The term “cryptocurrency” is not a mystery anymore, and many people have developed basic awareness about cryptocurrencies and their functions. Interestingly, cryptocurrency adoption has been growing profoundly all over the world, with estimated global crypto ownership rates pinned at 3.9%. So, it clearly means that there are more than 300 million crypto users all over the world as of 2021. 

Another interesting fact in this context is that more than 18000 businesses are accepting payments in cryptocurrencies. The growing interest in cryptocurrencies has been a major reason for driving beginners to learn about cryptocurrency FAQs. If you want to learn more about cryptocurrencies, then you must have many questions regarding them. Let us find the answers to some of the commonly asked cryptocurrency questions in the following discussion. 

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Cryptocurrency Questions for Beginners

People who are learning about cryptocurrency for the first time would reasonably have many doubts. Starting from the definition of cryptocurrencies to their working, there are many cryptocurrency questions for beginners which you should know. Here are some of the frequently asked questions related to cryptocurrency for beginners.

1. What is cryptocurrency?

The first and obvious addition among cryptocurrency FAQs would turn the emphasis towards definition of cryptocurrencies. Cryptocurrency is basically a digital form of currency with the support of cryptographic security for conducting trusted transactions. The underlying technology which runs cryptocurrencies is blockchain, and it offers a ledger for documenting all transactions. 

As of now, you can find multiple cryptocurrencies in circulation, such as Bitcoin, Ether, and many new cryptocurrencies. The cryptocurrencies run as decentralized systems or networks without allowing complete control to a specific entity. Another important highlight of cryptocurrencies refers to the method for generating them. For example, miners could use their computing resources and electricity for mining cryptocurrency or stake their assets in a network for earning governance tokens. 

2. What is blockchain?

You could not find any list of cryptocurrency questions for beginners without the mention of blockchain. The first-ever cryptocurrency, Bitcoin, is the first successful implementation of blockchain in the real world. Blockchain technology is basically a transparent, publicly accessible, trustless, and secure ledger. 

It helps in secure transfer of the ownership of units of value by leveraging proof of work consensus and public-key encryption methods. Blockchain leverages decentralized consensus for maintaining the network, thereby excluding intermediaries such as government, banks, or corporations from the process. 

On top of it, the expansion of the blockchain network increases the level of decentralization, thereby strengthening security on blockchain. Interestingly, the capabilities of blockchain technology don’t focus on Bitcoin only and also extend to financial services, healthcare, and gaming. 

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3. What are public and private keys?

The next important addition among best questions about crypto would draw attention towards the basic elements in working of cryptocurrencies. The primary foundation of Bitcoin and other notable cryptocurrencies is public-key cryptography. According to the cryptographic system, two different types of keys, such as public key and private key in pairs, can support crypto transactions. The public keys are important for identification and should be publicly visible. On the other hand, the private keys help in authentication and encryption, thereby implying that they are secret in nature. 

Read More: Newbie’s Guide: Private Key Vs Public Key – How They Work?

4. How do cryptocurrencies work?

The working of cryptocurrencies is also a common highlight in cryptocurrency questions and answers for beginners. Popular cryptocurrencies such as Ethereum and Bitcoin work by using three basic pieces of information. The first important aspect in the working of cryptocurrencies is the address related to a specific account. The second important piece of information is the balance you would use for sending and receiving funds. 

Another significant aspect for the working of cryptocurrencies would refer to the public and private keys associated with a specific address. You can generate a private key by generating a Bitcoin address which would also help in identifying the corresponding public key. Subsequently, you can use the address as a representative of the public key for different transactions. On the other hand, the private key offers control over ownership of the funds in a specific address.

Read More: Top 10 Cryptocurrencies That You Need To Know About

5. What are the reasons for the popularity of cryptocurrencies?

The reasons for popularity of cryptocurrencies also set the foundation for some frequently asked questions about cryptocurrencies. Interestingly, you can find various reasons for the popularity of cryptocurrencies. One of the most common reasons for popularity of cryptocurrencies refers to the assumptions suggesting that cryptocurrencies are the currency of the future. In addition, cryptocurrencies also remove banks and other financial intermediaries from focusing on reducing the value of money. 

Most important of all, the technology behind cryptocurrencies, i.e., blockchain, is the biggest draw for the future of crypto. Blockchain offers a decentralized system for processing and documenting transactions with better security in comparison to conventional payment systems. On top of it, the rising value of cryptocurrencies also encourages people to turn towards cryptocurrencies in large numbers. 

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6. Who controls cryptocurrencies?

The commonly asked cryptocurrency questions for beginners would also point towards the implication of control and ownership of cryptocurrencies. Blockchain does not allocate control to a single entity in the case of cryptocurrencies. However, the creators or developers of cryptocurrencies can set specific parameters such as rules for purchasing or selling cryptocurrency. 

On the other hand, users get the privilege of controlling or managing the day-to-day operations of cryptocurrencies in a distributed manner. In addition, the identity of owners is anonymous, and you could not find any solid regulatory framework for verifying ownership of cryptocurrencies. 

However, some countries are investing efforts in introducing some regulations in this area for countering illegal activities. The legal framework for cryptocurrencies could help governments in fighting off the concerns of terrorism financing and money laundering with cryptocurrencies. Furthermore, regulations could also strengthen control of governments over monetary policies with respect to cryptocurrencies.

7. Is it reasonable to invest in cryptocurrencies?

Investment in cryptocurrencies is also one of the notable highlights in cryptocurrency FAQs, especially for beginners. If you want to find whether cryptocurrencies are a good investment, then you should definitely know that they are volatile. Cryptocurrencies do not generate any cash flow like real currencies and are not stable. A currency should have stability which could help merchants and consumers in deciding the fair price for goods.

Bitcoin and many other popular cryptocurrencies have barely shown any sign of stability since their inception. For example, after rising to almost $20,000 in 2017, the value of Bitcoin dropped to almost $3200 in 2018. Now in 2021, Bitcoin has been successful in attaining record high levels. With price volatility as the main concern, it is quick to arrive at a conclusion about investments in cryptocurrency. 

8. How can I buy cryptocurrencies?

Another common entry among common cryptocurrency questions and answers would point out methods for buying cryptocurrencies. Beginners who want to learn about cryptocurrencies are also likely to express interest in owning and trading cryptocurrency. Interestingly, you could purchase some cryptocurrencies such as Bitcoin directly with fiat currency like US dollars. On the other hand, you might also find some cryptocurrencies which you have to purchase with Bitcoins or other cryptocurrencies. 

You can buy cryptocurrencies through a wallet, which is basically an online app for holding your crypto assets. Users generally have to create an account for a specific exchange and transfer actual money for purchasing cryptocurrencies such as Ethereum or Bitcoin. One of the popular examples of platforms to buy and sell cryptocurrency is Coinbase. The renowned cryptocurrency trading exchange helps you create a wallet and conduct cryptocurrency transactions easily. 

9. What are cryptocurrency wallets?

The interest in purchasing cryptocurrencies would subsequently lead you to cryptocurrency FAQs related to crypto wallets. The crypto wallets are basically platforms for secure storage of digital assets in comparison to exchanges. Users could hold a wallet through an exchange account or a custody wallet and even from outside the exchange. As a matter of fact, cryptocurrency wallets help in storing the private keys to your cryptocurrency on the blockchain. 

You can find two distinct variants of crypto wallets such as hot wallets and cold wallets. Users can access the hot wallets with connectivity to the internet through their desktops, mobile phones, or tablets. On the other hand, cold wallets store private keys to cryptocurrency of users in offline storage, thereby ensuring better security. However, you have to focus on the security of the cold wallet itself, which might be in the form of a USB device or paper. 

Also Check: An Exclusive List of Crypto Wallets

10. How can I start investing in cryptocurrencies?

You could also have some of the best questions about crypto dealing directly with investment in cryptocurrencies. Beginners have doubts regarding the best practices for investing in cryptocurrencies and need the best practices for doing the same. You can take the example of Bitcoin and start investing by joining a Bitcoin exchange and obtaining a wallet. 

After obtaining the Bitcoin wallet, you need to connect it with a bank account, and then you can place your Bitcoin order. Once you have Bitcoin in your account, you can invest it in liquidity pools, yield farming, or staking for earning passive income. On the other hand, some crypto owners could also choose to hold their crypto and wait for their prices to rise before trading. The key to successful investments in cryptocurrencies largely revolves around successful management of your Bitcoin investments.

Advanced Cryptocurrency Questions and Answers 

While the basic cryptocurrency FAQs are essential for beginners, you need to dive deeper into cryptocurrency concepts. The advanced FAQs on cryptocurrencies could help you find insights on many other aspects related to crypto. Here are some of the top cryptocurrency questions and answers which deal with advanced concepts in crypto.                              

11. What is ICO?

ICO is one of the important concepts you would come across in best questions about crypto. ICO or Initial Coin Offerings are basically a fundraising method used generally by startups and developers who want to launch new cryptocurrency tokens. Developers can collect money in crypto or fiat currency in return for the newly developed cryptocurrency. Buyers rely solely on the assumption that the new crypto token would be used on a large scale, thereby increasing its price. However, an ICO is different from IPOs, or Initial Public Offerings as investments in ICO do not guarantee an ownership stake in the company. 

Read More: ICO Vs IPO: What’s The Real Difference?

12. What is the master seed for crypto wallets?

The common framework for developing crypto wallets refers to the HD or hierarchical deterministic framework. It is the standard framework that facilitates the creation and management of Bitcoin addresses. The Extended Public Key of the wallet helps in generating public addresses for a wallet. Upon receiving an incoming payment on the public address, you would find a new address generated automatically. 

When you click on the receive action, you can find a display of the amount you have received. It is also important to remember in cryptocurrency FAQs that any individual could track the payment history when a user depends on the same address for receiving funds. However, the HD framework of generating addresses can improve privacy as you get a new address every time you expect payment. 

13. What are transaction fees in cryptocurrency?

The topic of transaction fees is also a common highlight in cryptocurrency questions and answers due to their significance. Each cryptocurrency transaction should be added to blockchain to ensure a successful and valid transfer. In order to add a transaction to a blockchain, you would need computational resources. 

Miners provide the required resources with their powerful computers featuring specialized hardware. The powerful computers of the miners serve as a vital portion of the network while also supporting the process of confirming transactions on the network. A cryptocurrency network gains many special, decentralized traits due to the work of miners in validating and confirming transactions. 

The miners receive financial rewards for investing massive volumes of computing resources and energy in supporting the network. Miners receive a block reward for adding a transaction to the blockchain alongside the transaction fees for verifying the transactions. 

14. What is the role of transaction fees in cryptocurrency?

While this question might relate directly to the previous question, you need to understand the importance of transaction fees in determining whether to accept a transaction or not. The fees included with transactions go to miners, who take responsibility for verifying and confirming transactions. 

With the help of higher fees, you have better chances of improving your transaction priority. However, low transaction fees would reduce the precedence of your transactions. Many people are worried about the concerns with low transaction fees in different cryptocurrency FAQs for obvious reasons. 

Low transaction fees might imply scenarios where miners do not consider a transaction worthwhile for validation. As a result, extremely low transaction fees can lead to rejected transactions. Furthermore, the design of cryptocurrency networks prevents users from objecting to the rejection of pending transactions. 

15. What is Bitcoin?

Beginners who are interested in learning about cryptocurrency are more likely to ask about Bitcoin in frequently asked questions about cryptocurrency. The answer to the question would point you towards two different identities of Bitcoin. One identity of Bitcoin is the network that helps in maintaining track of all transactions and balances of users. 

The second identity of Bitcoin refers to the currency which you can use as a unit of value for transactions. The Bitcoin network or Bitcoin blockchain helps in facilitating transactions among users. With the help of distributed consensus, the network supports the verification and confirmation of transactions. 

