Unlocking the Secrets of Blockchain: A Digital Revolution 🌐💡

Ever wondered about the magic behind cryptocurrencies like Bitcoin?

Enter the captivating world of blockchain – the technological wizardry that powers the digital currency realm and so much more!

🔗 The Basics: What is Blockchain?

A digital  ledger that's not owned by a single entity but is spread across a network of computers worldwide.

That's blockchain!

💎 Key Components: Blocks and Chains

These blocks are linked together using cryptographic hashes, creating an unbreakable chain.

It's this chain that gives blockchain its name.

🤔 Why Should You Care?

Blockchain isn't just for tech enthusiasts; it's a game-changer with the potential to revolutionize how we exchange value and information.

Understanding blockchain opens doors to a future where trust and security take center stage in our digital interactions.

In a nutshell, blockchain isn't just a buzzword; it's a technological masterpiece shaping the future of our interconnected world.

So, buckle up and join the journey into the heart of this digital revolution! 🌐🚀

Check this article on Effective tips to ride the block chain wave.

Engage and follow for more insights.

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Cryptocurrency adoption has continued to ride and thrive like a moving train, despite the hurdles that have stood in front of the industry. On a continent that was once believed to be an ancient relic of a primitive time, cryptocurrency has turned out to be of great interest to young Africans. In Nigeria, for instance, there are different perceptions of the industry. Some believe anything that has cryptocurrency in it is a scam, while others believe it is simply a get-rich-quick scheme. Thanks to various organizations and companies that have dedicated their time to organizing events to cure myopia among the African populace, we are getting a better idea of what the industry really is about. Before we get into the topic of the day, let's know what cryptocurrency wallets are.

What Are Cryptocurrency Wallets?

Cryptocurrency wallets are digital wallets used to store digital assets like Bitcoin and Ethereum securely. According to the Coinbase website, "crypto wallets keep your private keys—the passwords that give you access to your cryptocurrencies—safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using crypto as easy as shopping with a credit card online."

 Cryptocurrency wallets are not like traditional wallets. Unlike a physical wallet that can be stolen or lost, a crypto wallet is a digital asset that can be easily accessed by hackers if not secured properly. They are computer or mobile software programs that employ an internet connection to connect to the blockchain network of the cryptocurrency you're making use of. Cryptocurrencies aren't just kept anywhere. They are pieces of data saved in an organized database or ledger. These pieces of information are dispersed throughout the database; nevertheless, the wallet locates all the pieces connected to your public address and adds up the total for you via the app's UI.

Using these applications, sending and receiving cryptocurrency is incredibly simple. Several options are available for sending and receiving cryptocurrency from your wallet. The standard procedure is to enter the wallet address of the receiver, select an amount to transfer, sign the transaction using your private key, add funds to cover the transaction fee, and send it.

There are two types of wallets, custodial wallets and non-custodial wallets. Custodial wallets are hosted by a third party, which might be a company that offers high-level data security technologies used by companies to protect and safeguard their data. Some crypto exchanges offer these services to their customers. Non-custodial wallets are wallets where you are responsible for securing your keys. This is the type of wallet that most cryptocurrency wallets on devices use. There are also two categories of wallets: hot and cold. A hot wallet is one that has an internet connection, while a cold wallet does not.

Now that we have basic knowledge of what crypto wallets are, let's explore some of the best practices to keep your wallet safe.
 
1. Choose a Reputable Wallet Provider: The first step in securing your cryptocurrency wallet is to choose a reputable wallet provider. Do thorough research before selecting one, and find out which providers have a strong history of safe operations. Some popular wallet providers to consider include Trust Wallet, Ledger, Trezor, and MyEtherWallet, while you could also consider saving your funds with crypto exchanges like CoinW and Binance.
 
2. Use Two-Factor Authentication: Two-factor authentication adds an extra layer of security to your wallet. It requires you to enter a code generated by an app or sent to your phone before accessing your wallet. This can help protect your wallet against hacking attempts.
 
3. Keep Your Private Keys Safe: Your private key is like the password to your cryptocurrency wallet. If someone gets hold of it, they can easily access your funds. Never share or store your private key online. Instead, store it on an offline device like a hardware wallet or a paper wallet.
 
4. Use a Strong Password: A strong password should be complex and contain a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using easy-to-guess passwords like your name or birthdate. Change your password regularly and do not use it on any other online accounts.
 
5. Keep Your Wallet Software Up-To-Date: Keeping your wallet software up-to-date is important because it ensures that any security loopholes are fixed. Developers often release updates to address any vulnerabilities identified in the previous version.
 
