When you start your career as a web3 developer, you may need a guide on the main tools. At Mighty Block, we’ve put together this Web3 Tech Stack, which can be a good option to get started.
What do you think? Would you add anything? Would you remove anything?
One of the most common questions I get is, What is the difference between web2 and web3? What is Mighty Block doing to onboard users to web3 ? What is the road to web3?
As an introduction I gather information and wrote the following summary:
Web2 and Web3 are two different generations of the World Wide Web. Web2 is characterized by a greater emphasis on user participation, collaboration, and sharing. Web3 is characterized by a greater emphasis on decentralization, user control, and the use of new technologies such as blockchain and artificial intelligence.
Web2 has had a profound impact on the way we use the internet. It has made the web more interactive, collaborative and social. This has led to a wider range of possibilities for how we can use the web to learn, communicate, and share information.
Web3 is still in its early stages of development, but it has the potential to revolutionize the way we use the internet. It could make the internet more open, transparent, and democratic. It could also lead to the development of new and innovative applications that we can’t even imagine today.
So, what is the road to web3 from web2?
The term web2 is used to describe the second generation of the World Wide Web, which is characterized by a greater emphasis on user participation, collaboration, and sharing. web2 websites allow users to interact with each other and with the website content in a more meaningful way than was possible with earlier web technologies.
Some of the key features of web2 websites include:
Some of the most popular web2 websites include:
Web3 is the third generation of the World Wide Web, which is characterized by a greater emphasis on decentralization, user control, and the use of new technologies such as blockchain and artificial intelligence.
Web3 is still in its early stages of development, but it has the potential to revolutionize the way we use the internet. Some of the key features of web3 include:
Web3 has the potential to make the internet more open, transparent, and democratic. It could also lead to the development of new and innovative applications that we can’t even imagine today.
Here are some examples of web3 applications:
| Feature | web2 | web3 |
| User-generated content | Yes | Yes |
| Collaboration | Yes | Yes |
| Social networking | Yes | Yes |
| Decentralization | No | Yes |
| User control | No | Yes |
| New technologies | No | Yes |
| Early stage | No | Yes |
| Complexity | No | Yes |
| Security | No | Yes |
Overall, web3 has the potential to be a more open, transparent, and democratic internet. However, it is still in its early stages of development, and there are a number of challenges that need to be addressed before it can reach its full potential.
There are a number of things that need to happen to build the road to web3, and in order to accelerate the process of moving from web2 to web3. These include:
If these things happen, then the road to web3 will accelerate. web3 has the potential to revolutionize the way we use the internet, and it is important that we do everything we can to make it a reality.
Here are some additional things that could help accelerate the process of moving from web2 to web3:
The move from web2 to web3 is a complex process, but it is one that has the potential to make the internet more open, transparent, and democratic. By taking the steps outlined above, we can help to accelerate this process and make web3 a reality.
Despite these challenges, web3 has the potential to revolutionize the way we use the internet. By addressing the challenges that need to be addressed, we can help to make web3 a reality.
At Mighty Block our focus is to help onboard the next billion users to web3 and we are building the road to web3 to do so.
Let me know if this summary has helped you understand the differences between web2 and web3 and has brought you one step closer to travel the road to web3 !
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
This article was written by Boro and Uri, Mighty Block blockchain developers, You will find in it the path to becoming a Smart Contract Developer!
Stepping into the digital realm’s dynamic frontier, where innovation intertwines with decentralization, is the path of a smart contract developer. In a world shifting from Web 2.0 to Web 3.0, our role has gained unprecedented prominence. Imagine writing code that represents unalterable agreements and cutting out intermediaries – that’s the magic of smart contracts. This article is your gateway to understanding what it takes to become a master of this blockchain-powered craft. From unraveling the intricacies of different programming languages to illuminating the deployment process on diverse blockchain platforms, we’ll embark on a journey that unveils the profound evolution from lines of code to immutable digital contracts.
