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Should you consider EOS for your blockchain development?

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The world has witnessed a massive technological advancement. People dealing in digital currencies demand a safe and secure environment. But the traditional forms of blockchain development have some loopholes. And the latest technologies are thus being introduced in the market. One such platform is EOS.

We will discuss everything you must know about EOS in this article so that you can ensure whether to consider EOS for your blockchain development or not.

What is EOS?

In short, EOS is a cryptocurrency. The smart contract platform of EOS blockchain development removes transaction fees and its potential to conduct millions of transactions every second. This particular fact is helping it to earn the blockchain investors’ trust.

Its primary objective was to offer a straightforward interface for facilitating blockchain development. Another attractive feature of EOS was that it eliminates the gas fees for transaction processing.

Should you consider EOS for your blockchain development?

Features of EOS:

The few features that make EOS preferred are given below:

  • Convenience:

EOS offers convenience in several aspects of developing blockchain, including EOS wallet development. The bare-bone interface is useful for developing DApps. It can also be used to deploy private, public, permissionless, and permissioned infrastructures of blockchain. The EOS smart contracts allow you to make custom business logic and programmable governance.

  • Performance:

It offers top-notch TPS rates. Thus, it is the best for developing mission-critical blockchain apps. EOS is also proved to show superior performance and eliminates the latency rate of sub-second block time. It also keeps the accuracy intact.

  • Upgradability:

EOS allows the developers to change and upgrade the code besides improvising it. This feature of EOS contributes to flexibility. The developer-friendly nature of EOS is another side that makes it a blockchain software that is preferred for expanding tools, products, and features.

  • Measurability:

It is proved that EOS can potentially process and measure millions of transactions every second. It is made possible by the incorporation of advanced DPOS technology that further enhanced the efficiency of the framework of EOS. Even with having a massive user base, there are no performance issues.

  • Consensus protocols:

The correct algorithms furnished with EOS give it an upper hand. DPOS mechanism in EOS enhances its functionality.

  • Parallel processing and Multiprocessing:

EOS successfully reduces the excessive load on a program, as there exist multiple processors. Horizontal measurability improves transaction speed. And vertical measurability boosts the processing power. Asynchronous communication fuels time management assets and smoothens communication.

The end-to-end encryption contributes to the security of EOS. All the verification standards and safety norms are used while developing EOS. Trouble-shooting is also added to the blockchain platform.

How does EOS work?

A validator’s coin or EOS token gets locked up as stakes. Then, the validation starts, and the betting system is activated.

The validators now think about the blocks that are possible to add to the chain and put a bet on them. If the block gets added, based on their bets, validators are rewarded.

Role of DPOS in EOS blockchain:

DPOS (delegated proof-of-stake) is a consensus system for seamlessly channelizing cryptocurrency transactions. Additionally, it is backed up with speed and security. In cases of malfunctions, it entertains the longest chain automatically.

DPOS protects blockchain as it depends on the voting process. Being a decentralized framework, it contributes to feasibility both for the business and the user. Besides being usable and reliable, it is faster, cheaper, and more efficient, making it ideal for a decentralized system.

The payment system in EOS:

EOS is a cryptocurrency of EOS.IO. Free transactions, a popular advantage of EOS for being a preferred software.

The holder’s EOS coin owns a network instead of any transaction fees or renting virtual machinery. For instance, if you possess EOS’ 3% of coin stakes, you own 3% of network strength for processing the transaction, thereby allowing free transactions. Just like any other crypto, one can possess, get, or give away funds among digital EOS wallet ledger.

Business application of EOS:

Blockchain can be beneficial to your business. And blockchain technology can be used in different ways in business. Some of the business applications of EOS are described below:

  • Cryptocurrency:

You can use EOS as a tool for investment in a cryptocurrency or crypto space. The proof-of-stake system provides mining power to the blockchain. Because of no transaction fee, it is popular among developers.

