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A Comprehensive Guide on How dApps Differs From Traditional Apps


A Comprehensive Guide on How dApps Differs From Traditional Apps

If you are new to the concept of dApps and wondering how such apps differ from regular mobile applications, you have landed on the right page. This article introduces what decentralized applications are and explains how they differ from regular apps.

Table of Contents 

  • What are dApps?
  • dApps Over Regular Apps 
  • Why Ethereum for dApps?
  • Concluding Lines  

What are dApps?

Decentralized applications, also known as dApps, are a new type of software application, or you can say they are digital applications that, instead of running on a single computer, run on a peer-to-peer blockchain network. 

In other words, they are open-source application software that use smart contracts to run transactions on a peer-to-peer network. The best thing about these applications is that they are not owned by a central authority and cannot be shut down by anyone. 

Want to build your own dApps and become a Certified Blockchain Developer? Get started today with Blockchain Council. 

dApps Over Regular Apps 

There are some key differences between a dApp and an app. Let’s figure it out. 

  • Centralized Vs. Decentralized 

The basic key difference between each of them is mainly because of the underlying principle of decentralization. Unlike traditional apps that are governed by centralized controlling authority, decentralized applications run on a peer-to-peer blockchain. 

  • Trustable 

Decentralized Applications are trustable among users, and this is because users get control and ownership of their data and assets. But in terms of ease of use, regular apps are more user-friendly. 

  • Cost of Development 

While developing a regular app, one has to take into consideration various factors such as the cost of cloud server fees, maintenance fees, and others. But in the case of dApps, Blockchain Developers need not worry about such factors as dApp cost includes development, deployment, and even upgrade.

Compared to the traditional applications, the speed of dApps are comparatively slow. According to Blockchain Developers, such apps can process only around 15 transactions per second. But as the dApp industry is booming and showing no sign of slowing down, it is clear that soon it will be able to scale up thousands of transactions in the years to come. 

  • Security 

When it comes to security, Blockchain-based apps are more secured compared to regular mobile apps. Since these apps are decentralized, they are tamper-proof, and the records stored are unalterable. Here it is important to note that the wallet address of users and their interactions are stored when someone uses a dApp which can be seen by everyone. Still, they are secured. Also, they are immutable from hacking and other potential destructions. 

  • Usage Cost

As we all know, most of the regular apps are free, which means users need not pay any amount for using that app. But in the case of dApps, users have to pay a small fee every time they use a decentralized application. If you are wondering what determines the cost while using such apps, remember that the more complicated an app is, the higher the fee. 

Why Ethereum for dApps?

Decentralized applications are generally powered by Ethereum Blockchain. In other words, we can say that Ethereum currently dominates dApp development, and there are several reasons for that. 

The first and foremost reason is that Ethereum implements a development interface that reduces programming time and instantly launches projects. 

Moreover, with the integration of development kits, application templates, and MetaMask, Ethereum Blockchain provides a developer-friendly experience that has proven efficient in attracting new projects and large communities.

Want to learn more about Ethereum and become a Certified Ethereum Expert? Wait no more. Get started today with Blockchain Council. 

Concluding Lines 

This has led us to the end of the discussion, and from the above discussion, it is clear that dApps outstands when compared to regular mobile apps in terms of transparency, reliability, flexibility, and scalability, and these factors are stimulating the global DApps Market.

If we look at the statistics, it was estimated that the market size of dApps was valued at USD 10.52 Billion in 2019 and is expected to reach USD 368.25 Billion by the year 2027 at a CAGR of 56.1%. The rising demand for fast transaction processes and the advantages of DApps in terms of transparency, reliability, flexibility, and scalability are spurring the global dApps market.

Since dapps are new innovative technologies, learning how to build dApps on Ethereum can bring tremendous career opportunities in the Blockchain space. If you are interested in learning how to build dApps from scratch, you can get enrolled in Blockchain Council and become a Certified Blockchain Developer.

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

A Comprehensive Guide on How dApps Differs From Traditional Apps

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RenVM Latest Integration Now Allows Fantom to Empower Users With Faster Bitcoin Transactions and Lowest Fee

RenVM Integration Enables Fantom to Provide Superfast Bitcoin T…est Possible Fees

Here’s the good news for crypto-assets holders on major Blockchain platforms other than Fantom. The latest upgrade of RenVM’s is bringing them under the Fantom’s ecosystem, allowing super-fast and the lowest fee transactions. 

