Autor Cointelegraph By Valerio Puggioni

An overview of the blockchain development lifecycle

An overview of the blockchain development lifecycle

Uverejnil používateľ | feb 27, 2022 |

This process is a proven and tested method for blockchain developers in the industry.  Organizing the process in this manner yields the most efficient and ideal outcomes. The blockchain application development process comprises eight steps, detailed below.  The eight steps in the blockchain development lifecycle: Define the problem to be resolved with blockchain application  The first step of this process involves identifying a problem that a blockchain can resolve successfully. It can be both costly and unnecessary to use a blockchain when it is not required. Therefore, it’s critical to identify a real-world problem that a blockchain can resolve. Choose the best-fitting consensus mechanism Each blockchain project utilizes its own consensus mechanism. The most common are proof-of-work (PoW) and proof-of-stake (PoS). Other consensus mechanisms like practical Byzantine fault tolerance, proof-of-burn, proof-of-activity and proof-of-capacity can be adopted only if they are better suited for the project. Decide on a programming language and blockchain At this point, focus on designing the user interface of the application. The chosen blockchain to be built on will affect the programming language used, which in turn will influence how users interact with the chain. Moreover, interoperability is an additional consideration when thinking of languages. But, which programming language is used for blockchain technologies?  Some of the popular programming languages for blockchain developers are as follows: After selecting a language, a blockchain developer should pick a database to work with. MongoDB and MySQL are two popular choices. Select a blockchain development platform At this stage, developers should identify which blockchain to build on. This allows for immediate development without having to create a blockchain from scratch. The blockchain platform selection process depends on the consensus mechanism that is required. Take note of the problems resolved by each consensus mechanism. Blockchain development often relies on popular platforms designed to make the process easier. These platforms are used by both blockchain development companies and independent developers. Some of the most common platforms are open-source blockchain platforms, such as Developers should choose a platform that utilizes a familiar blockchain programming language. Every platform listed here will facilitate the blockchain development cycle. It’s best to look into each platform’s capabilities and drawbacks, which will help determine whether the blockchain platform suits the project. Develop a strategy for the remainder of the development process In this step of the blockchain development process, evaluate the steps taken thus far. Lay out a plan, and prioritize a strategy for a more comprehensive process. This strategy should account for the characteristics of the chosen platform.  Begin to design the blockchain architecture Determine if the blockchain will include specific permissions for targeted user groups or if it will comprise a permissionless network. Afterward, determine whether the application will require the use of a private or public blockchain network architecture.  Also consider the hybrid consortium, or public permissioned blockchain architecture. With a public permissioned blockchain, a participant can only add information with the permission of other registered participants. Ultimately, the option worth considering is the one that best fits the use case. Develop the blockchain application Configure the key aspects of the application. Ensure that permissions, block signatures, address formats and key management are addressed first. These elements cannot be changed once implemented, so it’s best to give them some consideration from the start. After this stage, start working on the blockchain application’s Application Programming Interface (API). APIs are used to perform auditing functions, generate key pairs, and store or retrieve essential data. The selection of blockchain APIs is dependent on the goal of the application. These APIs will provide the most value to all users.  A developer must also set up middleware. Middleware is software that connects external systems to the blockchain, thereby allowing communication between blockchain components and the apps running on it. Some APIs required by almost every blockchain include APIs for digital signatures and generating hash numbers are also required for data authentication. The developer may use prebuilt APIs for blockchain applications or choose to create new ones from scratch. Relying on prebuilt APIs speeds up the development process while building APIs from scratch offers greater flexibility. Test and release an alpha version of the application In this step, all of the accumulated efforts from the previous steps pays off and an early version of the project is now ready for testing. At this stage of the development process, focus on the core functions. Developers should try to spot potential issues as they arise. It’s best to start with the bare minimum. A Minimum Viable Product (MVP) is all that is required to prove the blockchain model’s viability. Once the application is stable, the developer may choose to incorporate more complex features.