At its core, a smart contract is a decentralized digital agreement that runs on a blockchain. Picture a traditional contract – one that outlines the terms and conditions of a transaction or agreement – but now imagine this contract being automated, enforced, and executed without the need for intermediaries. This is where smart contracts shine. Structurally, a smart contract is composed of code that defines the rules, logic, and conditions of an agreement. Think of it as a virtual ‘if-then’ statement: if certain pre-defined conditions are met, then the contract executes a specific set of actions. This structure ensures that transactions are tamper-proof, transparent, and irreversible once they’re executed on the blockchain.
In the evolution of the internet, we’ve moved from the static websites of Web 1.0 to the interactive platforms of Web 2.0. The transition to Web 2.0 brought us social media, online collaboration, and user-generated content, all centralized on platforms owned by big tech companies. However, the model came with drawbacks. User data privacy concerns and the centralized control of information became apparent as platforms monetized user data and exercised content moderation power. This sets the stage for Web 3.0, a decentralized paradigm shift. Web 3.0 leverages blockchain technology to distribute control, data ownership, and transactions across a network of participants. This means that users have more ownership over their data and identities, and transactions are executed in a transparent and secure manner without intermediaries. As data breaches, content censorship, and privacy issues continue to plague the digital landscape, the move towards Web 3.0 gains momentum. Its emphasis on user empowerment, privacy, and open protocols is driving innovation, with the potential to redefine how we interact online, from social networking to financial transactions.
Let’s say we want to create an ERC20, the MightyBlockCoin that goes by the ticker MBC, our contract should keep track of MBC wallet balances, allow to transfer between wallets, amongst other functionalities. This is what the structure of such a contract would look like:
Venturing further into the realm of smart contract development, it’s crucial to grasp the landscape of blockchain ecosystems and programming languages that power them. Blockchain platforms can be broadly categorized into those that utilize the Ethereum Virtual Machine (EVM) and those that don’t. EVM-based blockchains, like Ethereum itself, offer a standardized execution environment for smart contracts, ensuring consistency across different nodes. On the other hand, non-EVM blockchains, such as Algorand and Solana, employ their own unique execution environments optimized for specific purposes.
When it comes to programming languages for a smart contract developer, Solidity stands tall as the primary choice for Ethereum-based contracts. It’s a statically-typed language specifically designed for smart contracts. Vyper is another language for Ethereum that focuses on security and simplicity, making it a preferred option for scenarios where code clarity is paramount. Beyond Ethereum, Rust has gained attention for its use in the Solana blockchain due to its efficiency and safety features.
But programming languages are just one piece of the puzzle. Testing and development environments play a crucial role in ensuring the reliability of smart contracts. Tools like Hardhat, a JavaScript-based development environment, and Brownie, its Python counterpart, provide testing, deployment and debugging capabilities. They enable developers to simulate blockchain environments locally, helping to catch errors and security vulnerabilities before deployment. These tools offer sophisticated testing frameworks and integration with popular testing libraries, enabling developers to write comprehensive test suites to ensure contract functionality and security.
Navigating the landscape for smart contract developer involves understanding the nuances of EVM and non-EVM blockchains, choosing the right programming language for the job, and utilizing robust testing frameworks. As the ecosystem evolves, developers need to stay adaptable, continually learning and adapting their skills to keep up with the dynamic world of blockchain technology.
Our experience with testing Solidity has been quite challenging, for our particular use case and technology stack, we decided that Python + Brownie suited us best. The reality of the matter is that Brownie emulates a real environment locally, this means that smart contracts have to be deployed in order for transactions to be sent against them. Given that you can only interact with the public/external methods the ability of creating unit tests is limited, as internal or private methods cannot be called.
Deploying smart contracts can be even more challenging than testing. Usually developers and owners are different people, this means that a developer might not have access to the private key, which in turn means that someone else, following the dev’s lead, has to send the transaction with the owner wallet.
Since smart contracts are immutable by design, each deployment is a big deal, for that reason we work to ensure that the experience is secure, smooth and seamless as there are no rollbacks. In practical terms, for every deployment that we schedule, we plan ahead and create a checklist with the step by step guide of what to do, which commands to run and in what given order.