At the same time, the network achieves consensus through a massive global network of miners with high-performance computing resources. On the other hand, Bitcoin as the currency is basically the unit of value you can send and receive on the Bitcoin blockchain. 

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16. What can you find in a Bitcoin transaction?

One of the best questions about crypto would bring the limelight on how a Bitcoin transaction works. It is important to note that transactions serve as the backbone of the Bitcoin network and all Bitcoin transactions follow important precedents. Bitcoin transactions involve peer-to-peer exchanges between users without any intermediaries alongside the addition of new blocks to the blockchain. At the same time, Bitcoin transactions also involve miners, who are responsible for security of the network. 

Miners are also responsible for generation of new Bitcoin. The transactions on Bitcoin network feature cryptographically-signed inputs alongside outputs and network nodes for validating and confirming the transactions. In addition, Bitcoin transactions also emphasize certain prerequisites. The sending and receiving parties should have public keys alongside addresses on the internet. Furthermore, the sending party should have a private key for unlocking Bitcoin from a public address. 

17. What is UTXO?

Speaking of Bitcoin transactions, you would come across another notable topic in frequently asked questions about cryptocurrency with UTXO. UTXO basically means unspent transaction output, which points to the amount of digital currency you have remaining after completing a cryptocurrency transaction. Every Bitcoin transaction starts with the use of some coins for balancing the ledger. It is important to note that UTXOs are subject to continuous processing. 

In addition, UTXO also plays a crucial role in facilitating the beginning and completion of transactions on cryptocurrency networks. Upon confirmation of transaction results, the crypto network removes the spent coins from the UTXO database. However, you can still find details of the spent coins on the ledger. In simple words, one could think of UTXO is the change you would receive after conducting a cash transaction. 

18. What are the steps in a basic Bitcoin transaction?

The steps of a basic Bitcoin transaction also qualify as an important entry among cryptocurrency FAQs for obvious reasons. Now, let us assume a situation where Sally wants to send 1 Bitcoin to Ronald. Sally would start the transaction b creating a UTXO as a guaranteed form of payment. 

In the second step, Sally has to sign the transaction with her private key, followed by broadcasting the transaction to the Bitcoin blockchain. Sally must attach transaction fees with the transaction, and miners would check the fees for assigning transaction priority.

Miners on the Bitcoin network start verifying the transaction to confirm whether Sally has the one Bitcoin she intends to pay. Miners verify the UTXO of Sally and other UTXOs before packaging all UTXOs in a group, followed by broadcasting the block to other nodes. Upon verification by other nodes, miners pass the block for inclusion in the blockchain. 

19. What is Bitcoin Cash?

The best questions about crypto would also draw your attention towards Bitcoin Cash or BCH. Bitcoin Cash is basically a cryptocurrency developed as an outcome of the hard fork in the Bitcoin blockchain. The origins of Bitcoin Cash came from Bitcoin in August 2017 through a hard fork at block 478558. Bitcoin owners at the time of the fork received ownership of the same amount of Bitcoin cash in crypto. 

Users could access the equivalent amount of Bitcoin Cash into their wallets if they had Bitcoin in their wallets at the time of the form. The interesting thing about Bitcoin Cash is the fact that it is a completely supported, independent currency in your wallet. You can easily send, receive and store Bitcoin Cash securely alongside exchanging it for other cryptocurrencies. 

20. How is Bitcoin Cash different from Bitcoin?

The list of commonly asked cryptocurrency questions and answers would also refer to differences between Bitcoin Cash and Bitcoin. First of all, you should know that Bitcoin Cash evolved as a hard fork from the Bitcoin network. Bitcoin cash implemented a new improvement with an increased block size at 8MB. 

The primary objective of Bitcoin Cash for increasing block size focuses on ensuring faster transactions alongside including more transactions in every block. Most important of all, you should know that Bitcoin and Bitcoin Cash are two completely different cryptocurrencies. You cannot send Bitcoin Cash to Bitcoin addresses and vice versa. 

21. What is stablecoin?

Your search for the top cryptocurrency FAQs would also bring you to the topic of stablecoins. They are basically digital currency pegged against a stable reserve asset such as gold or fiat currency like the US dollar. The primary objective of stablecoins focuses on reducing volatility of cryptocurrencies in comparison to unpegged crypto such as Bitcoin.

As a matter of fact, stablecoins serve as a bridge between the worlds of fiat currency and cryptocurrency. The adoption of stablecoins depends largely on the distinct traits they offer apart from stability of investments. With the value of global accessibility, stablecoins also provide the benefits of speed, cost-effectiveness, and security. 

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22. What is Tether?

Tether is a popular example of stablecoin, and you could find beginners seeking its definition in frequently asked questions about cryptocurrency. Tether or USDT is a renowned stablecoin with its value pegged against the US dollar. By fixing a value at par with a popular fiat currency, Tether provides trustworthy protection from volatility in the crypto space. Interestingly, you should note that the original USDT implementation used the Bitcoin blockchain as foundation. However, there have been many other implementations of USDT on the Ethereum blockchain.

23. What are ERC20 tokens?

ERC20 tokens are also another common highlight you would find in commonly asked cryptocurrency questions and answers. The ERC20 token is basically a blockchain-based asset, which features the same functionality as Bitcoin, Bitcoin Cash, and Ether. However, ERC20 tokens are different from other cryptocurrencies is the fact that ERC20 tokens must be generated and managed on the Ethereum blockchain. In addition, ERC20 tokens also feature highlights like they can be stored and sent by leveraging Ethereum transactions and addresses. 

24. Is Ethereum same as Bitcoin?

From the first glimpse, one would reasonably assume that Ethereum is the same as Bitcoin. Although Ethereum is another distributed public blockchain network like Bitcoin, it moves beyond the focus on cryptocurrencies only. Ethereum places priority on execution of programming code in decentralized applications. 

You can think of it simply as a platform to share information throughout the world. In the case of Bitcoin, you could find only one application of blockchain technology. However, Ethereum allows users to leverage blockchain as the foundation of a massive global computational network. 

Read More: Bitcoin Vs. Ethereum

25. What are the best practices for investing in cryptocurrency?

The list of commonly asked cryptocurrency FAQs would also reflect on the apprehensions of beginners regarding investments in cryptocurrency. However, a selected set of best practices could help you in avoiding any unwanted circumstances. For example, you need to check the credibility of the developer or founding team behind a cryptocurrency before investing in it. 

You could also check for any other major investors participating in the project. Beginners should also check whether they would own a stake in the project or just cryptocurrency and tokens. In addition, the stage in which the project is in also plays a crucial role in verifying whether it is a good choice for investment. 

Bottom Line

The different cryptocurrency questions and answers highlighted here could solve many common doubts of people about cryptocurrencies. With massive value locked in the crypto landscape, it is reasonable to find increased interest in learning about cryptocurrencies. However, the common doubts about cryptocurrencies can hamper the learning experience of beginners. In addition, even experienced crypto enthusiasts might experience some doubts about using cryptocurrencies. Therefore, the FAQs can serve as a vital reference for everyone interested in cryptocurrencies. Learn more about the crypto space and explore new opportunities right now with us!

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Frequently Asked Questions about Cryptocurrency appeared first on 101 Blockchains.

Cryptocurrency is changing the way we perceive money. It has been changing many conventional precedents in the financial services industry and has caught the attention of governments, investors, technology professionals, enterprises, and the general public all over the world. The radical growth in popularity of cryptocurrency fueled the growth in cryptocurrency use. However, many people wonder about where cryptocurrency is stored. 

In the most basic sense, you can imply that cryptocurrency would obviously go into a crypto wallet. Therefore, the interest in learning about crypto wallet types has also been growing profoundly in recent times. People have concerns about the consequences of their selection of crypto wallets, as it is one of the most critical decisions before investing in cryptocurrencies. The following discussion provides a detailed overview of the types of crypto wallets you can use according to different requirements. 

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Why Should You Worry about Selecting a Crypto Wallet?

The foremost factor that might be striking your mind while reading this is the reason for doing the same. Why should you learn about the crypto wallet categories? One of the recent password leaks involved the exposure of almost 8.4 billion passwords. The leak included various old passwords as well as many current passwords for email and bank accounts. So, when you think of cryptocurrency and the money involved in it, it is quite important to think of security. 

How will you store cryptocurrency? What will be the ideal method for using cryptocurrency to minimize loss? Could you get the advantage of security for storing your crypto assets? The answers to all these questions point out a clear impression of the different types of crypto wallet. So, you need to understand crypto wallets carefully for identifying the suitable alternative among available options for your requirements.

Also Read: Blockchain Vs Cryptocurrency: Don’t Stay Confused!

What are Crypto Wallets?

Before you try to find out the answers to “What are the different types of cryptocurrency wallets?” you need to understand crypto wallets. First of all, you need to keep in mind that ownership of cryptocurrency is different from ownership of traditional currency. Cryptocurrency is not available in the physical form and is rather considered as a group of codes. On the other hand, cryptocurrency is stored on blockchain with a specific address. Users can leverage the public key to help other users in sending crypto assets. At the same time, you can use a private key for unlocking the crypto assets in the wallet. 

You can think of a crypto wallet as a traditional wallet required for maintaining the safety of your funds. However, different crypto wallet types provide improved security measures in comparison to traditional wallets. As a matter of fact, crypto wallets never store the actual cryptocurrency. On the contrary, they ensure the storage of keys to the crypto assets. The crypto wallet could hold the information for connecting individuals to funds to ensure their safety.

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Types of Crypto Wallets

When you purchase crypto from an exchange, you can technically store the crypto where you purchased it. If you purchase small amounts of cryptocurrency, then you can find it in your accounts initially, like a bank account balance. This is one of the basic crypto wallet categories you get by default when you purchase cryptocurrency. Most important of all, the wallets on the exchanges will also offer certain layers of security. 

For example, cryptocurrency exchanges have insurance policies for safeguards against losses. In addition, funds are generally stored in the accounts with FDIC insurance. However, these security measures are sometimes not enough for addressing your concerns of safe storage for cryptocurrency. This is where you would need to find the suitable types of crypto wallets which can offer security. Let us take a look at the common types of wallets you can find for crypto assets. 

Watch This Video To Know About Different Types of Crypto Wallets Right Now!

• Hot Wallets

One of the foremost crypto wallet types brings hot wallets to the discussion. Hot wallets are basically the wallets that connect to the internet and generally offer lesser security. On the other hand, hot wallets offer better accessibility due to their connection with the internet. Even if hot wallets are vulnerable to fraudsters and hacker attacks, they are highly user-friendly. 

• Cold Wallets

Cold wallets are another prominent answer to ‘What are the different types of cryptocurrency wallets?’ next to hot wallets. They are basically specific variations of cryptocurrency wallets that are designed for cold storage. Cold storage implies that the wallets store the crypto tokens of users in offline mode. As a result, they serve as vaults that you can use for everyday transactions. Interestingly, there are some types of cold wallets that connect to the internet even while retaining their basic working functionality. 

Therefore, it is quite clear that people with a larger amount of crypto assets would find better benefits with cold wallets. However, a combination of both cold and hot wallets could present better value advantages for crypto users. For example, a large share of funds could be stored securely in a cold wallet, with the hot wallet allowing better flexibility for funds. So, a hybrid approach with the two crypto wallet categories blended together could offer improved security alongside flexibility. 

Read More: Beginner’s Guide: What Is A Cryptocurrency Fork?

Types of Hot Wallets

Generally, you would find all the software wallets in the hot crypto wallet types. The most common types of hot wallets include mobile wallets, web wallets, and desktop wallets. 

• Desktop Wallets

Desktop wallets involve downloading an application to your desktop or laptop. The application will help in generating a data file for holding the keys of the users. Users should also create a password for accessing the keys. Desktop wallets offer the advantage of ownership of your key, albeit with risks of physical damage or malware/virus infection. 

