{"id":1101,"date":"2023-03-03T13:20:47","date_gmt":"2023-03-03T13:20:47","guid":{"rendered":"http:\/\/78.47.81.216\/?p=1101"},"modified":"2023-03-03T13:20:48","modified_gmt":"2023-03-03T13:20:48","slug":"difference-between-crypto-coin-and-token","status":"publish","type":"post","link":"https:\/\/blog.ag.qubiq.cc\/?p=1101","title":{"rendered":"Difference between crypto coin and token"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2023\/03\/What_is_the_difference_between_a_crypto_token_and_coin_All_you_need-1024x576.jpg\" alt=\"\" class=\"wp-image-1104\" srcset=\"https:\/\/blog.ag.qubiq.cc\/wp-content\/uploads\/2023\/03\/What_is_the_difference_between_a_crypto_token_and_coin_All_you_need-1024x576.jpg 1024w, https:\/\/blog.ag.qubiq.cc\/wp-content\/uploads\/2023\/03\/What_is_the_difference_between_a_crypto_token_and_coin_All_you_need-300x169.jpg 300w, https:\/\/blog.ag.qubiq.cc\/wp-content\/uploads\/2023\/03\/What_is_the_difference_between_a_crypto_token_and_coin_All_you_need-768x432.jpg 768w, https:\/\/blog.ag.qubiq.cc\/wp-content\/uploads\/2023\/03\/What_is_the_difference_between_a_crypto_token_and_coin_All_you_need.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Today, both novices and experts in the <strong>cryptocurrency <\/strong>field often use<strong> coins and tokens<\/strong> as synonymous terms. However, there is a big <strong>difference between tokens and coins<\/strong> and that&#8217;s what we need to figure out. But why is this so important? It is one thing for members of the <strong>cryptocurrency <\/strong>community to understand the <strong>difference between a crypto<\/strong> token and <strong>Bitcoin<\/strong>, but it is another matter for newcomers to be confused with these terms at first.<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\">What is a<strong> crypto coin<\/strong>?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bitcoin <\/strong>was the first <strong>cryptocurrency <\/strong>that runs on its own <strong>blockchain <\/strong>and is used as a means of payment between participants. Therefore, <strong>Bitcoin <\/strong>has become the default standard and is called a <strong>crypto coin<\/strong>. To help understand this, let&#8217;s review some basic definitions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A <strong>crypto coin<\/strong> is a digital currency that is created using cryptography methods and has its own <strong>blockchain <\/strong>where <strong>transactions <\/strong>take place. As mentioned above, the first and most well-known <strong>crypto coin<\/strong> is <strong>Bitcoin<\/strong>, which is transmitted within its <strong>blockchain<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One <strong>crypto coin<\/strong> cannot be directly transferred from its <strong>blockchain <\/strong>to another. For instance, you cannot transfer <strong>Bitcoin <\/strong>to an <strong>Ethereum <\/strong>address. This is because <strong>Ethereum <\/strong>has its own <strong>blockchain <\/strong>and unique addresses. Let&#8217;s highlight the main points that define <strong>crypto coins<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Crypto coins<\/strong> within the same blockchain have the same characteristics. There are no privileged ones (all are equal). <strong>Crypto coins<\/strong> are also divided into parts.<\/li>\n\n\n\n<li>Limitation on issuance. Only a certain and prescribed amount of <strong>digital assets<\/strong> can be mined, and no more.<\/li>\n\n\n\n<li>Ability to be used as a payment instrument. This asset can be used to buy goods\/services directly, without exchanging them for other currencies.<\/li>\n\n\n\n<li>Free exchange within the network. You can transfer <strong>cryptocurrency <\/strong>to anyone on your <strong>blockchain<\/strong>.<\/li>\n\n\n\n<li>All transfers are kept on the <strong>blockchain<\/strong>. Every <strong>transaction <\/strong>is confirmed and you can view the story of that <strong>transaction <\/strong>at any time.<\/li>\n\n\n\n<li><strong>Transaction <\/strong>security is provided by the cryptographic algorithm.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, it is not possible to transfer <strong>cryptocurrency <\/strong>from one <strong>blockchain <\/strong>to another. But today, work is already underway to combine <strong>blockchains<\/strong>, and cross-chain technology is being used very actively. Such platforms significantly reduce the speed of <strong>transactions<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a<strong> crypto token<\/strong>?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, the second basic concept. A <strong>crypto token<\/strong> is a digital currency created within an <strong>existing blockchain<\/strong> that performs the same functions as a coin. <strong>Crypto tokens built <\/strong>on <strong>Ethereum <\/strong>are the most common. However, the functionality of a <strong>crypto token<\/strong> is extended and it can be a digital certificate that guarantees a company&#8217;s commitment to the asset owner. So let&#8217;s highlight the main characteristics of the <strong>crypto token<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lack of its own <strong>blockchain <\/strong>since tokens are created based on already existing options.<\/li>\n\n\n\n<li>Dependence on the bandwidth of the network on which the <strong>crypto token<\/strong> is created.&nbsp;<\/li>\n\n\n\n<li>Applicability, as a rule, within a single project or product.<\/li>\n\n\n\n<li>Variety of applications depending on the tasks (participation in <strong>smart contracts<\/strong>, bonus\/reward, game unit).