Author: LooBr
Block chain can be defined as the shared, immutable ledger which helps in facilitating the process of recording transactions and tracking assets in a business network. An asset can be tangible including a car, house, and a piece of land, and non-tangible including copyrights, branding, intellectual property rights patents. Block chain ensures the guarantee of safety and anything traded on the block chain can be tracked and reducing the risk of fraud. Block chain is important because it runs the business, which is run on information. The faster the packages or anything is received, the more fastly it is provided…
Decentralized finance also known as DeFi is a developing financial technology that is based on secure distributed ledgers that have a resemblance to those which are used by cryptocurrencies. In the USA, the Federal Reserve and Securities and Exchange Commission has defined some specific rules for centralized financial institutions including banks and brokerages which consumers and customers have access to capital and financial services directly. Decentralized finance is the opposite of this traditional system and challenges the whole system by allowing the user to have peer-to-peer digital exchange without any interruption. One of the best features of DeFi is that…
Have you wondered what so hype about NFTs is, and why they are always trending? There is a specific reason behind that. Let us take a look at NFTs and their importance in the present time. Non-Fungible Tokens knowns as NFTs are cryptographic assets on a black chain. They have unique identification codes and Meta data which distinguish them from each other. However, the point of interest is that NFTs cannot be traded like cryptocurrencies. Cryptocurrencies are identical to each other and for that reason, they can serve as a medium for commercial transactions. NFTs also represent the thing belonging…
We built virtual stadiums, where live concerts, comedy shows and theaters will be held. Tickets will be sold via our own booking agency in the form of NFTs. The ultimate aim will be to host several concerts within our metaverse with a globally known Superstar. We will be in touch with several managers to see how the agreements can be made. We will be looking into Eminem, Drake and various other candidates that could hold the first concert within the Ruffy World. But also artists who can no longer play concerts like 2Pac, Biggie, Michael Jackson or Elvis Presley could…
Web 3.0 (Web3) is the third generation of the evolution of web technologies. The web, also known as the World Wide Web, is the foundational layer for how the internet is used, providing website and application services. Web 3.0 is where websites and apps will be able to process information in a smart human-like way through technologies like artificial intelligence (AI), machine learning (ML), Big Data, decentralized ledger technology (DLT), and more. Semantic Web The next development of the web concerns the semantic web. The Semantic Web enhances web technologies to generate, share, and connect content and text through search and…
Virtual Reality (VR) is a digital, artificial world that is created and made tangible with the help of special software and hardware. With a VR-Headset, the virtual world can be experienced by the user in 360 ° and he can immerse himself in the artificial world. By contrast, “Augmented Reality” (AR) means the interplay between digital and analog life. This sometimes works with the camera of the smartphone, but mostly also with glasses.
The metaverse is a collective virtual space that is created by the convergence of virtually augmented physical reality and physically persistent virtual space – including the sum of all virtual worlds, augmented reality and the Internet. The word metaverse is a suitcase word made up of the prefix meta (meaning “beyond”) and universe; the term is commonly used to describe the concept of a future iteration of the Internet, which consists of persistent, shared, 3D virtual spaces connected into a perceived virtual universe. In contrast to this, a massively multiplayer online role-playing game consists of a single world. In the…
What Is Decentralized Finance (DeFi)? A new financial technology called decentralized finance (DeFi) is built on safe distributed ledgers that are similar to those used by cryptocurrencies. By giving people access to peer-to-peer digital trades, DeFi threatens this centralized financial system. DeFi does away with the usage fees that banks and other financial institutions impose. Anyone with an internet connection can use DeFi, and users can store money in a safe digital wallet and transfer money quickly. How Does DeFi Work? The blockchain technology that cryptocurrencies employ is used in decentralized finance. A distributed and secure record or sheet is…
NFTs, or non-fungible tokens, have attracted a lot of interest recently. This thing is understandable, in light of reports which show that artists have made millions of dollars from the sale of a single NFT. According to the market, NFTs have increased dramatically, if we talk about price just during the last year. According to the DappRadara tracking company, trading in NFTs soared from $22billion in 2021 to an astounding $600 billion in 2022, and the top 100 NFTs sits have more than $54.5 billion combined worth. Now the question arises here is what an NFT is and how you…
A blockchain (also block chain, English for blockchain) is a continuously expandable list of data records in individual blocks. New blocks are created according to a consensus procedure and attached to an existing chain using cryptographic procedures. Each block typically contains a cryptographically secure hash (scatter value) of the previous block, a time stamp and transaction data. A blockchain is an example of a distributed ledger technology (decentralized account booking technology) or DLT and its functionality is similar to the accounting journal. The blockchain is therefore also known as the “Internet of value” and lays the technical basis for cryptocurrencies…