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Crypto rug pulls: What is a rug pull in crypto and 6 ways to spot it

Crypto rug pulls: What is a rug pull in crypto and 6 ways to spot it

Uverejnil používateľ | feb 6, 2022 |

There are several clear signs that investors can watch out for to protect themselves from rug pulls such as the liquidity not being locked and no external audit having been conducted.  The following are six signs users should watch out for to protect their assets from crypto rug pulls. Unknown or anonymous developers Investors should consider the credibility of the people behind new crypto projects. Are the developers and promoters known in the crypto community? What is their track record? If the development team has been doxxed but isn’t well known, do they still appear legitimate and able to deliver on their promises?  Investors should be skeptical of new and easily faked social media accounts and profiles. The quality of the project’s white paper, website, and other media should offer clues about the project’s overall legitimacy.  Anonymous project developers could be a red flag. While it’s true that the world’s original and largest cryptocurrency was developed by Satoshi Nakamoto, who remains anonymous to this day, times are changing. No liquidity locked One of the easiest ways to distinguish a scam coin from a legitimate cryptocurrency is to check if the currency is liquidity locked. With no liquidity lock on the token supply in place, nothing stops the project creators from running off with the entirety of the liquidity. Liquidity is secured through time-locked smart contracts, ideally lasting three to five years from the token’s initial offering. While developers can custom-script their own time locks, third-party lockers can provide greater peace of mind. Investors should also check the percentage of the liquidity pool that has been locked. A lock is only helpful in proportion to the amount of the liquidity pool it secures. Known as total value locked (TVL), this figure should be between 80% and 100%.  Limits on sell orders A bad actor can code a token to restrict the selling ability of certain investors and not others. These selling restrictions are hallmark signs of a scam project.  Since selling restrictions are buried in code, it can be difficult to identify whether there is fraudulent activity. One of the ways to test this is to purchase a tiny amount of the new coin and then immediately attempt to sell it. If there are problems offloading what was just purchased, the project is likely to be a scam.  Skyrocketing price movement with limited token holders Sudden massive swings in price for a new coin should be viewed with caution. This unfortunately rings true if the token has no liquidity locked. Substantial price spikes in new DeFi coins are often signs of the “pump” before the “dump.” Investors skeptical about a coin’s price movement can use a block explorer to check the number of coin holders. A small number of holders makes the token susceptible to price manipulation. Signs of a small group of token holders could also mean that a few whales can dump their positions and do severe and immediate damage to the coin’s value. Suspiciously high yields If something sounds too good to be true, it probably is. If the yields for a new coin seem suspiciously high but it doesn’t turn out to be a rug pull, it’s likely a Ponzi scheme. When tokens offer an annual percentage yield (APY) in the triple digits, although not necessarily indicative of a scam, these high returns usually translate to equally high risk. No external audit It is now standard practice for new cryptocurrencies to undergo a formal code audit process conducted by a reputable third party. One notorious example is Tether (USDT), a centralized stablecoin whose team had failed to disclose that it held non-fiat-backed assets. An audit is especially applicable for decentralized currencies, where default auditing for DeFi projects is a must. However, potential investors shouldn’t simply take a development team’s word that an audit has taken place. The audit should be verifiable by a third party and show that nothing malicious was found in the code.  Spotting a crypto rug pull scam: It takes some digging In 2021, an estimated $7.7 billion was stolen from investors in rug pull cryptocurrency scams. These investors trusted that they were investing in legitimate projects, only to have the rug pulled from beneath their feet. Before investing, it’s worth taking the time to research new cryptos and to do one’s due diligence before investing in a new project.

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What is Etherscan, and how does it work?

What is Etherscan, and how does it work?

