Blockchain technology changes how we store, manage, and exchange digital assets. Blockchain technology is a distributed database that enables secure, transparent, and tamper-proof transactions without a central intermediary. A network of computers or nodes maintains it as a decentralized ledger.
What is Blockchain Technology?
In 2008, Satoshi Nakamoto, a pseudonym, introduced blockchain technology. Bitcoin’s protocol was developed using the technology. Since then, blockchain technology has been used in voting systems, digital identity, supply chain management, and smart contracts.
Decentralization is a key feature of blockchain technology. A blockchain is maintained by a network of nodes that verify and validate transactions, unlike traditional databases owned and controlled by one entity. A majority of nodes must approve network changes, and each node has a copy of the blockchain. This makes the network highly resistant to hacking and fraud because the rest will detect and reject any attempt to manipulate data on one node.
Transparency is another benefit of blockchain technology. Transactions are visible and traceable on the blockchain because it’s a public ledger. Traditional databases can hide or manipulate data, so this creates transparency. Blockchain technology is ideal for use cases that require trust and transparency, such as supply chain management and voting systems.
How WordPress & Blockchain Technology Can Work Together
WordPress is a versatile CMS that facilitates the development and maintenance of websites. Yet, blockchain technology is a distributed ledger that facilitates safe and transparent data exchange and transaction processing.
WordPress and blockchain technology can collaborate in many ways.
Decentralized Content Distribution:
WordPress websites can utilize blockchain technology to distribute content in a decentralized manner, guaranteeing that users have access to content even if the website is unavailable. This is possible with content delivery networks (CDNs) or peer-to-peer networks (P2P) based on blockchain technology.
Immutable Content Storage:
Blockchain technology is perfect for storing important information like legal contracts, medical records, and academic certificates because it is decentralized and can’t be changed. Blockchain-based storage solutions can be added to WordPress sites to make sure their content is safe and secure.
Decentralized Domain Name System (DNS):
DNS systems that are based on blockchain technology have the potential to offer a decentralized and safe method of managing domain names for WordPress websites. This would eliminate the need for centralized DNS providers and reduce the likelihood of domain hijacking.
Decentralized Payment System:
WordPress websites can integrate blockchain-based payment systems, such as cryptocurrencies, to accept payments from users without the need for traditional payment processors. This can help reduce transaction fees and increase security and privacy for website owners and users.
Content Authenticity and Attribution:
Blockchain technology can be used to verify the authenticity and ownership of the content on WordPress websites, ensuring that authors receive proper attribution and preventing plagiarism.
Integrating blockchain technology into WordPress can help improve websites’ security, transparency, and decentralization while providing new content distribution, storage, and monetization opportunities.
Introduction to Cryptocurrency
Cryptocurrencies have grown in popularity in recent years. Bitcoin, the first and most well-known Cryptocurrency, was introduced in 2009. Many new digital currencies appeared, including Ethereum, Litecoin, and Ripple.
This guide will teach you how to create bitcoin transactions, which will be useful for starting your own cryptocurrency company. You might also learn about digital currency and its possible benefits for your firm.
Central bank-issued digital currency has already proven beneficial to economic growth by allowing monetary and Cryptocurrency regulators to more easily trace the money flow in the economy.
Furthermore, commercial banks’ issuing of electronic money to businesses and individuals enables them to send and receive payments digitally without exchanging currency. On the other hand, a digital currency backed by the government would be a big advance.
It remains to be seen if the rules governing fintech will be sufficient to ensure the sector’s sustainable expansion. Cryptocurrency security, systemic risk regulation, money laundering, and taxes are all issues highlighted in the financial technology sector.
The notion of creating your own Cryptocurrency may leave you with many unanswered questions, the most pressing of which is likely to be:
- Is it legal to create my own Cryptocurrency?
- Should I create a cryptocurrency coin or a cryptocurrency token?
- Which exchange should I use to list my Cryptocurrency?
- How much money would I need to launch a cryptocurrency?
An Introduction to Cryptocurrency
Let’s start with the basics by defining cryptocurrencies before getting into your project’s development. Bitcoin is exchangeable in the physical world yet exists only digitally. It uses public-key cryptography to certify the legitimacy of transfers and prevent fraud.