  • High-end transactional DApps:

EOS blockchain can be applied in DApps that require a massive capacity of transaction. EOS stabilizes user authentication at different levels. And thereby, it allows anyone to develop a DApp, run it, and authorize it while sharing data among users.

Conclusion:

EOS comes with countless features. And, this makes it one of the most assured blockchain platforms in the world of cryptocurrency. Opt for EOS development services for developing efficient apps.

Moreover, the business applications of EOS have already popularized it across the world. We can expect EOS to expand more in the foreseeable future and will overpower the traditional applications of blockchain.

Should you consider EOS for your blockchain development?

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A detailed history of blockchain: From the Establishment to Broad Adoption

A detailed history of blockchain From the Establishment to Broad Adoption

Blockchain has gotten an ample amount of appreciation in the most recent couple of years, with the potential to come across as an extraordinary power to transform businesses. Blockchain technology is a computerized record of an action that is copied and conveyed across the whole organization of the blockchain platform through computer networks. Sounds confusing, isn’t it? Truth to be told, Blockchain is much easier to understand than the above description.

For understanding the concept, it is feasible to look back at its historical background and learn about its origin to significant turns of events and innovations. Bits of knowledge into the background of Blockchain will assist us with addressing these queries like the exact meaning of the term,  working environment, problems it can solve, and where it can be implemented. All these insights will help us to place the right expectations for its future.

Table of content

  • What exactly is Blockchain?
  • When did the Blockchain first appear?
  • Who is behind blockchain technology?
  • How is Blockchain created?
  • Identifying a suitable Use-case
  • Selection of Suitable Consensus protocol
  • selection of a suitable platform
  • Node designing
  • Designing the Blockchain parameter configuration
  • APIs
  • Building admin and user Interfaces
  • Adding smart technology
  • Closing Thoughts.

What exactly is Blockchain?

A blockchain is a disseminated network that comprises computer systems associated with the Internet, which all together keep the account of transactions. In the Blockchain, one record is dispersed and protected across the system. Each computer in the group approves the exchanges. However, nobody has power over the network, not like various clients functioning in a centralized network. 

A blockchain incorporates a sequence of blocks, which are information units used to store value-based data of the organization. To add a block into a blockchain, these steps ought to occur:

  • When an exchange is performed, then it should be confirmed by a group of computer networks. The exchange should be compiled in a block; after getting approval from the network group. The digital signature of the sender and the receiver and the dollar’s value has to be stored in a block. 
  • A block should be given a hash to separate it from different blocks. This block additionally contains data of the hash of the newest added block into a blockchain. When hashed, this block can be put into the Blockchain.
  • After the inclusion of a new block in the Blockchain, the complete information of this exchange will be public, and any user in the network can explore this exchange data, for example, who sent it? Who received it? Who added this exchange to the block? When did the exchange occur? And so on. The information is apparent and auditable yet not editable.

A block is only digital data. A “chain” is characterized as a common information base. In this way, when we say Blockchain – we intend to discuss the digital data which is kept in a public data set.

When did Blockchain first appear? 

The very first appearance of Blockchain was seen in 2008. It was introduced by an individual named ‘Satoshi Nakamoto.’ Nakamoto improved the blockchain structure effectively, utilizing a Hashcash-like strategy to keep records of time and date of added blocks without expecting them to be endorsed by a central party and embedding boundaries to balance out the rate at which blocks were to be added to the chain. Next year, this blockchain structure was recognized as a central part of the cryptocurrency bitcoin, where it acts as the public record for all exchanges carried on the network. 

In August of 2014, the size of stored records of all exchanges that have happened on the bitcoin blockchain network filled up to 20 GB. In January 2015, the size had reached nearly 30 GB. This size expanded from 50 GB to 100 GB between January 2016 to 2017. While reaching halfway to 2020, this record size exceeded 200 GiB.

Who is behind Blockchain technology?