Uverejnil používateľ | jan 29, 2022 |

Etherscan is the most trusted tool for navigating through all the public data on the Ethereum blockchain and is sometimes called “Ethplorer.” This data includes transaction data, wallet addresses, smart contracts and much more. The application is self-contained and is neither sponsored nor administered by the Ethereum Foundation, which is a non-profit organization.The team behind Etherscan includes seasoned developers and industry professionals, who developed the Etherscan app to make the Ethereum blockchain more accessible to everyday users. Although Etherscan is a centralized platform, the app does make it easier for people to search through the Ethereum blockchain.Is Etherscan a wallet?Etherscan is not an Ethereum wallet, nor is it a wallet service provider. Users don’t receive an Etherscan wallet when they search the Ethereum blockchain on Etherscan.Etherscan.io is an independent Ethereum-based block explorer. The Etherscan app keeps track of blockchain transactions on the Ethereum network. The app then displays the results like a search engine.This allows users to find the details of transactions on the Ethereum blockchain, which may give someone peace of mind if their transferred funds have not yet appeared in their wallet.While Etherscan can track the activity on an Ethereum wallet address, users will need to link the app to an existing crypto wallet to do so.You may wonder — Is Etherscan free to use? Yes, Etherscan is completely free.What is Etherscan used for?Etherscan allows users to view the assets held on any public Ethereum wallet address. Using Etherscan, enter any Ethereum address into the search box to see the current balance and transaction history of the wallet under consideration. Etherscan will also display any gas fees and smart contracts involving that address.Users can use Etherscan to:Calculate Ethereum gas fees with the Etherscan gas trackerLookup and verify smart contractsView the crypto assets held in or associated with a public wallet addressObserve live transactions taking place on the Ethereum blockchainLookup a single transaction made from any Ethereum walletDiscover which smart contracts have a verified source code and security auditKeep track of how many smart contracts a user has authorized with their wallet Review and revoke access to a wallet for any decentralized applications (DApps)Users can view any transaction of the Ethereum blockchain on Etherscan. These transactions include failed and pending transactions. Etherscan can also keep track of the progress of an incoming transfer. One way to track a transaction using Etherscan is to look it up on Etherscan.io using its hash key. The hash provides users with an estimate of how long the transaction will take to confirm. The page refreshes once the transaction is complete.Etherscan also works as an analytics platform. Anyone can use Etherscan to analyze on-chain metrics like changes to Ether (ETH) gas costs, as well as keep track of their portfolio and monitor their transaction history for suspicious activity.Only information that is public on the Ethereum blockchain is displayed on Etherscan, so information like a user’s private keys can’t be viewed on the app. Etherscan doesn’t store any private keys and is not involved in any of the transactions shown. The app also cannot be used to solve a transaction failure.Do users need an account to use Etherscan?Users are not required to sign up for an account before using the Etherscan app. However, signing up for an Etherscan account does give users access to additional features. These features include the ability to track addresses and receive notifications whenever a transaction occurs. Developers may also sign up to gain free access to Etherscan’s blockchain explorer data and application programming interfaces (APIs).Thus, users with accounts can add their addresses to the “watch list” on the block explorer to monitor or track their investments. Users can also set alerts so that they’re notified of every incoming transaction via email. Etherscan also provides API services for developers so that they can create decentralized applications.Etherscan provides the following information for all incoming and outgoing transactions: Transaction hashNumber of blocks within which the transaction was recorded and the time at which the transaction was confirmedSender and receiver addressesGas feeAmount sentTotal transaction feeHow does Etherscan work?To use Etherscan, simply enter any public Ethereum wallet address into the search field at the top of the Etherscan.io homepage. Doing so will allow users to view all the transactions associated with that address. Viewing a transaction and wallet on EtherscanExploring a wallet address on Etherscan under the “Transactions” tab will show a list of all ETH transactions (Txns), or transactions that have used gas (Gwei) associated with that specific wallet.Type the wallet address on Etherscan’s homepage and click “Search” to be redirected to a page that displays all of that wallet’s information. The data will include its ETH balance and its value denominated in United States dollar, as