The mix of the monetary value stored inside a contract and the immutability of it, makes it crucial to think about security ahead since rules cannot be changed on the fly. On top of that, every transaction is independent, there is no such thing as a session, it must check all possible scenarios every time to ensure that only the intended usage is the allowed usage. Any exploits left in the open, are entry points for hackers and malicious actors, and even when the issue is detected, it can’t be fixed since the contract cannot be altered.
There are no floating point numbers, this leads to using integers to store numbers with decimal places, making it sometimes confusing to know the number’s scale. Another impractical limitation is Solidity’s inability to keep complex data structures in storage, requiring the developer to find a workaround to store the data in a more complex but Solidity-friendly way. Thirdly, an arch enemy of the developer is Solidity’s impossibility to handle dynamic size arrays, for example when searching all elements that meet certain condition, the data must be looped through once to determine the array’s size and then one extra time to populate said array with the matching elements. Last in this list but definitely not least is the infamous “stack too deep” error, which appears when too many variables are being used in the context of one given function, forcing workarounds to remove variables or reorganize code into separate smaller functions until the error is gone.
Once the contract has been deployed, all types of issues may arise, the blockchain scanner, blockchain query tools amongst other, are essential tools to master to be able to handle such scenarios. This usually entails following transactions around and reading logs/events until the root cause unravels.
It’s quite common to encounter accesibility modifiers on functions such as public and private when working on a Web 2.0 project. In Solidity, 2 other visibilities must be taken into account including external and internal, security concerns of each option should be considered when using them. The next big paradigm shift comes in the form of storage types, storage is used in situations where memory isn’t best suited and viceversa, mastering the usage of storage types is essential as they are mandatory for most variable declarations. Finally, units are stored in different scales, most values might need some multiplication or division by 10**18 to account for the difference between wei and eth values.
Managing third party information requires workarounds as there are no APIs you can call or external resources you can access easily, calling other contracts requires you to store their address and importing their interface in order to interact with them. The challenge of getting external information becomes substantial and oracles come to fill that void. Oracles are paid services that offer on-chain information that is not easily accesible otherwise, they represent to web3 what public APIs do for web2.
How would you sort an array of elements in Java? Well, you would simply call Array.sort(), that’s not an option in Solidity. Usually builtin methods entail a trade-off between performance and readability. Solidity is not willing to trade performance off, since performance is gas and gas is money. There are options like OpenZeppelin, which provides a library of frequently used methods to make the code more readable while still performing best practices. Nonetheless, implementing the methods for this basic operations still tends to be the best option. Other missing methods in Solidity are: min, max, filter, removeAt, foreach, etc.
As we conclude this epic journey through the realm of a smart contract developer, it’s evident that the digital landscape is undergoing a transformation unlike any other. The shift from Web 2.0 to Web 3.0 signifies a pivotal moment where decentralization, security, and user empowerment take center stage.
In the world of smart contracts, we’ve delved deep into their structure, the intricate web of challenges and opportunities that await the intrepid developer. Testing and deployment have proved to be crucibles where code is refined, ensuring the reliability of smart contracts. Security remains paramount, as every line of code written in the blockchain is etched in history, unalterable by design. Technical limitations and paradigm shifts have been embraced as challenges, not obstacles, by the developers pioneering this new era.
In this brave new world, we’ve witnessed the rise of oracles, the intricacies of storage types, and the relentless pursuit of performance. The absence of built-in methods has sparked creativity, making the Solidity developer a master of their craft.
Through it all, we’ve come to realize that Web 3.0 is not just a technological shift; it’s a philosophical one. It champions the ideals of decentralization, data sovereignty, and transparency. As the blockchain ecosystem continues to evolve, adaptability and continuous learning become the armor of the smart contract developer.