It is essential to learn about the historical background of Blockchain for Blockchain supporters and Blockchain prospects. Thus, to help readers to comprehend the Blockchain advancement, let us learn the  history of this technology:

1991-2008: Creation Period of  Blockchain Technology

Blockchain emerged in 1991  when W. Scott Stornetta and Stuart Haber deliberated what the world has come to know as a “Blockchain.” Their early work included shaping a cryptographically secured blockchain where nobody could alter timestamps of records. 

In 1992, they updated their technique to consolidate Merkle trees that improved proficiency hence providing the assortment of more reports on a solitary block. Nonetheless, in 2008, the term “Blockchain” began to acquire importance when Satoshi Nakamoto ingrained his idea of Blockchain in the blockchain space. 

Satoshi Nakamoto is credited as the master of blockchain innovation. There is not much knowledge about Nakamoto as individuals speculate he could be a single person or a group that molded Bitcoin, the primary application of digital roster technology.

How is a Blockchain created?

Here are steps that are needed to create a blockchain:

Step 1: Identifying a suitable Use-case

There are three use-cases where blockchains do very well:

  • Data Authentication and Verification: It focuses on encryption, inflexible storage and digital signatures, creation of private and public keys, and verifying digital signatures.  
  • Smart Asset Management: This focuses on disbursement, revenue, trade, bond, and retirement. In crypto, real-world properties are represented in the form of a token, for example, land, infrastructure, gold, silver, oil.
  • Smart Contracts: This focuses on trade between dealer and buyer with smart contracts.

Step 2: Selection of Suitable Consensus Protocol

Depending on your requirements, you need to choose the right consensus protocol among:

  • Deposit based consensus
  • Proof of stake
  • Delegated Proof of Stake.
  • Derived PBFT
  • Byzantine fault-tolerant
  •  Federated Byzantine Agreement
  • Redundant Byzantine Fault Tolerance
  • Federated consensus
  • Proof of Elapsed Time
  • Simplified Byzantine Fault Tolerance
  •  Round Robin

Step 3: Selection of a Blockchain Platform

This depends on your choice of consensus protocol. Many of them are cost-free and open source. Here are some examples:

Ethereum, Hyperledger Fabric, Quorum,
HydraChain, Stellar, Hyperledger Iroha,
Open chain, Hyperledger Sawtooth Lake, and many more.

Step 4: Node designing

Blockchain systems can be designed as private/public,  permission-less as well as with permission, or even hybrid. 

Another important factor to be considered at this step is whether the nodes are running on-premise or in the cloud. Also, the selection of operating systems and tasks related to hardware configuration such as processors, and memory and disk size is to be done in this step. 

Step 5: Designing the Blockchain Parameter Configuration

Usually, blockchain platforms require a thoroughly plotted configuration for elements like permissions, atomic trades, key management, asset issuance, multiple signatures, address formats, hand-shaking, etc.

Step 6: APIs

Most platforms offer pre-built APIs, while others don’t. The issues that you’ll need APIs for are: 

  • For developing keys and addresses.
  • Conducting auditable processes.
  • Performing data verification by using hash and digital signatures.
  • For holding data and its recovery.
  • Managing smart-asset, I.e., distribution, bond, donations, business, etc.
  • Creating smart contracts.

Step 7: Building admin and user Interfaces

At this step, you’ll select the programming languages. You’ll also have to pick external databases and servers.

Step 8: Adding smart technology 

Boost the potential of your Blockchain solution with the addition of Artificial Intelligence (AI), cloud, data analytics, biometrics, machine learning, and bots.

Closing Thoughts

The Blockchain provides amazing advancements in security, decentralization, transparency, and unchangeable data. These qualities make it a perfect tool for future applications. 

It has marked its territory in many industries, and many more yet have to embed it.

Learn more about blockchain technology and take up a suitable blockchain course at Blockchain Council.

A detailed history of blockchain: From the Establishment to Broad Adoption

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Blockchain Technology is Advancing Health Technology

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Healthcare infrastructural system has been a prolonging issue in every country, be it a developed nation or an underdeveloped nation. It is much needed that the healthcare industry moves on to better information technology solutions that serve a better functioning framework.

