blockchain app developer in mumbai Archives - Winklix

March 2, 2018

BLOCKCHAIN VS BITCOIN AND WHAT DOES THE FUTURE HOLDS FOR THEM?

There has been huge fuzz around the Blockchain and bitcoin in the recent times. These technologies have been a very interesting area. It is capturing the imagination of the users. If someone told you about 10 years ago that there will exist a currency which will not governed by the government or bank and the transactions involved cannot be hacked by the third, you will think that the person must be joking. Well… fast forwarding to today, it has become possible due to the blockchain and bitcoin technology. What the future holds for both of them? We will try to figure it out but first let us try to understand what is the difference between blockchain and bitcoin?

Dissimilarities between Blockchain and Bitcoin

Bitcoin:

It is an online cyber-currency. Bitcoin wallet holds all your cyber-currencies and is used to buy, sell and use the currencies. There are two ways to have the currency, either you can mine the bitcoin or you can buy the bitcoin. Mining of bitcoin is very interesting as it allows users to mine the bitcoin by spending your computer resources like processor for maintaining the blockchain ledger and solving the complexities.

Blockchain:

Bitcoin is made possible due to blockchain technology. A decentralized record is created with the help of this technology which cannot be changed. It is impossible to make any modifications in the record because every node is connected to each other. So the security of your previous bitcoin is very tight.

Bitcoin: A universal currency for future?

Nobody knows what the future has in store for us, but I believe that bitcoin will stay for a longer period in the future. It has a very good future ahead. However, it is extremely difficult for a cryptocurrency to be a universal currency so soon. But if you look at long term perspective you may see that this currency will be spend on most website just like PayPal and credit cards.

It is just a beginning of bitcoin. Just like when Internet came into picture, nobody thought it will be huge as what is it today. Today after so many years, almost everyone is quite aware of the internet and is using it. Similarly, bitcoin is a new concept and people are just beginning to understand what bitcoin is and how it works. There is a possibility that in the long term, people will be using bitcoin and it will be a known thing just like what internet is today for the people. The more and more people get used to it, bitcoin will continue to develop and there will be more places where it will be accepted by the people for the payment. This is how the bitcoin cycle will continue to go on.

Bitcoin has an excellent future ahead of it as it can be used as something to trade with. If in the future, it can buy you a cup of tea, then this will be a huge plus. This will completely change how the money works and it can even replace the physical currency.

The future begins now!

The initiation has already begun. In Venezuela, where the physical currency was unstable, people started using bitcoin as a currency as it was the only stable form of the currency and it didn’t require banks. All you need is an internet connection to trade bitcoin making it very convenient. The number of cryptocurrencies has already grown close to 900. These are very exciting times to be in and there is a great future for the cryptocurrencies.

So if you are looking for blockchain app development company , you can right away contact us .

February 27, 2018

BLOCKCHAIN WALLET: HOW DO YOU CHOOSE THE RIGHT ONE?

If you are a newbie to blockchain technology, then one of the first things you need to have is blockchain wallet. If you are want to carry a cryptocurrency, then you need a place to store the cryptocurrency. Blockchain wallets give you exactly that. They are a secure place just like a bank and wallet is like an account in the bank however without a bank. Blockchain technology is used by the bitcoin wallets to store the cryptocurrencies. Blockchain wallets are either run online or using a software. There are two types of blockchain wallets. These are as follows:

Web/Hosted Wallets:

These wallets are hosted on web by the third party host. Money is a crucial thing. Nobody wants it get stolen. So while choosing these type of wallet host, keep an eye on the security provided by the third party host. Make sure that security of your cryptocurrency is very tight. These wallets are convenient to use and have a very user-friendly user interface.

Software Wallets:

Software wallets are the wallets which you can easily install on your mobile phones and laptops. These types of wallets are difficult to maintain but gives you total control of your cryptocurrency. This type of wallet has a much better security as compared to the hosted wallets.

Choosing the right bitcoin wallet

To get started, Blockchain wallet is preferred by most of the people. It provides high end security, very convenient to use and maintains privacy of the user. But as the user get some more experienced and have the knowledge how the blockchain system works, he/she should his hands on another bitcoin wallet known as coinbase. Coinbase has a much better security as it uses seed phrases and it is not a web based app. It is rather a desktop app.

To start with, you need a platform which is very simple to use, cross-platform and global. Blockchain has all the required necessities. This makes it perfect platform for the users. Bitcoin is quite different from the banks. Bitcoin wallet offering companies do not have the authority to view the balance and the transactions made by the users. These wallet companies are eager to solve any queries and questions regarding Bitcoin wallets with their dedicated FAQs on the cryptocurrencies. This is done to build the trust of the users helping them to use their bitcoin wallet.

The most popular wallet available in the market is coinbase with over 8 million users in the 32 countries. It offers buying and selling of bitcoin and other cryptocurrencies like Litecoin and Ethereum. It helps in the protection of insurance, provides mobile wallet, instantaneous exchanges and recurring buys.

Other wallets from blockchain technology

When you become more than more aware about the blockchain technology, you will find that there are numerous bitcoin wallets which you can choose from. One of the popular platforms is the Jaxx blockchain interface which supports many other platforms. The best feature of this wallet is that that it restricts the access to your funds and no verification is required for it.

To swap various digital cryptocurrencies that you hold, ShapeShift platform provides a great opportunity to do this. The whole code of the Jaxx is available for audit, making it one of the most secure platforms as it is present on most of the browsers and smartphones. As the developers and the users can view the code, users feel highly secure while using the platform.