• Web Wallets

Web wallets are one of the prominent types of crypto wallets in the category of hot wallets. You can access the web wallets through a web browser without the need for downloading any specialized software or application. With the help of browser access, web wallets ensure accessibility for crypto assets from any location with your password, a device, and a web browser. In the case of web wallets, the website would have ownership of the keys to your crypto assets. However, alternatives like multi-sig wallets offer a certain level of control to users over their crypto wallets. 

• Mobile Wallets

Mobile wallets are also one of the crucial crypto wallet categories in hot wallets with functionality similar to desktop wallets. You have to install a mobile application on the phone, which would serve as the hot wallet. Mobile wallets present better flexibility for exchanging funds while presenting some security risks. 

Also Read: Top 5 Blockchain And Cryptocurrency Books 

Types of Cold Wallets

The next important point of discussion regarding crypto wallet types would refer to the variants in the cold wallet category. You can find two common variants of cold wallets such as paper wallets and hardware wallets. 

• Paper Wallets

The name gives a lot away about paper wallets when it comes to understanding them as one of the types of crypto wallets. Paper wallets are nothing but physical pieces of paper. The paper must contain all the data you would need for accessing the cryptocurrency. Cold wallets generally offer additional security. 

However, the same does not hold strong in the case of paper wallets. In event of losing the paper document, you have the risk of losing the crypto assets in the wallet. Furthermore, paper wallets also present the setbacks of limitations in sending partial funds easily. In addition, the time-consuming nature of transactions with paper wallets also presents formidable setbacks for their use. 

• Hardware Wallets

Hardware wallets, on the other hand, truly define the principles of designing a cold wallet. They offer security by completely avoiding the online exposure of private keys. Hardware wallets save private keys on a physical device in an offline environment and work just like a flash drive. Hardware wallets are one of the most easy-to-use crypto wallet types in cold wallets because you can connect them easily to computers or any other device by using a USB drive. 

Even if the device is connected to the internet, the private key does not leave the device. The device would request the transaction details and provide validation for the data, thereby completing the transaction. Then, the transaction details go to the online network, where it is documented. Some of the popular hardware wallets which are in use presently include Trezor, Ledger, and many others from different manufacturers. 

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Bottom Line

The understanding of different types of crypto wallets is quite essential for sensible investment in cryptocurrencies. One of the formidable aspects which have been clearly evident in recent times in the domain of cryptocurrency is volatility. At the same time, security is also emerging as a vital concern with respect to investments in cryptocurrency. 

However, a detailed overview of crypto wallets and their working alongside different variants helps users in finding suitable choices according to their requirements. The common variants of crypto wallets, hot wallets, and cold wallets, have their share of advantages and setbacks. You need to find the one which suits your needs best for dealing with cryptocurrencies. Learn more about crypto wallets and make the right decision now.               

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Different Types of Crypto Wallets – Explained appeared first on 101 Blockchains.

Blockchain technology offers a unique system for carrying out transactions without the scope for reversal or modification. Parties could engage in digital transactions on the internet with high security, albeit without the involvement of any third party. As the popularity of blockchain continues to increase, enterprises are considering the adoption of this futuristic technology.

Subsequently, the demand for skilled blockchain professionals has increased, thereby leading to increased attention on blockchain certification. The choice of certification and the potential future of your career in blockchain are quite interrelated to each other. Therefore, it is reasonable to have some clarity on certain questions to avoid any confusion at later stages. 

Apart from the fundamental blockchain questions, aspiring enterprise blockchain professionals could have many certification-related questions. The proper resolution of such questions is essential to foster the confidence of aspirants in appearing for blockchain certifications. The following discussion helps you discover the answers to the top questions you might have before taking a blockchain certification course. If you want to build your career in blockchain, then read on to find answers to your doubts. 

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Questions You Must Know Before Pursuing a Blockchain Certification

The popularity of blockchain is escalating gradually, and so is the interest of people and enterprises in the technology. Many enterprises are seeking enterprise blockchain professionals in different roles to support their digital transformation. You could also capitalize on the opportunity to become a certified blockchain professional and reap exceptional career benefits. However, there are many questions which trouble aspirants with respect to blockchain certifications. Here are some of the commonly asked questions by candidates pursuing a blockchain certification course.

1. What are the general prerequisites to enroll for a blockchain certification?

One of the first questions that come up when you want to pursue a blockchain certification deals directly with prerequisites. Candidates are generally worried about the specific prerequisites for the different certification exams. However, you don’t need to fulfill any special requirements unless mentioned for a specific blockchain certification course. 

With the fundamental knowledge of blockchain concepts, you can try entry-level certification courses easily. For example, once you complete 101 Blockchains free blockchain course and learn the fundamentals, you can easily enroll in the CEBP certification. On the other hand, advanced and intermediate-level certification courses might require specialized knowledge in certain areas such as decentralized applications or smart contracts. Generally, candidates are required to have fluency in the following areas to have better chances at certifications for blockchain-based roles. 

• Distributed systems and networking
• Data structures
• Cryptography
• Blockchain security
• Distributed ledger expertise
• Interoperability
• Capability for driving business outcomes

Also Check: Why The Demand For Blockchain Skills Is Increasing In 2021

2. How will a blockchain certification help in elevating my professional career?

A certified blockchain professional could access a wide array of lucrative employment opportunities in present times. The most important thing about certification is the value it brings by communicating the efforts of a candidate directly. However, earning the certification is not a guarantee for obtaining the job role or pay stub you wanted so dearly.

On the contrary, you have to work on identifying opportunities to boost your professional blockchain career with your certification. The interesting news for aspiring blockchain professionals is the facility of digital certificate badges. Many certification providers have introduced the feature of digital credentials that people and potential employers could verify easily. 

Aspiring blockchain professionals could use the digital badge for showcasing their credentials on their CVs. The digital badge could also be integrated into the LinkedIn profile, thereby enabling better visibility of your profile. Make sure that people know about your achievement with the digital badges for your hard-earned certificates.

3. What is the validity of a blockchain certification?

One of the most notable additions among queries other than blockchain questions in the minds of aspiring certification candidates refers to validity of the certification. Candidates want to find out the validity of the results of their efforts in achieving a specific certification. Will it be valid for a few years or for a lifetime? 

As a matter of fact, certifications are not anything like a license or a degree. We have been witnessing rapid advancements in the field of blockchain over the years. With a radically changing business environment, blockchain certifications upgrade objectives from time to time for adapting to new environments. 

The value of certified professionals is higher because of the need to work on the renewal of certifications. You have to renew your certifications at a specific interval of time to keep them updated. Lapsed certifications would basically hold no value as employers could not be sure of your capabilities for the existing job roles and responsibilities. However, the best thing is 101 Blockchains certifications come with the unlimited, lifetime validity.

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4. How will the blockchain certification enhance my CV?

The benefits of a blockchain certification for your CV are beyond any doubt. Certifications can add value to your CV by highlighting your proven expertise and knowledge in blockchain. Most importantly, certifications on your CV showcase your worth as a valuable asset for the employer. Blockchain certifications serve as critical highlights in the professional portfolio of an aspiring candidate. Certifications highlight the specific skills an individual has for addressing the business objectives of the employer by leveraging blockchain technologies. 

The next most crucial value advantage of adding blockchain certifications to your CV refers to the abilities of the candidate to explain blockchain concepts to business executives. Even if blockchain has gained prominent levels of attention in recent times, enterprise executives are still struggling with blockchain concepts. A candidate with a blockchain certification on their CV might be the best choice for such enterprises to familiarize with blockchain easily. 

Also Read: Top 20 Blockchain Engineer Interview Questions And Answers

5. Does the blockchain certification create value for multiple job roles?

The different types of blockchain certifications available presently are targeted towards various significant enterprise blockchain roles. At the same time, one of the top blockchain questions that come to the mind of aspirants is the value of certifications for different roles. Do you want to be a blockchain developer? You can pursue the blockchain developer certifications. Do you want to work in the domain of security? You could choose the enterprise blockchain security certifications in this case. 

However, if you are looking for more than roles in development and security, you need to know that blockchain has been crucial in transforming various conventional enterprise processes and operations. Blockchain certifications could create value for multiple job roles by strengthening your knowledge in different emerging technical concepts. Certifications could ensure that you are fluent in cryptography, distributed systems, and decentralized application development.  

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6. Does the certification program include the related training program?

Most of the blockchain certifications include an accompanying blockchain certification course to help candidates prepare for the exam. On the other hand, there are many concerns regarding the effectiveness of the certification training programs. For example, you can find the training courses for blockchain certifications on certification and training platforms such as 101 Blockchains. 

Since the platform itself offers the certification and related training program in one place, it is reasonable to expect promising effectiveness in training for the certification. However, you need to be careful in the selection of the related training program for specific blockchain certifications. 

First of all, you have to ensure that the certification training course covers all the important certification exam objectives. In addition, the training course must have expert instructors with the facility of interactive exercises and real-world practical exercises. Furthermore, the training program must also offer the support of subject matter experts at all times during your learning journey.   

7. How much time will I get to complete the certification? 

The time for completing a specific blockchain certification varies according to the certification provider. In most cases, you would get around one to two months to complete the certification. For example, 101 Blockchains offers the CEBP certification, which you can complete in 5 weeks, along with the training course. It is important to remember that blockchain certifications require specialized training for all the exam objectives. You would need to invest a lot of time in completing all the exam goals comprehensively. 

Furthermore, the time required for completing the training course also extends with the focus on practical use cases and interactive exercises. Furthermore, candidates would also need practice tests as a valuable method for determining how well they are prepared for the exam. The proper use of the time invested in preparing for your desired certification could lead to successful results in certifications.  

8. Will I get expert support for my queries after enrolling in the blockchain certification?

The concerns of support with a blockchain certification course are also one of the prominent highlights candidates would look for before enrolling for a certification. Blockchain is a new concept and a challenging one indeed. So, you would need the best expert support at your disposal at all times while preparing for blockchain certifications. It is also important to remember that the learning preferences and comprehension capabilities of people differ considerably. So, many candidates are likely to come across doubts regarding concepts that they can’t understand or the ones which are too complicated. 

In such cases, the support of a subject matter expert can play a crucial role in resolving the troubles of candidates. Subject matter experts have profound levels of knowledge in the specific domain of blockchain covered in the certification exam objectives. The insights of subject matter experts can offer some credible insights to support your preparations. 

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9. What is the average salary of a certified blockchain professional?

The salary of a certified blockchain professional is one of the prominent doubts of candidates before enrolling for blockchain certifications. As of now, the lucrative salary estimates for certified blockchain professionals are one of the foremost reasons for pursuing blockchain certifications. 

It is important to note that the certification does not guarantee a lucrative salary package for the certified candidates. On the contrary, you would have to develop experience in the specific enterprise blockchain role of your choice. The breadth of experience of a certified candidate plays a crucial role in achieving prolific salary estimates for certified blockchain professionals. 

In addition, the salary of a certified blockchain professional also differs considerably according to the location of the job. Furthermore, the salary of blockchain professionals with certifications differs considerably according to the job role. For example, the annual average salary of blockchain developers is around $120,748.     

10. Is it good to go for a blockchain certification while I’m a fresher?

Almost everyone who has achieved success in their respective fields was once a beginner or a fresher. The list of blockchain questions in certification exams can be quite intimidating for a fresher. However, you can overcome your initial apprehensions and use the resources at your disposal to prepare for the exam. You should go with blockchain certifications that come with relevant and comprehensive training courses. Furthermore, make sure that you choose a training course with qualified industry experts and instructors. 

A fresher could start small by covering the fundamental topics on blockchain before proceeding towards training. The guidance of experts and the commitment to build your blockchain career can work wonders. With the right amount of effort and dedication, even a fresher could qualify for blockchain certifications with utmost ease. Just find the right platform and get started with blockchain training to tailor a lucrative blockchain career path. 

