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Top 10 Friendly Countries for Blockchain Startups

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While some countries are allowing blockchain startups to set up legally, while some are in no mood. Here are the top 10 countries for blockchain startups.

Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution. The growth of technology has touched various fields such as smartphones, vehicles, shipping and a small sector in the sector of banking.

Although there is no country in the world which is not aware of this technology, there is a huge difference of opinion among countries regarding this revolution. There are various factors a blockchain startup has to look up before deciding it as a host country such as the jurisdiction regulations of the country, political views, tax system etc as these factors are going to affect the growth of any startup. While some countries are allowing blockchain startups to set up legally, while some are in no mood for any such beginning in the country and there are also some countries which are not sure about it.

 

Let us take a glance at the top 10 friendly countries for blockchain startups:

 

1. Malta:

This small Mediterranean country is on the verge of becoming the ‘island of blockchains’. The beginning of all these was when the biggest cryptocurrency exchange of world, Binance chose to inaugurate its office in this country. Also, they have informed all to set up a ‘crypto’ bank on this island.

Malta has been improving and enhancing new regulations that are friendly for blockchain startups. The country is so much dedicated to this technology that even the head of the country, the Prime Minister has predicted that the country will be the best place for this kind of startups throughout the world. The regulations are mainly focussed to evolve and encourage the investors to start this kind of projects in the country.

 

2. Switzerland:

The settling up of a crypto valley in one of its town, Zug, is sufficient to describe how much amiable this country to blockchain startups. It is one of the famous center of blockchain technology across the globe. Adding to the ice, they have imposed a tax-free regulation for the investors who want to invest in this kind of startups. Apart from it, their laws and regulations are very attractive and appreciated by investors as well as developers.

It has been the host of several blockchain projects including DFINITY, Xapo and of course, Ethereum. The privacy rules and protection of data are also appreciated by the blockchain startups.

 

3. Japan:

Japan is one of those countries which have approved cryptocurrency such as Bitcoin as a legal tender. It has been home of several blockchain traders, even some of the stores in the country have no problem in taking payments from users as Bitcoin currency. After six months of recognizance of cryptocurrency as legal, Japan is now accountable for more than half of total such trades.

Although there are various regulations regarding blockchain startups, they are friendly and easy to be acceptable and it’s not difficult to stary sich any startup in the country.

 

4. Singapore:

This country is a home of a huge number of triumphant startups in the field of blockchain technology. This country is nearer to two super giant technology rival countries Japan as well as China which makes it a more suitable center for startup of blockchains. The rules and regulations of this country are also very amiable and favorable bt the cryptocurrency. It has already a lot of exchanges of blockchain currency. So if a blockchain startup is willing to start and want to be in touch of both China and Japan clients and government, Singapore is the best country.

 

5. Belarus:

Two years back itself in 2017, this country made several rules and regulation affecting blockchain and crypto industry. As per these laws, they have made these digital currencies as the legal one in the country. The restrictions in the trade related to blockchain technologies are so friendly that the investors almost feel free to start any such startup or invest in this kind of organizations. Also, as per the rules, these kinds of trades are tax-free in the country until 2023. Due to the friendly rules and success, it is one of the preferable countries for blockchain startups.

 

6. Estonia:

Estonia is a developing country which has always tried to adopt new technologies in order for the benefits of the people and finance of the country. It has imposed several acts that attract the investors of the country as well as other countries to set up a blockchain startup in this country. It has declared itself to be a remarkable country in blockchain technology very soon. Also, they have established a new kind of citizenship known as e-residency which also attracts blockchain startups.

 

7. South Africa:

This country has depicted a tremendous interest in blockchain technology. They have made the crypto transactions as legalized one in the country. They have made several initiatives in order to attract the investors to start such startup in South Africa. The rules and regulation related to this crypto market in this country are also not so harsh, they always tend to welcome these industries. It is becoming as one of the most profitable countries for blockchain startups in Africa subcontinent.

 

8. Denmark:

Denmark has already announced a regulation stating complete relaxation in tax for any kind of blockchain trade. It is one of the most amiable countries for welcoming these types of startups in the country. The rules of the country are very friendly for the crypto industry making it one the interest for blockchain startups.

 

9. United States:

When it comes to adopting new technology in the market, this country is always in the front. The rules and regulations vary across different states of the country. Despite the oppose in some state, there are Bitcoin ATMs in the country. The friendly states of the county, Montana, Texas, etc. have very amiable regulations while welcoming the blockchain startups. Apart from it, no other country in the world can be better for any technology to start other than the US itself.

 

10. United Arab Emirates (UAE):

This Arabian country is also one of the most friendly nations. They have already used their own digital currency since 2016 and now welcoming global cryptocurrencies. The jurisdiction is very cooperative towards the blockchain and crypto industry. They are planning to be the first country in the world as a government powered by blockchain by next year. Due to these reasons, UAE is also one of the most preferable countries for blockchain startup.

 

The market conditions of countries continue changes. The expansion of crypto and interest in blockchain startups is so high that many countries are willing to accept it in their country. There are various factors to establish the startup in the country and initial requirement would be an amiable regulation and legalization. Apart from above-mentioned countries, UK, Sweden, China, South Korea etc. are also preferable.

#Blockchain

Brief: How do smart contracts work?

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People are often confused about various terms related to blockchain technology.  Let's discuss in brief how smart contracts work. 

People are often confused about various terms related to blockchain technology. One of the popular term used in this domain is ‘smart contracts’.  Let’s discuss in brief how smart contracts work. 

 

How do smart contracts work?

In simple words, smart contracts are decentralized applications using distributed ledger technologies. For example, a person can send 15 ‘ethers’ to his/her friend at a certain date using a smart contract. He/she would create a contract and push the data to the contract for the execution of the program.

