Blockchain Apps Archives - DigitalTokens.io

Solana Vs Ethereum: Could SOL Surpass ETH In User Adoption?

by Iulia Vasile | Mar 25, 2024 | Blockchain, Ethereum, News

Solana is showing signs of potentially surpassing Ethereum in terms of consumer decentralized applications (DApps), as noted by Solana Foundation’s former head of growth. Despite current market challenges, Solana’s unique features could lead to increased developer activity and user adoption.

Matty Taylor, co-founder of Colosseum and previously part of the Solana Foundation, shared that he believes the Solana blockchain is going to become more popular than Ethereum, especially for regular users.

He said that Solana has been doing better than Ethereum in attracting user-friendly apps that fit with the modern web, thanks to its ability to handle transactions quickly and efficiently.

Currently, according to DappRadar, Ethereum has about 4,520 decentralized applications (Dapps), which is considerably more than the ones on Solana (240).

But even so, Solana has kept its nickname over the years, as it is often mentioned as a potential “Ethereum-killer.” This is because Solana can process transactions faster and more efficiently than Ethereum.

The collapse of FTX and the subsequent market downturn were major challenges for Solana, but according to Matty Taylor, these events actually brought more developers to the platform, even as the value of Solana’s SOL token dropped.

Taylor pointed out that every major blockchain network, including Bitcoin with its Mt Gox incident and the 2020 market downturn, has faced tough times. He believes that Solana has emerged from these challenges stronger and with a growing number of developers.

Despite these advancements, Ethereum still leads significantly in the crypto space.

As of March 2024, according to DefiLlama data, the total value locked (TVL) on Ethereum is $50.5 billion, more than 11 times Solana’s TVL of $4.34 billion.

Source: DefiLlama

Additionally, Solana faced technical issues when its blockchain stopped producing blocks for over five hours on February 6, forcing a network restart by its validators. This was not the first time; Solana has experienced several notable disruptions since January 2022.

Matty Taylor explained that while network problems are usually bad for any system, blockchains trying to expand their capabilities will naturally face some challenges. He mentioned that it’s better for these issues to occur now rather than later, especially before large, critical funds like pensions begin to rely on blockchain technology. He admitted that while it’s not ideal, these challenges are part of the innovation process.

Ethereum vs Solana dApps

There is no doubt that Solana is becoming a serious competitor to the already established Ethereum blockchain.

According to DappRadar, the top 10 Dapps are divided between Ethereum and Solana. Three of these are native to Solana, six are Ethereum-based, and one (Magic Eden NFT marketplace) supports both blockchains.

However, it’s worth pointing out that the UAW (Unique Active Wallets) interacting with these apps seems to be increasing on the Solana-based Dapps.

Raydium, the Solana-based DEX, has taken the lead with over 1.15 million unique addresses in the last 30 days. This is almost double that of the most popular DEX in the crypto space, Uniswap. However, the top from DappRadar counts Uniswap V3, V2 and the NFT aggregator as separate Dapps, but there’s no way of knowing if those aren’t the same addresses on both Uniswap V3 and V2.

According to CoinMarketCap, Solana (SOL) registered a price surge of over 78% during the last month, reaching a trading price of about $185 at the end of March 2024.

This sharp increase, together with its latest tech developments, played a pivotal role in last month’s TVL increase for its top protocols. Here’s a screenshot from DefiLlama of the top protocols on Solana, sorted by their TVL (total value locked).

Stablecoin dominance

Stablecoins are another way to measure how relevant a blockchain really is. Investors and day traders will often use stables, such as USDT and USDC to safeguard their trading profits from the market’s volatility.

While Ethereum still maintains its sovereignty, being responsible for over 52% of all stablecoin transactions, Solana ranks as the 4th blockchain for stablecoin trading, with a 1.86% dominance of the total market share.

Source: DefiLlama, Total Stablecoins Market Cap Dominance

Here is a breakdown for each of the top blockchains for trading stables.

Solana is gradually growing in volume and market capitalization, experiencing more than a 4% increase over the last week. It appears that Solana is steadily outpacing Ethereum. If this trend continues, it will not be a matter of if but rather a question of when.

Nike, Kohl’s & Macy want to gather data from their supply chain and run experimental Blockchain

by Iulia Vasile | Mar 10, 2020 | News

Auburn University RFID Lab in Alabama has published a whitepaper which aims to demonstrate the improvement of the supply chain using the blockchain technology.