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In terms of bandwidth, the situation in the <strong>Ethereum <\/strong>network today does not allow many projects to fully carry out their activities because as a result of the growth of <strong>transactions<\/strong>, fees have risen strongly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It could be said that <strong>crypto tokens are digital<\/strong> assets that become a unique extension of <strong>smart contract<\/strong> platforms such as <strong>Ethereum<\/strong>. The functionality of<strong> crypto tokens<\/strong> depends entirely on the capabilities that the developers have built into the <strong>smart contracts<\/strong>. Now <strong>smart contracts<\/strong> enable secure and confidential <strong>transactions <\/strong>without external parties. In addition, such <strong>transactions <\/strong>are traceable and transparent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, this asset meets a certain <strong>token standard<\/strong> to ensure compatibility with wallets and services on exchanges. The most common <strong>token standard<\/strong> is ERC-20.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is the purpose of <strong>crypto tokens<\/strong>?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Today <strong>crypto tokens<\/strong> can be a payment instrument as well as an asset that allows you to get a part of a project. It all depends on the<strong> types of tokens<\/strong>. For instance, a <strong>utility token<\/strong> gives the user access to a company&#8217;s services\/products after a certain time. <strong>Utility tokens <\/strong>are issued centrally and are needed to develop the project&#8217;s ecosystem. Typically, <strong>utility tokens<\/strong> are distributed during an ICO.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can better understand the use of this asset by analogy with store gift certificates. They cannot be used, for example, as tickets to a concert or a football match. The certificate can be redeemed at a specific location and for a certain purpose \u2014 to get something from the store&#8217;s assortment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But often the entire worth of a <strong>crypto token<\/strong> is only the speculative component and the opportunity to make money from the exchange rate. By the way, crypto tokens cannot be directly transferred from one <strong>blockchain <\/strong>to another.<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Crypto token<\/strong> vs coin: what is the distinction?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So let&#8217;s summarize and highlight the key differences between these assets:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Functionality. Coins are only used to pay for goods and services, while tokens are involved in more system tasks.<\/li>\n\n\n\n<li>Right of use. A project that issues tokens can put information or permissions into them that allow the owner to use something or buy certain types of goods.<\/li>\n\n\n\n<li>Currency role. A coin can only be digital money, and a token is not necessarily used to pay for goods and services. Tokens can be used within a project not only to support certain processes but also to pay for something.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">So, we consider the main <strong>difference between crypto coins and tokens<\/strong>. Understanding the distinction between these <strong>digital assets<\/strong> is a very important point for any investor or person who wants to learn more about <strong>blockchain networks<\/strong> or<strong> smart contracts<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are crypto tokens and crypto coins? What is the difference between these digital assets? What is the purpose of the tokens nowadays? Helpful info for novice and advanced crypto enthusiasts.<\/p>\n","protected":false},"author":7,"featured_media":1104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[40,56,38,95],"authors":[37],"class_list":["post-1101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-alphaguilty","tag-cryptocurrency","tag-education","tag-token","authors-alphaguilty"],"acf":{"reading_time":8},"author-name":"AG Content Manager","suggested-articles":[{"ID":520,"post_author":"7","post_date":"2022-11-18 12:47:29","post_date_gmt":"2022-11-18 12:47:29","post_content":"<!-- wp:image {\"id\":521,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2022\/11\/blog-7-1-1024x576.png\" alt=\"\" class=\"wp-image-521\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:paragraph -->\n<p id=\"6515\">This week, we had a chance to talk with Philipp Teles von Hauenschild, CEO of Detrash. We discussed the impact DeFi had on investors, and asked him whether DeFi succeeded in changing the overall vision of traditional investments.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"5f49\"><strong>In which way do you find DeFi revolutionary?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"3420\">It is the first time humanity can have a truly global, secure and permissionless financial system. Add to this revolution the fact that it makes economic coercion and concentrated economic power avoidable.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"b35f\"><strong>Do you think DeFi has changed investors\u2019 skeptical perception of crypto?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"432f\">To a certain degree. High volatility is still something that inspires skepticism from both retail and institutionals.