So, fellow adventurers in the digital realm, take these learnings with you as you embark on your journey into the ever-expanding universe of smart contracts. From the humble lines of code to the immutable contracts etched in the blockchain, you are the architects of a decentralized future, where trust is forged in code and the magic of Web 3.0 becomes a reality.
As the digital frontier beckons, remember, you are the pioneers, the masters of blockchain’s arcane arts, and the guardians of a more equitable and decentralized digital world. The future awaits your code.
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
The blockchain world can be overwhelming at first. Having a deep understanding of the basic concepts will help you better organize your learning process. Here are some definitions we have crafted to help you get started with, we introduce you: “The Mighty Block Web3 Glossary”.
(in alphabetical order)
Airdrop : Describes token distribution methods used for introducing new cryptocurrencies or tokens to specific wallet addresses. Web3 projects can use airdrops as marketing initiatives by facilitating airdrops to users completing tasks such as app downloads or referrals.
Altcoin: Any of various cryptocurrencies that are regarded as alternatives to established cryptocurrencies and especially to Bitcoin.
Arbitrum: Arbitrum is an Ethereum layer 2 scaling solution that reduces fees and network congestion by computing transactions outside of the Ethereum Mainnet. Arbitrum’s rollups use multi-round fraud proofs to verify contracts were executed correctly. Blocknative currently does not support the Arbitrum L2 blockchain.
Arbitrage: Arbitrage in the world of web3 is the same as in traditional finance and is a natural mechanism for markets to achieve equilibrium. Whereas arbitrage in the real world is usually possible due to differences in physical realities (the price of a widget is 20% higher in Country A than Country B), arbitrage in web3 is made possible by the value of assets within different web3 ecosystems. Consider a situation where the price of Ethereum is $2000 on Uniswap, but at the same time, it is $1990 on Sushiswap. An arbitrager can take advantage of this gap by buying ETH on Sushi to resell on Uniswap, instantly pocketing $10 per ETH (minus gas fees). Arbitrage is a key factor in MEV.
Blockchain: A blockchain is a distributed database that is shared among the nodes of a computer network. Blockchains store a continuously growing historical ledger of information (e.g. accounts and transactions) into blocks. Blocknative builds APIs for blockchain developers, including mempool monitoring tools, blockchain notification tools, and gas estimation tools.
Bridge: The list of essential terms in web3 would also draw attention toward bridges, which have emerged as promising answers to concerns of interoperability. The bridge is an effective tool tailored for transferring assets from one blockchain network to another. It is also important to note that all bridges do not feature the same design and have different functionalities.
Centralized Exchanges: Centralized exchanges have evolved as one of the popular applications in the web3 ecosystem with promising value advantages. Centralized exchanges are cryptocurrency exchanges run by third-party agencies to sell and buy cryptocurrency. One of the distinctive highlights of centralized exchanges is the fact that they are custodial in nature. Notable examples of centralized exchanges include Gemini, Kraken and Coinbase.
Decentralized Exchange (DEX). This type of crypto exchange enables users to transact in a direct peer-to-peer manner without any intermediary
ERC: Ethereum Request for Comment is the proposal for modification to the Ethereum ecosystem, which has passed the approval stage. It points out a collection of standards used for a specific operation on the Ethereum network.
Gas: Gas is a unit of measurement that represents the computational effort required to complete a transaction. How much a user spends to complete a transaction is determined by the total amount of gas multiplied by the gas price.
Gas Estimator: Gas Estimator is an ETH gas fee tracking tool built by Blocknative that inspects every pending transaction in Ethereum’s mempool to probabilistically estimate transaction fees to get included in the next block.
Gas Fees: Gas fees are the fees users must pay in Ethereum’s native currency, Ether (ETH), to complete a transaction. Gas fees are used to compensate miners for providing the computational work required to process and validate transactions.
Gas Price: The gas price is the amount of Ether (ETH) a user is willing to pay for every unit of gas required to complete a transaction (denominated in Gwei).
