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Blockchain technology

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Types of Web3 Wallets

Web3 wallets are essential to interact with dApps, store digital assets, and trade and exchange cryptocurrencies. But can one wallet do it all? Or do we need more? How many types of wallets exist? Let’s take a look at them and see their features. Well, Web3 wallets can be classified into many types. What are …

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What is a Framework? And what are Web3 Frameworks?

In computer science, a framework is a set of pre-written code or libraries that provides a standard way of building and organizing applications. A framework includes a cohort of tools, software components, and guidelines that help developers create software applications more efficiently. Frameworks provide efficiency by abstracting away low-level details and providing higher-level abstractions. Further, …

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What Is Proof Of History?

Proof of History is a consensus algorithm that improves the scalability and efficiency of blockchain systems. It uses a verifiable delay function to create a secure and unique timestamp. The timestamp for each block ensures that the order of the transactions does not change. This allows nodes to reach consensus quickly and efficiently without requiring much computational power.  …

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What Is Delegated Proof Of Stake Consensus?

Delegated Proof of Stake (DPoS) is a consensus algorithm in blockchain networks. DPoS helps to maintain consensus and validate transactions. In a DPoS system, token holders elect a group of validators or “delegates” to represent them and validate transactions. These delegates are responsible for verifying transactions and adding new blocks to the blockchain. Token holders can vote for validators, …

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What Is Proof Of Work?

Introduction Proof of Work (PoW) is a consensus algorithm used in digital ledger technology to secure transactions and prevent double spending. Many cryptocurrencies such as Bitcoin, Litecoin, Dogecoin utilize this consensus protocol. In PoW, nodes in the network compete to solve a computationally difficult problem. The first node to solve the problem adds a new …

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What Is A Smart Contract?

Imagine you could have digital contracts that can execute themselves whenever necessary, as the need arises. Well, these are Smart contracts. Since they already exist, you can stop imaging and let’s see the necessity, the features, and the working of a Smart Contract. Let’s go!  What Is A Smart Contract? A smart contract is a …

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