6. Backup Your Wallet Regularly: If you lose access to your wallet or forget your password, a backup can save you. It is important to store backups of your wallet on other devices in case your primary device is damaged or lost.
 
7. Be Cautious of Phishing Scams: Phishing scams are common in the cryptocurrency space. Fraudsters often send fake emails and messages asking for your private keys or other sensitive information. Always verify the authenticity of any email or message before responding.
 
In conclusion, securing your cryptocurrency wallet requires a bit of effort, but it is worth it to protect your assets. By following the best practices outlined above, you can help keep your crypto wallet safe from hackers and other types of security breaches.

An overthinker is someone who tends to dwell on their thoughts and worries to an unhealthy degree. Because they are constantly second-guessing themselves and considering all possible outcomes, they may struggle to make decisions or take action.

If you  happen to have difficulty in this area, here are some healthy factors to help you overcome it: 

 

1. The problem is rarely the problem

You and your thoughts are responsible for 99% of the damage.

in reality, what actually happens, and the outcome are responsible for 1% of the harm.

Most of the time, the problem isn't the problem. It is the way you approach the problem.

You mght have no control over what happens around you, but you certainly do have control over how you react to it.

2. Avoid Self-rejection

Do you believe you are unworthy of such an opportunity? In any case, apply for it.

Do you believe your article is inadequate? Regardless, publish it.

Do you believe they will not respond to your e  mail? Send it nevertheless.

Never rationalize yourself into self-rejection.

3. Silence and time

The truth is that most problems can be solved with less thought rather than more.

The majority of the answers you seek can be found in isolation, leisure, and with a clear mind.

Don't try to solve a problem if you can't solve it.

4. An important question

When you begin to blame yourself for past mistakes or picture danger lurking around every corner, ask yourself:

"Is there anything I can do right now to change the past or influence the future in a positive way?"

Take action if the answer is affirmative.

If the answer is no, accept it and let it go.

You must either act or let it go; anything else is self-harm.

5. The power of now

You will not overthink your way to a brighter future.

You're not going to reason your way out of a bad situation.

Because tomorrow is not guaranteed, all you have is right now. 

And what you do NOW can make your past right and your future better.

Make peace with yesterday, let go of tomorrow, and seize the now.

live in the moment, focus on the now.

6. Fact check your own thoughts

In your mind, your ideas will construct scenarios that represent your insecurities, concerns, and worries.

As a result, it's critical to always double-check your own ideas before accepting them, because in highly emotional situations, your mind will tell you lies.

Fact check yourself.

7. Acceptance is peace

No amount of worry can affect your future, and no amount of regret can change your past.

Acceptance leads to peace:

-Accept your flaws.

-Accept the unknown.

-Accept the inexorable.

You don't have to understand, tolerate, or even forget anything, but you must accept it if you desire serenity.

Practice mindfulness.

8. Health starts in your mind

You can go to the gym, eat healthily, practice yoga, drink water, and take supplements, but you will never be genuinely 'healthy!' unless you tackle the negativity in your thinking.

our health is not assessed by scales, muscular size, or waist circumference.

The quality of our thoughts and the calm of our mind are indicators of true wellness. Health begins in the mind.

Change your mindset.

All of this is to say that things improve when you allow yourself to believe in yourself, give yourself  a break and have an optimistic attitude.

The current new narrative in the cryptocurrency space has been the Brc-20 and its opportunities therein, it is the existing network on the Bitcoin blockchain and it leverages on the Bitcoin popularity and sovereignty alongside its security and decentralized nature. 

It’s inspired by the Ethereum ERC-20 token standards but with quite a notable difference between the duos, as the former leverages on ordinal inscription on satoshi to create its tokens. While the later uses smart contracts codes built on the Ethereum Virtual Machine (EVM) on the Ethereum blockchain to create its tokens. 

What’s Brc-20 Token Standards?

This is an experimental token standard that uses ordinal inscriptions to enable minting and transfer of fungible tokens on the bitcoin blockchain. Brc-20 token was introduced on the 9th of March, 2023 by a pseudonymous blockchain enthusiast known as ‘Domo’ and on the same day, he launched the first brc-20 token known as ‘Ordi’. 

Since then, there have been about 24,677 of Brc-20 tokens in existence on the network. The current market capital is $472,554,369 with a 24 hours trading volume of $206,705,219 as the time of filing this report. Top meme tokens on brc-20 are the Ordi, with a market capital of $318,000,704 and a price of $15.14 though with an all-time high of $27, others are Oshi and Pepe. There’s usually a limit to be minted per time.  