Layer 1: refers to the main blockchain in a multi-level blockchain network. For example, Ethereum and Bitcoin are layer one blockchains. Many layer two blockchain offload resource-intense transactions to their separate blockchain, while continuing to use Ethereum’s or Bitcoin’s layer one blockchain for security purposes.
Layer 2 (L2) refers to a secondary framework or protocol that is built on top of an existing, layer one blockchain. Layer 2 blockchains typically improve transaction speeds and cost efficiency. As Layer 2s continue to scale, mempool data gives builders looking to migrate or build new Dapps the tools to create the best user experiences.
Liquidity Pool: Is a smart contract containing large portions of cryptocurrency, digital assets, tokens, or virtual coins locked up and ready to provide essential liquidity for networks that facilitate decentralized trading.
Oracles: Are entities that connect blockchains to external systems, thereby enabling smart contracts to execute based upon inputs and outputs from the real world. Oracles provide a way for the decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations.
POH: Proof of Humanity (or PoH) is a social identity verification system for humans on Ethereum. PoH combines webs of trust, reverse Turing tests, and dispute resolution to create a sybil-proof list of humans.
Smart Contract: The smart contract is written in virtual language and has the power to execute and enforce itself, autonomously and automatically, based on a series of programmed parameters. With blockchain technology, its main value lies in reinforcing security, transparency and trust between signatories, avoiding misunderstandings, falsifications or alterations and dispensing with intermediaries.
Staking: Staking is the locking up of cryptocurrency tokens as collateral to help secure a network or smart contract, or to achieve a specific result. Staking is a term often used to describe the locking up of cryptocurrency as collateral to help secure a particular blockchain network or smart contract protocol
Swapping: An agreement between two parties that exchange different token types (say token 𝐴 and token 𝐵). In a token swap, one party will pay a certain amount of token 𝐴 to the other party and receive the agreed amount of token 𝐵 in return.
Wallet: A Web3 wallet is a software program that stores private keys, which are necessary for accessing blockchain networks and conducting transactions. Unlike traditional wallets, which store physical currency, Web3 wallets store digital assets such as Bitcoin, Algorand, and NFTs.
Zero-Knowledge Proof: A zero-knowledge proof is a method of verification in which a “prover” shows possession of secretive knowledge to a “verifier” without revealing the sensitive information itself. This encryption scheme can ensure data privacy and confidentiality on a public blockchain.
ZK-Rollup: A ZK or “zero-knowledge” rollup is an Ethereum layer 2 scaling solution that bundles transactions off-chain into a single cryptographic proof. This transaction is then submitted back to the main chain for validation. ZK-rollups utilize validity proofs to confirm transaction legitimacy.
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
One of the things that I missed the most during covid and the local quarantines were the face-to-face events on technology. That’s why 2022 was a great opportunity to return to that events such as Eth Latam, ETH Denver, Devcon and LaBitconf.
Last month I was recording this podcast with Pablo Sabbatella and one of the topics was the upcoming events for the rest of the year. I’ve selected these 5 that I think you might be interested in based on my own experience, events I attended, and recommendations from attendees.
Devconnect
Here I cheated, because it is not a conference in itself but a week of activities. Since we are not going to have a Devcon this year, I think it is a great opportunity to connect with other devs and know many projects in the web3 universe. Recommended if you are interested in networking.
When? November 13-19
Where? Istanbul, Turkey
EthNewYork
An event that is part of the Eth Global hackathon series, but in an iconic city. If you have an idea and want to receive financing, this is a great opportunity. Plus, there’s the chance to learn and network. Recommended for developers who want to make their project a reality.
Web: https://nyc.ethglobal.co/
Ethereum Argentina
Great opportunity for Latin America, especially those of us further south. There will be many experts and activities and much of the content in Spanish. Recommended for developers in Latam.
When? August 16-19
Where? Buenos Aires, Argentina
Web: https://ethereumargentina.org/
Eth Online
If you don’t have the resources to attend an event in person, you can apply to this hackathon, which is 100% remote. Although the richness of face-to-face is lost, the comfort of being at home may increase productivity and ideas. Recommended for those who can’t travel.
