Our Blog

Every cryptocurrency has a blockchain network, but this does not mean that only that specific cryptocurrency can exist in that blockchain network, since bridges exist for that purpose. We have examples of these blockchains a: Ethereum  Cardano  Tron  Binance Smart Chain Solana Polygon  Doge So if I wanted to move my Ether on the Ethereum blockchain to the Binance Smart Chain blockchain, because for some reason I want to use it on a specific platform this would be achieved through these bridges. What are their functions? Mainly blockchain bridges are needed for 3 reasons: Ease of use: with brokers as these do not work with native tokens if not with versions of these tokens over the Ethereum network. Transaction fees: Sometimes it can be cheaper to make a transaction on a different network. Innovation: Currently there are many blockchains and they all have different characteristics and we hope they will continue to exist more and more so this system helps that these new ecosystems do not have to start from scratch. How many types are there? We currently have two different types of bridges, centralized and decentralized, we will talk about these below: Centralized blockchain bridges. These are usually part of an exchange in which they function as a pool that stores coins in exchange for delivering tokens that represent these coins. The main problem with this system is that we rely on the exchange for this, which highlights the popular saying in wallets, that as long as you don’t have your keys you don’t really own your coins. Decentralized blockchain bridges The second type of bridges are those based on Smart Contracts, which are created on both networks and these instead of freezing the assets burn them on the blockchain from which the coins originate. There are currently many bridges available, such as Avalanche, Binance or Terra. In The Blue Manakin we put a lot of emphasis on analyzing all the options of bridges before putting our money in them, thus avoiding a scam or the freezing of our assets and that we can not get them out.

What is a block? In computing, a block is the smallest amount of information or data that can be transferred in an input or output operation between a computer’s main memory and peripheral devices or vice versa. Generally, the physical size of the data block is larger than the logical record. than the logical record. By linking several blocks together, a blockchain is formed, each block has a specific and immovable place within the chain, as each block contains hash information from the previous block. The complete chain is stored in each node of the network that makes up the blockchain, so an exact copy of the chain is stored in all the participants of the network. What is it used for? In the blockchain, a block is a concept designed to optimize a process, for example, Bitcoin has dozens of transactions per second. Validating each of these transactions individually would be completely unfeasible and would be a long and tedious process. It can be said that a block contains a series of instructions and operations that are programmed to perform a certain process and also contains information on the hash of the previous block to connect and form a blockchain. How is it generated and what does a block contain in a blockchain? In blockchain technology, a block is a concept designed to optimize the validation process of the transactions made. In a bitcoin blockchain, each block is generated by the Proof of Work (PoW) system, when the computer (or several of them) solves the system or puzzle posed automatically by the web. The fundamental structure of a block is a header with data from the previous block and data from the transactions that have been made in the new block, adding other data such as a timestamp (timestamp) and a nonce (a number that can only be used once). With all the transactions a substructure called a Merkle tree is generated, which is a summary of all the transactions that have been made in a block, resulting in a Merkle root, which is what is added in the block to reference all the transactions. If a blockchain is compared to a ledger, each block would be a page of that ledger where all transactions are recorded. These blocks usually have different conditions or rules to be generated, and maximum block size is established. This may depend on the structure of the blockchain and it is also established how often a new block is created. Is it unique to cryptocurrencies? This technology is not exclusive to cryptocurrencies, since it can be used basically in any type of information that needs to be preserved intact and must remain available. Moreover, since this information is encrypted, its confidentiality is guaranteed, since only those who have the key will have access to it. Due to this, currently, the demand for this technology has increased since it offers benefits for all types of companies or organizations regardless of their line of business, such benefits are: Greater confidence. By working in a private network to which only members have access, there is the assurance that accurate and timely data will be received. Increased security. All members must agree on the accuracy of the data and all validated transactions are unalterable since they are permanently recorded and cannot be deleted. More efficient. With a distributed ledger among members, response time is reduced and transitions are executed automatically based on a set of rules stored in the blocks. Undoubtedly blockchain revolutionized transactions and data manipulation through the internet opening a world of possibilities.

Bitcoin is a digital asset that was introduced to the world in 2009 which leverages a peer-to-peer network to facilitate the transfer of value without the intermediation of banks or central authority. Where do they come from? Bitcoins are born through the mining and validation of transactions on the blockchain, which is a ledger to which everyone in the world has access and we can see even the first transaction that has been made with this currency. The people who are in charge of this procedure are known in the world as miners. When miners successfully verify a set of transactions, they are awarded several bitcoins, currently, they get 12.5 bitcoins for each completed transaction but this number decreases with each halving, which usually occurs every 4 years. The miners follow a set of cryptographic rules that keep the network stable, safe and secure. Does it has a limit? Currently, there are approximately 17 million bitcoins mined of which there is a maximum number which is 21 million. But not to worry as this number will not be achieved until around the year 2140, so we will have bitcoin for quite a while. How can I get bitcoin? Outside of mining, there are several ways in which we can get bitcoins. By exchanging with other people or through various exchange platforms such as Binance. Our assets will want to be stored in a wallet, in the case of the exchange platforms they are stored in the wallets that they give you but there are also thousands of wallets that you can use, metamask is one of the most popular. What are its uses? Currently, bitcoins can be used as a payment method for goods and services, but the commercial use of bitcoin is still growing. But we can also use it for trading, selling it, or buying it in exchange for fiat money like the US dollar. Bitcoin is the most liquid cryptocurrency and we expect it to become more and more common in society, adopted in the future as a currency like a dollar or a euro.

