Blockchain the next everything
I made the decision to dive into the realm of blockchain and cryptocurrencies this summer semester since I was sure that this was a technology that will take over many company models in the upcoming years.
I learned how a blockchain operates during this course, as well as new Web 3 concepts and new business models made possible by Web 3.
Know how smart contracts operate and the three main blockchain use cases: DeFi, NFTs, and DeXs.
Related to Blockchain additionally Using SQL and other tools, analyze blockchain data to glean insights. Developed dashboards and visualized these insights.
Two fascinating topics that have interested me during this course are what I’d like to explore in further detail.
A wrapped token is a token with the same value as the original cryptocurrency that represents a cryptocurrency from a different blockchain or token standard.
The wrapped token can be used on various nonnative blockchains and then swapped for the original cryptocurrency, in contrast to the original cryptocurrency.
The Wrapped Bitcoin is the most well-liked token (wBTC).
It enables you to link assets with a value in Bitcoin to those with an equivalent value in the Ethereum network, enabling you to conduct network operations in accordance with the Defi protocol.
The Wrapped Ethereum is the second extensively utilized token (wETH).
The direct trade of synthetic ether on the Ethereum blockchain is one of the main objectives of wETH.
A blockchain stores a computer program known as a smart contract. When particular criteria are satisfied, smart contracts automatically carry out directives. Contracts between buyers and sellers to exchange tokens or carry out legal agreements are examples of common smart contracts.
When a specific real-world event occurs, smart contracts can also deliver money to a specific address, like in the case of blockchain or DeFi insurance for hacking or weather occurrences.
Blockchain and DeFi apps are built around smart contracts since they don’t require human intervention to be carried out once both parties have agreed to them.
Numerous intriguing projects have been released since the introduction of bitcoin.
Many of them have the intention of introducing fresh concepts and decentralized answers to the centralized procedures or programs that we currently utilize most frequently.
The term “Smart Contracts” is used to describe this kind of mechanism. Its application assumes the removal of middlemen to streamline procedures and, as a result, reduce prices for the consumer.
It is a smart contract, as its name suggests. Another name for it is a “crypto contract.”
Smart contracts built on the Blockchain could be advantageous for a wide range of sectors in their supply chain. Among other things, the automation of payment procedures with Smart Contracts can lower overbilling and stop fraud.
For instance, the music business could create a smart contract to ensure that it receives payment when its songs are utilized for commercial purposes and register ownership of its tunes on the blockchain.
On the other side, by archiving data on car upkeep, accidents, and property history, this system might also help the auto business.
The following dashboards, which were designed and visualized, really excited me.