Blockchain developer

Building a Decentralized organization can be super fun as well as a challenging task. In this post, we dive into the details of how to create a DAO step by step. Let’s begin!

How to create a DAO?

DAO’s full form is Decentralized Autonomous Organization is a digital entity controlled by rules in smart contracts. It is a popular governance model in the blockchain space. Dao voting is a fundamental feature, and members make decisions democratically. If you have some technical knowledge, it is easy to set up DAO. We will go through the steps on how to create a DAO.

What is a DAO?

What is a Dao? Dao or Decentralized Autonomous Organization is a community-led organization and does not report to a central authority. It is autonomous and transparent, and organizers use smart contracts to frame rules and regulations and execute decisions that are agreed upon. Approval of members is required to access the built-in treasury. Some of the best DAOs to join are,

• DAOhaus
• MakerDAO
• RaidGuild
• Proof Of Humanity
• Opolis

Also read: How to write a smart contract? | Step-by-Step Guide

What DAO crypto token?

DAO or Decentralized Autonomous organizations are social organizations represented by rules encoded as a transparent computer program. Once the rules are written on the smart contract and onto the blockchain, you have to arrange for funding. DAO crypto token is used for voting or incentives for certain activities on the protocol. People interested in participating in the growth can purchase DAO crypto tokens which cryptocurrencies tied to it. Token holders get voting proportional to their holdings and own equity in the DAO.

What is DAO blockchain?

DAO is an open-source blockchain protocol administered by a set of rules, created by group members, and automatically performs actions without requiring an intermediary. The DAO rules are coded into the smart contract. The smart contract and the subsequent actions are recorded in the DAO blockchain. DAO blockchain is a transparent, secure, distributed ledger, and the data on the blockchain is immutable.

Components of DAO

The components of DAO are,

• Blockchain is where the DAO software lives, accessing your bank and running the DAO. 
• DAO tokens are a vital component of any Decentralized Autonomous Organization. DAO tokens are used as incentives and rewards, DAO governance, voting on the decision, and unlocking other benefits. Tokens allow users to invest in the success of your company. 
• DAO frameworks are frameworks to launch DAOs on the Ethereum network. There are DAO startup tools and templates that can set up the legal framework of your DAO. Popular frameworks are – Aragon, Colony, Syndicate, and OpenLaw.
• DAO treasury helps you manage funds within your DAO structure. Gnosis Safe is the industry when it comes to securing your treasury. 
• Membership management tools help to add members and unlock ownership of the community.
• Governance tools help in boardroom management and create a voting framework.

Also read: Polkadot vs Cardano | Compare Ecosystems, Features, Prices

Types of DAOs

Members of decentralized autonomous organizations collaborate according to rules encoded on blockchains. If you want to join the space, there are Dao projects to choose from finance to charity. Types of DAOs are,

• Protocol DAOs administers a decentralized protocol like a decentralized exchange or another dApp.
• Grant DAOs help NGOs strategically deploy capital assets throughout the web3 ecosystem. 
• Philanthropy DAOs support different social responsibility causes by organizing around a shared purpose to create an impact on web3. 
• Social DAO or creator DAOs bring together like-minded individuals like artists, builders, and creators. 
• Collector DAOs are for members interested in pooling funds to collectively invest in expensive NFTs and other collectables. 
• Investment and Venture DAOs pool capital to invest in the early- stage of web3 startups, off-chain investment, and access to portfolios not available in traditional finance. 
• Media DAOs reinvest in traditional media platforms with content driven by the community.

How does a DAO work?

Let us learn how does a DAO work? The core team of community members uses smart contracts to form rules and the framework by which the DAO will operate. After rules are written onto the blockchain, the Dao starts to look for funding.

The group needs to figure out how to receive funding and how will the organization run. Funding is achieved through token issuance, by which the protocol sells tokens to raise funds and fill the DAO treasury. Token holders get certain voting rights in proportion to their holdings. Once the funding goal is met, the DAO is ready for deployment.

Once the code is in production, it cannot be modified unless members reach a consensus through voting. No special authority can change rules arbitrarily, and only the community of token holders can decide on modification. The smart contract executes automatically, once the contract terms are met.

Benefits of starting a DAO

There are several benefits of starting a DAO,

• Decentralization is the biggest advantage of DAO. DAOs focus on achieving maximum decentralization and rely on collective participation rather than depending on one individual.
• Publicly-traded companies have a CEO, and a board of directors has the final say in running the company. Employees and customers do not have a say in the company’s future. In DAOs, members of an organization can express their thoughts about the company’s future.
• DAO has made it possible for people around the world to connect and work towards a common goal. You will need an internet connection and governance tokens to participate. By participating in DAO, you can contribute to a new project like Ethereum Name Service. DAO participants have a sense of ownership and shape the organization’s future.
• DAO members have an active stake in membership. DAO members have governance tokens and are likely to make thoughtful decisions during voting. Every vote on the DAO blockchain is public, making users accountable for their votes.

Also read: How to create erc20 token? | Step-by step guide

Prerequisites to create a DAO

There are some prerequisites to creating a DAO such as

• A DAO needs a purpose – DAO is a way to organize projects and funds and without a project, your DAO will be meaningless.
• DAO needs a voting mechanism – People interact and make decisions regarding the running of the DAO. You can create your voting mechanism or use a third-party provider and can change the voting mechanism by consensus. 
• DAO needs a governance token or share system – You need a mechanism for members to prove their membership in DAO, and governance tokens or utility tokens are some methods to prove membership. Share system is used more, and users deposit cryptocurrencies with DAO to be invested. 
• DAO needs a community – Decentralization gets more robust as more people join and actively participate in the governance of the DAO. This helps the power to spread across more stakeholders. 

