Crypto Wallets – Best Way to protect your Cryptocurrencies

Cryptocurrencies, just like the fiat currency, are needed to be stored and secured. And just like the physical wallets, the cryptocurrencies also are kept in the wallets and generally, referred as Crypto wallets. In Crypto wallets, it is not the real coins that are stored inside, rather digital codes or two types of keys i.e. Private and Public key. Public key is visible to everyone and is used by others to send money. On the contrary, private key is used only by the owner of the wallet to perform send transactions. Losing the Private Key can result in loss of the currencies, since you lose whole control over your wallet and this is the reason it is recommended that at least two different techniques should be used for saving and storing of the private keys.

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Blockchain Smart Contracts- Logical or not-so-logical

Where ever there is a mention of Blockchain on the internet, you will always find reference to Smart Contracts too. The word Smart Contract originated in 1997, when Nick Szabo, used it to describe physical objects that change their behavior based on data. Today, in Blockchain, we used this word in a different sense. It is used to describe a computation that happens on the Blockchain which is influenced/triggered by external events/information such as the weather.

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Why it is Necessary to have a Proof of Concept (POC)

Proof of concept (POC) of a Blockchain Application or any other application is a working prototype that helps to establish evidence that the potential product can be successful. Developing a proof of concept can help a product owner to identify potential gaps that might interfere with the success. It also provides the opportunity to solicit internal feedback about a promising product and reducing unnecessary risk. It provides the opportunity to stakeholders to assess design choices before full-scale implementation.

Though the project documentation provides the exact information for the project development, there could be still chances to get deviated from the project flow which may result in differences in outcomes.

This is a common scenario whenever a company attempts to adhere with a Blockchain application development. Some of the reasons for these deviations are as follows:

  1. Improper validation of data and tools
  2. Unsuitable tools and methods
  3. Wrong perception of the project scope

To overcome all those listed issues and other hidden pitfalls, Proof of concept emerged and established as a powerful state of maintaining the project consistency effectively.

Proof of concept (POC) is a contemporary methodology of evaluating the project’s status. It also evaluates project’s functionality flow to determine how it is operable and optimized with the live environment.

Some of the benefits of POC in Project Development are as follows:

  1. Recommends the various choices of testing tools and techniques to build the project with ultimate consistency
  2. Act as a tool to forecast the feasibility of the projects
  3. Saves the businesses time and cost greatly
  4. Provide a complete report on the project evaluation
  5. Reliable and Portable to furnish the test case design
  6. Helps to get timely and valuable feedback from various stakeholders

We at Sofocle proposes a prototype or POC (Proof of Concept) for a large-scale or critical project like Land Registry using Blockchain or Cross Broder remittance using Blockchain. We formulate the methodology and feasibility analysis to proceed with the testing phase. As part of POC, we build necessary web and mobile interfaces also so that businesses don’t have to worry about the native environment compatibility issues. For more information on our Blockchain POC development, please click here.