well as an overview of the wallet’s transaction history.Click on the wallet’s Transactions tab, which will open up a new page displaying details on all the transactions involving that address. Details include the transaction ID, block height and when the transaction was confirmed. The block height refers to the block in which the transaction was included. The sender and recipient addresses and the total transaction fee are shown as well.To explore and track a single transaction, users will need the transaction hash or transaction ID, or TxHash. A TxHash is a unique string of numbers that identifies a transaction on the blockchain.When users input the TxHash into the Etherscan search bar, a list of information on that transaction will be populated on the page. From here, users can go to the Transactions tab to review additional information about the said transaction. Such data includes whether the transaction status was successful, pending or failed, as well as the total amount that was transferred.The value of the transaction in ETH, as well as the USD value of ETH at the time of the transaction, can also be viewed. Etherscan also displays the timestamp for each transaction in addition to the transaction cost, denominated in USD.How to use the Etherscan gas tracker?“Gas” refers to the transaction fee associated with a transaction to be executed successfully on the Ethereum blockchain. Transaction costs on Ethereum are referred to as gas fees.Ethereum’s network can get highly congested. When a considerable amount of traffic is running on Ethereum’s blockchain due to Ethereum’s auction-based model, the average gas price goes up as users compete against one another and bid to have their transactions included in the next block. Consequently, transactions are delayed and some transactions fail. Gas prices vary depending on the block that the user transaction has been included in, as well as the degree of network congestion. Moreover, users may not be able to discern an accurate estimate of the gas fees they’ll be required to pay before initiating a transaction.To determine a transaction’s gas fees with accuracy, it’s best to use Etherscan’s gas tracker. Etherscan’s gas tracker does more than simply show users the difference in gas prices at various time intervals. It’s also useful for estimating how congested the network is and what the transaction cost will be per transaction.The Etherscan gas tracker functions as an ETH gas calculator. It examines pending transactions on the Ethereum blockchain to determine how much gas a transaction will require. Users receive a gas fee estimate so they can adjust the timing of their transactions to avoid high network traffic. Doing so saves transaction costs and allows for cheaper and smoother transactions, without suffering the anxiety that comes with not knowing whether a transaction will fail or succeed.How to use Etherscan to check the wallet balance and history?To see how the balance in a user’s wallet has changed over time, look up the address of the wallet on Etherscan and select “Analytics.” From here, users can see the data analytics of a user’s wallet, such as the user’s ETH balance, the entire transfer history, transactions and fees paid.Using Etherscan to review smart contracts and wallet accessSmart contracts can be read and edited without the need for special permissions by using the Etherscan app’s “Read Contract” and “Write Contract” features. These tabs provide real-time information on various tokens and smart contracts. Users may also use these features to initiate a token transfer and approve smart contract transactions.Removing a token’s access to the user’s wallet can be achieved using Etherscan’s Token Approval Checker. When users interact with DApps to buy or swap tokens, they tap directly into a user’s wallet with their permission. Therefore, DApps are an appealing target for scammers looking to gain access to users’ Ethereum wallet addresses.If users see suspicious activity or believe that a DApp has been compromised, they can use Etherscan to revoke its access to a specific wallet address. The user’s assets inside the wallet will not be lost, but users will need to reauthorize the tokens when they access the DApp the next time around.To use Etherscan to review a user’s approved token list, look up the user’s wallet address on Etherscan’s Token Approval Checker. Doing so will provide users with a list of all approved smart contract interactions with that wallet. From there, users can connect their wallet to Etherscan and click “revoke” to ensure that the specific DApp no longer has access to the user’s wallet.The road aheadEtherscan is one of the leading tools for accessing reliable Ethereum blockchain data. Etherscan can review smart contract code, track gas prices and monitor the Ethereum blockchain in real time.Finally, Etherscan is free and doesn’t require a user to register to access all of its features. Overall, it’s a great place to start for users who would like to learn the full range of functionalities of a blockchain, as well as their Ethereum wallet and what information they can garner from a blockchain explorer.

