Bitcoin, cryptocurrencies and blockchain technology have taken the world by storm. It has come to the point where even CEOs cannot ignore them especially Blockchain and have sought to utilize it to enhance their companies.
Masternet has launched a program where the development of blockchain has seen acceleration in terms of its apps and services which they term as the “blockchain ecosystems”. The best way to describe the blockchain system is by comparing it to a road, just like there are types of roads there are also several types of blockchains - where one type of blockchain is created from different parts and observed how each part connects with each other and function externally and internally.
It is specifically applicable for the development of exchanges and token creation and has been termed as the representative of the blockchain infrastructure. Considering Masternet, the blockchain ecosystem is divided into the following categories.
Currencies
The point of the bitcoin currency backed by blockchain technology was to produce an alternative system of currency exchange. But the project within a span of 8 years has undergone massive changes and growth that it has become its own industry. This has led to its offshoots in cryptocurrencies that have their own currency exchange and transaction systems in place. The currency category in this ecosystem stands out especially in terms of its privacy where users can conceal their identities and transaction
Developer Tools
This category is particularly popular with developers who wish to build and improve upon their decentralization operations. This allow users to interact with the system more directly. It enhances the ability of the system to exchange information which encourages for more research and data improvement.
Ethereum is the go to category used as an example in Developer Tool for better contracts and data functionality. TrueBit is also growing in popularity for its improvement is computation speed. Blockchain would not function as an effective mechanism without this category in place. And the expertise of Masternet itself is no exception to the mentioned examples.
Fintech
In retrospect to blockchain, it handles different cryptocurrencies and different systems which create different economies. And an economy holding these many currencies requires a category that helps in the exchanging of these currencies be it be facilitating or lending. This is where the Fintech category comes in and offer its Decentralized Exchange (DEX) subcategory as the solution. Thanks to this blockchain, it remains stable and its users remain confident of their data not being compromised.
Sovereignty
Blockchain technology is not without its problems especially in terms of its trust factor and manner of execution. Users are particularly concerned about their sensitive data and the sovereignty category is where they can serve as a third party and allow the user to incentivize through its subcategories.
Value Exchange
While trust issues remain with external forces they are cemented within the internal systems of bitcoin with the way they handle transactions and data. The value exchange category affirms those issues with its subcategories called fungible and non-fungible. This allow users to exchange and interchange fungible goods enabling the companies that sell these products to compete at a competitive scale and face low risk of being replaced by better economies.
On the other hand, non fungible despite providing the same goods do not enjoy the same benefits as that of fungible.
Shared Data
This is the category best known to store data and supply information and prices. It can be compared to many models like that of Premise Data who move their collected data that they gathered from other countries to another location. This data is then sold to its customers which opens it up to new markets. This is a rather curious approach for a decentralized, private entity.
Authenticity
Cryptocurrencies are still new and fresh to the game so the trust factor is limited or nonexistent for its potential users. Episodes of raids and fraud has brought about the usage of this category where users are assured of their verified and authentic status who they can trust with their sensitive data and information. Masternet has left no stone unturned in assuring their customers in that department.
Applications
The blockchain ecosystem is not only used in exchanges and token creationism but also for the development of businesses and many other projects. The development can be divided into three applications. One is financial application, semi financial and non-financial applications.
Financial applications deals with the manner in which money is used, the second one deals with bounties in tasks and the third one deals with voting issues.
Basically much like the roads examples blockchain itself can be used for different means. The entire mechanism of blockchain ecosystem is structured to function effectively without facing any difficulties. If they do not interact accordingly then the system becomes fractured and reaches a deadlock.
Masternet is proud to display its functionality with its own ecosystem which work together harmoniously and demonstrate their seriousness in maintaining their customer’s trust.
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Masternet Whitepaper: https://drive.google.com/file/d/1YM4ytVLkdApbTufSVOqUe1O9GK9rwDYl/view
Akasic Whitepaper: https://drive.google.com/file/d/18tV_4vq0C7-8IFbpLLthQvWCtZD1pWIl/view
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