Bitcoin is a digital currency that is based on blockchain, one of the most innovative technologies in finance in the past few years. Also was the first digital currency was created by Satoshi Nakamoto and came to life with this underline technology that is called blockchain, in the simplest form of a description is a ledger that exists in a peer-to-peer network of computers with immutable properties.
A quick description could be the following, an immutable recording system of information like an accounting ledger which is stored on a distributed network of computers all around the world that it's running as an independent entity.
As result, the records are impossible to alter or modify by virtually anyone, at the same time thus making it possible that information is accessible in public but kept some details about the records hidden, using public-key cryptography.
The most popular use case of blockchains were digital currencies, now there are over 100 currencies that use blockchain technology. So these types of currencies are applications that running on blockchain under certain conditions and rules that were defined initially.
Constantly we can see new classes of coins like stablecoins such as the USD Coin which 1 USD coin has always the same value as one USD dollar.
The data that is recorded to the blockchain has to be verified by a network of computer nodes. These nodes are blockchain validators that run full-nodes. When a transaction takes place is broadcasted to the network where some validators take the transactions check the validity and place them in a block - a group of transactions.
This is the part of this technology that a block (group of transactions) is added to the blockchain and that is the only truth version, it is a fault-taulerant mechanism that is used to achieve aggrement on data by multiple nodes of the networks.
More about how these blocks are validated and attached to the blockchain you find reading the different proof of work and proof of stake
Later the need for just recording information data is not enough so comes ethereum extends the ability of blockchains from jus a simple system to record information to create apps on this. So this opened new opportunities to make applications other than currencies and mainly custom apps that are called smart contracts.
The contracts in ethereum are created using programming using solidity a programming language similar to C++;
The next step seems to connected different kinds of blockchains on private and public domains under certain rules. The connection of the blockchain between them on exchanging data, tokens, assets brings into play the cosmos using the Inter-Blockchain protocol (IBP). A special case of smart contracts is the decentralized financial projects aka DeFi.
An introduction on DeFi in short is that is the transformation of old finance technology and tools to run independently distributed and without the middle man. An example of this is the uniswap a protocol to exchange ERC-20 tokens, Yarn.finance on aggregated liquidity and automated market-making, chainlink a Datafeed for connected off-blockchain data to on-blockchain, compound that allows loaners to borrow by backing crypto-assets.
We can help you to become an innovator of blockchain technology, just bring the idea and we handle the blockchain app development company. Despite the fact of currency, the use of crypto it is seems to be more an investment vehicle for the time.
What is Cosmos.network
Is a decentralized network that you can deploy a blockchain that can be connected with other chains like currencies or smart contracts cosmos.network . The Cosmos Hub is called the set of interconnected chains that follow the BTF consensus protocol.
The integrity of this distributed ledger is maintained by the validators, which are independent computer nodes or clusters owned by companies or people. These are responsible for committing new blocks in the in blockchain and as a reward, they earn revenue from transaction fees, block rewards.
The main Token of Cosmos hub is Atom and currently is trading in some exchanges like Coinbase. A strange characteristic compare to other currencies is that the tokens can be lent to validators of the network, these are called delegators so they can earn more Atoms.
Electronic Rights Transfer Protocol where you can create digital assets and transfer them under certain conditions. There are two types of assets, the first one is fungible assets where all the items have exactly the same properties.
The second one is the non-fungible assets where items that belong on these sets may have different characteristics on some properties like a partial-ordered set.
Zoe Mechanism provides a secure and safe way to transfer digital assets and crypto tokens aka money. In one line someone could say that is an auction mechanism for matching buyer (that making offers) to the seller and that mechanism holds all assets in escrow record until there is a match else all assets return back to the initial owners.
The selling point on Zoe is the type-safety property, which means there are in place mechanism that protects the transfer of digital assets and tokens through from failures on systems that could freeze them on chains.
An example is a Call Option, is a financial contract between two parties that the buyer has the option to buy an underline asset at a defined price on a future date regardless of the spot price of this asset that future date. This is a call option because if the buyer has an option not to exercise the contract.