How is Brc-20 token created?

The brc-20 fungible tokens are created by attaching a Javascript Object Notation (JSON) to satoshi through bitcoin ordinals. This JSON code bit defines every features of the brc-20 tokens such as minting and distribution and the bitcoin network decodes this information once deployed. 

Bitcoin Ordinals: is the systematic numbering and transferring of every satoshi on the Bitcoin network according to its order of issuance. Satoshi is the smallest unit of currency on the bitcoin network, 1 Bitcoin is equals to 100,000,000 satoshis. Other usecases of the brc-20 is the Ordinal NFTs.

Ordinal NFTs are non-fungible tokens and they are created by attaching a digital asset file, e.g. images to satoshi. The brc-20 tokens are minted and spent like any other normal tokens. A bitcoin ordinal wallet is required to mint brc-20 tokens with a limit for each mint. 

Platform needed to interact with Brc-20 network

There are several platforms where one can mint, buy/sell and transfer brc-20 tokens such as on brc-20.io, ordinalswallet.com and unisat.io, though the minting option is yet to be available on the later. Don’t forget that you need to create a wallet with any of them and fund with Bitcoin for gas fees

Opportunities in Brc-20 token networks

Just like in any other blockchain networks, opportunities abound, such as peer-to-peer trading on the network’s exchange as one can decide to be a merchant.

Secondly, arbitrage trading opportunity where one can mint or buy from the brc-20 network exchange at a cheaper rate and then sell in the centralized exchange with some profits. 

And lastly, is the that brc-20 tokens can as well be used for decentralized finance (DeFi) on the bitcoin blockchian, since brc-20 tokens are flexible and so can be integrated into decentralized exchanges, lending protocols and yield farming systems. 

In conclusion, the brc-20 tokens are experimental token standards that uses ordinal inscriptions to enable the minting and transfer of fungible tokens on the Bitcoin blockchain and it has had an eruptic effects on the bitcoin networks within its few months of inceptions, it has had a market capital of $472,554,369 million with about 24,677 tokens already deployed. Opportunities in this network are the P2P and arbitrage trading and the DeFi protocols on the network among others. The brc-20 token network though experimental but seems it has come to stay.

You might think, “I use public wi-fi all the time, and I’ve never had a problem!” Sure, not that you know of, at least. The worrisome truth is—in tandem with the growing remote-worker population—cyberattacks are also on the rise and anyone using public wi-fi is at risk. In a Global Risk Report published in 2020, cyberattacks were named the fifth top-rated risk for companies across public and private sectors, and those attacks are expected to climb in ranking soon. The FBI reported 791,790 complaints of suspected internet crime in 2020—which is 300,000 more than reported in 2019—and estimated the financial toll at more than $4.2 billion. Protecting yourself from the risks of public wi-fi has never been more imperative. This is essential for businesses and individuals in virtually every industry, although some are much more vulnerable than others.

The widespread availability of public Wi-Fi has revolutionized the way we connect to the internet, making it easier than ever to stay online no matter where we are. However, as convenient as public Wi-Fi can be, it also poses significant risks to users' privacy and security. In this article, we will explore the risks and shortcomings of using public Wi-Fi and how unsecured networks can leave users vulnerable to cybercrime.

Risks of using public Wi-Fi:

Public Wi-Fi networks are generally unsecured, which means that anyone who is connected to the same network can potentially intercept and read the data being transmitted between devices. This opens the door to a variety of cybercrimes, such as interception attacks, man-in-the-middle attacks, snooping, and malware infection.

 *Interception attacks* occur when a cybercriminal intercepts the communication between two devices and alters it to their advantage. For example, they could intercept a login credential, such as a password, and use it to gain access to sensitive information.

 *Man-in-the-middle attacks* are similar to interception attacks, but involve the attacker inserting themselves into the middle of the communication between two devices. The attacker can then eavesdrop on the communication or modify it to their advantage.

 *Snooping of data* occurs when a cybercriminal monitors the network traffic to obtain sensitive information such as login credentials or financial data. They can then use this information for their own malicious purposes, such as identity theft or financial fraud.

 *Malware infection* is another risk of using public Wi-Fi. Cybercriminals can use unsecured public Wi-Fi networks to distribute malware, such as viruses or ransomware, to unsuspecting users. Once the malware infects a device, it can steal data, encrypt files, or hijack the device.