Yes, supply chains are chaos and, at least at a theoretical level, blockchain can sort things out.

The structure of this Proof-of-Concept is to enclose, encrypt, disburse and save data from several points across the supply chain on Hyperledger Fabric.

The experimental blockchain has saved data from brands such as Nike, Herman Kay, Kohl’s and Macy’s.

This pilot program is part of CHIP (Chain Integration Pilot) which is the first supply chain program to integrate item-level data streams into a blockchain.

A number of 223,036 products were saved on the blockchain; only 1% was from stores and 87% were from distribution centres. 12% originated from the place of encryption.

According to CHIP, blockchain is a solution for serialized data-sharing issues within the supply chain. The report states that the organizations were “able to record transactions containing serialized data in a common language and share that data with their appropriate trade partners.”

The same report states to be “a tremendous amount of error and inefficiency in currency supply systems,” and that using blockchain will help further eliminate counterfeit products. This will help businesses regain up to $181 billion.

To face the truth, the technology used today in most of the supply chains, were developed before the internet era and are not suited to process the huge volume of data they are facing today.

There is a lack of “an effective, industry-wide solution for exchanging serialized data between business partners,” in spite of the launch of serialized data through the use of QR codes and RFID tags ten years before. Additionally, the report contends that earlier approaches to merge framework and draw info en masse’ throughout the supply chain have been “constrained by the industry-wide ineptitude for sharing serialized data.”

← Crypto World February 2020: Yemen's Civil war, New Jersey attempt to crypto, Oil more volatile than crypto How is coronavirus affecting the cryptocurrency markets →

The convergence of the VR and Blockchain technologies

by Iulia Vasile | Feb 17, 2020 | Blockchain

Convergence is becoming a very common term in the technology sphere. It means merging technologies into a new form that combines their media and applications. Embedding your devices with technology improves their functionality.

Even though the article only covers the two, VR and Blockchain are not the only technologies that have been combined to improve our lives the list is endless and the applications are numerous.

Understanding VR and Blockchain

VR stands for Virtual Reality, and it is a technology that simulates an experience that is similar or different from the real world. some of the common applications of VR include entertainment, communication, and education.

While Blockchain is a digital ledger technology that enables the permanent storage of transactions online within a decentralized atmosphere. Blockchain also has several applications which include smart contracts, securities, record keeping, cryptocurrency, and gaming.

VR and Blockchain in online retailing

As we have it, VR and AR are already enabling in-store virtual tours, with a little innovation we will be able to conduct virtual shopping.

Just imagine, sitting on your sofa and wearing your VR goggles and then the next thing you know you are walking into a store and browsing through the virtual representations of the merchandise.

Imagine being able to even try out the outfits in the fashion section because you have already uploaded a full body scan of yourself, and the avatar is your virtual replica.

Blockchain, on the other hand, enables cryptocurrency payments which are borderless thus making it very compatible with the global VR retail environment. Cryptocurrencies will enable small ventures to take products directly to their customers thus reducing the costs involved.

Developers are currently working on an application that merges these two technologies. their convergence will make it possible for small businesses to trade globally. Not to mention the participants will be able to enjoy some interesting benefits which include lower costs, disintermediating of banks. Traders will no longer need to use credit cards which charge transaction fees and create waiting periods for merchants to receive their money.

VR applications are unlimited and once converged with Blockchain they could spider out across the globe.

← IBM’s vice president of blockchain technologies talks about money Who rules the cryptocurrency world? →

Millennials love digital collectable card games built blockchain

by Iulia Vasile | Jan 21, 2020 | Blockchain Games

The market of digital and blockchain collectables is increasing by the minute and the Millenials love it. Some are even willing to invest big money in them, as a form of investment, and sell their collectables later, at a greater price.

If you’re still wondering if blockchain collectables is a niche market, then let’s explore together why millennials love digital collectable card games and what’s the value added by the blockchain collectables.

The potential of digital and blockchain collectables

Digital collectables offer a different approach, and it doesn’t necessarily offer an opportunity to make money (although it can and it does in some cases).

Let’s looks at some examples.

FootballCoin (independent blockchain fantasy football with digital collectables)

Let’s take the example of FootballCoin, a fantasy football manager game, built entirely on blockchain, with digital collectables.

As a blockchain game, it presents multiple facets of the game, and it is not only a football manager. As more and more Millenials get interested in obtaining and owning digital assets, the niche of digital collectables has begun to be of particular importance.