However, it wasn’t accurately the case, as the healthcare system kept on lagging and failed to implement newer technologies. Thus, to upgrade healthcare technology, what can be done is to use blockchain technology as the IT tool to meet all the needs.

So, let us discuss how involving blockchain in the healthcare system can revolutionize the whole system.

Blockchain Technology is Advancing Health Technology

The Decentralization of ePHI (Electronic Protected Health Information)

To talk about healthcare data, it is about several private sets of information which is known as electronically protected health information (ePHI). This holds information about patients like their personal data, the insurances, other previous health records, etc.

All of these things remained changed since the introduction, and even with other technological advances, there was no such upgrade in the healthcare system.

The slower rate or negligible rate of modernization of the system is all because of the healthcare provider’s low interest in providing funds for the development and also thanks to the inefficiencies from the healthcare provider’s side.

However, with passing years, healthcare administrators are finally gearing up to upgrade to blockchain in the healthcare sector, as they know that this can bring more elaborate and categorized data of their patients.

Block technology has got the potential to change the healthcare system and can create a whole new level of excellence.

The blockchain, when integrated with a record-keeping solution, will therefore render better privacy which can safeguard sensitive information. Moreover, it will let people manage their health data.

The decade surely needs advanced healthcare technology, which can be effective enough for all patients. So, for that, blockchain is the correct solution which is an immutable and encrypted ledger technology. And there are several various features that it provides lie:

  • More inclination towards people-

As blockchain and the data on it isn’t owned by any organization, thus the information is decentralized, and it helps to protect the stats and data of individuals.

  • Data on the blockchain is encrypted–

Blockchain encrypts the data completely, as it secures the data, be it of health information or even banking information, the information can’t be changed.

If in situations where there is a need to change the information of the patient, then it can be done by creating another node, where the previous information is amended.

  • The blockchain itself is reliable–

The information or data stored in the blockchain gets safe as the chain becomes permanent. If any changes are needed to be made, then another block needs to be created. Any patient’s information can be looked into by looking back into the blockchain.

  • The blockchain improves transparency–

By adopting blockchain in healthcare, patients will benefit by getting the ability to monitor their health information consistently, rather than relying on other people.

This system also grants authority to the people where they regulate the ePHI, which will help them in consulting with doctors and nurses to bring out the best care possible.

Other blockchain systems that aid in the healthcare sector

Another system that can work on par with Blockchain is Electronic Health Record (EHR) or Electronic Medical Record (EMR). So, if these types of systems collaborate with blockchain technology for healthcare, it will give common people better visibility over health information.

It has been years since private health organizations and insurance companies had complete authority over the information. This left the individuals in total darkness about the efficiency of the management. However, an amalgamation of both systems will bring more enhanced transparency.

With the chain system in blockchain that makes it traceable, patients can easily send records to whom they prefer instead of fearing corruption or mishandling. The encryption of blockchain will keep the information classified and secured until it gets shared with a healthcare provider or insurer.

This will help in setting benchmarks so that the insurers or organizations can formulate a benchmark for the patients to meet. This system will also decline bills spent on medications by tracking the prescribed drugs, lowering supply chain costs.

It is also presumed that blockchain, because of its data storing system, is gaining the attention of many health sectors. The whole blockchain system can advance medical record management and increase the insurance claim process, quicken clinical research, and advance biomedical and healthcare data ledger. And, with proper implementation of the block, patients can easily contact other hospitals and gather their medical data.

Conclusion

So, this system indeed brings newer things into the framework, which is more simplifying and transparent. Moreover, they work by aiding the general citizens, i.e., they can shift the framework of a private organization-based system to a patient aiding system.

Blockchain Technology is Advancing Health Technology

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5 Blockchain Predictions Moving Forward

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Most of the information and technology in 2021 is on the verge to adapt new changes to attain faster and more predominant communication. That is why Blockchain technology is already on the verge of embarking a stern existent into the framework.