 _Shortcomings of using public Wi-Fi:_ 

The security measures implemented by public Wi-Fi providers are often inadequate to protect users from cyber threats. This is due to the limitations of securing a public network, such as the large number of users, diverse devices, and lack of control over user behavior.

Public Wi-Fi providers often rely on simple encryption protocols, such as WEP or WPA, which are no longer considered secure. In addition, many public Wi-Fi networks do not require users to enter a password or any other form of authentication, making it easy for cybercriminals to gain access to the network.

Another shortcoming of using public Wi-Fi is the lack of control over user behavior. Users may unwittingly compromise their own security by connecting to a fake network, downloading malicious software, or clicking on phishing links.

 _Best practices for using public Wi-Fi safely:_ 

There are several best practices that users can adopt to reduce the risks of using public Wi-Fi:

Use a virtual private network (VPN): A VPN encrypts all internet traffic between a device and a server, making it difficult for cybercriminals to intercept or read the data.

Avoid sensitive activities: Users should avoid logging into sensitive accounts, such as banking or email, while using public Wi-Fi. If they must do so, they should use two-factor authentication and check for the padlock symbol in the browser address bar.

Keep software up-to-date: Users should keep their devices and software up-to-date to ensure they are protected against known vulnerabilities.

Disable auto-connect: Users should disable auto-connect to public Wi-Fi networks to avoid connecting to a fake network.

When you think of successful tech entrepreneurs, you might picture a Silicon Valley wunderkind with a computer science degree from Stanford. But in Africa, some of the most inspiring and innovative founders are self-made entrepreneurs who started from humble beginnings.

Take the story of Aliko Dangote, for example. Before he became Africa's richest man, with a net worth of over $11 billion, he sold sweets and chewing gum on the streets of Kano, Nigeria. He eventually went on to build a business empire that spans industries from cement to sugar to telecommunications.

Or consider Bethlehem Tilahun Alemu, who grew up in a poor neighborhood in Addis Ababa, Ethiopia. She founded the footwear brand soleRebels, which has since expanded to over 20 countries and is on track to reach $100 million in revenue by 2025.

These bootstrapped entrepreneurs are not only inspiring, but also crucial to the growth of Africa's tech ecosystem. With limited access to traditional financing, many entrepreneurs have had to rely on their own savings and ingenuity to get their businesses off the ground.

And yet, despite the odds, many have succeeded beyond their wildest dreams. In fact, a recent report by the African Development Bank found that 22% of African startups were profitable, with an average annual revenue growth rate of 17%.

So, what makes these entrepreneurs so successful? For one, they often have a deep understanding of the local market and its needs. Many of them have started businesses that address specific pain points in their communities, from affordable housing to mobile payments to e-commerce.

In addition, bootstrapped entrepreneurs tend to be scrappy and resourceful. They know how to stretch a dollar and make the most of limited resources. And because they don't have the luxury of relying on outside investors, they often have to be creative in finding alternative sources of funding, such as grants or crowdfunding.

Of course, bootstrapping isn't without its challenges. It can be difficult to scale a business without outside investment, and many entrepreneurs struggle with limited access to mentorship and business support services.

But as more and more entrepreneurs like Dangote and Alemu prove, it's possible to build a successful business from scratch, even in the face of adversity.

So, the next time you're feeling discouraged about your own entrepreneurial journey, remember the inspiring stories of Africa's bootstrapped entrepreneurs. They prove that with hard work, perseverance, and a little bit of creativity, anything is possible.

Sometimes when we disagree on something we believe so firmly, we deny any other perspective.

A cognitive bias is an error in thinking that occurs when we are processing and interpreting information. Oftentimes, they are a result of the brain’s attempt to make  information processing easier. Our brain creates rules of thumb to help us make sense of the world and reach decisions with relative speed. Unfortunately, the process of speeding up the decision process can sometimes lead to errors.

When it comes to investing, cognitive biases can make our investing behavior illogical. This can lead us to make undesirable financial or investment choices because we draw incorrect conclusions based on some of the thinking errors our brain is making to arrive at those decisions.

To be a successful investor over the long term, we need to understand, and hopefully overcome, some of these common cognitive biases. Doing so can lead to better decision making, which may help lower risk and improve investment returns over time.

Here, we highlight four prominent behavioral biases common among investors. In particular, we look atloss aversion, anchoring bias, herd instinct, overconfidence bias, and confirmation bias.

Confirmation Bias

Confirmation bias is the tendency to seek out information that confirms our existing beliefs and ignore information that contradicts them. In trading, this can lead to a trader only seeking out information that supports their bullish or bearish outlook on a particular asset, and ignoring data that suggests otherwise.