Formerly, users who belonged to other blockchains could not take advantage of  a reduced fee, fewer wait times, and low transaction fees that a Fantom’s user normally enjoys. But, with the recent integration of Fantom’s RenVM, users from different platforms are allowed to directly store their assets to Fantom with the assistance of Redbridge and significantly take up benefits of the Fantom ecosystem.

Not only this, but now users can also perform deposit and withdrawal processes regarding their crypto assets to Fantom blockchain without having to run through numerous exchanges. With the development of RenBridge, DeFi fanatics can now expand and trade practically all their assets across different blockchains to Fantom and carry out whatever exchanges are crucial without relying on a centralized exchange.

The upgrade will aid BTC, BCH, ZEC, and DOGE right from the beginning. However, others will be added shortly as the integration improves and expands. This will open more doors for users to utilize Fantom to carve their crypto portfolio as they want and make it work for them. More significantly, users will find their portfolio comes around to be quicker, more competitive, and more adaptive to shifting circumstances and market conditions.

This also indicates a rise of a completely new phase of growth for Fantom as a whole. With new partnerships and developments, Fantom will come to be an ever more dominant platform in the world of cryptocurrency. As Fantom refines more alliances and increases compatibility with additional categories of assets, its utility, dexterity, and all-around significance will only improve for portfolio holders.

Native REN assets that’ll be accessible from now on at Fantom’s blockchain are:

  • Bitcoin (BTC) -$renBTC 
  • Bitcoin Cash (BCH) – $renBCH
  • DigiByte (DGB) – $renDGB
  • Dogecoin (DOGE) – $renDOGE
  • Filecoin (FIL) – $renFIL
  • Terra (LUNA) – $renLUNA
  • Zcash (ZEC) – $renZEC

To take advantage of this new advancement, users are needed to add the Fantom Network to their MetaMask. Then users will be eligible to link their various currencies and start making moves. As this integration is still in its early phase, new improvements will be coming. You can expect to find Varen be, Curve Finance, and BadgerDAO to be added soon.

Conclusion 

As Fantom proceeds to broaden its toolbox, giving crypto holders from different blockchains the power to make the best possible choices for their portfolio.

This is a shiny new development in the cryptocurrency era, and it’s just the start. Stay tuned for new assets as they become viable with the upcoming integration.

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

RenVM Latest Integration Now Allows Fantom to Empower Users With Faster Bitcoin Transactions and Lowest Fee

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Celo rallies 50% as excitement builds for the upcoming ‘Donut’ hardfork

Decentralized finance (DeFi) has emerged as a transformational force for not just the cryptocurrency market, but for financial markets in general in 2021 thanks to the ease of access and security offered by blockchain-based protocols which operate on smart contracts.

One project that is looking to take the simplicity of DeFi to the next level is Celo (CELO), an open blockchain ecosystem that makes financial tools accessible to anyone with a mobile phone. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of CELO rallied 50% from a low of $4.29 late on May 16 to an intraday high at $6.70 on May 18 on the back of a 740% surge in 24-hour trading volume. 

CELO/USDT 4-hour chart. Source: TradingView

A quick scroll through the project’s twitter feed shows that excitement in the Celo community has been building in recent weeks due to the upcoming ‘Donut’ hardfork that is scheduled for May 19.

According to documentation from the team, the hard fork will unlock numerous benefits to Celo users, including increased gas efficiency, improved proof-of-stake interoperability and the ability to connect with many of the Ethereum (ETH) tools available like MetaMask.

Some of the other layer-one protocols that the upgrade will help Celo more smoothly interoperate with include Cosmos (ATOM), NEAR and Solana (SOL).

Bullish momentum for CELO was picked up in the VORTECS™ data from Cointelegraph Markets Pro, which began to detect a positive outlook for the token on May 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score rose into the green zone on May 13 and remained elevated for two days with a high score of 73 coming on May 14, roughly 67 hours before CELO price rallied 50% higher.