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How to use UniSwap: A step-by-step beginner's guide

How to use UniSwap: A step-by-step beginner's guide

Uverejnil používateľ | jan 22, 2022 |

The Uniswap decentralized exchange (DEX) is the most popular DEX built on the Ethereum blockchain. For users wondering, “What is Uniswap?,” this article provides an overview of what it is and how it works as well as several ways users can get started using the Uniswap DEX.With Uniswap, users can swap crypto tokens without having to rely on an intermediary. Not having to rely on a third party leads to next to no economic rents being collected. Instead, Uniswap relies on smart contracts to execute trades. Smart contracts are algorithms that self-execute once certain preset conditions are met. How does Uniswap work?Because Uniswap is an open-source protocol, many DEXs with the suffix “swap” have been released into the market. These protocols are essentially copies of the original Uniswap source code. Where they differ is in the graphical user interface (GUI) as well as in offer differentiation and positioning.The most famous—and most controversial—of these copycats is Sushiswap. Upon copying Uniswap’s source code, it proceeded to launch a vampire attack. A vampire attack is where a DeFi protocol offers various incentives to liquidity providers. A vampire attack aims to draw liquidity away from the target protocol. How did Sushiswap achieve a successful vampire attack? The platform launched an aggressive marketing campaign. They also made it easy for Uniswap liquidity providers to switch over. Finally, they offered insanely lucrative rewards to make it worth their while. Another less controversial example is Pancakeswap. This DEX lives on the Binance Smart Chain. Pancakeswap offers nonfungible tokens (NFTs) and provides yield farming opportunities, which Uniswap does not.Uniswap, though, is the first DEX to rely on an automated market maker (AMM) model, rejecting the traditional open book model. The open book model is not as DEX-friendly due to, among other factors, liquidity issues. In contrast, the AMM model uses a liquidity pool with a constant product market maker model, and thus relies on the Constant Product Formula:It’s worth noting that in version 1 or v1 of Uniswap, liquidity pool providers were at risk of impermanent loss. In other words, it’s best to view v1 as a minimum viable product that was released for beta (or even alpha) testing. With each iteration, Uniswap presented considerable improvements for users. For instance, v2 introduced oracles and airdropped UNI tokens. UNI tokens are the official governance token of the Uniswap DEX. Uniswap users received these airdropped tokens if they used the platform before September 2020.For v3, the most notable improvement came in the form of concentrated liquidity. This novel form of liquidity allowed liquidity providers to set the conditions for which they would receive their fees. Moreover, v3 of Uniswap was released on the Optimistic Ethereum network. Optimism is a layer two scaling solution that is vastly superior to Ethereum’s layer one. Its major benefits include reduced slippage and high gas fees as well as near-instant transaction speeds. So how do you buy coins at Uniswap? Before diving into how to use Uniswap, it’s important to answer the question: Is it safe to use Uniswap? Are smart contracts, blockchain technology and Decentralized Finance (DeFi) secure? These are the technologies Uniswap is built on. The Ethereum blockchain is extremely secure, unless there are vulnerabilities open for exploitation. For instance, Uniswap suffered a bug exploit in the past with a reentrancy attack, but the bug has since been addressed (thus making Uniswap stronger in the long run). And since then, liquidity and trading volume have only surged, and considerably so. Now let’s take a look at how people can use the platform.How to use Uniswap?Users who want to learn how to trade on Uniswap have many options at their disposal. This section covers how to use Uniswap with mobile and the Trust Wallet as well as the Coinbase wallet. But first, the steps on how to use the Uniswap protocol with Metamask are discussed. Afterward, this section presents the steps for the two-mobile friendly approaches.Keep in mind, Metamask is just as user-friendly on mobile. Yet, as a web wallet that functions as a browser extension, its usability experience is impeccable on Desktop, with next to no competitors. This is the reason why, for Metamask, this article focuses on the desktop experience. How to use Uniswap with Metamask?Steps to use Uniswap with Metamask are listed in the figure below:How to use Uniswap with Coinbase?The Coinbase approach might be less intimidating for U.S. citizens who are already familiar with the platform. First-time users should start the steps below after successfully opening a Coinbase account. Those who already have an account can start with Step 1. How to use Uniswap with Trust Wallet?Trust Wallet is one of the most popular mobile wallets, and there’s a reason for that. Trust Wallet is easy to use, friendly and offers a range of tools for users. Below are the steps for using Uniswap with Trust Wallet.One critical deterrent for new Uniswap users is the exorbitant Uniswap fees. Because Uniswap lives on the Ethereum blockchain, it relies on ETH for gas fees. Due to Ethereum’s design, greater congestion leads to higher gas fees because it fuels a bidding war between users competing to have their transactions inserted first into the next block. To circumvent failed transactions, please consider going into the Settings on Uniswap. (Users can do so by clicking the gear icon.) Before executing a transaction, users should adjust the slippage tolerance to roughly 12%.The slippage tolerance is simply the difference in price from when a transfer is confirmed to the price sellers are willing to accept. Adjusting slippage tolerance ensures that user transactions will be front run. Front running increases the chances that the transaction will be included in the next block.

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