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Blockchain Basics: Decrypting this Century’s Biggest Technology

Blockchain Basics: Decrypting this Century’s Biggest Technology

Blockchain is a technology that is in talks these days, however there are a lot of questions that everyone has about this technology. In today’s date it is way easier to understand blockchain technology through the availability of information on the internet. In the coming days this technology will become more user friendly in everyone’s lives.

This article will help you understand this technology if you like to invest in futuristic technologies, an analyst, trader, business person or even a tech savvy enthusiast. 

What is Blockchain?

Blockchain is basically a highly secured and transparent system of recording information in a way that the said information cannot be changed, edited, hacked, or defrauded. Thus blockchain technology is essentially a ledger of information that is distributed across a network of many computers.

All datas that is saved in the blockchain is end-to-end encrypted and is therefore more secure.

Who Owns Blockchain?

Blockchain is a powerful technology as it is decentralised. This means that no person or entity owns this technology. Data that is there in the blockchain is owned by every member of that blockchain. This blockchain technology gives a more transparent and credible system. 

In other words no person owns blockchain technology in person, it is maintained and owned by every member of its users and therefore any person can create a blockchain and run it on the blockchain technology.

What can Blockchain technology be used for?

Blockchain technology can be used for several purposes whether it be for banking or financial services, healthcare service etc this technology can be used as it has far reaching benefits. Lets understand in detail how blockchain technology helps in different sectors.

Blockchain Technology in Banking and Finance

Blockchain is the most prominently used technology in the Banking and financial sector when it comes to digital trust and exchanging money.

When anyone is using traditional banking methods there are chances of knowing some bank personnel or anyone to know about your transactions  which could lead to breach of trust. Blockchain steps in to decentralise the banking process and place control of your money in your hands. Blockchain technology can reduce time, friction and streamline processes. With the added security it makes the process more transparent and it makes digital transactions more cheaper for consumers and less vulnerable to cheating and fraud.

Blockchain technologies in healthcare

Healthcare is another high priority and high sensitive area. Blockchain technologies in the healthcare sector can help to overcome the barriers and in streamlining the process. This technology can help in maintaining the patient’s record in amore secure manner. It will increase the care of patients. Everytime, patent moves or changes the doctor history of that patient is required, blockchain technology helps in maintaining that and is more secure for recording of the data. 

Blockchain benefits in supply chain management

Blockchain technology can help in maintaining trust between the vendors, or traders by enabling en to end visbiity for increased transparency. Thereby it helps in reducing any error faster and helps in building stronger supply chains. 

Type of Blockchains

There are primarily four types of Blockcgains and they are as follows-

Public Blockchain

Public blockchains are available directly to the public as it is a decentralised network. Anyone who wants to become a member of this technology can become one by placing an online request which is as easy as creating an email address on the internet. Those who register become miners, and serve to validate transactions. 

Examples of blockchains are Bitcoin, ethereum.

Private Blockchain

Private blockchains are created by one individual or entity and hence is centralised and access is restricted. 

Hybrid Blockchains or Consortiums

Consortiums are a combination of public and private blockchains. They contain a mix of centralised and decentralised features. However the difference between these two is very thin and is therefore very difficult to make a difference between these two.

Sidechains

The fourth type of blockchain is the sidechain. It is parallel to the main chain; it allows its users to move digital assets to and from different blockchains to improve efficiency and scalability.

Conclusion

Hopefully this article helps you to understand blockchain technology in a better way. Blockchain is basically a type of secured database that has vast applications in various industries. As digital transaction threats and cyber frauds are increasing in the world economy, blockchains helps in giving more secure way to protect your information and data across industries.

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Know How to Create a Shopping App?

Know How to Create a Shopping App?

In the recent trends buyers are opting for Mobile shopping in the category of e-commerce. There are many buyers or customers who prefer shopping through shopping apps on Mobile applications. 

Therefore if you want to boom your e-commerce operation, creating a shopping app is the way to go. In this article we shall understand the step by step process to create a shopping app.

How to create a shopping App?

Anyone can create a Shopping app by these 9 simple steps-

Step 1- Market Research for your Online Store

Before thinking of making a mole app, you need to validate your idea with market research. This step will be different for everyone as every business has different requirements. There are generally two categories in which businesses fall-

  • You are having an existing e commerce business, now you want to make a mobile app
  • You are starting your business and want a mobile app from day one.