With DeFi still in its infancy and interoperability arising as a go-to feature for any network with long-term aspirations, Celo appears well-positioned to experience further growth and token appreciation thanks to its focus on catering to smartphone users and aiming to make interacting with DeFi globally accessible and user friendly.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Celo rallies 50% as excitement builds for the upcoming \’Donut\’ hardfork

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Top 30 Interview Questions for Ethereum & Smart Contracts

Top 30 Interview Questions for Ethereum & Smart ContractsAre you planning to prepare yourself for Ethereum interviews and become a successful Ethereum Expert? You have landed on the right page. This article talks about the top Ehereum and Smart Contract interview questions so that you can mentally prepare answers for them.

Table of Contents 

  • Top Ethereum and Smart Contract Questions You Should be Prepared for 
  • Concluding Lines

Top Ethereum and Smart Contract Questions You Should be Prepared for 

1 ) What is Ethereum?

Ethereum is an open software platform based on blockchain that runs on a network rather than running on a single computer. It offers Ethereum developers and experts a decentralized trust-less platform to build and deploy decentralized applications that run on the Ethereum blockchain and whose execution is monitored by thousands of peers.

 2) What is that primary function that powers applications and programs built on Ethereum?

Smart Contracts

3)  What are Smart Contracts?

Smart Contracts can be defined as digital agreements that execute automatically based on real-world input data. They are computer program code capable of facilitating, executing, and enforcing the performance of an agreement utilizing Blockchain technology. 

4)  Explain Ether

Ether is Ethereum’s native cryptocurrency, which is arguably the second most popular digital token after bitcoin (BTC).
Ether can also be termed as a significant fuel for operating the distributed application platform Ethereum.

5 ) How Ethereum differs from Bitcoin?

Bitcoin was created with the aim of providing an alternative to national currencies. In contrast, Ethereum was introduced as an open platform to promote immutable, programmatic contracts and applications via its very own currency, Eth. Where Bitcoin transactions take minutes, Ethereum transactions are executed in seconds. Also, Bitcoin is just a cryptocurrency, whereas Ethereum is also a ledger technology that organizations are utilizing for building new programs and decentralized applications. And out of both the technologies, Ethereum is far more robust.

Want to become a Certified Ethereum Expert? Sign up to the Blockchain Council now!

6) How Ethereum differs from Ripple?

Taking about Ripple, the main aim of Ripple is to allow real-time global payments globally without the usual friction of exchange rates. On the other hand, Ethereum aims at broadening the use of blockchain technology using smart contracts. It enables smart contracts and decentralized applications to be built and run without any downtime, fraud, or interference from a third party. 

Ripple uses a mechanism called Federated Byzantine Agreement (FBA), which works differently to Proof-of-State(PoS), that Ethereum uses as a consensus mechanism.

7) What is EVM?

Ethereum Virtual Machine(EVM) is a decentralized virtual machine handling scripts using the public nodes network.  EVM is operated in a sandboxed environment which is isolated from the main network. It is assumed to be a perfect testing environment.

8)  What is the average block size and block time in Ethereum?

Block size in Ethereum is around 30-50 kb and the block time is approximately 10-15 seconds. 

9) What is Blockchain technology?

Blockchain is a chain of blocks(data) stored on multiple computers (servers) distributed over a vast geographical region. It is a distributed ledger that maintains a copy of all digital assets.

It is said to be a decentralized distributed ledger tracking of one or more digital assets on a peer-to-peer network(P2P).

10) What is a node in Ethereum? How can you connect with a node? 

A node is a computer connected to the network, which is responsible for processing transactions. You can connect to a node by WS-RPC, JSON-RPC, and IPC-RPC.

11 ) Can you “hide” a transaction? Where are transactions stored?

No. It is impossible to hide a transaction, and all transactions are visible to everyone. Transactions are stored in a public ledger.

12) What is the role of the consensus algorithm? Ethereum uses which consensus?

A blockchain’s consensus mechanism ensures that there is agreement among various parties on the current state of the blockchain and determines who can add new blocks of transactions. Further, it ensures that the chain is not re-written.

Ethereum has switched from Proof-of-Work(PoW) to Proof-of-State(PoS) consensus mechanism.

13) How to obtain Ethers?

Ethers can be obtained by mining or by trading Ethers with other cryptocurrencies. 

