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…For example, a consortium blockchain may not be permissionless, as only the consortium operates on it.Key TakeawayPermissionless refers to a system — typically related to blockchains — in which no person or thing can dictate who is allowed to use it and how it is used.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someon…
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…In exchange for the user’s aid, the scammers offer generous rewards.To gain victims’ trust, scammers provide them with the private keys to their wallets, a tempting proposition for most people. Upon accessing the wallets, victims discover a significant amount of tokens, often in lesser-known cryptocurrencies. Although these tokens hold substantial value, they cannot be used to pay transaction fees; wallets typically accept fees only in the native cryptocurrency of the blockchain in which the…
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…Encryption and decryption are crucial for securing data and transactions in blockchain technology, and a private key is required to decrypt data and control a user’s funds.Decryption algorithms decode ciphertext corresponding to the encryption algorithm, allowing authorised parties to access and read the original information (plaintext). This process ensures that sensitive data remains confidential and secure during transmission and storage. Various cryptographic algorithms have been develope…
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…This may include encryption, multi-signature authentication, physical security measures, and other advanced security protocols.Many cryptocurrency vaults store the private keys of digital assets offline, disconnected from the internet (called cold storage). This reduces the risk of online attacks targeting the assets. Vaults also often have backup and recovery mechanisms in place to protect against accidental loss of access to the digital assets.Using a crypto vault usually involves fees for the…
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…It is designed so that each party holds a private key, and redistributing funds in the channel can be done only if both parties are confirmed. For every transaction made, the channel’s balance also updates off-chain. Using the example above, both Alice and Bob deposited 1 Bitcoin each upon opening a channel. There were three transactions that occurred off-chain: 1) Alice transfers 0.25 BTC to Bob, 2) Alice transfers another 0.25 BTC to Bob, and 3) Bob sends 1 BTC back to Alice. Upon closing …
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…It is designed so that each party holds a private key, and redistributing funds in the channel can be done only if both parties are confirmed. For every transaction made, the channel’s balance also updates off-chain. Using the example above, both Alice and Bob deposited 1 Bitcoin each upon opening a channel. There were three transactions that occurred off-chain: 1) Alice transfers 0.25 BTC to Bob, 2) Alice transfers another 0.25 BTC to Bob, and 3) Bob sends 1 BTC back to Alice. Upon closing …
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Blockchain and AI: How They Can Work Together What challenges does AI face, and how can blockchain help? Learn how these two technologies can work together. Blockchain and AI: How They Can Work TogetherLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYBlockchain6 Mar 2023|INTERMEDIATE|4 MIN READBlockchain and AI: How They Can Work TogetherWhat challenges does AI face, and how can blockchain help? Learn how these two technologies can work together. Key Takeaways: The main challen…
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…For example, a portion of the funds is typically transferred to the company’s cold wallet, where it can be safe from online attackers.Key TakeawayA custodial wallet is held by an entity, such as a centralised exchange (CEX), and the user does not hold their assets’ private keys, as the service provider is in charge of holding the user's wallet.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised…
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…Most projects provide instructions on how to set up a wallet and where to provide your wallet address to receive the tokens. It is crucial to ensure that you are using a secure wallet and that you keep your private keys safe. Once you have completed all necessary steps, you can sit back and wait for the tokens to be distributed. Notable Crypto Airdrops Over the years, notable crypto airdrops have captured the attention of the crypto community. Aurora The concept of airdrops first gained attent…
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What Are Sidechains? Scaling Blockchain on the Side Read on to learn what sidechains are, how they work, and which crypto projects are using them. What Are Sidechains? Scaling Blockchain on the SideLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYBlockchain4 Feb 2021|INTERMEDIATE|3 MIN READWhat Are Sidechains? Scaling Blockchain on the SideRead on to learn what sidechains are, how they work, and which crypto projects are using them. Key Takeaways: A sidechain is a separate, ind…
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