Blockdemic Lab

Opinion/News/Deep-Dives on the Future of Money and the Internet

open finance-defi, yield farming

How do DeFi Services Attract Users?: Yield Farming and Why It Matters

/

The potential of exponential earnings continue to attract new users to the cryptocurrency space, overall. People have continued to flock to Bitcoin because they believe that its price will continue to increase as its available supply continues to decrease. With the rise of DeFi, however, a new catalyst for growth has arisen, called “yield farming.” …

Blockchain spelled out in scrabble letters

What are DApps and what are their issues?: via DeFi

/

Currently, $1.65 billion is locked in DeFi-related smart contracts, while the DeFi space continues to be touted as the catalyst for crypto’s new bull market. In case you’re not familiar with DeFi, think “blockchain-based apps that make financial services peer-to-peer.” These apps are peer-to-peer because they’re hosted on blockchains instead of traditional databases and they’re …

Blockchain spelled out in scrabble letters

What is a Blockchain?

/

As you take your first steps into cryptocurrencies, the first thing you’ll encounter is the blockchain. All in all, a blockchain is nothing more than a decentralized ledger. Still, most people aren’t really clear on what “decentralized” means in this context as well as when a blockchain is useful and when it isn’t. For those …

Bitcoin, Proof-of-Work, Consensus Algorithms

What are consensus algorithms?: Bitcoin and Proof-of-Work

/

All existing cryptocurrencies are secured by sets of rules called consensus algorithms. Bitcoin, the network which started it all, uses a consensus algorithm called “proof-of-work” to tell its users(nodes) how to determine which bitcoin transactions are accurate and should be recorded on its blockchain. What is mining? (The Proof-of-Work Process) The proof-of-work process is often …

Smart contract

What are smart contracts and how are they used?

/

Smart contracts are the fuel behind every interesting innovation in the cryptocurrency space right now. Even so, most people don’t really understand them, including those who already own cryptocurrencies. To make matters worse, the bulk of blockchain industry sources attempt to explain them to beginners, but do so in a roundabout, confusing fashion. For these …

What is DeFi?

/

While Bitcoin started the cryptocurrency revolution, Ethereum may be the one to take it to a widespread audience. This is because of decentralized finance or “DeFi,” which refers to the idea of re-making the global financial system in crypto’s image. From 2019-2020, the DeFi movement has been taking shape and now it’s become the driving …