14) What are dApps?

Decentralized applications (dApps) are digital applications that exist and run on a peer to peer(P2P) network of computers instead of a single computer. 

15) Which programming language is used to write smart contracts and dApps?

Solidity is the primary programming language used for writing smart contracts and dApps. 

16) What is Truffle?

Truffle is an open-source framework for rapid dApp development and smart contract life cycle management. It is considered to be a perfect framework for developers using Ethereum.

17) What are the roles and responsibilities of an Ethereum Developer?

Ethereum developers work on Blockchain enterprise technology framework design and development solutions. They are responsible for preparing system modules, design documents, and system testing documents as per project requirements. He also works on system architecture and the implementation of the blockchain program function module. He participates in the design of security protocols and architecture.

18) Explain DAO.

Decentralized Autonomous Organizations (DAO) is a decentralized organization with one or more smart contracts that can be run by writing a program deployed on the Ethereum Blockchain platform. 

DAO eliminates the need for third-party involvement as it is owned globally by every token holder. 

19) Explain how PoW consensus works.

The central principle behind PoW consensus is to solve complex mathematical problems and make the largest number of guesses as quickly as possible. Such requires a lot of computational power, and by using a more efficient mining machine to run calculations, a miner can maximize profitability in terms of crypto rewards. 

In this type of consensus mechanism, miners compete to be the first one to find a hash regarding a particular block, which can only be solved using sheer computing power to make the largest number of guesses. When a miner finds the right solution, they advertise it to the whole network, receiving a reward in cryptocurrency provided by the protocol. 

20) Explain the Concept of PoS

Proof-of-Stake is a consensus algorithm that deals with the main drawbacks of PoW. In this mechanism, every block gets validated before the network adds another block to the blockchain ledger. Unlike PoW, where miners have to solve complex puzzles, in PoS, miners can join the mining process using their coins to stake. It allows users to mine for rewards using very minimal hardware and software resources. Here, the mining capacity of a particular miner depends on how many coins they already have; thus, the more coins one has, the better chances are, which indicates only the richest can have control of the consensus.

21) State the importance of account nonce in Ethereum?

An account nonce determines a transaction counter in each account. It is helpful in preventing replay attacks. 

22) Define MetaMask.

MetaMask is a cryptocurrency wallet and also a web browser extension used to store, send and receive Ethereum and ERC20. 

23) What are Ethereum wallets?

Ethereum wallets are a piece of software that allows users to interact with their Ethereum account. These wallets are essential because before you can start trading Ether, you need to store it somewhere, and there comes the role of wallets.

24) What do you know about hardware Ethereum wallets?

If you want a high level of security, consider using this wallet. These are more secure because they store private keys on a physical chip. Since these wallets do not require an internet connection, they make your funds completely immune from all types of cyber-attacks and hacks. Moreover, such wallets offer multiple ways to access the keys. 

25) What are the types of Ethereum networks that exist?

These are of three types:

  • Private Blockchain Network
  • TestNet: The Test Ethereum Network
  • Live Network: The main Network

26)  Mention some of the popular Blockchain-based smart contracts.

  1. Ethereum
  2. NEM
  3. Hyperledger
  4. EOSIO
  5. RSK

27) Are there any standards for Smart Contracts?

Unlike legal slot machines, there are no standards and no government agencies that test and verify the accuracy of smart contracts. However, a certain level of trust must exist between the contracting parties. 

28) What is the first thing that you must define in a Solidity file?

The version number of Solidity is the first thing you must specify as it reduces incompatibility glitches that can occur while compiling with another version. 

29) Define Remix?

A remix is an online platform for developing smart contracts. You can use solidity programs and develop your own smart contracts.

30) Gas usage in a transaction depends on which factors? Also, tell me how you can calculate the transaction fee?

Gas usage depends upon two factors: the first is the amount of storage, and the second one is a set of instructions used in a smart contract. 

The transaction fee can be calculated by using the following formula:

Ether = Tx Fees = Gas Limit * Gas Price

Concluding Lines

Hope these interview questions and answers will help you to land your dream job as an Ethereum Expert or a Smart Contract Developer.

If you are a beginner and want to get started as a learned and Certified Etherum Expert, you can get enrolled in Blockchain Council.