Not sure how to build your career in enterprise blockchains? Enroll Now – How to Build Your Career in Enterprise Blockchains

Final Words 

The different types of blockchain questions you should know before enrolling for blockchain certifications give you a credible advantage. How? You could learn the answers to some common doubts regarding blockchain certifications. For example, you can know what to do with your certification once you have earned it. In addition, you could also learn about the actual value of the certification for your career in blockchain. 

Furthermore, the technical questions also test the depth of your knowledge on blockchain before you try to attempt certification. Clearing all your doubts before the certification exam not only gives you a boost in confidence but also for your career aspirations. Find the best enterprise blockchain certifications tailored to your career goals with 101 Blockchains right now. The three different enterprise blockchain certifications on 101 Blockchains could give a new shape to your career. Learn more about them and reinvent your career.  

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The post Top 10 Questions You Should Know Before Enrolling for a Blockchain Certification appeared first on 101 Blockchains.

Many people do not have a clear idea regarding the potential impact of IoT. At the same time, there are conflicting opinions regarding the actual value of IoT and the hype surrounding IoT. In addition, many skeptics also point out the possibilities for stalled growth in the IoT landscape. 

On the other hand, the evolution of IoT has reached a point where it is being considered as the next biggest frontier of technology. So, what is the world missing in anticipating the true potential of IoT? The answer to this question is clearly evident in Moore’s law. The following discussion helps you obtain a detailed impression of the law and how it relates to the domain of IoT.

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Will the IoT Hype Last Long?

One of the foremost things about new technology is the hype created around it. In most cases, the initial hype regarding a new technology does not match with the content in it. The same has happened in the case of IoT due to the concentrated focus on new devices rather. Therefore, there has been no attention to the interaction between devices, applications, and data or the possibilities for integration of all the devices and systems. At the same time, devices will also play an important role in expanding the future growth of IoT. This is where you would find Moore’s law IoT relationship. 

The increasing number of IoT devices and the introduction of new device form factors could work as a trigger for organizations to work on the management of data flow between IoT devices and applications. The new IoT landscape should not focus on presenting information to users from a back-end or cloud system. On the contrary, the definition of an application should be based on the interaction of devices, apps, users, and data. Moore’s law formula is the concept that offers the necessary support for explaining the future prospects of IoT.

Develop your IoT knowledge beyond the definition of IoT with introductions here

Definition and Origins of the Law

If you want to know why Moore’s law is important, then you need to understand its definition and its origins. The law is basically an observation that suggests that the number of transistors bundled in a computer chip would double up at a gap of every two years. An increase in the number of transistors would empower growth in processing power. In addition, the law also implies the possibility of a reduction in cost per transistor with the increasing number of transistors. Therefore, the law states that the processing power of computer chips would grow, and the cost of each transistor would decline in an exponential manner. 

Over the last five decades, Moore’s law has been one of the important tools for accurate predictions regarding developments in computer technology. Co-founder of Intel, Gordon Moore, came up with the concept around 1965 with his prediction that the number of transistors in a computer chip would reach almost 65,000 by 1975. Subsequently, Moore revised his assumptions with new data suggesting that processing power would double up at an interval of two years. The law has been serving as a benchmark for computer engineers and scientists to come up with new advancements. 

However, many assumptions point out the need for finding answers to ‘Is Moore’s law still valid in 2021?’ which need clarification. The number of transistors for each chip has gone from 3500 to almost 50 billion since the origin of the law. On the other hand, the growth in capacity predicted in the law would ultimately lead to a wall. It is clearly evident that transistors would become so small after a specific point in time. As a result, the impact of quantum physics could restrict the abilities of transistors for proper functioning. So, is Moore’s law still relevant for 2021?

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Moore’s Law Formula

The next important thing to develop a basic understanding of the law refers to Moore’s law formula. Since you are looking for a law, it is reasonable to seek a quantified representation of the law. It is important to know that Moore did not introduce a specific equation or formula for his concept. Therefore, you can end up with confusion while trying to find out ‘what is Moore’s law formula?’ to understand it. The simplest formula for explaining the law is as follows.

Processing Power in Future = Existing Processing Power. 2n

Here ‘n’ represents the number of years required for developing a new microprocessor, divided by two. Let us take an example to understand the law better. The Intel 8008 had around 3500 transistors in 1972. After 10 years, how many transistors can you expect in the microprocessor? In this case, the time difference is 10 years, thereby implying that ‘n’ will be 5. Therefore, you can use the formula as follows,

Processing Power in Future = 3,500. 25

So, you could find out the processing power in the future at 112,000. Intel released the 286 processor in 1982 with around 134,000 transistors, thereby implying closeness to Moore’s prediction.

Also Read: Blockchain With IoT – Top Blockchain IoT Use Cases 

Moore’s Law and IoT

Technology engineers and specialists have been able to leverage Moore’s law effectively in the domain of semiconductors. The law has definitely helped in stuffing up massive computing capabilities in desktops, wearables, smartphones, and laptops. The growth of IoT has prompted the proactive use of the law by Moore for delivering a value model for new technologies and capabilities. Just like the explanation for the number of transistors on an integrated circuit, the law also offers a credible explanation for the faster growth of IoT-supporting networks. 

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Validity of Moore’s Law in Present Times

The association of the law by Gordon Moore with IoT started immediately after establishing the concept. IoT started with the integration of computing capabilities in machines or embedding. Embedding offered the exceptional capability for controlling the machines alongside extracting data from them. The second phase in the evolution of IoT introduced cloud computing with dramatic changes in scalable computing power. 

Cloud computing enabled cost-effective and flexible access to networking, storage, and servers. Now, the domain of IoT is in its third stage of evolution, with new IoT devices capable of generating data and becoming connected. In addition, IoT devices are developing capabilities for offering previously inaccessible information by leveraging big data analytics.

As the demand for interconnectivity among different types of IoT ecosystems increases, the answer to ‘Is Moore’s law still valid in 2021?’ becomes clear. Many people do not understand the promising revolutionary implications associated with the law. It implies that we can see more IoT devices at lower cost and with better pervasiveness alongside the development of new and innovative ways for using IoT. 

Must Read: Top 5 AI-Blockchain Projects One Must Know

Impact of Moore’s Law on IoT

In order to understand “why is Moore’s law important for IoT,” you need to understand the implications it has for IoT. First of all, the law implies that people could invest in IoT devices with low costs since the initial cost of IoT devices would drop. At the same time, you will have sustainable revenues. The decrease in initial costs also removes the barrier to entry while ensuring the involvement of more people in the IoT domain. Without any changes to the law, the IoT landscape could lead to the opening of a massive emerging market. 

Moore’s law IoT relationship would also imply the possibilities for the creation of massive secondary markets for the IoT asset exchanges. The exponential growth in IoT devices would offer a formidable boost for tokenization and trading of assets in IoT ecosystems. 

As a result, we can look at a future that implies possibilities for people earning regular income with IoT assets. The radical adoption of IoT devices should not instill the fear of automation. On the contrary, the growth in the number of IoT devices should actually serve as an opportunity. 

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Factors Affecting Moore’s Law Implications in IoT

The importance of Moore’s law in the Internet of Things would stay relevant only with the attention to three distinct factors. As of now, the interrelated forces of power, size, and heat present notable doubts regarding the shrinking of the size of transistors. In addition, many assumptions also point out the impractical nature of shrinking transistors or chips beyond a certain limit. On the other hand, chip pathways could not become shorter than a molecule due to physical limits. So, it is important to look for credible solutions such as multicore microprocessors or stacked semiconductors. 

Final Words

As the world warms up to the adoption of IoT devices and networks, Moore’s law becomes more relevant than ever. The law provided a strong foundation for the Internet of Things many decades ago. It was a functional tool for understanding the true potential of enhancing computing capabilities in IoT ecosystems. Most important of all, the law will be valid for a long time from now. 

However, it does not focus only on validating the possibilities for increasing the number of IoT devices to billions. The law changes the definition of applications in IoT and can set effective benchmarks for digital transformation in the future. Learn more about IoT right now and explore its full potential. 

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The post Moore’s Law and the Internet of Things (IoT) appeared first on 101 Blockchains.

The substantially growing popularity of stablecoins in recent times has been a prolific instrument for encouraging the interest of learners in the traits of stablecoins. Why? If you are following the crypto space, then you might want to reflect on the details of the stability mechanism. The following discussion would help you find the important traits of stablecoins for understanding them better. 

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Why Should I Learn about Stablecoins?

Before finding out the features of stablecoins, it is important to know what stablecoins are and where do they fall in the existing hierarchy of money. Stablecoins are just digital assets focused on managing volatility through tracking the value of assets with better stability, such as fiat currencies. 

The continuous fluctuations in the cryptocurrency prices in a short duration of time showcase the profound levels of volatility. In the case of stablecoins, you don’t have to worry about volatility. So, you can basically find a lot of similarities between stablecoin traits and that of other cryptocurrencies. However, the most important factor responsible for the uniqueness of stablecoins is evident in its stability mechanism. 

You could develop a better impression of the features of stablecoins by understanding where they fall in the existing hierarchy of money. Stablecoins come in the claim-based money category with the assurance of fixed value redemptions. In addition, they also share the characteristics of privacy and decentralization. 

Furthermore, stablecoins also feature similar traits as that of Constant Net Asset Value (CNAV) funds, thereby implying that customers could get their money back in return for stablecoins. So, you can notice a few stablecoin features clearly in the traits considered for their classification in the money hierarchy. 

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Notable Features of Stablecoins

Stablecoins are basically cryptocurrencies with the added advantage of a stability mechanism. Therefore, stablecoin traits are quite similar to that of cryptocurrencies. Prior to an overview of the important traits of stablecoins, let us reflect on the general features you can find with stablecoins. 

• Privacy 

Stablecoin transactions are associated with a random arrangement of characters rather than linking with the identity of the owners. You could not associate the ownership of a stablecoin or related contracts with organizations or individuals. Stablecoins do not have any association with company-related data or individual data, thereby enhancing their abilities to offer privacy. 

• Security

One of the most crucial stablecoin features refers to the security they offer. You can store stablecoins in virtual wallets and ensure their security by using a private key. As a result, you can clearly notice that the stablecoin holder only could access the associated funds. In addition, users could also leverage advanced encryption technology for their storage devices to enhance security levels. 

• Ease of Usability

Stablecoin holders could use them by newly emerging tools and services that allow faster conversion and exchange of stablecoins into fiat currency. As a result, they can enable funding of currencies directly through a user’s virtual wallet through conversion and exchange solutions. 

• No Intermediaries

The lack of intermediaries is one of the significant features of stablecoins. Just like cryptocurrencies, stablecoins remove the fees and limitations that come with governmental control, regulations, and other centralized authorities. However, unlike cryptocurrencies, stablecoin owners have the assurance of protection due to backing against stable assets like fiat currencies.

• Decentralization

Another crucial trait of stablecoins is decentralization, which is one of the basic highlights of a stablecoin design. You don’t have any authority to control the flow of stablecoin. In addition, stablecoin exchange is not restricted to one place, thereby avoiding possibilities of disruptions after malicious hacking attempts. All stablecoin holders in the network have the transaction data stored, thereby ensuring dispersal of transaction data throughout the network. 

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Unique Traits of Stablecoins

While these are the general features you can find in stablecoins, you might still be wondering about ‘what is the most important trait of a stablecoin?’ and the possible answers. The distinct traits of stablecoins primarily refer to the aspects which help in ensuring stability. Here are some of the notable ways in which you can identify the distinct features of stablecoins.

• Unit of Account

The foremost aspect in understanding the way stablecoins offer stability is to know how they work as a unit of account. The pegging mechanism is highly significant for establishing the pricing in case of stablecoins. Therefore, stablecoins have the potential to foster a new approach towards becoming an independent unit of account worldwide. Some of the promising examples of such applications are evident in a fixed amount of a desirable subject like water, time, or minerals being monetized. 