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"f2b8\"><strong>Will there be more investments in DeFi from traditional players, such as VC?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"5f09\">Definitely! We are seeing an ever increasing number of DeFi dedicated funds being structured by VCs.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"3641\"><strong>In your opinion, what issues about DeFi do traditional investors find the most challenging?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"ee86\">From what I perceived, there\u2019s volatility and UX issues to the traditional retail investors, and an added lack of mature compliance issue for traditional institutional investors.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"6e94\"><strong>How can DeFi contribute to the global economy?<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"15dd\">As a truly scalable wealth generation and distribution system, DeFi can make the global economy more agile and finally working within deflationary financial infrastructures. If adoption continues to decentralize as well we\u2019ll see a much more resilient and transparent global economy.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"6a30\"><em>As an industry expert, CEO of Detrash has a positive vision of the future of DeFi, and predicts more interest for DeFi from traditional investors.<\/em><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"a163\"><em>Let\u2019s thank Philipp Teles von Hauenschild for such informative and upbeat answers!<\/em><\/p>\n<!-- \/wp:paragraph -->","post_title":"Detrash CEO: DeFi eases investor skepticism about crypto!","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"detrash-ceo-defi-eases-investor-skepticism-about-crypto","to_ping":"","pinged":"","post_modified":"2022-12-19 09:36:32","post_modified_gmt":"2022-12-19 09:36:32","post_content_filtered":"","post_parent":0,"guid":"http:\/\/78.47.81.216\/?p=520","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":714,"post_author":"7","post_date":"2022-12-21 15:57:48","post_date_gmt":"2022-12-21 15:57:48","post_content":"<!-- wp:image {\"id\":715,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2022\/12\/What-is-NFT-artwork-how-does-it-shape-Web3_-1024x576.jpg\" alt=\"\" class=\"wp-image-715\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:paragraph -->\n<p>The world of digital art is changing rapidly. Remember when people admired Mona Lisa or Black Square? Now they have been replaced by cartoon pictures of cats, robots, and aliens. Do you know what we're talking about? NFTs, of course.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>NFTs became popular last year, but the first steps towards their creation were taken back in 2011. One of the first NFT projects can be considered ASCII Len \/ ASCII Bernanke. Not many people know about it, so mentions can be found on specialized crypto sites. Let's understand what non-fungible token means for digital artists and others. If you want to learn even more about NFTs - check out <a href=\"https:\/\/blog.alphaguilty.io\/ultimate-nft-guide-all-you-need-to-know-about-nft\">this ultimate guide<\/a> to them by our CEO, Mykhailo Sitalo!<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":717,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2022\/12\/image-8.png\" alt=\"\" class=\"wp-image-717\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:heading -->\n<h2>What is the technology behind NFT artworks?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Let's start with the basic concepts. NFTs, or non-fungible tokens, are digital data stored on a blockchain. Not too clear, is it? To simplify, a non-fungible token is one whose monetary equivalent does not equal its value. A simple example would be the book Lord of the Rings, which has a price of $50. The same book, but autographed by Tolkien, would cost $300. The same principle applies to this type of digital art, which has become popular. We can conclude that this is the difference between NFTs and cryptocurrencies with fiat money. The second and third are interchangeable, but such tokens are not.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As we said, NFTs are stored on a blockchain. Everyone who is even slightly connected with the crypto sphere knows about blockchain. It can be defined as a decentralized digital ledger that tracks transactions. It is on the blockchain used to support cryptocurrencies like Ethereum.&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The controversy surrounding the NFT marketplace is still going on. Technically, NFTs are just a unit of data in a blockchain. Many skeptics believe that paying huge sums of money for digital art that cannot even be touched is great folly. Fans, on the other hand, are convinced that NFT art is the engine of progress. After all, it's something completely new. It's up to you to decide who is right. One thing we can say for sure: NFTs are tokens that are more and more talked about all over the world.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What do NFTs mean for creators?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>When we talk about physical art, everything is clear. An artist can paint a picture, sell it, or transfer the copyright. When it comes to digital art, in particular blockchain data, things are a bit more complicated. Let's break down what value such tokens have for their creators.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><!