Using distributed ledger technology (DLT), numerous cryptocurrencies function independently of external parties like banks or governments.
Hundreds of digital currencies and blockchain-based projects have been launched. As you may have read in our most recent blog post, blockchain is a flexible technology with uses beyond the financial sector.
Since establishing trustworthy monetary transactions is vital to the future of digital currency, the blockchain’s encryption technique is unique among existing alternatives and considerably improves the utility of crypto assets. The blockchain utilizes mathematical methods to build and validate a growing list of “transaction blocks” that can be used as a shared database of past business transactions.
Blockchain, a distributed, peer-to-peer (P2P) network of data blocks, is vital to every Cryptocurrency. These blocks check fresh blocks and store transaction data in chronological order, conforming to a communication protocol between internodes.
What Does It Take To Create A Cryptocurrency?
When it comes to the platforms themselves, it is typically not very significant. A cryptocurrency can be created by pressing a button by filling out a web form and supplying the required information, including a name, the intended coin supply, and a few other details.
The current blockchains’ open-source code is readily accessible on GitHub. After getting a code, you will likely wish to modify it to fit your purposes better.
Consider that by adopting an established blockchain, your coin will be more secure from the outset and may have additional features already developed.
If you’re wondering, “How do I use my cryptocurrency?” You will need to establish a distributed ledger, which demands great effort. On the other side, it will provide additional flexibility in managing your coins, ledger, and properties. Changing the rules of an open-source blockchain project to make it fitter for your requirements is called a “fork.”
Remember that when you fork a project, you have the source code, not the supporting infrastructure and users. To make this work, you must establish suitable incentives and cultivate a sustainable ecology. Most new coins are practically worthless if no one else verifies transactions.
How to Use Your Cryptocurrency?
The first thing you need to do when starting from scratch with a cryptocurrency project is to define your business goals. Once you have given the procedure some real thought, you may move on to the next step, which is the development of your crypto. The process of producing a cryptocurrency can be broken down into the following parts.
Define Your Business Idea
If you want your cryptocurrency company to succeed, you must give customers a compelling incentive to utilize it. A good concept must support your coin’s design if you intend to proceed.
Brand loyalty is inspired by an emotionally engaging and meaningful product purpose. Because of its emphasis on rapid, cost-free digital transactions, Nano is one of the best examples of cryptocurrencies with a compelling purpose.
Your first step should be to define your objectives and target audience. For example, you might want to make it easier for individuals to vote or create a healthcare system that empowers patients.
Following a few well-established best practices can help you develop an efficient marketing plan and generate awareness about your digital currency. Documenting your value proposition in a white paper and specifics regarding the approach and resources you utilized to arrive at your solution is critical.
Choose a Blockchain
You need a blockchain, no matter what protocol you use to make a cryptocurrency. The consensus mechanism you think will work best for your Cryptocurrency will determine which blockchain platform you should use. For example, you can choose between the Cardano and Near blockchains using a Proof-of-Stake (PoS) system.
Use NEAR as a Blockchain
NEAR is a blockchain-based platform that enables developers to build dApps for millions of users. It seeks to make it easier for developers to design and deploy blockchain apps without other blockchain platforms’ complexity and high expenses. Since NEAR uses a proof-of-stake (PoS) consensus method, nodes are incentivized to act with integrity and are rewarded for their network contributions. This provides faster transaction speeds and lower fees than other blockchain platforms.
NEAR emphasizes developer experience and usability. It provides many development tools, including the NEAR Software Development Kit (SDK), which makes dApp development on the NEAR blockchain easy. To manage their applications, developers can use NEAR’s identity management, smart contract creation, and decentralized storage system. Developers may construct and deploy complicated blockchain apps without worrying about the infrastructure.
Meritocracy – Near-Powered Gamification Plugin for WordPress
Meritocracy Plugin is an open-source WordPress plugin compatible with myCred that will use the NEAR protocol in order to use crypto as tokens to create a loyalty program on the WordPress website. With the help of this plugin, the WordPress community can use crypto tokens to gamify their website and increase customer engagement with less marketing effort.