What makes this collectable game unique, it’s its own blockchain, independent of any other platform, on which all the assets and coins are created.

The in-game market of FootballCoin, features collectable football player cards, which were issued in limited amounts and can increase or decrease in value, based on the real-life performance of the particular footballer.

To make the most out of this free to play the game, you have to participate in the free contests and choose a team of 11 football players plus substitutes. This part requires some football knowledge.

Ethereum blockchain games

Today, most blockchain collectable games are based on the Ethereum blockchain and need users to buy ETH in order to buy or trade something in the game.

Some of these games got really popular, while others are still aiming to reach a wider audience, having a very niche market at the moment.

SoRare (collectable & tradeable blockchain footballer cards)

A good example of a collectable card game built on the Ethereum blockchain is SoRare. Although the collectables are on the blockchain, the game doesn’t offer its own crypto and it rellies entirely on Ether. The users need to have an Ether wallet installed on their browser. The good news is that the blockchain collectables can be purchased easily with a credit card.

This blockchain game offers the option to collect your favourite footballers’ digital cards, trade them or use them to build your team and to earn weekly rewards. With the promise to add more football clubs to their list, football fans can collect their favourites. And can make a profit by selling them.

Other examples of such blockchain collectable card games built on the Ethereum blockchain are CryptoSpells, Mythereum, Gods Unchained, Blockchain Cuties, MLB Champions, CryptoKitties.

Spells of Genesis was the first blockchain collectable card game was built on the Bitcoin blockchain.

Regardless of how the industry sees these games, they are gaining popularity, and that’s why more and more blockchain collectable card game appear each year. Millennials love them and are willing to buy these collectable cards.

Another perspective worth pointing out is the appeal of owning digital assets, which can be a piece of digital art or a collectable and it’s all possible because of the blockchain technology.

What makes these digital collectables so valuable to Millenials?

Similarly to cryptocurrency and digital tokens, blockchain collectables are issued in limited quantity which ensures the scarcity attribute specific to the crypto market. With every resell, they become more valuable.

The success of the blockchain collectable card game holds in their appeal to users.

Although these collectables serve no purpose other than an intriguing market for enthusiasts, reaching a bigger audience will definitely help awareness and add value.

← How blockchain copyright protection can fight piracy The latest 5 blockchain technology trends in 2020 →

How blockchain copyright protection can fight piracy

by Iulia Vasile | Jan 16, 2020 | News

Blockchain can help protect content creators and artists from pirates. How does blockchain copyright protection work?

Copyright is still an issue today, and artists and companies are still struggling to get pay for their work and products. But the good news is that blockchain copyright protection is now available and can change that story, forever.

First, let’s give an example oh how the blockchain technology is transforming copyright protection all over the world.

In December, the famous cartoonist Gary Larson, declared that his favourite comic strip, The Far Side, will be available online, with fresh content.

Larson long resisted the appeal of the online as a result of concerns of how his work would be used, and requestion websites to not use his strips from that a late-90s as an “unauthorized” reproduction. He asked, “Please, please refrain from putting The Far Side on the web,” he wrote. ” These cartoons are my ‘children’ of sorts, and like a parent, I’m concerned about where they go at night without telling me.”

So this examples leaves us with the following question: “If more famous struggle with copyright infringements, where does that leave the rest of us?”

Fortunately, copyright protection is just one of the more fascinating use cases of blockchain, and we are already seeing its possible effect, with a variety of organizations exploring the idea.

Here is how blockchain can alter the way we manage copyrights for intellectual property, and how blockchain technology in transforming copyright protection, using examples from bigger publishers.

Why do you need blockchain copyright protection?

To answer how and why we need to use blockchain for copyright protection, we first need to understand the basics of blockchain technology.

Blockchain utilizes a decentralized model that produces a ledger. The distributed ledger records the listings in a way that nobody can ever alter them, and all this need to be confirmed by consensus.

For artists and founders, there are obvious advantages; using blockchain, they can basically timestamp a the creation of something (and after revisions), supplying evidence of possession of the creation. That info will be immediately made public, and could effectively be immune from tampering or alteration.

That evidence of initial ownership is essential if battling piracy and implementing rights claims. A few blockchain copyright service offer you the capacity to determine prospective rights problems –such as somebody seeking to enroll an already-listed product or work, or unauthorized use of a picture –and alert that the first proprietor. Blockchain technology will not eliminate piracy entirely, but it might provide tools for IP owners to enhance and guard their rights.