For those who are already running an ecommerce business have already done market research so they must be aware of the market strategies and all.

Whereas businesses which are new and starting their business from scratch must take the market research step very seriously. Otherwise you could invest in the market where customers are least interested.

Identify Customer needs and Requirements

Before starting any business you must do market research properly of what customers require and what not. 

Your business technique must be unique from the one who is already in the market. This will atacts your customers towards your business. Therefore you must do market  analysis of your nche customers before selling your product.

Business Model

Shopping app typically falls into these three categories-

  • B2C- Business selling their products directly to the customers
  • B2B- business selling products to other businesses, sometimes at wholesale.
  • C2C- Customers selling to other customers through an online marketplace i..e e-bay, Etsy etc.

Monetization Strategy

Next you need to determine how you will earn from the mobile app. Your primary focus must be on sales revenue or you can also charge sellers a fee to use the platform or by taking a commission of each sale in case of C2C businesses.

Step 2- Platform and tech Stack Selection

Once you have done market research before starting your businesses you must choose the platform you want to build i.e. whether you want a shopping app for Android or IOS users. 

Native Development

Next you need to decide the shopping app you want to develop for the platform you want. This is the most time consuming path to development and it’s not necessary for basic shopping apps.

Cross platform app development

This is typically the best option for all the shopping apps. This means that the app is developed for both android and IOS users with a single build and codecase. This saves time and money on development.

Step 3- Choose agency or experts for Shopping App development

For preparing a shopping app you need to hire an agency or experts in developing shopping apps for creating your shopping app. You must choose an agency which has proven track records of creating successful apps, which have a good team composition of android developers, ios developer, UX designer, UI designer, project manager, web developer, quality assurance agents etc. 

Step 4- Identify Essential Features for your Shopping Application

After hiring the agency you need to identify the fairies you want in your shopping app. Always focus on the bare minimum and essentials required for your app to run smoothly. Of Course you can add features later on. Below are some of the features that you should add in your shopping app-

  • User Registration and Sign in process
  • Easy Navigation
  • User profile Editing
  • Product Catalogue
  • In-App smart search engine
  • User Reviews
  • Shopping cart
  • Easy checkout ad payment options
  • Shipping options
  • Key Admin panel features for online shopping app

Step 5- Identify Additional Features that help your store stand out

Other than  the features mentioned above you can add additional features that go beyond your basic functionality. However it is not important to add these additional features right now but you can opt  for it later.here are the fe features hat you can add on later on-

  • Customer with lists
  • Ibeacon
  • Maps
  • Augmented reality
  • Machine learning
  • Social media sharing options
  • Barcode scanner
  • Push notifications
  • Chatbox for improved custom service

These features are not must have for your mobile application but it is nice to have fto attract customers.

Step 6- Create a Mockup of your Online Store App

Mockups are non-functional static designs of an app. This wil help your team to understand the look and feel of your final product.

This will help to establish things such as fonts, visuals, images, contents layouts, colour schemes, and overall user experience from a design standpoint.

Step 7- Begin Mobile Shopping App Development Process

The next step is to begin with the process of shopping app development. Before hiring a development company just make sure to have basic knowledge of the development timeline and a rough idea of when the app will be ready. 

Step 8- Test Your Shopping App

Once the app is created, you need to test it for its smooth operation for real users. If there is any bug in the app you need to clear it out. There are different approaches for application testing including alpha testing, Beta testing, user testing and more.

Step 9-  Launch your Shopping App

The last step is to auch your shopping app for the real users. For that you will need to get it submitted to the Apple app store and Google play store. Each of these platforms have different requirements for approvals and submissions. So make sure to understand the guidelines thoroughly before submitting.

Conclusion

Shopping apps are superior to mobile websites for earning revenue generations, conversion and customer satisfaction. 

If you want to get a shopping app, reach out to our expert team at winklix. We can create a custom shopping app as per your requirements along with the features you want to add. We will assist you with the re-development process and also provide maintenance and updates on post launch of the app.

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How to create an NFT Marketplace?

how to create nft marketplace

Every day, Internet markets for digital collectibles gain in popularity. If you too want to join the market, you must create your own marketplace. We are already familiar with Blockchain technology, several cryptocurrencies, and the widespread usage of online markets to buy and sell goods.