When? October 6-27
Where? Online
Web: https://ethglobal.com/events/ethonline2023
Are you going to participate in any of these events? Did you participate in ETH Denver? Will you attend any other event that is not listed? Leave a comment !
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
It’s common to hear about web3 initiatives incorporating or aiming to incorporate ZK-proofs for increased privacy. The notion of Zero Knowledge proof (ZK-proof) is not a modern concept; it was first introduced in a paper named “The Knowledge Complexity of Interactive Proof-Systems” in 1985. In this article we will see what a ZK-proof is, offer an intuitive explanation and explore several use cases.
Whether you are a developer or a user, it’s important to understand the core concept behind ZK-Proofs because it will help you understand not only what the product is trying to achieve in matters of security and privacy but also how they are trying to achieve them.
ZK-Proof is protocol that involves a Prover and a Verifier and enables the Prover to demonstrate the truth of a statement to the Verifier without disclosing any additional information beyond the veracity of the statement. Essentially, it allows the Prover to prove to the Verifier that they possess knowledge of a specific piece of information, without disclosing it.
The Ali Baba cave is a well-known story used to give an intuitive explanation of how the ZK-Proof protocol works. This story is based in a circular cave with one entrance and a magic door opened by a password located in the middle of it. It involves two actors, Bob the verifier and Alice the Prover.
Alice wants to prove to Bob that she knows the password that opens the door placed inside the cave without telling him the word itself. To do that they follows three simple steps:
If Bob screams A, and Alice returns using A it can mean two things: either Alice entered the cave through B and knows the password or entered through A and cheated. After all, there is a 50% chance of getting it right.
The key is to iterate this process until it becomes highly improbable for Alice to have cheated in every repetition, given that each time Alice is correct, the probability of cheating is halved.
Any scenario where someone needs to demonstrate the validity of some statement without giving up the information that validates it is suitable. In web3, ZK-Proofs can enhance privacy. For instance, they can be used to anonymize transactions between peers, as done in the ZCash z-address to z-address transactions, or to enable anonymous voting for decentralized autonomous organizations (DAOs).
Given the fact that the ZK-Profs are a general cryptography concept, applications can also be found for web2: financial institutions could leverage ZK-Proofs to demonstrate that a person’s income falls within a specific range, without disclosing the precise income amount or or as a proof of identity, demonstrating that the possession a valid government issued document, without giving it up.
ZK-Proofs are perfect for this kind of scenario because they can provide strong privacy guarantees without compromising the integrity of the data managed by the system.
Zero-Knowledge proofs have the potential to make the web3 space a more private and safer environment for the users. But as Uncle Ben said in the best Spider-Man movie: “with great power comes great responsibility”. We can’t ignore the fact that these tools can also be used by bad actors to perform illicit activities such as money laundering and illegal transactions. As we continue to develop and apply this technology, it is crucial to consider methods for combating its misuse without sacrificing its benefits. As web3 enthusiasts and developers this can’t be ignored and should be discussed along with the development of ZK-Proof based solutions.
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
As blockchain technology continues to evolve, new concepts and innovations are emerging to revolutionize the world of cryptocurrency.
One of these new concepts are the soulbound tokens ( SBT token), which have the potential to improve use cases of digital assets.
In this article, we will explore what soulbound tokens are, how they work, and different soulbound token implementations.
Soulbound tokens are a special kind of digital asset linked to a user or wallet and cannot be moved or exchanged. They are unique non-fungible tokens (NFTs) created on a blockchain network and permanently associated with the user that mints this token.
You can resold NFTs in secondary markets or transfer them between addresses while these type of tokens will stay in the minted address.
Because of that, soulbound tokens nft are highly secure and immutable.
So, soulbound token meaning refers to something that is permanently connected or linked to a character or account, often in a way that cannot be undone.
You create Soulbound tokens on a blockchain network using smart contracts. These soulbound token contracts contain the logic that determines the ownership and usage rights of the soulbound token.
