#techreviewsonline Archives - Page 7 of 7

How does TRON Virtual Machine (TVM) help in developing smart contracts?

The TRON Virtual Machine (TVM) was originally forked from the Ethereum Virtual Machine (EVM). TVM was specifically created to minimize resource use and ensure a robust system. This optimized virtual framework allows developers to easily access the TRON blockchain network at a low cost with its built-in energy mechanism — which accounts for transactions that do not charge TRX when executing operations. This systematic mechanism ensures several benefits: it helps prevent attacks on the platform, reduces the costs of application development, and lowers the resource costs of the platform itself.

The TVM is designed to be user-friendly and provide a convenient interface as a single point of focus for smart contract development and execution. On the Ethereum blockchain, each transaction costs a gas fee, and there is a maximum quota of gas that can be spent per block. If a new block on the chain exceeds this maximum threshold, it’s rejected. But, if an attacker somehow includes excess transactions into a newly forming block, they can effectively prevent a block from being added. In contrast, with TRON’s TVM, every transaction expends energy and bandwidth points. Instead of a globalized or cumulative threshold, each account is separately tabulated.

As a result, every account must purchase energy, and is allotted 5,000 bandwidth points per day. If an account exhausts these points, it must freeze its tokens for at least three days to generate more. It’s also possible for an account to hold insufficient bandwidth points or energy. When this happens, the system will consume the Tron coin in their account to make up for the discrepancy. By shifting transaction costs from a cumulative global model to an account-specific system, the TRON blockchain (unlike Ethereum) reduces the likelihood of attack via Denial-ofService (DoS) methods.

TRON gives its users three options for conducting shielded transactions with TRC-20 tokens. The first option allows participants to use a standard TRC-20 token and convert it to shielded form, which is called a “mint” transaction on the network. Second, users can leverage the shielded version of a token to transform it into standard form via the “burn” option. Lastly, users can move money between accounts via the “transfer” function. This option hides the identities of the buyer and seller, as well as the amount being transferred. Transactions on the TRON blockchain network have many advantages.

Third parties can verify transactions of any size, and transaction data is saved on the blockchain using advanced encryption techniques. TRON’s extensive shielded transaction features are a powerful set of tools, but on top of this, TRON is also focused on maintaining a globally adaptable blockchain paradigm. Therefore, the TRX token will not allow for anonymous or shielded transactions. A significant milestone for TRON 4.0 is the introduction of a new two-layer consensus mechanism that increases the power of the TRON blockchain exponentially. Specifically, it reduces block confirmation times from an average of 57 seconds down to just three seconds — making the TRON blockchain one of the fastest of the top 25 major cryptocurrency networks.

Which are the most widely influential Stablecoins in the market currently?

Stablecoins were created in an attempt to reduce the crypto sector’s brutal volatility.Tether (USDT), the first stablecoin, is indeed the highest and most influential in the category. It has the daily maximum trade volume of any digital asset. Today, USD Coin is the highest growing reserve, backed 1:1 by the US dollar. The New York State Department of Financial Services controls its USD-backed Paxos Standard (NYDFS).

Volatility has been almost consistent with cryptocurrencies. Stablecoins are a distinct type of cryptocurrency that tries to eliminate the uncertainty that has been heavily condemned in the sector. Stablecoins simply exist to get a non-volatile crypto substitute, thus the name.They deliver the right level of consistency for being backed by fiat currency or product they represent. Now that we’ve established what stablecoins are, let’s take a look at the most widely known stablecoins upon its market currently.

Binance USD (BUSD)

Binance, the biggest cryptocurrency exchange, introduced the BUSD to get a Binance-native solution to several other major stablecoins. Binance offers 2 fiat-backed stablecoins: BUSD, which is pegged to the Very same USD, and BGBP, which is pegged to the British pound. BUSD is the more extensively used of two and it can be used in a variety of DeFi protocols. It is the default main currency on Binance Smart Chain’s decentralized trading pools. It is not to be mistaken with Binance Coin (BNB), the native token that controls the Binance DEX (decentralized exchange).

Tether (USDT)

Tether, the first stablecoin, has been established in 2014 and it is still the highest in the sector. Tether has tried to maintain the position as one of the most powerful stablecoin on the market and take leverage of the first mover’s effect. Tether’s popularity is reflected in its daily trade volume, which places it first in the industry. In the last 24 hours, for example, more than $170 billion in USDT has been traded. Tether has a market cap it is at least twice larger than any other stablecoin.

Paxos Standard (PAX)

Since it is fully regulated by the New York State Department of Financial Services, Paxos Standard is among the most influential stablecoins (NYDFS). When Tether arrived under severe pressure during the early Bull Run, this same coin was introduced in 2018. PAX is an ERC-20 stablecoin that is pegged to the US dollar at a 1:1 ratio. PAX tokens are authorized using an audited smart contract to improve efficiency.