-- wp:list-item -->\n<li>A digital artist can gain ownership. Before the advent of cryptocurrencies like Bitcoin or Etherium, people did not have the ability to be full owners of digital things. Yes, users could publish and share digital arts with each other, but they had no rights to them. However, the NFT marketplace has changed things dramatically. Now after the creation of NFTs, tokens are being minted on the blockchain. This means that all paths will lead to the artist, which means that he will be able to verify his authorship. There is one nuance, though. Although minting tokens allows you to get copyright, this path has never been tried in court.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>New income opportunities. The fact is that thanks to the NFT marketplace, designers can now monetize their work. It also removes from them the difficulty of communicating with clients. Now you can just create NFT art and not change it because that's what the client wants.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Globalization. Until NFTs artworks existed, artists had to draw pictures and then find galleries to send them to for exhibition. Selling was also difficult because art connoisseurs rarely paid attention to new names. It's different now. Digital tokens make it possible to move to the Internet, which means a larger audience. What's more, now anyone with a PC can make their own artworks. And it doesn't depend on what kind of non-fungible token you get. Note that the pixel video Nyan Cat is worth almost $600,000! There are many galleries where you can see examples of digital art: Voxels, Async, KnownOrigin, Sotheby's, and many others.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>As a separate point, we would like to highlight the large ecological footprint that the NFT market and cryptocurrencies in general bring. As an example, we can cite the story of the French artist Joanie Lemercier. He managed to sell his non-fungible token in just 10 seconds, and of course, he earned more than a thousand dollars. Sounds exciting, doesn't it? We agree, except that there is one caveat. It turns out that the transaction to buy this artwork would be more energy-intensive than his art and design studio's energy consumption for a whole two years!<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Well, although transactions with such tokens are energy-intensive, we can't help but note that energy is also needed for mining digital currencies, for example. The more powerful a computer is, the more electricity it consumes. Now green energy is developing, but as long as users continue to mine tokens, high energy costs will be unavoidable not only for them but also for those who create NFTs.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":716,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2022\/12\/image-7-1024x571.png\" alt=\"\" class=\"wp-image-716\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:heading -->\n<h2>How do artists price NFTs?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It is not enough to <a href=\"https:\/\/blog.alphaguilty.io\/how-to-create-an-nft-easy-to-learn-guide\">create an NFT<\/a>. It has to be priced correctly as well, otherwise, there is a risk of not reaching the maximum ceiling or, conversely, not finding clients. When an artist or designer gets into the NFT space they are often faced with a problem regarding token valuation. Of course, it all depends on their internal perception, but most follow trends. In addition, it is worth remembering that the <a href=\"https:\/\/blog.alphaguilty.io\/how-much-does-it-cost-to-create-an-nft\">price of NFT<\/a>s will rise and fall depending on the Etherium because they are sold exactly on its basis.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In order to understand how much a work is worth, an artist can look at similar digital art objects at:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><!-- wp:list-item -->\n<li>app.foundation;<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>rarible;<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>opensea.<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>And these are just a few examples! Look for the right sites and you can get the best price.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In order to increase the audience and raise their interest, the creators conduct NFT drops. You need to perform some simple actions (for example, subscribe to the social network profile or make a repost), and then you have a chance to get NFTs for free. By the way, many blockchain projects hold drops as well. Detailed information about the sites where this happens can be found on the Internet.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Does the NFT art industry have longevity?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>We can't say that with a hundred percent certainty. Yes, the NFT stands still at the top of the list for many investors, but in April 2022 prices collapsed sharply by as much as 70%. However, there is no need to get upset. NFT collections are still trending, and we doubt they will hit bottom anytime soon.&nbsp; Pessimists predict that interest will fade over time. The optimists, on the contrary, claim that the artistic meta-universe will reach a new level, and the development will be even faster than before.<\/p>\n<!-- \/wp:paragraph -->","post_title":"What is NFT artwork &amp; how it shapes WEB 3?","post_excerpt":"NFT art is changing the traditional art world. What do you know about this token? How does it affect art? Read all about non-fungible tokens in this article from the experts!","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"what-is-nft-artwork-how-it-shapes-web-3","to_ping":"","pinged":"","post_modified":"2023-02-28 14:26:55","post_modified_gmt":"2023-02-28 14:26:55","post_content_filtered":"","post_parent":0,"guid":"http:\/\/78.47.81.216\/?p=714","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1133,"post_author":"7","post_date":"2023-03-10 09:18:30","post_date_gmt":"2023-03-10 09:18:30","post_content":"<!