• Medium of Exchange

Your search for answers to ‘what is the most important trait of a stablecoin?’ can end with understanding how stablecoin could encourage the adoption of cryptocurrencies. Stablecoins can serve as an efficient medium of exchange while reducing the risks associated with volatility.

As a result, they can provide effective improvements in the convenience of the financial operations of an enterprise. At the same time, stablecoins also feature improved predictability along with ease of cross-border transactions. The trait of stablecoins to serve as a medium of exchange is highly significant in fostering the scope for their long-term adoption. 

• Store of Value

The list of features of stablecoins could remain incomplete without considering their ability to serve as a store of value. Stablecoins are slowly turning into stores of value over the course of time, especially because of the limited volatility levels associated with them. Most important of all, the stablecoin traits as a store of value ensures that they could offer flexible access to generally used store-of-value items like currencies, assets, and commodities. Furthermore, stablecoins could also leverage their store of value feature for winning the trust of depositors. 

Read More: A Complete List Of Stablecoins

• Interoperability with dApps

The next important addition among stablecoin features would refer to the flexibility for using stablecoins with other dApps. Businesses using smart contracts could use stablecoins for improved predictability of operation costs. At the same time, the interoperability of stablecoins with decentralized apps or dApps could also offer better prospects for infrastructure management. Stablecoins offer ease of programming, and you can tailor stablecoins in accordance with the needs of users or enterprises.            

• Performance Measurement

Another prolific entry among the stablecoin traits would refer to the accuracy in financial performance valuation. Stablecoins take away the volatility and ensure promising improvements in accuracy for the assessment of the performance of projects. 

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What is the Most Important Feature of a Stablecoin?

The whole assortment of features of stablecoins shows the possibilities of leveraging them in various ways for strengthening the prospects for a brighter future for the crypto world. Stablecoins offer the most important feature of stability and have been tailored primarily for managing the volatility of digital assets. You need to note that stablecoins have been tailored for working as a store of value in the distributed ledger technology or the blockchain ecosystem. 

As a result, they can offer the value of relief from administrative limitations and high fees. Basically, stablecoins have the capability of serving as a bridge between the conventional financial systems and DLT markets. How? Stablecoins are capable of offering payment methods for both worlds with a higher range of similarities. In addition, the stablecoin traits are also serving unique advantages in use cases for facilitating payments within traditional financial systems. 

Are there any setbacks of stablecoins?

One of the most important questions regarding the features of stablecoins brings the limelight on potential risks associated with them. Stablecoins obviously have a lot of promising features which can transform conventional financial systems, processes, and infrastructures altogether. However, stablecoins also share some of the risks that are related to other cryptocurrencies. 

Generally, the issues of regulatory uncertainty and cybersecurity emerge as some of the notable risks with stablecoins. For example, the security of algorithms used for maintaining stablecoin value is highly crucial. In addition, stablecoin is also associated with certain risks associated with the storage and maintenance of assets backing the stablecoin. So, it is clearly evident that stablecoins have quite a fair share of setbacks alongside some interesting features. 

Also Read: Key difference between Stablecoin and Bitcoin

Final Words

The arrival of stablecoins has sparked immeasurable interest in the features of stablecoin and how they work. Stablecoins introduced the much-needed stability in the cryptocurrency world to show how crypto can also serve as a vital instrument for financial exchanges. The notable traits of stablecoins have similarities with cryptocurrencies, as you can find decentralization, privacy, and interoperability with dApps. However, stablecoins are different from other cryptocurrencies by the unique pegging mechanism which establishes them as a store of value. 

Therefore, you can easily notice that the stability mechanism is the most important feature in a stablecoin. As the world opens up gradually to the concept of crypto, stablecoins can serve as a vital push to the adoption of cryptocurrencies. Enterprises can capitalize on the element of trust due to stability and discover new ways for digital transformation with crypto.

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While NFTs have been encountering profound challenges in their growth, they have also emerged as prolific instruments for the monetization of intellectual property and digital assets. At the same time, NFTs have also been considered efficient tools for the verification of the authenticity of physical assets on the blockchain. With the staggering potential for value in NFTs, it is important to reflect on non-fungible token use cases for understanding NFTs comprehensively. The following discussion helps you discover the top use cases of NFTs with notable real-world examples. 

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How NFTs Came to the Limelight?

NFTs are unique cryptographic assets that are created, stored, and traded on blockchain networks. As of now, the preferred choice of a blockchain network for NFTs is Ethereum. However, many other blockchain platforms would soon become available for minting NFTs. The non-fungibility of these tokens makes them unique, and they cannot be interchanged with each other. Conversion of real-world assets into digital assets ensures improved efficiency of processes. 

At the same time, NFTs could also establish better platforms for easily verifying the authenticity and scarcity of information on different digital platforms. The market cap of almost $2 billion for an industry in the first quarter of 2021, which started in 2014, is definitely commendable. Therefore, it is reasonable to wonder about the use of NFT in the real world. How would businesses make the most of unique benefits with NFTs?

Must Read: Types Of Non-Fungible Tokens – A Definitive Guide

Top Enterprise Use Cases of NFTs

The applications of NFTs have established some great examples of improvement over legacy systems. While many are quick to assume that NFTs are only meant for digital art, there is a lot to the world of NFTs than we imagine. There is no doubt that the growing interest in NFTs is largely due to the recent lucrative sales of digital artworks as NFTs. 

However, it is important to know how NFTs can work in other applications in the real world. The feasibility of different types of NFT use cases could support the large-scale adoption and growth of the domain of NFT. Here are some of the prominent enterprise use cases of NFTs which can improve your understanding of their potential.

• Music & Social Media       

The foremost answer to ‘what are the use cases of NFTs?’ will obviously take you to the world of music. Content creators have the most favorable tool in NFTs for removing intermediaries between them and their followers and fans. Furthermore, NFTs can also serve as effective tools in offering consumers a unique purchasing experience. For example, an artist could mint only 100 select copies of their latest song as NFTs and put them up for auction. Buyers would be eager to pay the highest price for owing access to these exclusive pieces of music as NFTs.

The most striking aspect of the use of NFT in music reflects on the ownership rights of artists. As the creators of NFTs, music artists could earn royalties on every subsequent re-sale of the NFTs of their work. In addition, they could also easily prove the authenticity of their ownership on the blockchain. The social media industry is also another example of using NFTs for creating social awareness. Furthermore, many notable brands are adopting NFTs as instruments for their marketing efforts on social media. 

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• Intellectual Property and Patents

Patents easily qualify as an illiquid asset of an organization, especially because they fall in the category of intellectual property. The implementation of NFTs for patents could help in the tokenization of patents. As a result, patent owners could easily discover profitable avenues for the commercialization of their patents. 

Interestingly, the non fungible tokens use cases for patents also enable open, highly secure, and easily accessible trading environments. In addition to patents, organizations could have multiple assets which are associated with intellectual property rights. Fractional ownership of an asset could support the sharing of IP rights among different buyers. Consequently, enterprises could also leverage fractional ownership for establishing additional revenue streams. 

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• Goods & Supply Chain

Blockchain can be a reliable technical support for the goods & supply chain industry. Many notable organizations such as Amazon have already started using blockchain for tracing their product’s journey through the supply chain from point of origin to the customer. 

The transparency and immutability traits of blockchain can provide the ideal answer for ‘what are the use cases of NFT?’ for the logistics sector. Transparency and immutability ensure the reliability and authenticity of the supply chain data. Customers are increasingly becoming aware of storage locations and duration of storage for perishable goods such as food and other commodities. 

The use of NFT in the goods and supply chain management sector could introduce the added value of representation for unique products. NFTs can help in tracking products when you have metadata pertaining to their origin, journey as well as warehouse locations. 

• Digital Fashion

Notable luxury brands such as Louis Vuitton, Gucci, and many others have expressed confidence in the potential of NFTs. Fashion brands want to leverage NFTs as a vital tool for brand promotion. The distinct traits of NFTs could help the leading fashion brands help in strengthening the trust of customers. 

NFT use cases in the world of fashion could also encourage improved safeguards for product authenticity. Renowned luxury brands continue to incur huge losses in revenue and brand reputation due to fraudulent copies of their products. With NFTs, customers can be sure of having access to original products of the brands they purchase from. 

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• Environmental Social Governance 

Environmental Social Governance of ESG is also one of the foremost use cases of NFTs. World leaders have called for reducing the carbon footprint, and the use of NFTs could support the cause productively. Most important of all, the non fungible tokens use cases in ESG could use the blockchain’s unique identifiers in the field of carbon trading and carbon markets. China has recently declared that it is the largest carbon market. In addition, it also looks at prospects for using NFTs, blockchain, and DLT to encourage the adoption of carbon trading. 

• Metaverse

Metaverse is one of the significant points of focus for technology companies, social media companies, and Fortune 500 companies in present times. NFTs can offer a unique way of creating an avatar in a digital world. As a result, you can have a virtual world in which the uniqueness of the avatar would determine its value. 

The example of in-game cards as one of the NFT examples shows how NFTs can bring value. As the game progresses, the in-game cards become valuable on the grounds of rarity. Most important of all, their details are locked on the blockchain when you have them as NFTs. So, NFTs have the potential for setting up ecosystems where digital objects could derive appropriate value.

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Real-life Examples of NFT Use Cases

The different enterprise use cases of non fungible tokens showcase the ways in which NFTs change the world of business. Here are some top examples to show the adoption of NFTs by top brands. 

• Coca Cola

Coca-Cola is probably one of the top-tier brands to enter into the domain of NFTs recently. The company entered the metaverse by issuing collectibles of the vintage Coca-Cola bottle as NFTs. Interestingly, the company was successful in collecting almost $575,000 for the collectibles in the online auction. The example of Coca-Cola among non fungible tokens use cases shows how NFTs can encourage community involvement and brand marketing with an additional revenue stream. 

• IP NFTs

Intellectual property rights management is one of the top use cases of NFTs. The most recent example of the use of NFT for intellectual property is the collaboration between IPwe and IBM for transforming corporate patents. The collaboration aims at creating an ecosystem for the tokenization of patents, thereby enabling easier commercialization, licensing, and sales of patents. 

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• Metaverse

The NFT examples in the metaverse would directly take you to Facebook. The leading social media network is planning on evolving into a virtual environment that allows people to have an immersive experience. Facebook could utilize the logical extension of virtual and augmented reality over its existing technological infrastructure for creating the metaverse. Furthermore, Facebook has plans for enabling users to socialize, interact and build the virtual world around them with digital avatars.

• Digital Fashion 

Another unique example of the practical non fungible tokens use cases refers to digital fashion NFTs. Recently, a virtual fashion brand is known as RTFKT successfully auctioned off a digital jacket for more than $125,000 USD. In 2019, another fashion brand, The Fabricant, issued the first digital-only blockchain dress, known as Iridescence Dress. 

The value of the Iridescence Dress at the time of its issuing was $9,500. Over the course of time, its value must have increased substantially. Interestingly, top fashion brands such as LVMH, Hermes, Gucci, Marc Jacobs, and Burberry are thinking of diving into NFTs.

Learn Non-Fungible Token Concepts with the NFT flashcards!

Final Words

It is quite clear that NFT use cases have the power to introduce productive improvements across different sectors. Most important of all, the distinct traits of NFTs make them a strong instrument for changing the perception and management of assets. 

With a unique representation of physical and digital goods on a blockchain, NFTs provide a wide array of valuable benefits. Starting from music and social media to the possibilities of a metaverse, non fungible tokens have the capabilities for ESG also. You should start reflecting on the basics and attributes of NFTs to understand how they are a unique tool now! 