Smart contracts are another extraordinary feature of blockchain. It enables the ledger to execute transactions between different individuals when certain conditions are met.

Who can help you enhance your blockchain copyright protection?

Many organizations are already researching the way how to use blockchain for copyright protection.
For example, the nonprofit Content Blockchain Project is centred on developing an open standard called the International Standard Content Code identifier, that could be utilized for all sorts of media–such as text, songs, pictures, and movie. The initiative expects to supply the core infrastructure for this system, such as smart licenses for trades.

Po.et is just another project that sees a route to some “better internet” through real-life ownership, in addition to monetization and detection performance. Its own “Proof of Existence” protocol was constructed with these tenets in your mind; although it was initially intended to be built on Ethereum, the team partnered with blockchain development platform Echo and will tie its potential to Bitcoin.

Pixsy is a blockchain-driven service centred on pictures, and it is a thorough offering: it monitors over 50 million pictures throughout the world wide web daily to locate cases of breach of registered images. If it finds an unauthorized usage, Pixsy’s copyright attorneys can ask for fees on your behalf.

Another company is GoChain, a venture blockchain solutions firm which operates with these customers as Lenovo and Microsoft, in addition to Rights Chain, which utilizes blockchain as only 1 part of its own rights management platform (alongside electronic signature technology ). Even giant Sony Music Entertainment Japan has turned to blockchain to get a digital rights management (DRM) solution, employing an Amazon Internet Services-based system to guarantee ownership rights.

China wants copyright protection using blockchain

Copyright law may be complex, and it is different in each country, but it is necessary because it enables artists to sign their work as intellectual property.

The potential of blockchain technology in transforming copyright protection is under a magnifying glass, but we are a long way from mass adoption of using blockchain for copyright protection.

For instance, China’s courts have recently employed a blockchain-based method for demonstrating ownership and handling proof in copyright infringement disputes. China explicitly said that it wants more blockchain in its systems.

A Chinese author, Chen Hongyan has utilized the system to conserve considerable time and money in the process of Implementing IP rights, a part of a broader movement to utilize the blockchain to automate judicial procedures from major Chinese cities.

If this procedure takes off, we might see it used all over the world.

← Blockchain, on top of demanded skills in 2020 Millennials love digital collectable card games built blockchain →

Blockchain, on top of demanded skills in 2020

by Iulia Vasile | Jan 15, 2020 | Blockchain, News

Blockchain is the most desirable hard skill in 2020, according to LinkedIn Learning, the education portal of the famous professional network.

After blockchain, cloud computing falls closely, in the second place, on the skill scale.

Thi skill listing is updated annually and it places the skills in demand by companies.

The in-demand hard abilities are chosen out of LinkedIn’s trending job listings.

In 2019, blockchain wasn’t on the listing at all, while cloud computing and artificial intelligence were the most sought after skills from the LinkedIn listing.

The blockchain technology started to gain popularity at the beginning of 2009, promoted by cryptocurrencies, and it eventually evolved into a way to validate and authorise data, due to its secure distributed ledger.

Due to the current shortage of blockchain professionals to serve this emerging industry, LinkedIn urges its readers to start studying the essentials of blockchain engineering.

It’s unclear why blockchain has suddenly been listed on top of the list of most wanted skills by a company, but it might be a sign that the distributed ledger technology is finally shaking off the stigma surrounding it (given by the crypto sector) and moving into mainstream business processes.

The lack of blockchain professionals

Coin Rivet reported in 2018, a 2000% increase in the demand of blockchain experts, based on the UpWork.com freelancer market. The salaries for blockchain professionals ranged from $36,000 to over $200,000 at that time.

During the last year, a significant number of current pioneer companies created blockchain-based products or solutions, legitimising the blockchain’s reputation.

One such example is the partnership between the global remittance supplier, MoneyGram, who has been operating together with Ripple to start new cross-border payment gateways using blockchain.

Another example is Samsung, which has partnered with Syniverse to allow blockchain-powered cellular payments, revealing that the blockchain innovation is a global event.

On top of all these international projects, the Central Bank Digital Currencies(CBDCs) is focusing on increasing blockchain’s demand and legitimacy. This is becoming a priority for authorities in many countries such as China, the USA, and Australia — further increasing the requirement for best blockchain skilled professionals.

← Fiat vs Cryptocurrency: Why Crypto will take over How blockchain copyright protection can fight piracy →

« Older Entries