-- wp:image {\"id\":1136,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2023\/03\/Optimism_Drop_Hunt_Get_Crypto_by_Completing_Tasks_with_AlphaQuest-1024x576.jpg\" alt=\"\" class=\"wp-image-1136\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:paragraph -->\n<p>The <strong>Ethereum <\/strong>network becomes busier. If people want to use <strong>Ethereum<\/strong>, they need to pay high fees. Now there's a way to solve it. We're going to talk about what <strong>Optimism <\/strong>is, <strong>Optimism airdrop<\/strong>, and OP to <strong>USD <\/strong>cost. We provide this material for <strong>informational purposes<\/strong>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":1134,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2023\/03\/image-10.png\" alt=\"\" class=\"wp-image-1134\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:heading -->\n<h2>What Is <strong>Optimism <\/strong>(OP)?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Optimism <\/strong>is an open-source L2 solution for <strong>Ethereum<\/strong>. So, <strong>Optimism's<\/strong> purpose is to resolve <strong>Ethereum's<\/strong> upscaling problems, which cause users to face high fees and operational delays. Even the <strong>Optimism <\/strong>Foundation was established to promote the development of the <strong>ecosystem<\/strong>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Optimism <\/strong>released OP <strong>crypto tokens <\/strong>via an <strong>airdrop<\/strong>. What about <strong>Optimism <\/strong>(OP) to <strong>USD <\/strong>rate <strong>exchange<\/strong>? On February 3, 2023, the <strong>Optimism token <\/strong>(OP) rate <strong>exchange <\/strong>to <strong>USD <\/strong>was equal to 3.19. According to <strong>market information<\/strong>, this was the maximum OP to <strong>USD <\/strong>rate.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Why is <strong>Optimism <\/strong>So Unique?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Optimism protocol <\/strong>uses new technology, which reduces the cost of commissions compared to the L1 <strong>infrastructure <\/strong>of <strong>Ethereum<\/strong>. <strong>Optimism <\/strong>enables easy deployment of any <strong>smart contract platform<\/strong> and apps written in Solidity. <strong>Optimism's Ethereum <\/strong>has a capacity of 200 to 2,000 operations per second.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>What is part of the <strong>ecosystem<\/strong>? There are now more than 60 <strong>trading <\/strong>projects based on <strong>Optimism<\/strong>. For instance, Velodrome\/Uniswap <strong>trading exchanges <\/strong>are based on <strong>Optimism<\/strong>. This <strong>ecosystem <\/strong>also pays attention to the development of projects with NFT.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:image {\"id\":1135,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http:\/\/78.47.81.216\/wp-content\/uploads\/2023\/03\/image-11.png\" alt=\"\" class=\"wp-image-1135\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:heading -->\n<h2>How does <strong>Optimism <\/strong>Work?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Optimism<\/strong>, like other L2s for <strong>Ethereum<\/strong>, creates a second layer network on top of <strong>Ethereum<\/strong>. So, <strong>Optimism <\/strong>groups operations and processes some of the calculations to take the load off the main network. <strong>Ethereum<\/strong>, on the other hand, records the totals. This approach speeds up the project's main <strong>Ethereum <\/strong>network.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Is the <strong>Optimism <\/strong>Secured?<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Optimism <\/strong>runs OVM, to provide security for <strong>Optimism<\/strong>, the OVM allows participants to challenge the authenticity of operations. When an operation in the <strong>Optimism <\/strong>network is challenged by a verifier, the entire packet is checked.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2><strong>Optimism <\/strong>Drop Hunt (<strong>Airdrop<\/strong>)<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The creators run an <strong>airdrop <\/strong>for the transition of <strong>Optimism <\/strong>to a new structure. This airdrop was made to gradually hand over control of <strong>Optimism<\/strong> to the community, so it was a great success and finished rather quickly.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Airdrop <\/strong>from the creators is long over, but you can still get <strong>Optimism crypto tokens <\/strong>for free. To get involved in the <strong>airdrop <\/strong>and gain free <strong>tokens<\/strong>, you need to complete tasks from <strong>Optimism<\/strong>. Now <strong>airdrop <\/strong>is a great chance to earn <strong>Optimism crypto <\/strong>without any investments. Just complete the tasks with AlphaQuest and win a retrodrop from <strong>Optimism <\/strong>earning <strong>crypto tokens<\/strong>!<\/p>\n<!-- \/wp:paragraph -->","post_title":"Optimism","post_excerpt":"What is Optimism and what makes it so unique in the cryptocurrency field? Enabling low-cost Ethereum transactions. How does Optimism work with crypto? 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