To overcome confirmation bias, traders need to actively seek out information that challenges their beliefs and consider all possible outcomes. One strategy is to keep a trading journal where you can document your thoughts and feelings about trades, and review them later to assess whether you were influenced by confirmation bias.

Anchoring Bias

Anchoring bias is the tendency to rely too heavily on the first piece of information encountered when making a decision. In trading, this can lead to traders fixating on a particular price point or target, and ignoring new information that suggests a different outcome.

To overcome anchoring bias, traders should remain open to new information and adjust their expectations accordingly. One strategy is to set multiple price targets based on different scenarios, and adjust them as new information becomes available.

Loss Aversion Bias

Loss aversion bias is the tendency to feel the pain of losses more strongly than the pleasure of gains. In trading, this can lead to traders holding onto losing positions for too long, hoping that they will eventually turn around, and selling winning positions too soon to secure a profit.

To overcome loss aversion bias, traders should set strict stop-loss orders to limit losses and avoid emotional decision-making. One strategy is to set a maximum loss limit for each trade and stick to it, regardless of whether the trade is winning or losing.

Overconfidence Bias

Overconfidence bias is the tendency to overestimate one's own abilities and knowledge, leading to excessive risk-taking and trading errors. In trading, this can lead to traders making large, risky bets based on their own intuition and disregarding the potential downside.

To overcome overconfidence bias, traders should maintain a healthy skepticism and seek out alternative viewpoints and information. One strategy is to engage in regular self-assessment and analysis of past trades to identify areas for improvement.

Conclusion

Traders tend to make decisions based on their intuition, which leads to cognitive biases such as confirmation bias, self-serving bias and hindsight bias. These biases cause traders to display psychological attribute of overconfidence such as miscalibration, better than average effect and illusion of control over a decision, and thus, display overconfidence bias in their decision making in the securities market.

By doing so, traders can improve their decision-making and increase their chances of success in the unpredictable world of trading.

If you've seen the movie - "Sneakerella" by Disney Studios, then you already know what non-fungible tokens are (at least in their basic sense) - they are one-of-ones. And all around us, we're surrounded by these NFTs in the forms of relationships, images, patterns, and even numbers. For instance, when you go pick up your kids at school, you don't go there to pick up your neighbor's kids, do you? In that sense, your kid depicts what nfts are - one of one's. Even if you had a set of twins they couldn't be the same - Taiwo would never be Kehinde and vice versa. Neither would Messi be Neymar Jr. Even though both were South Americans who played for the same club, Paris-Saint Germain (PSG).


As stated by EkoLance, Non-fungible tokens (NFTs) are cryptographic assets that are one-of-a-kind and have varying degrees of rarity, making them available in limited editions. Based on origin and utility respectively, non-fungible tokens are digital creations of the web3/blockchain ecosystems. Which are ever-increasing in serving as channels for unique assets. Represented in the forms of digital arts, video clips, memes, GIFs, music, or poetry as well as any other artistic or intellectual properties. In this article, I am taking you through 4-Dimensions in the evolution of non-fungible tokens namely; The Hype, The Adoption, The Implication and  The Regrets. I'll split this under four subheadings for easy comprehension and then with a conclusive point-of-view: IS NFT TECH OR ART?

The Hype

Here's what hypes look like:

News Flash!

"Beeple sells an NFT for $69  million".

"Jack Dorsey's first ever tweet sells for $2.9m".

"CryptoPunks NFT collection crosses $1 bn in total sales".

"Obscure altcoin mana spikes 400% as Facebook's metaverse pivot spurs bet on virtual property token".



And it's not long before a fear-of-missing-out (FOMO) syndrome which affects most newbies in the web 3 space clings to your mind. Then the thought comes to mind: "buy 'em NFTs while the market's popping hot!!!" Right? The exact response of naivety. And this is where the walls of Troy come crashing down on you.

In the primary sense of the word, hype is, "promotional publicity of an extravagant kind" (Merriam-Webster Dictionary). In one word, hype is "noise" about something. And that's just what it is. There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later. This is why the acrostic DYOR - do your own research - exists in the blockchain space, to save investors from unnecessary heartbreaks. Notwithstanding, what organically promotes the hype around non-fungible tokens? Is it fundamental, technical or sentimental?