US Dollar Coin (USDC)

USD Coin (USDC), the most recent stablecoin, does have the quickest reserve, backed 1:1 by the US dollar. It’s not just that, but the funds are held in US-regulated financial institutions.USDC was founded in September of 2018. It is a BEP-20 token and a highly sought-after cost asset in BSC’s DeFi lending. These are some of the aspects that influence the prominence of the USD Coin. Among stablecoins, USD Coin effectively has the second-largest market cap. With a market capitalization of $11.1 billion, it is also the 16th-largest cryptocurrency

How is the tracking of origin and safety of food possible with blockchain?

Blockchain allows peer-to-peer transactions to take place fairly, without a mediator such as from a bank or even a middleman in the agricultural sector. By eliminating the need for a single organization, innovation alters the way trust is granted – but rather trusting an authority, credibility is placed in cryptography and peer-to-peer system. It relates to the redevelopment of integrity between producers and consumers, which can lower transaction fees in the agro-food market. The blockchain creates a trustworthy process of recording transactions between anonymous participants. As a consequence, forgery and malfunctions can be traditional low. Furthermore, by combining smart contracts, issues can be confirmed in real-time (Haveson et al., 2017; Sylvester, 2019). Given the complex nature of the agro-food system, it aims to alleviate the challenge of the data generation process throughout the large supply chain. Thus, technology provides solutions to consumers, government, or other stakeholders’ worries about food quality and safety. Blockchain promotes transparency among all involved parties and makes it far easier to collect accurate data. Blockchain can record every step in an item’s value chain, from the establishment to extinction. Reliable data from the farming process is extremely valuable for producing data-driven facilities and payment solutions that will make farming smarter and less susceptible. This whitepaper analyzes blockchain technology applications in agriculture and food

Tracking the origin and safety of food Can users confidently say that an apple or a chicken bought from a retailer is safe? Despite the reality, those store representatives should have all necessary documentation and certificates, users cannot see how it was previously stored or whether it contains any harmful bacteria. As a consequence, blockchain can enable customers in mastering all they need to know about others. Because it is unrealistic for store leaders to take a single infected product, they must examine the product’s history of origin. All data will be kept by blockchain-based software, started with where and when this apple or meat was born, how it was fed, where it had been sent after, and so on. As a result, both customers and suppliers will know everything there is to understand regarding food, which will boost their trust and help to know precisely what they will be consuming. A relevant example is Walmart’s collaboration with IBM to build a blockchain agriculture supply chain. Each commodity in a store could be scanned by an expert to obtain detailed info about it. All are open and public to all parties.

Everyone is knowledgeable about Bitcoin cryptocurrency. It is already one of the world’s most successful cryptocurrencies. Even so, some other cryptocurrencies like- Agrolot, CarbonCoin, PavoCoin were made solely for the agricultural sector. It is used directly by farmers and has a lot of potentials.

Also read: Is green blockchain technology a way to go today?

Is MG Astor SUV the first car in India to have a blockchain-powered passport?

Car manufacturer MG, owned by Chinese auto company SAIC, will use blockchain to record driving data in a digital passport for its new SUV car model, MG Astor. The car will be commercialized in India and MG has partnered with Indian blockchain firm Koinearth for the project,

In the automotive industry, insurance rates and resale value can be impacted by driving data. In a world without asymmetric information, insurance companies could calculate an individual’s likelihood of getting into an accident based on their driving history. Similarly, people looking to purchase a used car would be able to accurately compare the quality of cars and rely on the stated mileage.

Unfortunately, we don’t live in a world where information is fully shared, which results in higher insurance rates for good drivers and the classical lemons and plums problem in the used cars market.

Blockchain can resolve these issues because drivers could choose to share their driving data with insurers, which can be used to calculate fair insurance rates. For car sellers, sharing the data with potential purchasers about the car’s driving history and mileage will yield a more accurate price, and if drivers are unwilling to share the data, it might be a sign that the car should have a lower value.

MG’s partnership with Koinearth will record data in a digital passport, which drivers can access through MG’s app. Despite being operated by MG, users can choose with whom to share the data, and explicit consent is required before sending any information to other parties.

The digital passport gives cars a digital identity. Driving data such as gas consumption and speed are automatically recorded and stored on the passport. Other aspects that can influence the car’s “identity,” like maintenance services can be added to the app by the user. For the customer, the digital passport is simply an interface on the app, which shows the data the car has recorded. However, Praphul Chandra, chief executive officer of Koinearth, explained that it is at the center of a blockchain-based platform that connects various parties. In this case, the passport is created by MG Motors, but the data in it is owned by the user, meaning they will have to explicitly provide consent before someone else can access this data.

MG Astor will be the first car to be commercialized in India with a digital passport. Meanwhile, other initiatives are working on similar solutions. Leading names in the automotive industry, including Renault, Ford, GM, Honda, and BMW participate in a consortium, MOBI, that has been working on a Vehicle Identity Standard since 2019. The consortium conducted a proof of concept and the second version was released at the beginning of this year. In addition, Daimler developed a car wallet solution.

Also read: Is green blockchain technology a way to go today ?