Once the soulbound token is created, it is linked to a specific user or account and will belong to that user forever.
SBTs are non transferable and have a wide range of potential use cases due to their unique properties.
Lets see some real examples of their uses:
You can find SBT soulbound tokens in the gaming industry as in-game assets or to represent the actual player’s gaming identity.
We are in an early stage but there are platforms developing this concept of gamers identity such as Dequest or Soulbound.
This kind of platform provides you two major benefits.
There are plenty of more use cases that are still under development, for example:
For example; imagine a University degree. A university could provide a graduate with their certificate as an SBT. Currently, if a university was to give out a degree as a standard NFT, the graduate would theoretically be able to sell it due to the nature of the technology. On the other hand, if it was a Soulbound token, they would be unable to sell it or transfer it. This characteristic is specially valuable for an educational institution.
Another great example is using SBTs as event tickets. Event organizers could make sure a person truly went to a conference or event as they would have an SBT to prove it.
The common factor between all these examples is that a user needs legitimate proof of an event or ownership that they have and cannot be transferred.
Soulbound tokens are a groundbreaking innovation in the world of blockchain technology and have the potential to transform various industries by providing unique and secure ways to represent ownership and control over digital assets.
We mention some real use cases that are in their first stages and many others that still need development.
In my opinion, to see soulbound tokens in our daily lives, we still need time and development for the technology to evolve so it’s more user friendly and the masses can adopt them.
During my recent interaction with the Dequest dApp, I had the opportunity to utilize soulbound tokens and it was really easy to do the account setup process and receive my initial soulbound token.
I did some initial quests but since the app is still in beta I didn’t have the opportunity to play a game, win a quest and see some in-game rewards but for sure, when a first release is available I will give it a try.
I have high expectations for the integration of this technology with other web3 concepts, such as zero knowledge proof, as I believe they will complement each other exceptionally well.
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
CCP Games has raised $40 million in funding to make a new triple-A blockchain game set in the Eve universe.
The new game is a big project and that’s why Reykjavík, Iceland-based CCP Games went beyond its owner Pearl Abyss to look for external funding. Andreessen Horowitz (A16z) led the round, with participation from Makers Fund, Bitkraft, Kingsway Capital, Nexon, Hashed and additional participants.
This financing will allow CCP Games to build upon the discoveries of its research and development team to enable the full-scale development of a new triple-A title utilizing blockchain technology, said CCP Games CEO, Hilmar Veigar Pétursson, in an interview with GamesBeat.
With key game systems developed on-chain, this new project will also leverage smart-contract
blockchain technology, focusing on persistence, composability and truly open third-party development
to create a new relationship between virtual worlds and players.
“Since its inception, CCP Games’ vision has been to create virtual worlds more meaningful than real life.
Now, with advancements made within blockchain, we can forge a new universe deeply imbued with our
expertise in player agency and autonomy, empowering players to engage in new ways,” said Pétursson. “This financing has marked an exciting frontier in our studio history as we begin our third decade of virtual world operations. We are humbled by the confidence from our partners in the development of this new title.”
Eve Online launched in May 2003. In September 2018, Black Desert creator Pearl Abyss of South Korea bought CCP Games for $425 million. It was a huge sum for a company running a game that has been around for almost 20 years and is still a big success. But this new idea called for outside investment.
“CCP Games is a pioneer in virtual worlds and digital economies with 25 years of experience creating
living sandboxes with unparalleled depth,” said a16z General Partner, Jonathan Lai, in a statement. “They’re a veteran team and we believe in their ambitious vision to deliver incredible player experiences at the intersection of best-in-class game design and blockchain technology.”
“The depth and nuances of EVE have become a frequent point of reference in blockchain gaming and we
are therefore thrilled to support the team’s impressive vision of expanding the EVE Universe utilizing this
technology,” said Makers Fund principal Alli Óttarsson, in a statement. “As a former employee, it’s a great personal joy to be reunited with CCP and to witness their continued passion for creating truly meaningful virtual worlds.”