In a recent study carried out by Christian Pinto-Gutiérrez et alia on "The NFT Hype: What Draws Attention to Non-Fungible Tokens?", one interesting fact caught the eye of this subject. That is, it was discovered that "Google search activity for the topic “non-fungible token” and “NFT” is positively associated with major cryptocurrency returns" (Christian, 2022). In other words, the rise in returns on Bitcoin investments also known as a "bull run" led to increased interest in non-fungible tokens. Also, this trend seemed to flow in concurrent parallels with the heat surrounding who the next president of the United States would be at the same time in 2021. This observation was also made by the co-authored efforts of Tiana Laurence and Seoyoung Kim in NFTs for Dummies here:

"Google search trends within the US show that Googlers are now as curious about Bitcoin as they are about the country’s new president, and interest in NFTs has naturally surged with the Bitcoin tide."

And the same was true for specific NFT collections, such as “Cryptopunk” and “Decentraland”. However, the hype continues and it sure gave birth to something more concrete - nft adoptions.

The Adoption

It is primary info that NFTs were part of, but the least expected applications built on the Ethereum network outstripped its creators. Vitalik Buterin one of the founders asserts:
“NFTs are probably the one thing that I did not predict, by the way. If you look at the list of applications that were in the Ethereum Whitepaper, and you look at the applications that are popular today, the big thing that’s in the second list and not the first is NFTs.”

Although, "NFTs can credit their existence to CryptoKitties (www. cryptokitties.com), a novel game that was launched in the fall of 2017, by Dapper Labs" (Tiana & Seoyoung, 2021), NFTs first emerged in the space as digital artworks in the form of avatar collections such as CryptoPunks and later advancements began to explore other sectors where NFTs can be used such as


 • In real estate (Decentraland) or a proof of ownership of physical land.
 • In the fashion industry: Dolce and Gabbana - Alta Moda Collezione Genesi NFTs on UNXF
 • In the music industry: King of Leone Band
 • In education: EkoLance certificate of completion… (EkoLance 24 Days of Blockchain Advent Calendar, Day 11: "Non-fungible tokens).  
  • In book publishing: Readl which is built on the Polygon network provides writers the opportunity to publish their books as NFTs and create new revenue streams while protecting their creative rights.
As governments and major financial institutions began to accept Bitcoin and Ether, especially after El Salvador Repaid its $800 Million Bond despite adopting Bitcoin, non-fungible tokens will see more areas of adoption.
 

Just a little about Cryptokitties…

Here's the plot of the Cryptokitties NFT that sets me aback. CryptoKitties are unique cat NFTs that can breed i.e produce other NFTs, however of different kinds - as one of one's. As stated by the investor and professor, Tiana Laurence and Kim Seoyoung:

"CryptoKitties not only introduced the world to NFTs but also introduced NFTs that could make their own NFTs".

It even gets more exciting that the cryptography behind this set of NFTs was genetically engineered in a laboratory known as, Dapper Labs. In a sense, what CryptoKitties as NFTs did to the web 3 ecosystem was to simplify the understanding of the technical processes of the same technology which backs cryptocurrencies - the blockchain. For instance, crypto kittens breeding explains the mining process evident in the PoW consensus mechanism of Bitcoin and other proof of work networks.

Finally, playing the Cryptokitties game doesn't require coding knowledge just like its metaversian counterpart, The Sandbox Game Maker. Yet, there are many more consequences to the adoption of NFTs.

The Implication

The birth of NFTs is rapidly changing how we've conceived the world of digital arts, medicine, certifications, and real estate. A new economy is being forged at its dawn for creators known as the emerging creator economy .
Work Distribution: As an afterthought, EkoLance is currently working with the HUMAN PROTOCOL to "revolutionise the work distribution ecosystem and exchange of knowledge, funds, work and contributions on chain" (bearing in mind EkoLance issues NFT certificates to those who have completed its course) and trained 1000+ individuals.

Think: Imagine holding a pool where a set of 100 NFT Certificates trainees in the Set={Content Creators}, were picked using the HUMAN PROTOCOL. Or in the area of education where access is granted to some specialised courses by holding some specific NFTs? Also, imagine what work would be like when creators can upload their portfolios on dynamic NFTs.

In concluding this segment, however, imagine using a social media post that is tokenised as collateral Defi. Or think of gifting a loved one voice notes status feature on WhatsApp tokenised as non-fungible tokens. It's mind-blowing. The boundaries are endless and so has the notoriety of NFT scam artists seen opportunities in the vulnerability of this digital creation known as NFTs.


The Regrets

Remember, Shilling - a word I mentioned earlier? Earlier:

"There's no such thing as a good hype or bad one but there's "shilling", which we'll talk about later."

