Best of Blockchain — July 2024

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   Coins Bench·2y

   Smart Contracts: Discover the future of business automation!

   Smart contracts are software codes stored on the blockchain that automatically fulfill the terms of an agreement when executed. They enhance the security, transparency, and reliability of transactions by eliminating intermediaries and reducing fraud risks. Smart contracts reduce documentation costs, expedite transactions, and increase trust between parties. They are the basis for innovative solutions like DAOs and blockchain-based financial services.

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   Coins Bench·2y

   How to Learn Blockchain Development: A Step-by-Step Guide

   Learn how to effectively master blockchain development through a strategic, project-oriented approach. This guide outlines six essential steps: defining clear project goals, breaking down projects into manageable components, gathering relevant information, conducting thorough research, iterative learning of each component, and teaching what you've learned. These steps will help streamline your learning process and build robust blockchain solutions like an NFT marketplace or a decentralized application.

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   Coins Bench·2y

   Insecure Randomness in Smart Contracts

   Smart contracts on blockchain cannot achieve true randomness due to the deterministic nature of blockchains, pushing developers to use pseudo-random number generators (PRNGs). Methods relying on block properties or blockhashes are susceptible to miner tampering and predictability. External solutions like Chainlink VRF and onchain VRFs like Harmony VRF offer more secure random number generation but come with additional costs. The Signidice algorithm and the commit-reveal approach provide additional methodologies, each with their own sets of advantages and limitations. The choice of method depends on the specific requirements and incentives of the contract.

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   Coins Bench·2y

   Blockchain: Is it a miracle technology or just hype?

   Blockchain is a decentralized, transparent, and secure technology ideal for storing data like real estate registries and medical records. It enables process automation and ensures immutability of recorded information. However, it faces limitations such as scalability issues, significant energy consumption, and regulatory challenges. Blockchain has varied applications from financial services to digital identification, though understanding its pros and cons is essential for effective use.

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   Coins Bench·2y

   Blockchain-Based ROSCA: Implementing On-Chain Verification for Secure Fund Claims

   By implementing a Rotating Savings and Credit Association (ROSCA) on the blockchain, traditional cooperative savings and lending methods are enhanced with decentralization, transparency, and automation. Using smart contracts, participant registration, contribution collection, recipient selection, and on-chain verification are efficiently managed. This approach reduces reliance on mutual trust and provides increased security and reliability.

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