Frequently Asked Questions

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This is one of the most asked questions as regards cryptocurrency and its complexities. Despite the widespread understanding of it, there still seems to be a looming cloud over the definition of blockchain.

Blockchain, in its simplest of terms, is the technology behind bitcoin, which is a cryptocurrency. At the core of blockchain is a data store, and any individual that participates in this network has its data store that keeps track of all the transactions that happen on the network. This network is also known as a distributed ledger. This distributed ledger or database maintains an increasingly growing list of entries or records called blocks. Each block is linked to another block, which means data cannot be altered backward. All records and blocks are shared on the network, meaning no singular party has complete autonomy or authority over the database. The blockchain technology allows for information to be continually updated and accurate for its desired use using a decentralized system that portrays a wide range of applications.

VR stands for Virtual Reality, which is a technology that enables a user to interact with an artificial three-dimensional (3-D) visual or other sensory environment. VR is a simulated experience that utilizes pose tracking and 3D near-eye displays to give the user an immersive feel of a virtual world. It is designed to make the user feel completely immersed in a virtual world, providing a distinctly different feeling than playing a game or navigating a 3D environment on a static screen.

Applications of virtual reality include entertainment, such as video games, education, such as medical or military training, and business, such as virtual meetings. VR technology has come a long way in recent years, with advancements in graphics, tracking, and controllers, making it a popular technology for gaming and other applications. Overall, VR is a technology that allows users to enter and interact with virtual environments, providing a unique and immersive experience.

AR stands for Augmented Reality, which is a technology that overlays digital information on top of the user's real-world environment in real-time. Unlike Virtual Reality (VR), which creates a completely artificial environment, AR allows users to experience their real-world environment with digital information overlaid on top of it.

AR is a relatively new technology that has gained increasing popularity in recent years, allowing users to interact with digital content in their physical environment in real-time. This offers an enhanced experience, as digital information can be overlaid on top of real-world objects, providing additional context and information.

AR technology expands the physical world by adding layers of digital information onto it. It appears in the direct view of an existing environment and adds sounds, videos, graphics, and other types of digital content to it. Unlike VR, AR does not create a completely artificial environment to replace reality with a virtual one, instead, it enhances reality by adding digital information to it.

Usually, a contract is a binding mutual agreement between two or more parties, where terms and conditions, the pricing system and proof of agreement is needed for it to be legal. In blockchain technology, an enterprise blockchain smart contract is referred to as a piece of code that keeps track of the rules of a transaction and verifies the fulfillment of those rules on a network to make sure that the execution was done according to the contract logic. Simply put, it is a code attached to a blockchain as a predetermined set of inputs that store data, enforce permissions, perform calculations and run workflow logic. It is usually part of the blockchain’s distributed ledger.

These are regarded as the foremost blockchain-as-a-service company in the world, which offers customers ranging from tech startups to insurance companies the service of making the system integration of blockchain easy. They help with the adoption of blockchain technology into organizational systems and make it relatively easy for these companies to build innovative solutions through the open source blockchain standard. To be able to use BlockApps, you must have access to the popular Microsoft product, Azure and GitHub.

The Ethereum works majorly with the smart contract function, which is based on the blockchain distributed computing platform. This executes data-driven solutions on a peer to peer contract level on a decentralized network. The Ethereum should not be classified as a cryptocurrency as it is a platform for end-users to connect directly. Ethereum gives developers the opportunity of working as a centralized intermediary between the user and the system without a third party. Ethereum is different from all other blockchain technology. Blockchain tech consists of crypto, decentralized systems and proof of work, which assist in developing a system of verification without the need for a central authority. Ethereum, on the other hand, assists developers to program a collection of automated procedures into a digital transaction— like contract management, conditional enforcement, performance, and payment allocation and the Ethereum network executes.

A non-fungible token (NFT) is a unique digital identifier recorded on a blockchain that is used to certify ownership and authenticity of a digital asset. Unlike traditional cryptocurrencies, which are fungible and interchangeable, NFTs cannot be replicated, divided or substituted as each NFT is unique. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can contain references to digital files such as artworks, photos, videos, and audio. NFTs have gained increasing popularity in recent years, with some selling for millions of dollars at auctions. It is important to note that NFTs can be created by anyone, and their value can be highly subjective, as it depends on factors such as the rarity, demand, and perceived value of the digital asset it represents.