Well, here's me keeping my word. From newbies to OG's everyone has had a fair share of sad notes in the blockchain space. For starters, it's shilling. So what's shilling or what does it mean when an NFT has been shilled?


Shilling is the process of someone heavily advertising a token or cryptocurrency (which has no special utility) with the aim of selling it at a higher price. It is the first part of pump and dump schemes - a type of scam in which the fraudster buys a coin or token and then artificially inflates its price using false and misleading positive statements to sell it thereafter at a higher price. Usually, the perpetrators of this mischief have either helped in developing the project or have something to gain, so they bait their victims with the falsehood of high returns on investment. One of the strong voices against this is nftnate.


Epilogue: Is NFT Tech or Art?
Many times there's confusion as to what NFTs are and what they were designed to represent. Remember me saying NFTs are one-of-one's? Well, I wasn't wrong but there's a more techy aspect to this you need to know.

"An NFT is a cryptographically secure digital record that verifies your ownership of or access to, say, a piece of digital art".
Laurence and Kim

Let's use an instance I mentioned earlier. When you go pick up your kids at school, you don't go there to pick up your neighbour's kids. What if on some day a random guy walks up to you and says, "I came to pick my kid up, thanks for all you've done for him all these years" - would you let that pass? Definitely not. With all the dramas which will ensue, of course, there's only one place it can be proven that Jerry is your kid - in the labs. A  blood sample from you and the strange guy as well as Jerry's is taken to the lab and the test is for a match in a certain string of codes known as DNA. Do you pass? The lab issues a medical report stating, "Jerry is your kid", Voila! Jerry is still your kid. What am I trying to say?



Just like that medical report issued by the lab, the NFT is not really Jerry in this case but, the medical record issued by the lab stating Jerry is yours because of a match in DNA. That record is what verifies he is yours. However, such records can be manipulated which is what brings NFTs in handy because nonfungible tokens are not just digital records but cryptographically secure, in other words, stored on the blockchain - Ethereum in this case. More importantly, there can be no other NFTs stating Jerry belongs to someone else. That's why we call it - one of one's.

For partnership and collaboration DM me on any of my social handles 👇

LinkedIn: Ezekiel Inyang

Twitter: Ezekiel Inyang

Just as it is in traditional financial services, there are crypto platforms that loan out crypto and also let you lend your crypto to other crypto users with interest. Decentralization is one of the core dividends of blockchain. With Decentralized finance (DeFi), financial products and services on web3 are increasingly expanding, recording tremendous growth and innovations. One such financial innovation is crypto lending.

What is Crypto lending?

Similar to traditional banks' cash loans, crypto lending is a decentralized service that lets investors deposit and lend their digital assets to borrowers. Lenders then earn extremely high interest on the deposited cryptos as rewards. Depending on the platform a lender uses and other factors, these interest rates known as Annual Percentage Yield, APY may be up to 20% or more.

How Crypto Lending works

Crypto lending is made possible by crypto lending platforms. These platforms act as intermediaries between the lender and the borrower. They can be centralized or decentralized. They borrow out crypto assets in exchange for returns.

Say you have up to $100 worth of Ethereum and you deposit it in a crypto lending service.

The service gives out your crypto to any of its verified and trusted borrowers.

The borrower in turn stake, trade, or do whatever they need to do with the crypto and return it to the service as stipulated in the terms of the loan agreement (The agreement which covers things like interest rates, date of return, use of funds, etc.).

In return for this, you as the borrower/investor get weekly or monthly interest as stipulated in your terms of service.

Loans are funded on crypto lending platforms by the loans you and other lenders deposit. Loans provided can be cash or crypto and are made possible via collateralized loans. On the other hand, most crypto lending services do not require collateral for borrowers to access loans. The service sets the interest rates. Interest rates on cryptos differ from platform to platform. While some might go as high as 20%, others can go as low as 8.09%.

Types of Crypto Loans

Collateralized Loans

This type of loan requires some deposited crypto assets as collateral before borrowers can qualify for a loan. The lower the loan-to-value the higher the interest rates.

Uncollateralized Loans

Although they are unpopular in decentralized finance, few services still practice them. In this type of loan, borrowers are mandated to fill out an application form, go through the KYC tests and pass the creditworthiness review before they can access a crypto loan.

Crypto Line of Credit

In this type of loan, users can borrow up to a certain percentage of crypto deposited. There are no clear terms regarding repayment. Interests accrue only on funds withdrawn.