Thus, many blockchain development companies are upgrading day by day and evolving more. This evolution can benefit your business as well.

5 Blockchain Predictions Moving Forward

Stronghold of blockchain’s future

It is through blockchain and identity of several newer technologies that came as a part of cryptocurrencies, like Bitcoin and Ethereum, the whole money transaction format has seen a newer advancement. Apart from merely being seen as a digital payment platform, there is more that is expected from Blockchain technology.

Blockchain has eradicated the complete usage of centralized management entities such as a bank. It is because it is a distributed peer-to-peer ledger system, and money transmission from one continent to another has got easier. The system has brought some newer introductions like data blocks, which are kept in series or chained together while a ledger transaction is made.

One can get truly high transparency thanks to the open-source, impermeable configuration of the blockchain. Each record that passes through blockchain technologies is sent through millions of computers worldwide to get confirmed about the accuracy.

And, this advent of new technology is making the world change. Be it transactions for business or record keeping; the new blockchain technology has completely automated the whole process.

Businesses should embrace this technological change because, firstly, it is cost-effective and also brings a faster solution.

So, here are the 5 most important predictions of blockchain technology.

1. Government data distribution

This move of the government to the Distributed Ledger Technology system has been predicted for a long time because of the rapid digitization of the system.

It is due to the increasing advantages that Distributed Ledger Technology holds, like trust, transparency, and security via encryption and validation features.

2. Greater transparency between industries

Transparency and security will get a level up when blockchain is spread throughout the world. It is well anticipated that in some years, industries will be connected with a single blockchain that is shared all across.

Long had gone the age when each company or industry had systems that differ from company to company. However, with a single system, things become less complex and are better for accessibility to the public. And truly, it sticks with the primary aim of keeping things crystal clear whilst providing great security.

3. Institution-issued cryptocurrency

Along with the usage of the blockchain network, seemingly, the government will put focus on cryptocurrency development. The shift is much needed as it will transform fiat currency into cryptocurrency. A rapid change is needed because cryptocurrency benefits in being more traceable, which has reduced settlement times and is overall more efficient.

Another thing, which came into highlight is that cryptocurrency, just like the fiat currency, is also backed by real assets, and in this, the prices can be manipulated in numerous ways.

Zimbabwe recently shook the world by using Bitcoins to oppose the national currency. And they are doing this to form their indigenous digital currency, which will be nationally available. And this creates a mega opportunity for any blockchain development company to make a mark in the industry.

4. Blockchain and identity

The identity systems are very much defective these days. Firstly, they are more likable to get into errors, they function in isolation, and they are completely porous. However, the blockchain identification platform can be effective here, as it uses a single source to verify identity and assets. The “self-sovereignty” feature of blockchain has brought newer advantages in identity.

1.5 billion people throughout the world have several inadequate ways of proving their identity. However, even the disqualified people will get the ability to access legal documentation and privileges with the help of the blockchain platform.

The information of identification is stored in an open-source encrypted ledger, which makes things more secure than keeping them in the hand of third-world agencies.

5. World Economy via blockchain

The international trading that has been preexisting for years is now found to be an inefficient and dysfunctional process. These demerits of international trade shallows and slows down the motion of trade and dampens trade between nations. International trade in 2021 is full of fraud, counterfeiting, dirty politics, and errors.

Cryptocurrency can eradicate all such issues like fraud and less productivity, as it bundles up several methods of payment, paperwork, and regulation through a single digital international system. This process will also increase the trust between each nation.

Blockchain development is much needed not only because it is advanced but also due to cryptocurrency involvement. The business applications are getting smart contracts and automated tracking and policy enforcement. All of these greatly increase reliability and make things easier.

Conclusion

Adapting and shifting the complete framework of money transaction into Blockchain development is much needed in the world, more of the digitization that is going all around the world.

