Filecoin, a sub-organization of Protocol Labs, was founded in 2014. The company is headquartered in Palo Alto, California, United States. Founded by Juan Benet, Filecoin serves both as a data-storage network as well as a bitcoin-based electronic currency. Since its launch, Filecoin has been backed by 24 investors. It has raised US$258.2 million to date.
Polkadot.network was established in 2016 by its founders Gavin Wood and Peter Czaban. It is an open-source project funded by the Web3 Foundation. Web3 Foundation funds research and development projects that intend to build the foundation of the decentralized web. Five teams and over a hundred developers have been commissioned to build Polkadot.
The concept synthetic asset refers to a collection of assets that have the same value as another asset. Traditionally, synthetic products combine various derivatives — options, futures, or swaps – that mimic the underlying asset – stocks, bonds, commodities, indices, currencies, or interest rates. Also we’ve discussed crypto derivatives in one of our previous articles.
Blockchain has become one of the most well-known technologies in recent times. It all started with the introduction of Bitcoin to the world in 2008. Bitcoin’s price rise from $0.008 in 2008 to almost $20,000 attracted eyeballs around the world. It catapulted Bitcoin to the position of most talked about topic of the financial world. There’s no doubt that Bitcoin is one of the best examples where blockchain technology was successfully put into use. So, is blockchain limited to bitcoin and cryptocurrencies alone? Absolutely not! Blockchain has many attractive features that make it a revolutionary technology. It has the potential to change many industries for good.
Blockchain gives freedom to developers as there are no fixed standards in the world of blockchain. But can we say the same for the IT departments? Ask any IT guys dealing with blockchain technology, and they will tell you what a big headache it can be for them because blockchain lacks interoperability. Due to a lack of interoperability, blockchains cannot communicate among themselves.
Transactions on blockchain protocols and cryptocurrency exchanges are always vulnerable to hacks and attacks. Since 2011, several incidents of cyber attacks have repeatedly shaken up the world of cryptocurrency. Exchanges were shut down; hundreds of thousands of dollars were lost.
