities with a solid reputation as their validators, making it difficult for the average person to fill that position.

The Future of Proof of Authority

In the end, PoA will probably flourish in the corporate sector. PoA-based algorithms are unlikely ever to power public platforms with hundreds or millions of users. They are excellent at creating compact and lean networks suited to a small number of known stakeholders. Proof of Authority is where it is most likely to have a significant effect.

The Kryptomind team has considerable expertise collaborating on some of the most well-known protocols for creating private blockchain solutions. Contact kryptomind right now if you need a skilled developer to assist you in using the potential of blockchain technology to grow your company.

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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.


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.