As a public Blockchain platform, NFT (non-fungible token) is a marketplace that functions as a non-fungible token. In spite of the fact that this platform is not yet completely developed, developers and entrepreneurs are constructing such a marketplace due to its expanding popularity.

This blog explains how to create an NFT marketplace application similar to OpenSea. We have covered all you need to know about the creation of such a market.

What exactly is NFT?

Non-fungible token (NFT) refers to a token that cannot be exchanged or replaced due to its unique features.

It Contains –

Digital Asset – NFT is a digital asset that symbolises Internet assets such as art, music, and games with a certificate of authenticity generated by the blockchain technology underlying Cryptocurrency.

Unique – It cannot be replicated or altered in any way.

On specialised websites, NFT trades are conducted using cryptocurrencies such as Bitcoin.

Cryptopunks is a noteworthy NFT example. It permits the purchase, sale, and storage of 10,000 items with confirmation of ownership.

What exactly is an NFT Market?

It is a platform that facilitates the storage and exchange of NFT or Non-Fungible Tokens. Typically, you may purchase or auction these tokens at a predetermined price. To utilise such a marketplace, you must have a crypto wallet to conduct transactions and store your tokens. OpenSea is a marketplace where NFT artworks may be bought and sold.

A NFT marketplace enables users to create accounts, submit digital artworks, and conduct transactions. In general, niche markets are more popular than conventional ones since they provide everything a customer may want, specialise in selling certain online artworks, and cater to a certain audience.

We have just built and launched AltairNFT, a video NFT marketplace where users may collect and trade NFTs. As NFTs, it offers viewers the highest quality live streaming recorded material and movies from live sports, concerts, and virtual events.

How does an NFT market function?

To utilise a market, you must register and link your cryptocurrency wallet to your account. Next, you must do the following steps:

  • Create an NFT and provide its desired parameters.

–

  • List your digital items for sale and wait till moderation is complete.
  • When auctions occur, buyers place bids.
  • Following the conclusion of auctions, the marketplace transfers bitcoin and digital goods.

A market for NFTs employs specific transaction protocols called smart contracts. The connections between the vendor and the customer are governed by these protocols. In addition, these smart contracts provide identifying information connected with an NFT. Thus, purchasing and selling tokens becomes user-friendly and easy.

Why are NFTs so prevalent?

OpenSea is among the most significant and well-known NFT art markets. It operates similarly to the eBay application. This marketplace enables users to sell or purchase crypto goods and NFTs in the same manner as an internet marketplace.

Some statistical evidence demonstrates the popularity of NFT marketplaces such as OpenSea. The market capitalization of NFT increased by a factor of 10 between 2018 and 2020. In 2020, NFT markets had a global revenue of $338,04 million.

You may use NFTs to demonstrate ownership of file types such as GIFs, MP3, JPEGs, and much more. In 2021, the sale price of an NFT asset titled Everyday: The First 5000 Days was $69 million. It consists of a collage of artworks.

All of these statistics and analyses demonstrate that the need for NFT markets will increase in the next few years. And the introduction of such a marketplace software guarantees a lucrative Revenue Streaming Model in this age of intense competition.

Top Features for an NFT Marketplace Application

Here are some features that can be added to an NFT marketplace application:

1. A storefront

Typically, a healthy NFT marketplace features a storefront that functions as a dashboard. It offers users with all asset-related information:

Owners

Bids

Previews

Respect history

2. Advanced Token Lookup

It should be simple for consumers to get comprehensive information about things they need immediately. Your NFT marketplace application should have every product grouped by a few attributes (for example, art, images, music, videos, memes). A faster search increases customer happiness.

3. Filter

Utilising filters is quite advantageous. Additionally, it becomes simpler to navigate a website. Add this functionality if you wish to develop an NFT marketplace platform for collectibles. It allows users to freely choose assets according to category, payment method, due date, and listing status.

4. Buy and Sell

A marketplace must let buyers and sellers of NFTs register on the platform. Their bids should contain a bid expiration date and allow them to see the current status of their bids.

5. Develop Listings

Permit customers to build and send digital collectibles. Ensure that little effort is required. Please establish a page where people may upload files and provide the product description in its entirety. Required information includes tags, title, and description.

