The blockchain is an immutable digital ledger that records and verifies transactions without any central authority. It is a tamper-proof distributed database hosted on multiple computers that enables companies to build their digital transformation strategy. The blockchain has been gaining popularity as transactions can be recorded, verified and executed in a secure manner without intermediaries like banks. The benefits of blockchain are cost-effectiveness, quickness, and security when compared to traditional systems. Some of the commonly used terms associated with blockchain are - Block - A block of data representing a transaction that is verified by nodes before it is added to the chain. Chain - A chain of blocks where each block represents a transaction. Hash - A sequence of characters generated from the data that is stored in the block.
Web 3.0 is the next generation of internet that will largely rely on DLT (Distributed Ledger System), blockchain technology, cryptocurrencies, and most importantly, the philosophy of decentralization. Web 3.0 does not have a single point of failure because it’s powered by user-run networks. If a couple of nodes go offline it will still be running because it has millions of other backup systems all over the world. Therefore Web 3.0-based applications have better uptime. The Blockchain records ownership on shared, public ledger.
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.
We have enormous experience in the web3 world and our dedicated team can help you understand the NFT space and create a use-case for your business. We guide you through the complete development of your project; from the concept and design of the art, to the implementation of the landing page and smart contracts. In addition to the development process, we also educate you about the possibilities of web3 for your business.
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