Flash Loans

These are the most popular types of loans where traders borrow crypto for a particular trade and make instant repayment in the same trade.

Crypto Lending Platforms

The best way to find a lending platform is to ransack all crypto exchanges that you can find on the internet. However, not all exchanges offer lending services. Popular exchanges like Binance US do not provide crypto lending. Here is a list of the top 10 ranking crypto lending platforms in 2023.

(This is not a financial advice, DYOR)

Gemini

Gemini remains one of the leading crypto lending platforms with its services available in over 50 states in the US, including New York. Aside from the fact that Gemini has never been hacked which makes it the best in terms of security, Gemini Earn users can receive up to 8.05% APY on 40 cryptos. However, the cons of using the service are in its fee structure, newbies and lenders looking to lend and borrow need to be mindful of it.

BlockFi

BlockFi is a crypto lending service that offers personalized rates on loans up to $100,000+. The BlockFi Interest Account lets lenders deposit and lend their cryptos in exchange for monthly compound interest. This is what makes it stand out as it is the only prominent service giving lenders compound interest. The service operates a collateralized type of crypto loan.

Youholder

Maybe because they are still a budding platform, YouHolder currently has the highest loan-to-value ratio of up to 90%. It also offers instant crypto loans accepting over 50 top coins as collateral. Cash loans are disbursed in any leading currency of the borrower's choice.

Aave

Aave is a decentralized finance platform that lets users borrow and lend crypto with smart contracts to automate the process. Aave specializes in over-collateralized loans. This lets the platform liquidate the collateral if its value drops too much. Its token, AAVE can be traded or staked on the exchange to earn interest.

ETHLend

Fully operational since 2017 after its public sale ended in November of the same year, ETHLend is one of the first decentralized crypto lending services. It solves the problem of reducing the loss of loan capital on default. Discount tickets on fees, buyback programs, specialized airdrops, etc are a few of the benefits that ETHLenders get.

Nexo

Nexo lets you borrow from $5 up to $2M without selling your crypto at low rates. The service does not have agreements that monitor what borrowers use with their crypto-backed loans. Where Nexo stands out amongst its peers is in the fact that it operates an uncollateralized crypto loan service that works as fast as a traditional bank credit transfer.

CoinLoans

If you are looking for a strictly crypto lending and earning platform, CoinLoans is your best stop. With over 200 crypto pairs available for exchange, coinLoan offers up to 5.5% APY at an interest of 8.5%. Unlike Gemini and a few others, reviews pegs CoinLoans customer support as the best with real humans and not bots.

BTCpop

Peer-to-peer lending is based on the borrower’s reputation and not on credit score. BTCPOP is seen as the GenZ of decentralized lending. It offers all types of crypto loans. The service lets you set not just the amount but also allows you to dictate your terms.

BitLend

Here is another strictly decentralized crypto lending platform. Bitlend is a fast, low-cost decentralized lending platform that lives on the BitTorrent Chain. However, the service employs rigorous collateralized loan types.

Celsius Network

At the time of writing, Celsius Network's initial website happens to be under construction as a result of a bankruptcy petition filed by Celsius and its affiliates. Celsius Network is making this list to warn you of the numerous potential risks affiliated with crypto lending and crypto dealings in general. Although the judge had ruled that celsius users should get 72.5% of their deposited crypto back, it is sad that the refund will not be instant in all cases. These and many more are the risks. If you are employing any crypto lending service, do your own research to fully understand the vulnerabilities associated with the service.

Technology has truly improved humanity since its existence but an aspect of it that humanity is not ready for causes more harm than good.

Let's travel to Nigeria, in February 2022 the central bank passed a certain rule that will help eliminate the flow of cash and promote cashless society. This plan was rejected by her citizens, banks were closed down, it resulted in unrest in the country, and of course destruction of lives and properties followed.

It's very important to note that ignorance is a major hindrance to whatever you want to do. In some rural communities they can't even use the ATM machine, to even do a mobile transfer in the so-called urban areas is a big deal, as there might be an unstable network.

Imagine having these issues and you want to switch to a fully cashless society in a place where people are yet to fully understand the traditional way of doing things, it will yield disaster.

For this cashless society to be effective, there should be proper education of the public, and also we should be able to trust the system in the sense that it is transparent, can be held accountable and there should be zero or very minimal network glitches.

Without the aforementioned, this will not be possible, even though the government might want to force it on people but it won't really be effective.

A cashless society definitely has both positive and negative effects on people.

But for now, I guess we are not ready.