6. Wallet

Customers should be able to save, transmit, and receive NFTs and cryptocurrencies in a wallet on your NFT marketplace. You may develop your own wallet or integrate wallets like Formatic, Coinbase, or MyEtherWallet into your site.

7. Listing Condition

Listing status is advantageous for suppliers that pass the product authentication procedure. It enables monitoring the status of the confirmation procedure. It aids in doing collectable verification.

8. Positions

It is a feature for newbies who don’t know where to begin, how to rapidly choose things, or how the system works. Checking a person’s rating enables users to determine if a vendor is trustworthy. On an NFT marketplace, users are able to provide ratings and comments based on their experience. It enables others to verify a user’s reliability.

Considerations When Constructing an NFT Market

Consider the following aspects while developing an NFT marketplace application similar to OpenSea:

1. Openness

Your NFT marketplace must be transparent so that users can see all transactions clearly. The Blockchain network ensures an error-free payment process for a streamlined transactional experience.

2. Protection

It is a strong element of an NFT marketplace pertaining to token transactions between traders. The built-in security defends merchants against transaction loss and other superfluous operations.

3. Deconcentration

It enables the duplication and distribution of all information across Blockchain networks. When a new block is introduced, the network adjusts its Blockchain to reflect any modifications.

4. The Profitability Model

This factor should be addressed while developing an NFT marketplace. OpenSea, for instance, does not impose a listing fee. However, the site deducts 2.5% of the product’s cost during sales.

5. Automated Contracts

There is no commission cost required to initiate smart contracts. This may be done by electronically signing the contract to minimise fraud and decrease the number of middlemen.

How to Create an NFT Market?

Consider the following steps if you want to establish an NFT art market for your business:

1. Select a Niche

Selecting a specialised specialisation facilitates the beginning of your NFT market development project. If you have a rough idea, discuss it with developers in order to formulate a plan and estimate the time required to create the marketplace. According to industry professionals, you must pursue a vertical market rather than a broad one.

2.Define the UI/UX Design for Your Project

When creating a marketplace, the UI/UX design is crucial. Your user interface must be easy to use. A good UI/UX improves the platform’s use and provides an appealing appearance and feel.

3. Transition to Front-End Development

If you have a design concept, it is now time to implement it. Choose a trustworthy foundation for your objects. Employ a professional NFT developer to ensure excellent functionality and trustworthiness.

Utilise the Smart Contract Token Generator.

When constructing an NFT marketplace, the back-end development looks different. Since the NFT market is a decentralised platform, the majority of the data undergoes Blockchain verification.

Test and Deployment

It is the most important phase in developing an NFT marketplace application. During this phase, you must identify and eliminate any backlogs. Software testing ensures that the project operates properly.

Post-launch support is also required to eliminate issues and guarantee excellent performance. This phase ensures the app’s reputation and superior functioning.

Also Read : NFT : A Fintech Hype

How much would it cost to establish an NFT marketplace?

The price and length depend on the market’s performance. Developing the NFT art marketplace will cost more money if you want to construct a comprehensive platform.

If you utilise a prefabricated solution, there is no guarantee of security, and the product will be dependent on the platform from which you get the key. In contrast, the cost will be less in this circumstance.

Alternatively, you might employ a software developer to construct a bespoke application for you. Ultimately, the professionals will establish the user flow, develop the functionality, add features, and design the marketplace from scratch. Consequently, the price may climb somewhat more.

Final Reflections

The moment has come to build an NFT marketplace app, given that NFT’s popularity is increasing daily. These markets provide a multitude of valuable features. Turn to an experienced development team to accomplish your project from the ground up.

FAQs Regarding NFT Marketplace Growth

Can an NFT market generate revenue?

The NFT market generates income in two ways. They generate revenue by charging fees and commissions to sell or purchase an NFT. A seller’s fee is subtracted from the final price, whereas a buyer’s charge is added to it.

Also Read : Blockchain & Mobile App Development

What are the most well-known NFT Marketplaces?

There are several prominent NFT markets where digital art and other virtual items may be bought and sold. These include OpenSea, Rarible, SuperRare, Foundation, and Nifty Gateway, among others.

How long would it take to construct an NFT market?

The time required to establish an NFT marketplace is contingent on a number of variables, including the amount of complexity, functionality, platforms, tech stack, etc. Considering these parameters, the duration is around 4–6 months.