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The article is written by our NFTs subject matter expert as per our latest webinar on Demystifying Non-Fungible Tokens (NFTs) presented by John Ho, Head, Legal, Financial Markets, Standard Chartered Bank.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!

The post Real World Enterprise NFT Use Cases – Explained appeared first on 101 Blockchains.

AI or artificial intelligence has emerged as one of the promising technological interventions in recent times. As a matter of fact, it is poised to transform the way machines interact with us. Basically, artificial intelligence directly deals with the practice of enabling machines for tasks that require cognitive intelligence.

On the other hand, blockchain is essentially a new system that can help in documenting digital information with better security and transparency. The encryption and distribution of data across different computers with highly robust and tamper-proof databases in blockchain are also revising the way people and businesses used to store information.

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Why Use AI for Blockchain Solutions?

Since enterprises want to leverage the benefits of AI blockchain, it is important to look at different prospects for use of AI in blockchain. The constantly emerging projects with AI and blockchain are slowly becoming more prominent with each passing day. Before diving into an outline of the best AI-blockchain projects, it is important to understand how AI and blockchain fit together.

The first thing that establishes the perfect fit between AI and blockchain is encryption. AI presents various prospects for security through the development of algorithms that are capable of working with data in the encrypted state only. The relationship works from the other side also as blockchain supports tracking, understanding, and explaining the decisions in AI.

The recording of all decisions on blockchain could help in auditing the decisions taken through AI consensus algorithms on the basis of the data inputs offered to them. The support for recording all decisions on a blockchain comprehensively could improve the ease of auditing of AI decisions. As a result, the public can gain a clear impression of trust in the use of AI in blockchain.

Benefits Of Using AI Blockchain

The better levels of transparency alongside possibilities for gaining insights into the minds of machines with blockchain can help in developing public trust. The most important reason that comes forward when it is about selecting AI for blockchain projects is the ability of AI for effective management of blockchains.

AI-powered algorithms can learn their way around different processes and tasks on blockchain, thereby presenting the prospects for continuous learning. AI helps in blockchain mining through a highly thoughtful, intelligent, and interactive manner with the ideal training data required by the algorithm. Therefore, it is clear that the top AI-blockchain projects can provide exceptionally revolutionary outcomes in their own capabilities.

As you can see, both AI and blockchain improve each other’s capabilities, thereby providing better scope for flexibility and usability. At the same time, you can notice that you don’t have to make compromises in terms of accountability and transparency when you opt for AI-based enterprise blockchain examples.

Top AI-Based Blockchain Projects

The advantages of the use of AI in blockchain clearly establish the background for understanding the demand for AI-based blockchain solutions. Businesses want to capitalize on the power in the symbiotic relationship between AI and blockchain. So, there are many new enterprise blockchain projects in the market that capitalize on the functionalities for AI to deliver promising outcomes.

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The applications of blockchain and AI in unison across different sectors are slowly finding recognition. Now, let us find out the best AI-blockchain projects that are helpful in serving some of the important tasks for enterprises worldwide.

SingularityNET

SingularityNET comes at the top of entries when it comes to AI-based blockchain solutions in recent times. Have you heard of Sophia, the world’s first AI humanoid robot, who received the citizenship of a country? The team behind developing Sophia went ahead to develop SingularityNET. The primary objective of the team behind SingularityNET was to capitalize on the power of both the exciting new technologies.

SingularityNET is one of the top AI-blockchain projects helping in creation of a decentralized AI marketplace. The marketplace can help in fostering the creation and financing of AI projects. Most important of all, SingularityNET has been developed for serving the role of a global network for AI algorithms.

Many people also have doubts about the complexities in the use of AI in blockchain with SingularityNET. However, the marketplace for AI services with SingularityNET focused initially only on three areas such as cybersecurity, cloud robotics, and biomedical research.

The marketplace helps developers and companies in creation of their AI projects alongside enabling them to sell tools, data, services, and algorithms. Another interesting aspect about SingularityNET directly points out the use of smart contracts.

Basically, SingularityNET comes as one of the top AI-blockchain projects due to its role in reducing the gap between researchers engaged in development of AI tools and businesses depending on the technology for particular objectives. SingularityNET can help in projects that need bigger datasets for creating powerful AI solutions. On the other hand, it can also support organizations that want customized AI solutions.

DeepBrain Chain

Another top mention that comes across when you find the best AI-blockchain projects undoubtedly refers to DeepBrain Chain. The DeepBrain Chain project is basically a decentralized AI computing platform with better cost efficiency and privacy safeguards. It leverages blockchain technology and actually serves the functions of a decentralized neural network. So, DeepBrain Chain is one of the most preferred sources for availing a decentralized cloud computing network that could support AI development.

The developers of DeepBrain Chain have suggested that the project focuses on switching from the existing NEP-5 chain. On the other hand, it brings blockchain governance. Most important of all, DeepBrain Chain can also serve important functionalities for ensuring highly secure data trading. At the same time, DeepBrain Chain also ensures improvement in value of data alongside ensuring data privacy through differentiation between data usage and data ownership.

Thought AI

You can easily find one of the best examples of the use of AI in blockchain with Thought AI. Thought AI is actually a unique take on the whole AI blockchain combination. It creates a new type of analytics approach using AI, embedded data and blockchain. More so, it helps the digital information to act on its own without needing the application layer.

This unique approach will combine logic and data and create an AI solution that’s responsive, efficient and helpful.

It can help you scale your AI across the business, generate meaningful value, faster development times, govern the AI without any issues. So, you can think of Thought AI as one of the top AI-blockchain projects with an interestingly interactive angle.

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Blackbird.AI

One of the many prominent issues that trouble the world presently points to Blackbird.AI. Many websites and online sources have been flooding the internet with fake news. Therefore, people are facing difficulties in recognizing authentic news from fake ones. Blackbird.AI is one of the top AI-blockchain projects with innovation to combine AI and blockchain for content analysis.

It also helps in verifying credibility of content, thereby filtering out fake news efficiently without any trouble. Blackbird.AI leverages AI for filtering and classification of content on the basis of certain credibility indicators. The credibility indicators help in determining if a particular piece of news carries hate speech, misinformation, or satire.

Matrix AI

It is quite impossible to build up a collection of the best AI-blockchain projects without including Matrix AI. It can capitalize on functionalities of AI-based technologies such as Natural Language Processing or NLP. At the same time, Matrix AI also provides the basic functionalities desired with blockchain.

The notable features in Matrix AI refer to dynamic delegation networks, auto-coding intelligent contracts, adaptive blockchain parameters, AI-based blockchain security, and others. In addition, Matrix AI also features an AI-based secure virtual machine. The virtual machine helps in recognizing the possible loopholes and negative intentions while addressing the needs of robustness.

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Conclusion

On a final note, it is clear that many of the best AI-blockchain projects are presently focused on development. However, there are many other examples that showcase the use of AI in blockchain for different sectors, such as healthcare. In the long run, it is reasonable to expect other innovative advancements among AI-based blockchain projects. So, blockchain expertise with a special inclination towards AI could serve as the most prominent factor for employability.

If you want to learn more about the benefits of AI for blockchain solutions, then you should start exploring blockchain. Try diving into the fundamentals of blockchain course and understand how AI can fit in the blockchain ecosystem. Start learning more about blockchain and AI right now!

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research! 

The post Top 5 AI-Blockchain Projects One Must Know appeared first on 101 Blockchains.

In addition, the concerns of scalability or privacy for enterprises also keep them away from public blockchain networks. However, enterprises have to realize the promising potential associated with blockchain, such as in examples of tokenization use cases. Let us find out more about tokenization and how it finds practical applications across different use cases.

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What is Tokenization?

Before we move towards an outline of blockchain tokenization use cases, it is important to reflect on a brief understanding of tokenization. Many people are quick to relate blockchain to cryptocurrencies without realizing its hidden potential. Token, in the case of blockchain, actually offers digital representation for a unit of value. 

You can assign a token to anything of value, such as digital assets or digital representation of real-world assets. Tokenization can help you transform any real-world asset into a digital asset, thereby enabling easier exchange and transfer of assets. Therefore, tokenization basically implies transferring real-world assets to blockchain or transforming the items of value into tokens that reflect the values. 

Must Read: Asset Tokenization On The Blockchain

Why Should You Focus on Tokenization Use Cases?

Now, you would be eager to find out the possible factors which drive focus towards use cases of tokenization. Here are some of the important benefits of tokenization that validate its feasibility for a diverse range of use cases.

• Tokenization could enable a formidable reduction in barriers to investment, thereby encouraging retail investors to trade assets that were traditionally expensive and featured lower liquidity. 
• Tokenization could foster asset liquidity by reducing the threshold for market entry alongside the minimum amount of capital for transactions.
• Another prolific value advantage in a tokenization example would be the facility of simpler interaction with regulators for adoption of uniform standards. 

However, tokenization of different types of assets comes across as one of the formidable obstacles in the form of regulatory uncertainty. Without adequate preparation of legal frameworks in many jurisdictions for transactions using blockchain, regulatory uncertainty becomes a mandatory setback in tokenization. 

Furthermore, the lack of common technical standards for trading platforms dealing with tokenized assets also presents challenges. How will tokenization overcome these challenges? The answer to this question can be discovered through reflection on existing state of tokenization for different types of assets.

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Use Cases of Tokenization

Tokenization basically implies the transformation of real-world assets into digital tokens on blockchain-based systems. The adoption of tokenization depends considerably on a detailed impression of its practical use cases. When you try to find answers to ‘what is an example of tokenization,’ you could come across many promising responses. Here are some of the top use cases related to tokenization which you can find helpful for understanding tokenization clearly.   

1. Tokenization of Precious Metals  

For many centuries, gold has retained its reputation as a valuable asset and investment vehicle. However, you would have to encounter various complications in moving and storing gold. Furthermore, a major share of the global supply of gold comes under ownership of national banks as reserve assets or brokers serving as representatives of the sole parties which can sell gold directly to average investors. 

The use cases of tokenization for precious metals such as gold are rightly valid on the grounds of the comparatively illiquid nature of the market for precious metals. In the case of illiquid markets, larger corporate firms could look for settling bilateral agreements while encouraging information asymmetries along with restrictions on price discovery. 

One of the highest barriers for entry in the precious metals market directly points out high minimum investment requisites. In addition, the tightening of international regulations also calls for effective traceability of metals from the production stages to customers across the complete supply chain. 

Tokenization provides the benefit of fractionalization, which can reduce entry barriers alongside empowering smaller players to access new markets. Subsequently, the tokenization use cases for precious metals with increased market participation could lead to improved market liquidity. 

On the other hand, the larger number of market participants would imply the need for evolution to multilateral trades. With tokenization, support for atomic swaps and smart contracts could ensure secure and almost real-time settlement of complicated multi-party trades. 

The notable examples of projects which ensure tokenization of precious metals include Cache. Gold (CGT), Pax Gold, and DGLD. These projects have shown the possibility of increasing fairness in gold markets by introducing instant liquidity and negligible fees. 

Also Read: Top 5 Programming Languages To Build Smart Contracts

2. Tokenization for Real Estate Assets

Another prominent entry among blockchain tokenization use cases directly refers to tokenization of real estate assets. The applications of tokenization in real estate focus on creating fractional ownership for a specific asset by leveraging blockchain-based tokens. Tokenization in real estate could involve the digitization of financial instruments, securities, and digital assets. 

With the help of Ethereum blockchain, it is possible to program digital assets for including transaction history and ownership rights. In addition, the tokens also include rules for ensuring compliance of the asset issuing, distribution, and transfer processes to regulations. For example, tokenization in real estate can focus on including controls for ensuring the transfer of tokens to specific counterparties only. 

The tokenization example in real estate would refer to Elevated Returns. The New York-based asset management firm successfully completed its first real estate deal based on tokenization in 2018. The company had placed the deal for the St. Regis Resort in Aspen, Colorado, with a total value of $18 million on Ethereum blockchain. 

