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… Key Takeaways: Blockchain interoperability is crucial for seamless communication and data transfer between different blockchain networks. Cross-chain technology is an emerging solution that enables blockchain interoperability, enhancing the efficiency and scalability of these networks. Various approaches, such as atomic swaps and relays, are used to facilitate cross-chain transactions. Cross-chain technology offers numerous benefits, including better scalability, enhanced data flow, and discour…
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… Key Takeaways: Blockchain interoperability is crucial for seamless communication and data transfer between different blockchain networks. Cross-chain technology is an emerging solution that enables blockchain interoperability, enhancing the efficiency and scalability of these networks. Various approaches, such as atomic swaps and relays, are used to facilitate cross-chain transactions. Cross-chain technology offers numerous benefits, including better scalability, enhanced data flow, and discour…
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Blockchain A succinct definition of Blockchain BlockchainLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBLOCKCHAINCopy linkShare on TwitterShare on FacebookShare on LinkedinBlockchainBlockchain is the underlying technology behind cryptocurrencies. A type of distributed ledger technology (DLT), blockchain is a database mechanism that facilitates the recording of transactions online. Information on a blockchain is encrypted and managed in a decentralised and trustless manner.Some…
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Blockchain Trilemma A succinct definition of Blockchain Trilemma Blockchain TrilemmaLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBLOCKCHAIN TRILEMMACopy linkShare on TwitterShare on FacebookShare on LinkedinBlockchain TrilemmaOriginally coined by Vitalik Buterin, the creator of Ethereum, the blockchain trilemma is an issue that currently plagues all blockchains. To be precise, it is commonly considered that most blockchains can only provide two out of three of the following b…
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Lightning Network A succinct definition of Lightning Network Lightning NetworkLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYLIGHTNING NETWORKCopy linkShare on TwitterShare on FacebookShare on LinkedinLightning NetworkThe Lightning Network is built on top of Bitcoin, acting as a Layer-2 protocol that aims to improve Bitcoin’s scalability and transaction speed. A major feature of how the Lightning Network facilitates this is by taking transactions off-chain to process them ins…
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…Its main purpose is to overcome blockchain isolation by enabling different blockchains, each with their own architectures, to interact in a secure and decentralised manner, where applications and users are not limited to a single chain but can operate across multiple blockchain networks.Interoperability standards act like a universal cross-chain ‘language’ that different blockchains can adopt. By agreeing on a common format for communication and data exchange, any participating blockchain th…
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Blockchain Oracle A succinct definition of Blockchain Oracle Blockchain OracleLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBLOCKCHAIN ORACLECopy linkShare on TwitterShare on FacebookShare on LinkedinBlockchain OracleOracles are an essential part of every blockchain ecosystem, as they allow Web3 protocols to access legacy systems, existing data, and advanced computations. In addition, decentralised oracle networks (DONs) are essential because they allow for the creation of hyb…
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…Users and developers have the freedom to modify the blockchain code to suit their specific needs or preferences, and can customise the protocol or add new features to fork the code in order to create a new blockchain network.Open-source blockchain projects can also promote interoperability and compatibility between different blockchain networks and applications. By adhering to open standards and protocols, developers can build applications that seamlessly interact with multiple blockchain platfo…
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What Are Blockchain Forks? This guide explains what blockchain forks are, the differences between hard and soft forks, and how they can change the functionality and price of cryptocurrencies. What Are Blockchain Forks? Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYBlockchain13 Jun 2023|INTERMEDIATE|4 MIN READWhat Are Blockchain Forks? This guide explains what blockchain forks are, the differences between hard and soft forks, and how they can change the functionality and pr…
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What Are Blockchain Forks? This guide explains what blockchain forks are, the differences between hard and soft forks, and how they can change the functionality and price of cryptocurrencies. What Are Blockchain Forks? Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYBlockchain13 Jun 2023|INTERMEDIATE|4 MIN READWhat Are Blockchain Forks? This guide explains what blockchain forks are, the differences between hard and soft forks, and how they can change the functionality and pr…
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