“We’ve long marveled at stories of interstellar war, spaceships forever lost, and the constant challenges
of staying ahead of emergent, sovereign play patterns,” said Bitkraft Ventures partner Carlos Pereira, in a statement. “Hilmar and the team’s experience is unmatched, and we’re excited to see how they use blockchain to let players dream further.”
Alongside independent financing, this new title’s production is separate from current and previously disclosed projects, including Eve Online, which is now in its landmark 20th year.
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
In Mighty Block, our purpose is to help onboard the next billion users into Web3. To achieve this, users have to know how to use applications that allow them to connect to the web3, also known as wallets. The problem is that there are different types of cryptocurrency wallets, and even more types of users. Which is the best wallet for each of them? Let’s analyze:
Custodial wallets are those that are managed by a third party. It is the closest thing to a “web2” application (such as a social network) since users will authenticate themselves in the way they do in the applications they use in their daily lives using, for example, their email and a password.
In resume, it’s a centralized solution for a decentralized world.
In these type of wallets, it is the user who must be in charge of storing and securing their private keys. Among these we find: browser wallets, desktop wallets, some apps and hardware wallets.
MPC (for Multi-Party Computation) allows multiple parties to participate in the signing of a transaction. Each part will have a private key and thanks to complex cryptographic algorithms the desired signature is achieved.
These are managed by smart contracts and therefore not only allow to store and transfer but also can execute pieces of code that add functionality such as multisignature.
I believe that there is no silver bullet wallet, but I can give you some clues as to which one is best for you.
Why do I recommend a centralized wallet in some scenarios? Because I think it’s the easiest way to start. And if what we are looking for is adoption, it is important first that everyone can use a wallet, and then become experts and choose the most suitable one.
I hope that with this article you now have a clearer idea about the different types of cryptocurrency wallets that exist.
Which wallet do you think is the most appropriate for you? Let me know in the comments !
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
If you’re interested in blockchain technology, gaming and then our podcast is for you!
Listen to experts in the field discuss the latest developments and future potential of using blockchain, the latest news related with blockchain technology and the gaming industry.
Tune in to stay informed and ahead of the curve in the world of blockchain and gaming:
In this episode, we chat with Pablo Sabbatella about Education and Security. Two concepts that go hand in hand and are key when onboarding the next billion users of Web3.
We chat with Javier Villegas, an expert in relational databases, about the differences between various types of storage. Additionally, we discussed the technology that best applies to each specific case.
If you’re interested in learning more about decentralized identity in Web3, then you won’t want to miss our latest podcast episode. Our expert guests, Milton Berman, share their experiences and insights into the potential of decentralized identity.
In this episode, you’ll learn about the benefits of decentralized identity, including increased privacy and security. Our guests also discuss the practical applications of this technology.
Whether you’re a developer, entrepreneur, or simply curious about Web3, you’ll find something valuable in this episode. So be sure to tune in and discover the potential of decentralized identity for yourself!
Check out our latest podcast episode featuring the CEO and founder of Mighty Block, Franco Breciano. In this episode, we dive deep into the world of web3 and the future of the business ventures in this exciting new space.
Recommended for gamers and those who want to learn more about this world! How have video games evolved to web3? What is coming in the future? In this episode, Sebastian Perez (Tech Lead at Mighty Block) and Uri Chami (Solidity Developer at Mighty Block) discuss these topics.
In this episode we talk with our guest Milton Berman, WakeUp Labs founder and CEO, about the process through web2 to web3
2022 was a year of unprecedented events for the cryptocurrency ecosystem. With Diego Gurpegui Improve-in Co-founder and CTO we took a look back at the most important events of the year.
Recommendation: Visit our blog to more web3 news
In our first episode we talk with Emiliano Canedo (web3 researcher and digital artist) about Ethereum: The merge, the history and the future.
Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.
Feel free to browse all our current open job opportunities in the following link 👇
San Francisco, CA
info@mightyblock.co
©2022 MIGHTY BLOCK — All rights reserved