Interestingly, Elevated Returns had plans for selling almost half of St. Regis Resort in the form of a single asset. Subsequently, the company settled on offering an 18.9% share in ownership through tokens. Elevated Returns leveraged Indiegogo for sales in collaboration with Templum Markets LLP.

Must Read: 5 Reasons Why You Should Go For DeFi Tokens

3. Tokenization in Logistics

The search for answers to ‘what is an example of tokenization in the real world’ will obviously take you to logistics. The logistics industry depends profoundly on the Bill of Lading as a method for issuing proof of ownership. However, the Bill of Lading presents notable discrepancies like delays in delivery or reclaiming of goods if you lose or misplace the Bill of Lading. 

CargoX is one of the promising solutions which leverage tokenization for addressing the issues in traditional methods used in logistics. The company utilizes an open system based on the Ethereum blockchain known as the Smart Bill of Lading or B/L. The Smart B/L system has been tailored for working just like the token system. 

With the new system by CargoX, the carrier could create the Smart B/L by using their app. Then, the carrier can send the Smart B/L to the exporter. After receiving money from the importer, the exporter can transfer the ownership of Smart B/L token to importers. Subsequently, the importer at the receiving end could claim ownership of the goods by showing Smart B/L token to the carrier. Therefore, it is clearly evident how the use cases of tokenization are transforming the field of logistics.     

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4. Non-fungible Tokens

Non-fungible tokens or NFTs are one of the popular examples of the application of tokenization on the basis of blockchain. NFTs are suitable for tokenization of assets that cannot be divided into smaller units or exchanged with a similar item. For example, it is difficult to divide ownership of a specific piece of artwork in the real world. 

Any individual purchasing a piece of artwork would get complete ownership over the artwork. However, tokenization can transform such conventional precedents easily. The most prolific tokenization use cases in NFTs would point your attention towards NFT Art. 

Digital art is one of the most promising use cases for non-fungible tokens in the present times. The tokenization of real artworks helps in promoting authenticity alongside easier transfer of ownership to artists or the highest bidder in an auction for purchasing the artwork. NFTs use the power of blockchain technology and cryptography to ensure better scope of digital proof regarding authenticity and scarcity of virtual artworks. 

For example, CryptoPunks, an early addition among NFT projects which shows the feasibility of tokenization for virtual art. You can also find another plausible tokenization example in the Rarible marketplace. With the help of the Rarible marketplace, you could easily procure digital collectibles as NFT art. 

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Final Words

The distinct use cases of tokenization showcase the promising potential of tokenization to revolutionize business operations across various industries. While tokenization enables prolific value benefits for the average investor, enterprises could also leverage it for a complete transformation of their business models. The examples of tokenization use cases in precious metals, real estate, NFTs, and logistics show that tokenization is more than a concept now. 

Most important of all, the examples showcase how tokenization could offer promising improvements in operational efficiency. Apart from the optimization of business processes, tokenization could also encourage development of new platforms with collaborators from different industries. Learn more about tokenization and how it can change the world right now!

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Businesses are engaged in fierce competition with each other across various industries. As the world welcomes new technology and business trends, we can look at the development of a new business landscape with new opportunities and challenges. However, it is important to reflect on the significance of a loyal customer in ensuring prospects for withstanding the competition in the market. Customer acquisition costs are not falling, and businesses have to face new competitors every day. 

Loyalty programs serve as a promising instrument for showcasing recognition of the loyalty of customers. Is it reasonable to introduce tokenization for customer loyalty? What is the case of introducing tokenization in the case of customer loyalty programs? Let us find out the answers to these questions in detail for understanding loyalty tokens and their capability in strengthening the next level of customer loyalty.

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Value of Loyalty Programs

Loyalty programs serve as an important tool in developing the relationship between the customer and the company. It is important to note that customer retention is the basic objective of a loyalty program. Loyalty programs have gained promising dominance throughout the world, with plausible economic value. 

For example, research has indicated that loyal customers are two times more likely to shop frequently with two to three times the expenditure. Interestingly, the focus on tokenization for loyalty programs depends largely on estimates which suggest a staggering 25% to 95% growth in company profits with a mere 5% growth in customer loyalty. Here are some promising numbers which could show how valuable loyal customers can be. 

• Almost 62% of millennial customers and 54% of the general population prefer to purchase only from their preferred brands.
• Repeat customers contribute almost 40% to the revenue of an average store. 
• The top 10% of customers in terms of loyalty are likely to spend 3 times more for each order, while the top 1% of loyal customers could spend almost 5 times more for each order. 

In addition, ecommerce, as well as brick-and-mortar stores, have been leveraging loyalty programs for growing repeat business. Before the notion of encouraging customer loyalty through tokenization, traditional loyalty programs have served as a viable tactic for encouraging repeat customers with the facility of discounts and loyalty reward points. 

Over the course of time, traditional loyalty programs started bringing in complex registration processes and cards in certain cases. Therefore, modern customers are less likely to choose traditional loyalty programs which focus on transactional rewards and complex rules. Therefore, the implementation of blockchain technology for tokenization of loyalty programs can address the setbacks evident in traditional programs. 

Must Read: How Tokenization Of Physical Assets Enables The Economy Of Everything?

Pitfalls in Traditional Loyalty Programs

You can establish a perfect case for implementing loyalty tokens by taking a look at the pitfalls of the traditional or existing loyalty programs of enterprises. In the digital age, any customer could sign up for the loyalty program of a retailer. However, do your customers actually become loyal followers and advocates of your brand? This question would draw attention to the possible areas you can improve through tokenization for loyalty programs. Here are the problematic aspects of loyalty programs that you can aim to address through tokenization. 

• Heavy Cost Burden

Big stores and ecommerce outlets take on the burden of high costs for setup and maintenance of custom solutions or third-party integrations for customer loyalty programs. In addition, small changes in the existing app or developing a loyalty program solution from scratch could cost heavily. 

• Liabilities for Brands

With so many loyalty programs already available in the market, it is plausible that customers can lose their way. In most cases, customers mix up the loyalty programs and often leave unredeemed reward points. Research suggests that an average American has membership in at least 7 loyalty programs. However, 30% of American consumers do not redeem even a single point. So, the unredeemed points are just liability for the brand as they fail in gaining repeat business.

• Limited Focus on Consumers

Another reason for considering the use of tokenization for customer loyalty programs is the concern of fewer customer incentives. Most of the loyalty programs in present times are biased towards the company without any favors for the customer. As a result, customers are practically coaxed into purchasing things they don’t need for achieving rewards. Furthermore, almost 33% of millennial consumers have expressed their dislike towards reward programs due to the need for carrying too many cards. 

• Lack of Security

The need to improve customer loyalty through tokenization also emerges from the security concerns associated with loyalty programs. According to a Harris Poll, almost 71% of consumers would avoid loyalty programs that collected personal information other than the name and phone number. 

Another study conducted by McKinsey with 55 biggest retailers in the world on the topic of effectiveness of loyalty programs shows what is wrong with today’s loyalty programs. The results of the study indicated that companies that have invested in loyalty programs fetch the same or even lower revenue growth than companies that haven’t invested in any loyalty program. So, it is clear that the problem does not rest in loyalty programs as an instrument but in the way they are used. 

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Using Tokens for Building Next Level of Customer Loyalty

The use of blockchain-based tokenization in loyalty programs has the potential to transform the way brands interact with their consumers. Blockchain serves as a decentralized approach for executing transactions and maintaining a detailed account of the transactions. Blockchain technology allows the benefits of transparency, immutability, and anonymity for various use cases. Now, let us find out how blockchain can revolutionize customer loyalty through tokenization for loyalty programs.

The detailed analysis of all the interactions of customers with a business could help in identifying customer value, lifestyle, consumption patterns, and preferences. Subsequently, the conversion of these aspects into financial metrics can help in improving efficiency of the rewards process. 

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Tokenization for Customer Lifetime Value Management

Tokenization could help in improving the cost-effectiveness of a loyalty program. Most important of all, it can offer a better understanding of the identity of recipients, the rewards they receive, the approaches followed for reward, and the things for which they receive the reward. Direct correlation with the customer lifecycle in processing the transfer of tokens in the marketplace can help in identifying the suitable reward for a specific participant. 

Improvement in Customer Complaint Processing

Tokenization for customer loyalty programs could also transform the way brands receive feedback. Traditionally, loyalty programs are limited only to the balance sheet of marketers with complaints and suggestions transferred to service or sales departments. So, a business should think about the reasons for which customers would look for a bonus from a company that does not provide the desired level of service. On the contrary, tokenization could help brands in receiving customer feedback directly on time with better opportunities for responsiveness. 

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Tokenization Offers Personalization

The customization of reward systems with loyalty tokens could also influence the activity of participants and their satisfaction without increased cost of incentives. Tokens can help in testing new mechanisms easily, such as intangible motivational tools or special service conditions. 

Most important of all, tokenization could encourage emotional engagement of participants. It can work effectively as a strategy for holding the attention of customers and encouraging them to adopt the desired consumption pattern. Some of the examples of facilities introduced by tokenization can personalize the customer experience with loyalty programs.

• Gamification
• Surprises and instant prizes
• Raffles
• Educational projects 
• Non-purchase initiatives
• Contests

Apart from fostering transactions, tokenization could also encourage any type of activity related to the business. The activities would include reviews and allowing users to participate in posting and promotions. Therefore, customers can develop a strong emotional connection with the brand. It is impossible to incentivize such activity with tangible rewards. On the other hand, tokens could create entitlements to a unique status and brand experience for consumers. 

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Examples of Tokenized Loyalty Programs

In the present times, tokenized loyalty programs are still in the nascent stage. On the other hand, some businesses are leading the way in improving customer loyalty through tokenization. Here are some of the notable examples of token-based loyalty programs. 

• Singapore Airlines revamped its frequent flyer program in 2018 and introduced KrisPay, a miles-based digital wallet. Members could use the wallet to convert miles into digital spending power with other associated merchants. At the time of launch, KrisPay had collaborated with almost 18 merchants across different categories, including beauty, retail, food services, and gas. 
• Chanticleer Holdings is also another prominent example of the use of loyalty tokens. As a prominent investor in various chain burger restaurants, Chanticleer Holdings announced its collaboration with a blockchain architecture platform named as MobivityMind. In the new loyalty program, customers dining at one of their restaurants could receive the Mobivity Merit token. Customers can redeem the token across different brands along with the scope of trading without any concerns of fraud.

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Final Verdict

The world of business is constantly changing with every passing second, and so are customer expectations. As a matter of fact, the expectations of customers today will shape up the innovation for the future. The use of tokenization for loyalty programs might be in the initial stages as enterprises are still coming to terms with setbacks in existing loyalty programs. 

With a detailed impression of the costs of the setbacks in traditional loyalty programs and the value benefit of tokenization, enterprises can redefine customer loyalty. Start discovering more about tokenization in detail and explore its potential for transforming customer loyalty programs.

The post How to Build the Next Level of Customer Loyalty through Tokenization? appeared first on 101 Blockchains.

As a result, we can witness the blockchain ecosystem growing exponentially in recent years. However, it is important to understand the ecosystem and what value it delivers for blockchain as new, emerging technology. The following discussion helps you uncover the significance of the blockchain ecosystem in 2021 and a brief overview of the significant components in the ecosystem. 

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What is the Blockchain Ecosystem?

It is important to note that the success of blockchain applications does not come just like that. As a matter of fact, you need many visionaries with promising and innovative ideas alongside technology experts with the right skills for translating the ideas to reality. This is where you would come across the blockchain ecosystem definition, as the effectiveness of blockchain lies in its use for the automation of cross-enterprise workflows. 

