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Digital Money Defined and How it Works

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The advancements in modern technology revolutionized the industry such that there emerged digital money. With digital money, international payments are made simpler. The exchange rates are also relatively inexpensive and you are guaranteed with secure payments.

But, What is Digital Money?

In a gist, digital money is an electronic form of payment. Unlike cash, it has no tangible form, and payments or exchanges transpire over computers. Cryptocurrencies such as Bitcoin, Ethereum, and Ripple, are examples of digital money. You can trade in Bitcoin, purchase Ethereum, or buy Ripple through several cryptocurrency exchange platforms. Most of these platforms are relatively easy to use and some even offer a direct link on your electronic wallet accounts.

How Does Digital Money Work?

Blockchain Network

Digital money is created, stored, and exchanged in its individual blockchain network. A blockchain is all about digital information stored in a public database. When a user requests for a transaction, the transaction is broadcast over a peer-to-peer (P2P) network that is composed of computers which are also referred to as nodes. The nodes are integrated with algorithms that can verify the validity of the transactions.

Once the transaction is verified, it is combined with other transactions, which eventually creates a new block of data. The resulting new block is then added to the existing blockchain, completing the transaction request. The blocks are already permanent and any information stored in them can no longer be altered.

Mining

In the blockchain network, mining is the process of verifying the validity of the transactions. The process includes the creation of a hash or a unique sequence of cryptographic information. This information is often based on the transaction data inside the block that is up for verification, the result of complex mathematical formulas, as well as the hash of the last block on the chain. It is only upon the completion of this hash that a new block is confirmed and added to the chain.

Storage

Digital money is often stored in digital currency wallets. These wallets are simply software programs with the capability of retaining digital money indefinitely. Some even come with mobile wallets that provide users with a convenient means of accessing their digital money whenever they need to. Digital wallets often have a public key and a private key. The public key is responsible for recording the location of your wallet in the blockchain network. While anyone in the chain can access it, the public key doesn’t contain any personal identifiable data. On the other hand, only the rightful owner of the digital wallet sees the private key. This key contains the cryptographic information that authorizes the transactions in the wallet.

There are now several businesses that accept digital money as a form of payment for their goods and services. Aside from this, some individuals are building their portfolio with cryptocurrency with others even considering it a safe haven asset. It can, therefore, be deemed that digital money is here to stay and in the future, it can be the primary means of payment preferred in various industries.

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bridge Mutual Announces Partnership with Plasma.Finance to Strengthen DeFi Insurance

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Bridge Mutual, a decentralized insurance provider, has announced a collaborative partnership with DeFi aggregator PlasmaPay and Plasma Finance allowing users to directly fund or provide liquidity through the Bridge ecosystem and the Plasma Finance platform.

Bridge Mutual will also use some of its own liquidity to start a PlasmaPay insurance pool, integrating shield mining in order to give users the chance to earn PPAY tokens as a reward for providing coverage to PlasmaPay. The result is an increase in users on the decentralized insurance platform for Bridge Mutual, and another dimension of safety for PlasmaPay and Plasma Finance users.

“This partnership will give both organizations the ability to expand operations into the other’s platform, a net benefit for two strong projects looking to optimize the DeFi market as a whole,” notes Ilia Maksimenka, PlasmaPay’s CEO, “Ease of use and access to insurance ultimately benefits users. By working together, Bridge Mutual and Plasma Finance take DeFi a step forward towards more reliable financial services on the blockchain.” 

Bridge Mutual CEO Mike Miglio adds, “The main focus of our partnerships is to increase the overall safety of the DeFi space by encouraging users to protect each other. Partnering with PlasmaPay was strategic in that users will be able to easily purchase or provide insurance directly from the Plasma Finance app where they manage all…

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Dignitas Joins Zytara Lineup, a Step Towards Uniting Esports and Blockchain

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Esports icon Dignitas has come together with fintech company Zytara to tackle payments and value transfer within esports using the DigitalBits blockchain.  

Dignitas’ partnership with Zytara is the first major alliance between esports and blockchain, a combination set to overhaul the esports’ financial mechanisms.  Zytara, a fintech launching a digital banking platform and payment network for gamers and esports enthusiasts, will leverage the DigitalBits blockchain to power the use of stablecoins and other digital assets.  

Despite their global scope, esports organizations still struggle with traditional payment rails.  Notably, Epic Games experienced difficulties distributing some of their $100 million prize pool for Fornite tournaments.  With esports growing rapidly, this is something that must be addressed, and it appears that Dignitas and Zytara are coming together to lead the charge.   

Dignitas has championed many firsts for the industry, being the first ever esports team to be acquired by an ownership group of a North American sports franchise, Harris Blitzer Sports & Entertainment (HBSE).  Dignitas would later go on to sign a first-of-its-kind sponsorship deal with Susquehanna International Group, LLP (SIG), one of the world’s largest proprietary trading firms.    

Zytara will issue a series of Dignitas-branded debit cards and app skins, featuring the…

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