Cryptocurrency is a digital currency, a currency that does not exist in any physical form and is based on bits. The idea of this type of system came to the world thanks to the user Satoshi Nakamoto, who published an article in which he explained how this currency works, which sought to completely disassociate itself from any banking and governmental institution, thus maintaining the privacy and not being affected by inflation. A few months after publishing the article, Satoshi Nakamoto provided the necessary software to carry out these transactions and disappeared without a trace to this day the identity of this user remains unknown. The first currency of this type and the one we are talking about is Bitcoin. The bitcoin system works with Peer to Peer (P2P). In which there is a global and public record of all transactions that have been made in the history of the currency known as the blockchain, thus tracing in detail the entire journey that has been made from the first user account that had it until the last, and despite this record being public does not affect privacy because all accounts are anonymous and do not know whom it belongs to The Blockchain is a sequence of chained data, each block has a limited number of transactions that are linked to the previous block and so on until the first block that existed the advantage it has is that it is distributed globally, which makes it a system that apart from being public is safe because it is impossible to modify the records of the past and while there are users on the network this record will never disappear. Any person can create a block which is known as miners, these miners register approximately between 2000 and 2200 transactions in a block, which once finished is sent to the registry, where other miners review it and if the majority indicates that it is correct, the block remains in the registry and the miner receives a reward. In this way, security is maintained in the registry. The first currency of this type was the Bitcoin, but today there are many other currencies of this type that have different values, another example of this type of currency that is widely used is the Etherium which works with the same type of system as the bitcoin but with financial contracts that serve for example to buy a house or ask for a loan, These contracts are known as smart contracts, and the Etherium works exclusively to pay these contracts. Other currencies on the market are: ·         Tether ·         Binance coin ·         Cardano ·         USD coin ·         XRP ·         Dogecoin Just to mention a few. The truth is that entering this world is nothing complicated since you can buy cryptocurrencies directly from someone, or use one of the different exchange platforms that exist in the world such as Binance or coinbase with which you get a virtual wallet, and there you have your new coins, it is already your job to learn more about what kind of exchanges or transactions you can do to make this money grow and turn it into something real from which to profit. Apart from the normal transaction already talked about above where one person buys from another and registers on the blockchain, today there are already several companies that accept bitcoin as a form of payment for their services, some examples are: – Real estate – Clothing ·         Pizza Hut – Art – Web services – Video games Today we can see that cryptocurrencies have been included in the world in different ways, they have not been in existence as long as money and the classic exchange that human being has had since the beginning of time, but it has been a currency that has begun to take its place in the world, its popularity and value is something that has not stopped advancing. There are more and more companies that understand its value and security in the exchange of goods and services, so betting on this type of currency can be a good investment wherever you look.

In the early days, the only way to get hold of cryptocurrencies was to mine them or get them from someone else who was willing to sell them directly. But people started to look for a simpler and safer alternative to get cryptocurrencies, so the first Exchanges started to appear. A cryptocurrency exchange or DCE (short for digital currency exchange) is a platform that allows exchanging one cryptocurrency for another, trading and selling coins, and exchanging FIAT for cryptocurrencies. Some are more for traders and others for quick cryptocurrency exchanges between users. Cryptocurrency exchanges are in some ways similar to regular stock exchanges, the difference is the way traders make profits. On a stock exchange, traders buy and sell assets to profit from their variable rates, whereas on cryptocurrency exchanges, traders use cryptocurrencies to profit from the highly volatile exchange rates. The main difference is that on the stock exchange there are business hours, while cryptocurrency exchanges remain active 24 hours a day, 7 days a week, 365 days a year. Cryptocurrency exchanges (especially centralized exchanges) need new users to complete a registration process before they manage to start trading, so we can find more security when making trades within this platform than outside of it. Each exchange calculates the cost in the functionality of its trading volume, as well as the supply and demand of its users. Exchanges earn from different revenue streams, the 4 most recognized are commissions, listing fees, market building, and fundraising for IEO, STO, and ICO.

Chris Ferrie, a faculty member at the University of Sydney’s 2019 Quantum Software Centre, has written a book to explain from an early age to an infant how blockchain works. Titled Blockchain for Babies, the curious idea became a reality. The book has 12 pages and can be found in hardcover and paperback format. The book uses fairly simple language to be able to describe the necessary details a little person needs to taste about blockchain technology. Ferrie said: “The intention is not for the child to come out of the book and run an ICO.” But this book comes to be part of several books which are made to explain complex topics to young children that likewise have been written by Ferrie, within these books we can find: Quantum Physics for Babies,  General Relativity for Babies,  Rocket Science for Babies y  Newtonian Physics for Babies. Ben Munster, the writer of Decrypt, described his vision of the book, from the position of an adult rather than a newborn. Munster said: “It starts with the image of a ball, which I get. then it says the ball can be bought for a coin, which I also get. then it says the coin is now “invisible,” which I understand to mean it’s on the blockchain, but I only understand it because I write about this stuff every day, unlike most babies. then it explains how the blocks of transactions fit together like jigsaw puzzles, with fraudulent transactions that can’t fit together, which is a nice idea.” The reality is that while this book is for “babies”, it is useful for people who are not in this world to understand how blockchain technology works in a way that is too simple you could apply the saying “I’ll explain it to you with apples” only in this case it is with puzzles. While this can be taken as a joke, any kind of education for this world is welcome and if a book that explains it simply can be the first step for people who want to get into this space, it is quite good for us.