Category Archives: Cryptonomics

Cryptonomics: What is the Chainlink Verifiable Random Function (VRF) for DeFi

The secure solution allows smart contracts to create random numbers for numerous use cases on a blockchain. Number One Verifiable Source of Randomness? It isn’t easy to create randomness on blockchains. The reason for this difficulty is that each node must arrive at the same conclusion to form a consensus. Chainlink created a Verifiable Random Function (VRF)[Read more…]

Cryptonomics: How to Protect from Phishing Scams

Members of the crypto community can easily fall victim to scams and lose their assets by interacting with scam airdrop tokens. What is an Airdrop?  Crypto airdrops refer to tokens distributed to selected wallet addresses normally for free. They are routinely used by blockchain projects to create awareness or to reward members of their communities.[Read more…]

Cryptonomics: What’s the difference between Proof of Work and Proof of Stake?

Proof of Work (PoW) and Proof of Stake (PoS) are two different consensus mechanisms used to verify transactions on blockchains, but they differ in many ways. Consensus Mechanism  Proof of Work (PoW) and Proof of Stake (PoS) are the underlying mechanisms in a blockchain to keep the network immutable, trustless, and distributed. It is a[Read more…]

Cryptonomics: How To Add Custom Tokens On MetaMask For Binance Smart Chain

This guide shows how to find all your BSC tokens and enable them in your Metamask wallet. Traditional Complaint Using a crypto wallet such as Metamask can throw up some issues especially for people new to crypto. One of the complaints Binance Smart Chain (BSC) users often make about Metamask is that they are sure they have some particular[Read more…]

Cryptonomics: What is the Coinbase Effect?

Listing on Coinbase has become an industry phenomena known to help propel a token, but for how long – and why does it happen? Predictable or Unpredictable Cryptos The volatilities of cryptocurrencies are well known. The near-consensus opinion outside of the cryptocurrency industry bubble is that tokens and coins are impossible to predict.  There are[Read more…]

Cryptonomics: What is a Decentralized Application (DApp)?

DApps indistinguishable on the outset from normal applications but with a wholly different feature set and aspirations. Here’s a beginner’s look at DApps. DApp: The Basics A Decentralized Application (DApp) is an application built on a decentralized network that combines smart contracts with user-interface that can function like traditional applications. There are a few inalienable[Read more…]

Cryptonomics: What Is The Difference Between A Token And A Coin In Decentralized Finance?

The words token and coin have become so commonly used that many people mistake one for the other, but they are separate assets. The Blockchain Boom Brings New Terms The recent boom of Decentralized Finance (DeFi) has created a couple of buzzwords. Some of such words are so commonly used that people could use ‘A’[Read more…]

Cryptonomics | The Ultimate Guide to Non-Fungible Tokens (NFTs)

Introduction One of the trending terms on the crypto market recently, known as the next DeFi, is “NFTs”. NFTs are now sweeping the world of digital art and collectibles. The life of digital artists has changed significantly as a result of massive sales to new crypto audiences. Not just that, celebrities are also jumping on[Read more…]

Cryptonomics: How to use Binance Smart Chain as US Citizen

Binance Chain Wallet has a convenient cross-chain function made easy for users who have a account. A World of Limitations? The world is a complicated network of laws and jurisdictions. Cryptocurrencies must adapt their protocols for users in all countries. Because of this, users in different countries sometimes need an alternative access point altogether.[Read more…]

Cryptonomics: How to Avoid Ethereum Gas Fees, Can Binance Smart Chain Replace ETH?

Users are showing that key elements to the ETH network, like decentralization, are interchangeable for ease of use and cheaper fees. Synergistic Chains? The gas fees on Ethereum are out of control. The high barrier to entry seems daunting for many newbies to Decentralized Finance (DeFi). To be a significant player on the Ethereum chain, you[Read more…]