Meritocracy plugin provides a way to use your customized tokens made in the NEAR protocol using myCred and use them to create a loyalty program or gamify your WordPress website.
Learn more about Meritocracy
https://www.youtube.com/watch?v=L03AHo_zvyw
Currently, the Meritocracy plugin doesn’t support hooks or filters as it’s an initial release. Hopefully, in the future release, we will add the required features, hooks, and filters so that other developer communities can extend this plugin’s functionality accordingly.
Specification for Meritocracy Plugin
Now purchase a token.
- BuyNear
1.1 How to set up Admin settings and BuyNear Form:
- Go to the ‘myCred’ tab in your WordPress dashboard.
- Click on the ‘buyCred Gateways’ tab.
- Then click the ‘BuyNear’ option and check the ‘Enable’ checkbox.
- Enter your ‘Near Account’ Details (e.g., account ID, secret key, etc.) and set the ‘Exchange Rates’ from myCred points to Near.
- Click on the ‘Update Settings’ button to save the settings.
- After that, place the shortcode ‘[mycred_buy_form]’ on the page where you want to use the Buy Near Form.
1.2 How to buy myCred Points by using BuyNear Form:
- Go to the page where you have placed the BuyNear Form.
- Enter the number of myCred points you want to purchase using Near tokens.
- Select the BuyNear gateway for the payment.
- Click on the “Buy Now” button.
- Enter your “Near” account details.
- Click on the “Purchase” button to complete the transaction.
- Transfer
2.1 How to Transfer myCred Points to Other Users:
- Create a new page and place the shortcode ‘[mycred_transfer]’ on it.
- Click on the “Publish” button to save the changes.
- Enter the “Recipient Name” and “Amount of points” you want to transfer.
- Click on the “Transfer” button to complete the transfer.
- CashNear
3.1 How to set up CashNear Admin Settings:
- Go to the ‘myCred’ tab in your WordPress dashboard.
- Click on the ‘CashCred Gateways’ tab.
- Then click the ‘CashNear’ option and check the ‘Enable’ checkbox.
- Click on the “Sign In” button.
- Enter your Admin ‘Near Account’ Details and connect your site with your wallet.
- Set the ‘Exchange Rates’ from myCred points to Near.
- Click on ‘Update Settings’ to save the settings.
3.2 How to set up CashNear Withdraw Request Form:
- Create a new page and place the shortcode ‘[mycred_cashcred]’ on it.
- Click on the “Publish” button to save the changes.
3.3 How to request Admin for withdrawal of Near tokens from myCred points into your Near Wallet:
- Select the “CashNear” for the Withdrawal Payment Method in the CashNear Form.
- Click on the “Payment Settings” tab and select CashNear.
- Enter your “Near Account” Details and click the “Save Settings” button.
- Enter the number of points you want to withdraw and click the “Submit Request” button.
- Wait for the Admin to approve the request.
- Once the Admin approves it, you will receive your Near Tokens.
3.4 How to Approve CashNear Withdrawal Request:
- Go to the ‘myCred’ tab in your WordPress dashboard.
- Click on the ‘CashCred Withdrawal’ tab.
- Then click on the “Edit” button of the request received from your user.
- Click on the “Pay Now” button to complete the transaction.
That’s it! I hope this helps you perform the tasks without any issues.
Conclusion
Finally, Meritocracy’s development of BuyNear and CashNear is a significant advancement in the realm of Cryptocurrency. With the ability to buy and sell tokens at predetermined exchange rates, users get increased flexibility and convenience when engaging in token transactions. The conversion of purchased Near tokens into myCred points improves user experience by enabling easy spending on website activities. Furthermore, reward-based events and triggers enable users to earn points, making the platform more engaging and encouraging. Meritocracy’s inclusion of these features illustrates its dedication to improving user experience and staying ahead of the curve in the ever-changing world of cryptocurrencies.
Author’s Bio
Aijazz is a paradox who believes that writing is a passport to the journey of expressing your thoughts to the world. He enjoys writing when he is not busy quenching his thirst for thrilling books and exploring the world. Currently working as a Content Writer at WPExperts