5 Blockchain Predictions Moving Forward

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Top Cryptocurrency Payment Apps That You Should Know

Top Cryptocurrency Payment Apps That You Should Know

Are you a crypto enthusiast? Want to perform crypto transactions using a user-friendly payment app? Want to know which are the best options that are available? This article has got you covered. 

Table of Contents 

  • What is Crypto Payment App?
  • Best Crypto Payment Apps of 2021 
  • Apple Pay To Be Used to Spend Bitcoin: Recent Announcement 
  • Concluding Lines 

What is Crypto Payment App?

Cryptocurrency payment Apps allow businesses and individuals to accept cryptocurrencies from any country as a form of transactional payment from clients and other participating parties customers in exchange for goods or services. The main purpose of such apps is to promote the widespread adoption of varieties of cryptocurrencies.

Since cryptocurrencies are backed by Blockchain technology, they facilitate easy and confidential transactions and, most importantly, eliminates banking fees.

Want to know more about cryptocurrencies and Blockchain technology? Get started today with the best cryptocurrency and Blockchain certifications now! 

Best Crypto Payment Apps of 2021 

Let’s explore some of the top-rated crypto payment apps of 2021.

If you want to take control of your crypto, turn crypto into dollars, leverage multi-sig security, and manage funds across platforms, go for Bitpay. It is known to be one of the world’s largest providers of Bitcoin and cryptocurrency payment services. It helps you manage and secure your funds with multi-signature and key encryption. Moreover, one can also keep track of their funds by receiving prompt email and push notifications related to payments, transfers, and proposals and spend all around the world. 

The BitPay Wallet app supports various cryptocurrencies such as Ether, Bitcoin Cash and many dollar-pegged stable coins. 

eToro is one of the leading trading platforms that is home to around 12 million traders across the globe. One can invest in a wide category of digital assets on this platform without spending any markups, ticketing, or management fees. Moreover, there are no restrictions on trading volume as well. 

Cryptopay is another popular platform that enables individuals to easily access cryptocurrencies across countries. With Cryptopay, one can buy BTC, ETH, LTC, and XRP with their credit card or debit card and enjoy the economical rates and flat fees. Talking about crypto transaction fees, it’s just charge 1% for the currency exchange. 

  • Coinbase 

Coinbase provides the easiest way for users to buy, sell, and manage their cryptocurrency portfolio. It offers a variety of advanced features that make it the ideal platform to start trading for beginners and experts as well. It allows android users and iOS users as well to keep track of cryptocurrencies and manage their assets securely. It also allows individuals to store their funds in a vault with time-delayed withdrawals.

  • Electroneum 

This is a unique, UK-based cryptocurrency app that is centered on empowering people to offer a mobile-first payment solution. Due to its popularity, it now has more than millions of users around the globe. 

Electroneum (ETN) is helping all those who have no visa, no MasterCard, no PayPal, etc., to pay for goods and services, both in-store and online. Electroneum app lets anyone hold and transfer value in terms of ETN immediately at a minimal cost. 

Apple Pay To Be Used to Spend Bitcoin: Recent Announcement 

According to the recent announcement, Apple Pay can now be used to spend Bitcoin. The news statements read that the US cardholders of the BitPay Prepaid Mastercard can add their card to Apple Wallet and spend in stores, in apps, and online through Apple Pay. 

As BitPay continues to improve its global blockchain solutions to make paying with cryptocurrencies faster and safer, apart from Apple Pay, Bitpay also plans to add support for Google Pay and Samsung Pay by the end of next month. Bitpay intends to empower customers to manage and spend Bitcoin and also turn it into dollars and pay with the BitPay Card.

Please note that these are not the only crypto apps. There are many others, and we have just listed a few of them. 

Concluding Lines 

Have you used any of these crypto payment apps? Which, according to you, is the best one? Let us know in the comment section below. 

If you want to familiarize yourself with the ins and outs of Cryptocurrency trading right from scratch, you can get enrolled in one of the Cryptocurrency certification programs and become a Certified Cryptocurrency Trader. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Top Cryptocurrency Payment Apps That You Should Know

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