The definition of blockchain ecosystems basically points to a group of elements capable of interacting with each other and the surrounding world for creating an environment with desired special features. You can also define a blockchain ecosystem as the agreed-upon governance structure for a specific use case. The governance structure provides a definition of the acceptable behavior of participants, data ownership, funding, exit and entrance criteria, and conditions for information sharing among participants. 

You could find credible advantages with a distributed ledger such as decentralization, independence, improved flexibility, audit trail, better transparency, and many more. However, blockchain is also subject to additional concerns, just like any other new technology in modern enterprise operations. 

Some of the notable concerns, in this case, including managing the selection of appropriate information for the network and the identity of authors of the concerned information to the shared chain. All of these issues come under the scope of emerging blockchain ecosystem ideas, and relevant planning for their management ensures the success of the project. 

Must Read: The Future Of Blockchain Technology – Latest Trends

Value of Blockchain Ecosystems

Distributed ledger technology can facilitate cross-enterprise collaboration with the benefit of decentralization. As a result, it can offer astoundingly exciting possibilities for enabling functionality for employees and customers, albeit for most organizations, it can lead to new workflows and approaches for planning the development projects. 

The first step begins with the identification of a suitable use case for blockchain with better performance than existing solutions. For example, a blockchain-based solution may work better in use cases where data must be shared among dozens of stakeholders. Once you have identified the viable use case, you should define the business value from the new project. So, what is the value of the blockchain ecosystem in 2021?

Blockchain applications follow peer-to-peer interactions by leveraging shared ledgers which facilitate information exchange and business process management throughout an entire ecosystem. At the same time, blockchain also provides adequate support for collaboration without compromising independence. Blockchain can help you in the automation of business processes alongside ensuring selective availability of information to ecosystem participants. 

For example, enterprises could choose to avoid giving information on internal business processes to customers while informing them about their manufacturing responsibilities. So, blockchain delivers visibility, albeit with the organization’s control on the type of information to be shared and the identity of the person with whom the information must be shared. 

All these traits imply the need for thinking about blockchain solutions from the perspective of an ecosystem of stakeholders. The responsible deployment of blockchain solutions depends considerably on stakeholders within and outside the organization and their abilities to take advantage of trust and transparency in the blockchain. Therefore, a clear analysis of the blockchain ecosystem in 2021 becomes imperative for understanding the dynamics and incentives of the ecosystem. 

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Blockchain Ecosystems and Collaboration

Discussions on blockchain ecosystems ultimately round up to the topic of their main purpose. As a matter of fact, the basic idea behind ‘what is the blockchain ecosystem?’ revolves largely around collaboration. Once an enterprise proves the capability of a blockchain solution to deliver unique business value, it must look forward. The next step focuses on scaling the concerned solution throughout multiple supply-chain partners. 

Now, it is important to note that the majority of blockchain projects feature cross-enterprise workflows. Therefore, collaboration is definitely one of the crucial success factors for blockchain applications. The governance and operations of the ecosystem would be significant in defining approaches for sharing information across multiple participants. 

On the other hand, a lack of emphasis on an ecosystem or prior planning has created formidable setbacks for blockchain projects. As a result, only a trivial share of proposed blockchain projects actually move into production stages. A blockchain ecosystem in 2021 would help in fostering integration throughout enterprise boundaries. 

Subsequently, enterprises could deliver products and services which they couldn’t have been able to deliver on their own. With the focus on an ecosystem perspective, enterprises could look beyond the traditional prospects with blockchain technology. Furthermore, ecosystem thinking could also help in overcoming the dynamic limitations associated with a specific blockchain network. 

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Driving Improved Collaboration with Blockchain Ecosystems

The existence of blockchain ecosystems points out various possible reasons, with many primary drivers making a formidable statement. First of all, a closed ecosystem with participants involved in producing a good or service has been one of the primary drivers. The example of a renowned apparel manufacturing company shows a closed blockchain ecosystem. 

The apparel manufacturing company invited all suppliers from Tier 1 to Tier 3 on blockchain for tracking product lifecycle. The other possible option among emerging blockchain ecosystem ideas would be an industry-wide consortia. The industry-wide consortia could work for improving visibility into fair-trade items like palm oil or coffee.

As you can notice clearly, both ecosystems have different governance approaches and requirements. With the participation of additional buyers and sellers in the ecosystem, services would become more valuable. So, you can notice that many of the successful ecosystems begin with a small footing and then expand gradually. 

Starting with a massive ecosystem has formidable setbacks and has limited chances for success. However, successful ecosystems for collaboration come with a clearly defined workflow and governance by leaders. As a result, the model can ensure faster benefits while ensuring the future development of the ecosystem. With the increasing maturity of the network, operations and network governance could change according to evolving requirements of participants. 

Check out our guide for a comprehensive analysis of top blockchain analytics companies that are taking benefit of blockchain analytics in their scope of work.

Developing a Distributed Ledger Technology Ecosystem

The focus on driving the use of blockchain ecosystem components for improving collaboration has led to many generalized ecosystem models. Many technology providers have started documentation of various generalized models for ecosystem management. Some of the notable mentions among the models for ecosystem management include the prime tenant model or the minimum viable ecosystem (MVE) model. The development of these models would definitely garner attention in the coming years. Interestingly, these models emphasize beginning an ecosystem on a small scale in the initial stages for improving control. 

In the initial stages, you can begin with the supply chain for one particular product line. The supply chain must be capable of expansion as the organization grows while showcasing the advantages of blockchain clearly. Subsequently, the solution could grow further for encompassing multiple product lines and probably set some new industry standards. 

Blockchain solutions have to be developed around the smaller ecosystems existing already with scope for future expansion. Companies want to move beyond their traditional limits by participating in blockchain ecosystems. As a matter of fact, ecosystems empower businesses for delivering products or services, which was traditionally impossible for them. 

Also Check: Private Vs Public Blockchain: A Direct Comparison

Types of Blockchain Ecosystems

You know that a blockchain ecosystem basically refers to a network of participants in a blockchain network with shared business objectives, relationships, and processes. The network is capable of creating and transferring business value efficiently. At the same time, it is important to note that blockchain is actually a complicated alliance that brings in various actors with shared goals. 

However, the different actors have different perspectives on achieving the desired objectives. The individual participants in the ecosystem could have different business models with distinct contributions to the ecosystem. It is not a surprise if you find that some of the ecosystem participants are competitors. Basically, everyone in the ecosystem is there for the business value they receive. 

Therefore, the selection of a model for shared blockchain projects depends on the person who must participate in the network for best effectiveness. On the other hand, emerging blockchain ecosystem ideas also help in the evolution of the initial model into other models. Here are some of the notable types of collaboration models used for blockchain ecosystems till now.

• One-Leader Ecosystem

The first entry among variants of blockchain ecosystems refers to a single-party blockchain project with cross-enterprise workflows. The example of Bumble Bee Foods showcases a one-leader blockchain ecosystem. It has been able to develop an ecosystem comprising of different stakeholders in the fishing industry. The primary focus of the ecosystem rests on improving the traceability of yellow-fin tuna fish from the ocean to dinner tables. 

The different stakeholders in the fishing ecosystem, including the fishermen, packagers, transportation personnel, distributors, and retailers, could record details on blockchain networks. The information entered by all participants can be available to the customer with a QR code. As a result, it can improve the confidence of buyers in the brand and the food on their table. Bumble Bee has multiple stakeholders, and the one-leader ecosystem initiative serves as a strategic fit for them with revolutionary prospects.

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• Joint Venture or Consortia Ecosystems

When you think of a blockchain ecosystem in 2021, you would obviously think of multiple participants. The joint venture or consortia ecosystems showcase examples of building ecosystems with two or more organizations or governments gaining control. The consortium model for developing blockchain ecosystems has taken the upper hand over formal joint ventures. 

However, enterprises have to come across a notable concern when thinking of strategic business associations in blockchain ecosystems. Participants have to decide whether to form a new legal entity for the association or just carry on with formal contractual agreements. Some of the notable factors which could define this decision include taxation, regulatory and financing requirements. 

• Regulatory Blockchain Ecosystems

The final variant of blockchain ecosystems would focus on shared projects across government agencies that have to self-report for compliance. The example of a shared project by Marine Transport International and the Recycling Association in Britain showcases a regulatory blockchain ecosystem. Both parties aim to leverage a blockchain-based tool for collecting data and addressing compliance requirements for shipping recyclable waste. 

A clear overview of the different types of models for blockchain ecosystems shows one of the most common yet crucial considerations in building ecosystems. Enterprises should not forget the source of funding for the blockchain ecosystem definition. It is also important to note that business model funding and ecosystem funding are completely different. Business model funding could include fees for service, annual contributions, for-profit versus non-profit concerns, transaction fees, and other funds. 

On the other hand, enterprises have to consider the direct cost for connecting to the ecosystem and delivering all the individual responsibilities of the organization on the ecosystem. At the same time, enterprises must also focus on resource considerations alongside required funds for operations and governance. The detailed identification and review of all these factors are crucial for setting up your desired blockchain ecosystem in 2021.

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Components in Blockchain Ecosystem

Generally, the topic of blockchain ecosystems in 2021 takes the limelight to different models for collaboration. However, one of the most critical aspects in understanding blockchain ecosystems refers to their components. So, what are the components you can find in an emerging blockchain ecosystem? The answer to this question will obviously take you to the different participants in the ecosystem. 

Each participant has a specific role in the ecosystem with contributions of data and resources needed by other participants. Furthermore, the identification of blockchain ecosystem components and the ways in which they interact with each other is essential for planning the development of the ecosystem.

Here are some of the notable components you need in blockchain ecosystems, along with their roles in the ecosystem –

• Leaders

The leader in a blockchain ecosystem definition would refer to the organization which visualizes the ecosystem and its business value. The leaders in blockchain ecosystems are generally the creators of the project and primary beneficiaries of the work in ecosystems. 

• Core Group

Core group is also one of the notable additions among components of blockchain ecosystems. It represents a group of active or leading organizations responsible for controlling, streamlining, and optimizing operational activities. The core group could also refer to organizations actively involved in the management of the ecosystem. 

• Active Participants

The active participants in the blockchain ecosystem refer to the collection of primary participants in the network who are responsible for contributing and governing workflow and data. 

• Users

Users in blockchain ecosystems are the participants obtaining benefits from the network with the ability for accessing their own data. However, users do not get any responsibilities in the active management of the network. 

• Third-Party Service Providers

The final addition among blockchain ecosystem components would include third-party service providers. They are actually the third parties that offer services to the network. The services could include IT support, infrastructure, or application support services along with many other services, especially with a fee. 

It is also important to note that all the participants in the ecosystem must take on one of these roles. On the other hand, some participants could also take on the roles of multiple components in the ecosystem for specific cases. You can dive deeper into details of the components in a blockchain ecosystem in the second edition of this article. 

Governance for Blockchain Ecosystems

Presently, many international standards development organizations and developer communities are working on the definition of standards for blockchain ecosystems. The three variants of standards under development presently include generic standards, blockchain-specific standards, and industry-specific standards. 

It is important to note that all the parties in ecosystems work for the common objectives of blockchain standardization. Governance for blockchain ecosystems has to bring stakeholders from different levels on one platform while addressing the needs of scalability, interoperability, and adoption. 

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Bottom Line 

On a final note, you can clearly notice the significance of a blockchain ecosystem in 2021 for enterprises and blockchain technology in general. The future of blockchain depends a lot on the adoption of its use cases across different industries alongside enabling its use in a collaborative approach. As the number of organizations in the blockchain network continues to increase, they would need to interact with each other. 

By capitalizing on the value of collaboration, blockchain ecosystems could empower all participants with access to information and value. Subsequently, it is also important to consider the feasibility of different types of ecosystem models for distinct use cases and requirements. If you want to learn more about blockchain ecosystems, enroll in the blockchain like a boss masterclass and start extending your knowledge now!

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