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Blockchain & ICO

Blockchain trends this autumn. Summary

by Administrator, on Oct 16
On October, 4 InnMind provided the meetup for cryptoenthusiasts “Blockchain trends this autumn”
Bitcoin chart fall drop 760x400

Remind you at the beginning of October we had a free meetup in Lausanne where we summed up the last blockchain trends, discussed the results of the summer and future trends in crypto sector.

Also, the event was the first meetup with online streaming, so in the end of the article, you can find the record. Let’s sum up what we discussed.

The expert was Dennis Sarkar, ICO analyst.

What is blockchain?

  • a network of nodes (computer servers) that synchronically store your data, your records from all the service connected to the network.
  • a decentralized system: no one has control or authority;
  • control over the information: you can definitely know who and when decided to moderate it. In the blockchain, you can always track down exactly the change.

What is crypto?

  • cryptocurrencies are based on blockchain technology, they use distributed ledgers (blockchain)  as a bank account. They use sort of wallet accounts, distributed all over the network. Everyone knows the entire history of every wallet within the network.
  • coins (not physical, just files which have some data in crypto), which are being used in the blockchain.
  • making transactions with your cryptocurrencies in blockchain is totally secure and transparent.

What is a token?

There are several kinds of tokens, the ERC-20 token is one of the most common. It works like any other coin in most cases, but is limited in terms of application: being issued by one project, it is often designed to be the inner currency of that project, and its monetary value is then set accordingly to the demand for the project services. Usually unlike the core coin of the network, a token can be transferred but cannot be used to pay transaction fees, so a user is still required to have network coins to be able to send tokens.

Another popular type, ERC-721 is a token that is basically a file with unique data stored in it: it can be anything, like a baseball card or a document, digital ID, etc. For example, such type was used in the famous CryptoKitties game to represent different in-game units for collectors;

✅ Tokens cannot exist without the network  (not independent);

✅ All startups have their own economy model (tokenomics)

  • ICO - initial coin offering, white paper
  • TGE – token-generation event;
  • STO – security token offering – is very close to traditional IPO
  • IPCO – initial payment coin offering;
  • IECO- initial exchange coin offering;

✅ There are three types of tokens:

  1. Utility token (most limited, most useless)
  2. Security token (assets for every company )
  3. Payment tokens ( are used often to make some transactions with online stores, platforms or marketplace, where you just use it as a regular currency).

Blockchain allows to store any form of data: applications, programs.

Tokenomics

✅ Main ICO problems

  • Intransparency of fund-spending
  • Absence or lack of investor’s control
  • Token Offering price OVERESTIMATION

✅ How to introduce tokens to a business?

Unit Assets

Blockchain vs. ICO

  • ICO is just one way to use blockchain technology. Blockchain (by itself) does not allow you to raise some funds, but ICO is about raising funds, using blockchain technology.
  • Blockchain can be applied to any business and let people benefit from it without any form of tokens.

Trends in blockchain implementation
 

  • getting people store their data in an easier and cheaper way, making transactions;
  • fair election;
  • access to financial services to all people from all over the world ;
  • control over the quality of supply;
  • companies can store their record with public access;

Questions from listeners:

1. How blockchain technology can affect the environment?

Modern protocols use some combinations of consensus. Companies are trying to use not so powerful computers – not to consume a lot of electricity.  

2. Proof of work is a security protocol to prevent randomize and fake data from being applied to the network.

Proof of stake is a security protocol, at which protection of the data relies on the fact that people who want to make transactions to the network have to store some of their real money in coins.

Consensus is the model upon which participants control how data can be updated and stored to the blockchain.

To learn more watch the meetup 

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If you want to learn more about blockchain and ICO, attend Blockchain Leadership Summit and meet 2'500+ people from blockchain field from all around the globe. Click on the picture to learn more about BLS.

Want to know an expert opinion about ICO? Then click the link ICO: good practice and learn how ICO is going to change the investment world, and what secrets have professionals.


Read other useful articles about ICO:

👉 Can Less Capital Raised Mean More For ICO Investors?

👉 5 Biggest Failures in Cryptocurrency History

👉 ICO jurisdictions (Israel and Switzerland)


 

 
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