 

There are various functionalities of smart contracts.  It manages the agreements among the users, for example, if a person buys insurance from another person. It mainly functions as a ‘multi-signature’ account. This means that the funds are used only after a specific percentage of users agree for it. It also stores information about an application. It can store information like membership record or information regarding their domain registration. A smart contract also provides the utility to other smart contracts. It is similar to the working of a software library.

 

Various smart contracts coordinate with each other. For example, let us say one smart contract visualizes the market report and other bets on this data. However, to run each smart contract you need ‘ether’ transaction fee. The cost is determined by the computation ability of that contract.

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Be ready to login into Facebook using Blockchain Technology.

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Mark Zuckerberg, CEO of Facebook told that he is seriously considering to merge blockchain technology into his social network.

Mark Zuckerberg, CEO of Facebook, in his interview with a professor of Harvard Law, Jonathan Zittrain told that he is seriously considering to merge blockchain technology into his social network. Zuckerberg also said that he is likely interested in incorporating the Facebook login with the blockchain.

Zuckerberg added so because he wants to attract software developers

who doesn’t rely on corporations that can cut off users’ access?

 

Zuckerberg’s interest in blockchain technology:

He is interested in combining blockchain technology into Facebook login because it can be used to enable users to control their data. According to the Facebook CEO,  blockchain could replace Facebook connect which will help the users by controlling their and privacy.

This type of system would attract software developers who don’t want to rely on corporations that can cut off users’ access.

Zuckerberg also spoke about the safety of the users. So as they are neither recruited by the terrorist nor exploited.

 

Facebook welcomes blockchain:

At the beginning of last year, it did not work that good between Facebook and Blockchain, now Facebook has decided to start a mutual relationship with blockchain technology and to amalgamate with its services.

By the end of 2018, Facebook revealed that they are working to develop its own stablecoin, a digital currency that allows its user to transfer money digitally.  Special focus is on India, where a policy of demonetization and adoption of the blockchain technology is taking place and WhatsApp is also extremely popular.

 

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What is a decentralized application? Top 3 decentralized applications.

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Let's discuss what a decentralized application is and the different types of decentralized applications. We also present the list of the top 3 dapps.

After the evolution of blockchain and cryptocurrency, we often get to know about the words like decentralized and decentralized applications. People are often confused about them and have doubts like what is a decentralized application and what are their types.

In this article, we will discuss what is a decentralized application. We will also discuss different types of decentralized applications. Further, we will also mention the top 3 decentralized applications.

 

What is a decentralized application?

In simple words, a decentralized application is an application that runs on a distributed computing system. It is also known as dApp. A decentralized application, instead of running on a single system, runs on a peer to peer network of the system. They have been existing since the innovation of peer to peer networks. These applications don’t require middleware to control them. Anyone can connect to anyone in the network directly. They are open source and are not owned by an individual. Further, they also don’t suffer from the problem of central point failure problem.

Dapps are extremely used in blockchain technology. In distributed ledger technologies, usually known as Ethereum Blockchain technology, these decentralized applications are also called ‘smart contracts’.

 

Types of decentralized applications?

The decentralized apps have been broadly classified on the basis of their uses. The decentralized applications are basically of three types:

 

a) The decentralized apps which are involved in managing the money:

These are the decentralized application who mainly focusses on the management of money. They provide the facility to connect with any other user in the distributed network and send/receive the money from them. For connecting to a user in the P2P network, one needs to exchange a token, ‘ether’ to the other user. These applications are basically ‘money apps’.

 

b) The decentralized apps involved in money as well as other information:

These kinds of application involved other information also apart from money. For example, let say there is an application for vegetable sellers which automatically pays them if the rate of the vegetable is less than the invested amount by them. These decentralized applications depend on money as well as the day to day information outside the network too. Mostly, these kinds of applications are ‘insurance’ type applications.

 

c) The other decentralized applications:

Those dApps which don’t classify into the above two categories are classified into this category. These applications are dedicated to decentralized autonomous organizations. Usually, they are used for voting and governance systems. These applications can be used to form a leaderless organization where every function of the organization like a person’s voting, releasing funds etc are decided by the program of the app itself.

 

Top 3 Decentralized applications:

There is a huge list of decentralized applications today. Every application tends to provide extra features to users in order to beat their respective competitors. There are several factors to go for a specific decentralized application such as security, privacy, the field of use, reliability etc. Here we are going to discuss the top 3 decentralized applications :

 

a) Blockonix:

Blockonix is one of the best-decentralized applications today having the best User Experience. This cryptocurrency exchange is located in Malta and has its headquarters in Birkirkara city of the country. Blocknix works for 24*7 throughout the week. This application was established in the year 2018.  The exchange runs on the Ethereum Blockchain and there are salient features which make it one of the top decentralized application today.

 

b) IDEX:

Idex is one of the fastest and user-friendly decentralized application. This application has separated the trading machine from the execution which makes it so fast. You can easily trade continuously on this application without worrying about the waiting time for the mining of transactions. This application takes care of various factors like the security of transactions, handling of all funds, ensuring that the fund’s transaction is synchronized etc.  This application uses the Ethereum blockchain technology and provides the best user experience to all its users.

 

c) ForkDelta:

ForkDelta is again, one of the top-quality decentralized application. It is the forked version application of decentralized exchange EtherDelta. It has gained popularity at a very fast pace. It acts as an open source application an provide a secure platform to its users. Using this decentralized application, one can easily exchange the ethereum token with another user on this application. The user interface is very simple and friendly. Transactions like deposits and withdrawal are very reliable and synchronized. The high-qualified development team of this application is always keen to provide the best user experience.

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