What is BlockChain?
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet to store information rather than a database?
Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.
Large databases achieve this by housing data on servers that are made of powerful computers. These servers can sometimes be built using hundreds or thousands of computers in order to have the computational power and storage capacity necessary for many users to access the database simultaneously. While a spreadsheet or database may be accessible to any number of people, it is often owned by a business and managed by an appointed individual that has complete control over how it works and the data within it.
One key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together in groups, also known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.” All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.
A database structures its data into tables whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are chained together. This makes it so that all blockchains are databases but not all databases are blockchains. This system also inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.
What is NFT?
When a transaction is made using a blockchain, the transaction details cannot be modified. However, there are still problems that have not been solved. It is the digital content copyright issue. How can I prove that my digital content is original? When I say that it is impossible to prove, it means that it is impossible to determine whether the work I made or the copy of my work is genuine.
For this reason, conteNFT is solving this problem by introducing NFT technology. So what is an NFT?
NFT stands for Non-Fungible Token, which means ‘non-replaceable token’. “Impossible to replace” means that it cannot be exchanged for something else.
Therefore, if we put digital content such as photos, audio, and video on the NFT, the digital content contained in the NFT becomes only one irreplaceable product.
However, digital content, as we know, can be easily copied by anyone. Even if you upload digital content to the NFT, if people can copy the content, it can’t be said that it is no longer impossible to replace.
But this is not a problem. NFT is recorded in the blockchain, and because all records are transparently stored due to the nature of the blockchain, the original and the copy can be distinguished. With the introduction of NFT technology, we no longer have to worry about the piracy that has plagued us.
Characteristics of NFT
Scarcity: Scarcity can be emphasized by limiting the total issuance of NFTs.
Transparency: On-chain NFTs can track NFT’s transaction history through Explorer.
Guaranteed Ownership: As NFTs are recorded on the blockchain, owners can ensure ownership of their content.
conteNFT — a Multichain Decentralized social network including NFT marketplace platform
There are already online platforms in the world to upload and sell digital content. However, most services currently operate using their server inside the platform, not the blockchain, and require expensive fees to use the platform.
conteNFT is operated decentralized rather than centralized using a technology called blockchain. Therefore, direct transactions between sellers and buyers are made without going through the hand of an intermediary third party. And this transaction activity is recorded on the blockchain, due to the nature of the blockchain, it is impossible to forge the transaction details that have already occurred. Additionally, the sellers can fully receive the value of their work since the transaction does not go through a third party. conteNFT is a multi-chain decentralized social network, including an NFT marketplace platform for the creation, purchase, sale, exchange, or modification of unique non-fungible tokens (NFTs), implemented first on the Binance Smart Chain blockchain using smart contracts.
We aim to build an NFT social media marketplace platform where users can trade NFT items and use social media features such as “like”, comment, share, direct message.
Limitation of Ethereum
Currently, most digital market platforms apply NFT technology that uses the Ethereum blockchain, but conteNFT uses the Binance Smart Chain developed by Binance.
So, why do we use Binance Smart Chain instead of Ethereum main net, which is currently the most used?
Currently, there are many platforms in the market for trading digital items. Most of them operate based on Ethereum, so you have to pay a kind of fee, called Gas, every time a transaction occurs. When using a service, it is natural to pay a fee, and it is quite understandable from the user’s point of view. But the problem is the cost of this Gas. Currently (as of March 2021), the cost of Ethereum gas is about $15. This means that whenever a transaction occurs on Ethereum, you have to pay an expensive gas fee when minting or purchasing a product. Can you be convinced about this price?
In addition, in the case of a dApp with many users, such as CryptoKittes, because transactions occur in proportion to the number of users, the processing speed becomes very slow. In the end, it inevitably causes much inconvenience in using the service.
The goal of conteNFT is to create a service where everyone can upload and sell their work, but if we use Ethereum Mainnet, the fee is too high, and users cannot use it. In addition, since the fees are high, the seller is forced to sell at a higher price than normal, and the price of the work is trading abnormally high.
What is Binance and BSC (Binance Smart Chain)?
Binance Smart Chain (BSC) is a blockchain developed by Binance that adds BC (Binance Chain) and Smart Contract functions that are optimized for fast transactions.
Before looking at the BSC, let’s first look at what Binance is.
If you’ve ever experienced the cryptocurrency market, you’ve probably heard of Binance at least once. Binance is currently the world’s #1 cryptocurrency exchange with the most trading volume. It is today’s reality that many people have negative perceptions of exchanges. However, since its launch, Binance has continued to maintain the №1 trading volume and not only operates an exchange, but Binance also works on several projects such as Binance Chain and Binance DEX to develop the blockchain ecosystem. Binance Smart Chain is also one of the projects developed by Binance. Of course, it cannot say that BSC is the best because it is a project developed by the №1 exchange in the industry, but you can trust Binance only by the fact that it is always in the best position for three to four years. Nowadays, numerous exchanges are appearing and disappearing. Let’s see what advantages BSC has besides being developed by Binance.
Previously, Binance used the Binance chain mainly within Binance DEX (decentralized exchange). And the excellent point of the Binance Chain is that it can handle a huge load of transactions. Nevertheless, it has the disadvantage that it cannot be expanded functionally. It is usually difficult to have both usability and flexibility. But to compensate for the shortcomings of the Binance Chain, Binance designed the Binance Smart Chain, which is possible to operate a blockchain with compatibility with Binance Chain, Smart Contract functions and Ethereum Virtual Machine (EVM) in parallel.
BSC is based on a consensus mechanism called Proof of Stake (PoSA), and this consensus model supports fast block times and low fees. In addition, since Ethereum is the most used Smart Contract platform, BSC was developed to be compatible with Ethereum to take advantage of these advantages. Therefore, it can support various functions and dApps within the Ethereum ecosystem.
It is clear why conteNFT uses Binance Smart Chain rather than Ethereum. It is because the fees are much cheaper than when using Ethereum. If you have to pay a high commission every time a transaction occurs, there is no reason to use it from the user’s perspective. Currently, most of the services use Ethereum, which has to pay an expensive fee, and therefore, there is a situation in which the fee may be higher than the item itself when trying to upload it on the platform to sell. The vision of our service is that anyone should be able to use conteNFT without any restrictions. Who would use it if it costs 40 to 90 dollars each to be posted for selling a work?
Therefore, conteNFT is using Binance Smart Chain to solve this problem.
Next, The chart above shows the average gas price on Binance Smart Chain. The average gas price is 15 Gwei. In BSC, 1 gwei is 0.000000001 BNB.
The chart above shows the total number of transactions that occurred in BSC. Although the number of transactions occurring in BSC is increasing, it can be seen that the fee is almost constant or rather cheaper. This shows that unlike Ethereum, the service can be operated stably in the future.
[***This content is for information purposes only and is not financial advice. We will not take any responsibility for your losses when you invest in Crypto Currencies or assets related to Crypto Currencies.***]
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