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

Top 30 Interview Questions for Ethereum & Smart Contracts

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A Quick Guide On How To Start Crypto Trading

A Quick Guide on How to Start Crypto Trading

Are you wondering how to start crypto trading? This article enlists essential steps that will help you kick off your crypto trading learning journey.

Table of Contents 

  • What is Crypto Trading?
  • How it Differs from Forex Trading?
  • Steps on How to Start Trading Cryptocurrencies
  • Concluding Lines 

What is Crypto Trading?

Interest in crypto trading has been increased over the past few years because cryptocurrencies are extremely volatile assets, and they can give you much higher returns than traditional investments.

We can define Cryptocurrency trading as the act of speculating on cryptocurrency price via buying and selling the underlying coins through an exchange. 

As crypto trading gets more mainstream attention, newer players have entered the market and are looking to learn trading techniques. 

If you are one of those, who want to learn about trading and the crypto market, you can enroll in a cryptocurrency certification course and become a Certified Cryptocurrency Trader. 

How it Differs from Forex Trading?

Forex trading is the exchange of currency into another currency for multiple reasons. It is also known as Forex or foreign exchange(FX). In other words, it is a network that allows buyers and sellers to transfer currency with one another at an agreed value. 

The major difference between these two trading approaches is that Crypto trading is more volatile as the markets can fluctuate enormously. Moreover, compared to the cryptocurrency market, forex markets have higher liquidity as a result of a long history of activity. 

Steps on How to Start Trading Cryptocurrencies

Let’s explore how to start crypto trading. 

Choose Crypto Exchange Platform to Trade on

At present, there are a number of popular crypto exchanges available that can be utilized. If you are wondering what exchanges are, please note that the portals which connect our world to the crypto-worlds are exchanges. 

Since each exchange has different terms of services, therefore it is advised to perform a lot of research and go through several reviews. Before selecting an exchange platform, make sure that the exchange is available in your area. For instance, Coinbase, one of the most popular exchange platforms, is not available in India. Apart from this, check the reputation of the exchange. For example, are people happy with their services, is it ever hacked, how secure it is? Most importantly, check for exchange rates. Different exchanges have their own exchange rates, which may vary. If you find satisfactory results, you can finalize one. 

Some of the most popular crypto exchange platforms are:

  • Coinbase
  • Coinmama
  • BitFlyer
  • Poloniex
  • Cash App and others.

Choose a Crypto Wallet

Crypto wallets are tools that allow you to store and send crypto coins. These are of various types. Let’s explore. 

  • Hot and Cold Wallets

Internet connectivity defines a wallet in terms of hot or cold. Hot wallets are connected to the Internet and thus are less secure and pose more risks but are user-friendly. Cold wallets, on the other hand, are stored offline and don’t require internet connectivity, thus leading to improved security and less risk. Hot wallets are more likely to be used for daily transactions, and cold wallets for more long-term holdings. 

  • Hardware wallets

Hardware wallets are hardware devices that individually handle public addresses and keys. It looks like a USB with an OLED screen and side buttons. It is a battery-less device and can be connected to a PC and accessed by native desktop apps. They are more secure than hot wallets and user-friendlier than paper wallets but less than web and desktop wallets. The most popular hardware wallets are Ledger Nano S and Trezor.

  • Other Wallets

You can also choose Mobile Wallets such as Coinomi and Mycelium, Desktop Wallets such as Exodus, Bitcoin Core, Electrum, or Web Wallets which can be non-hosted wallets such as MyEtherWallet or MetaMask or hosted wallets Binance, Coinbase, and others.

Keep Track on Crypto-Related News

Once you have finalized a crypto exchange platform and a perfect crypto wallet, all you need to do is keep track of crypto-related news before making any investments. To study the asset, one of the best tools for this research is Coinmarketcap. It is a price-tracking website for crypto assets where you can find information on every coin, such as capitalization, supply, trade volume, and other valuable insights. 

Concluding Lines 

Hope this article has helped you in providing a complete understanding of how to start trading cryptocurrencies. If you want to gain a deeper insight into cryptocurrency trading and investing strategies, you can check out the best cryptocurrency certification courses offered by Blockchain Council 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.  

A Quick Guide On How To Start Crypto Trading

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