These are time where value of BTC and ETH is augmenting rapidly. That is why a hardware wallet can provide maximum security although it is kind of old school. Ledger Nano is a hardware wallet which is compatible with many cryptocurrencies and can be connected by a USB to a computer or laptop. It has a feature of double checking each transaction to ensure the security of your cryptocurrencies.

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Developing the future blockchain wallet

As this blockchain technology is a newbie, the developers are looking to quickly pounce on it. They are looking forward to take this technology to new height and are building more advanced blockchain wallets with new features.

Nimiq is a new cryptocurrency wallet built in the web browsers like Firefox, Chrome. You can even mine the cryptocurrencies in there. It gives you huge advantage as it offers an easy installation. Nimiq is looking forward to build a 3^rd generation blockchain protocol which will allow you to sync, free installation and offer instantaneous installations. Bitcoin wallets have a great fortune as far as the future is concerned. Its significance will rise when more and more people start using this technology.

We, at Winklix has expertise knowledge in developing blockchain app and wallets, and that’s why we are know to be the best blockchain app development company . If you are interested in getting your app build by the blockchain app experts, then contact us right now!

February 22, 2018

THE REALITY OF BLOCKCHAIN

There has been a lot of hype regarding the Blockchain. I have read about the blockchain removing the poverty and making the world corruption free with a lot of easy, but there is demography who has not heard about this revolutionary technology. Facebook, Flipkart, Instagram has millions of users but the general population does not know anything about the backend technology like database. Same is with the blockchain, everyone has heard of it, everyone has opinion about it but no one knows the backend process.

However, there is a very good question revolving now-a-days which is “What are the things which blockchain can do and other technology can’t?” Is it fair to compare this new technology to the past technologies?

Concept of Blockchain

The blockchain has a very fascinating concept of data immutability i.e. data is unchangeable. This is achieved by using digital signatures and hash functions. These hash and digital signatures were defined by the informational Technology Act of India in the year 2000. More often than not the blockchain are equated with the distributed database and software development frameworks. Blockchain are not just database, they are more than that. Blockchain is peer to peer systems of electronic cash in which network timestamps are used are done by hashing the current work. This record is immutable i.e. it cannot be changed without redoing the same work.

Blockchain vs. bitcoin technology

Recently big chain made the headlines for all the bad reason like money laundering, evasion of tax, financing of terrorism and organized crime. Its comparison is not good as the actual money; diamonds, gold were also used for doing wrong activities. So it is not good, as far as the blockchain is concerned.
The basic idea behind the blockchain is that it runs on a set of global computers. It requires huge computational power and resource to mine the bitcoin and yes! Anyone can mine the bitcoin in expense of the resources like processor speed and memory. However, it will take a huge amount of time to generate the bitcoin. That is why supercomputers are used to generate them due to their high speed and memory.

Everything about the private blockchain

In today’s times, there exists several blockchain in the world. However, anyone cannot be a part of the private blockchain. These private blockchain does not require computational resources like processor and memory. It requires permission to have access and control over it. Let us understand this concept using multi-chain which has 8 types of permissions explained below:

Connect: This permission is used to connect with the other nodes and helps to view the content
Send: This permission assists in sending the sign inputs of signature
Receive: This permission assists in receiving the outputs of transactions
Issue: This permission facilitates to issue the assets like transaction sign inputs which are used to create new native assets.
Create: This is used to create sign inputs which create streams
Mine: This is used to sign coinbase transaction metadata
Activate: This is used to change the connect, send, receive permissions
Admin: This is used to change permissions of issue, mine, activate and admin

There are many popular blockchain available in the market like Ethereum, BigChainDB, Chain, Hyperledger Iroha, Corda, Credits, Domus Tower Blockchain, Sawtooth Lake, Elements, Eris, Quorum, HydraChain, Hyperledger Fabric, Stellar, Hyperledger Multichain, Openchain, and Symbiont Assembly.

Use case of blockchain

There are various use cases of good blockchain. Some of the use cases are as follows

Insurance Sector: In the insurance sector, blockchain is used to verify KYC data, life insurance, national policy, agent information registry and claim records.
Banking Sector: There are various use cases of blockchain in the banking sector. For example it is used in asset tracking and registry, multiparty aggregation, financial systems, record keeping etc.
Government use case: Government has been involved in using this technology for maintaining copyright health records, regulation records, authentication of records, academic records verification, vehicle records, maintaining identity documents, police and court records etc.
Other use-cases: It is widely used in Corporate finance book-running, Asset backed virtual currencies, Regulatory reporting, Clearing & settlement, Securities settlement, Depository receipts, Escrow, Secure documents, Supply Chain Management, Fund portfolio management, Voting, Payment gateway, Peer-to-peer trading, Securities servicing, Identity management, Securities trading, Auctions and Contract management.

Conclusion

Blockchain are very interesting hot-topic in the recent time. But it has been associated with many malpractices but we should skip the hype and this technology must be given a good chance as it can do wonders. This technology must be given chance because technologies before the blockchain were vulnerable to malpractices. It is not as if only after the launch of blockchain, frauds and other bad practices are there. I believe that this technology have enough power to rule the future and will provide a safer platform than before in the future.

So in case you are looking for blockchain app development company , you can right away contact us to create a next big blockchain based concept mobile app .