How to create a DAO tutorial?

In this section, we discuss how to create a DAO, you need to mechanism to handle the votes and proposals. You can use various open-source platforms to develop DAO or build from the ground up with customized dApps, wallets, and cryptos. Aragon is a popular platform for building DAO on the Ethereum platform, and Snapshot is an option for DAOs on multiple blockchains.

STEP 1: Set up Metamask crypto wallet

You need to set up a Metamask crypto wallet to make any transactions in your DAO. MetaMask is the best choice in Ethereum. 

• Visit the MetaMask homepage and download the browser extension. 
• Follow the create wallet instructions for your MetaMask account.
• Once your MetaMask setup is complete, you should be redirected to your newly created MetaMask Ethereum Wallet.

STEP 2: Go to Aragon

Aragon is an open-source Ethereum Dapp to build and launch a DAO on Ethereum. Aragon DAO app is the next generation DAO platform that is easy to use, modular, and adaptable. It is the perfect platform for starting a DAO. Argon has three offerings,

• Aragon Client a toolkit for developers to create a DAO.
• Aragon Network is an association that supports the interaction between the platform’s community of DAOs.
• Aragon association is a non-profit that manages and allocates the funds raised by Argon’s token sale. Many Aragon wallets help manage ANT, Aragon’s native currency.

STEP 3: Connecting Metamask to Aragon

The step of connecting MetaMask to Aragon is straightforward. 

• Select your QuickNode Rinkeyby Node in your MetaMask wallet. You will need some test ETH in your MetaMask wallet.
• Click on the Connect Account on the top right corner of your Aragon homepage, and select MetaMask. 
• Approve the request from MetaMask.
• Select your network as Rikeby testnet.
• You should be able to see MetaMask wallet details on the top right-hand side.

STEP 4: Funding crypto wallet

Here is how you can go about funding your crypto wallet,

• Purchase some ETH using a well-established platform like Coinbase.
• Send the ETH to your MetaMask address.
• Connect your MetaMask wallet to 1inch or Uniswap and swap your ETH for ANT Tokens. We suggest you copy/paste the contract address to avoid confusion.

STEP 5: Create Organization and select a template

• To create an organization and select template select – Create an organization. 
• On the next page, you will see many template options to choose from, and depending on the purpose of your DAO, you can select a template of your choice. 
• Click on Use the template, and give a name to your DAO.

STEP 6: Claim organization name for DAO

• Claim the organization name for DAO by entering the name for your DAO. 
• Configure your organization.

STEP 7: Configuring the organization

You now need to configure the organization by setting the voting, tokens, and finance. You can specify the voting rights in your DAO by,

• Support percentage specifies the number of votes requires to get a proposal approved. If the support percentage is 70%, you need more than 70% votes to get the proposal passed.
• The minimum approval percentage specifies the number of tokens required to approve a vote in favour of the proposal. 
• Vote duration specifies the duration the participating members can vote.

STEP 8: Set up a token for DAO

To set up a token for DAO 

• Start by giving a name and symbol to your DAO token. 
• Add the wallet addresses of the members of DAO and allocate test ETH to them.
• Approve and confirm the transaction in the popup MetaMask wallet window.

STEP 9: Confirm transaction in Aragon

To confirm a transaction in Aragon follow the following steps,

• Open up your browser extension.
• Log out from your account.
• Click on – Import using seed phase. MetaMask should now open up in a new tab with the heading Restore account with seed phrase. 
• Copy and paste the seed phase into the seed text box, and create a new password. 
• When you are done, click restore at the bottom of the page.

STEP 10: Create your first proposal in Aragon

• You can create your first proposal in Aragon once your organization is live. 
• Click on – Get Started, and create your first proposal question to begin the voting process. 
• From the left menu, select – Voting and click on- New Vote. 
• Draft your new proposal questions and open it for voting. 
• The proposal question will stay live for the voting duration, and DAO members can vote yes or no on the proposal.

Also read: 9 Best Metaverse platforms everyone should know about

Some best examples of DAO

Some of the best examples of Ethereum DAO are-

• PleasrDAO: A collecting DAO that invests in high-value NFTs. It purchased a $5.5 million NFT from Edward Snowden and the only copy of Wu-Tang Clan’s album – Once Upon A Time In Shaolin, for $4 million.
• Uniswap –Uniswap is the largest DAO and second-largest DAO on Ethereum. Uniswap is a cryptocurrency exchange. Uniswap protocol uses a combination of automated market marker (AMM) and liquidity pool. Anyone with a UNI token has voting rights on Uniswap running. 
• MetaCartel Venture is an investment DAO firm that funds projects that build a new application on the Ethereum blockchain.
• Gitcoin DAO is a large DAO firm designed to fund and mentor promising open-source projects with the Defi ecosystem. 
• BitDAO is a decentralized investment fund that allows anyone to buy a stake in web3 and de-fi startups and initiatives. Token holders can vote on how managed capital and spread it across the projects supported by the funds.

FAQs on how to create a DAO

Thanks to advanced tools it is much easier to build DAOs today and process is faster and more streamline.  There is still a lot of work involved and  it can be tricky to set up rules of the organization. If not implemented properly there can be power imbalance that can harm the DAO. In this section we address some FAQs on how to create a DAO. 

1. How much does it cost to set up a DAO?

If you are looking to create a DAO on Ethereum, it does not have a fixed cost, as ETH prices fluctuate. The approximate cost to set up DAO is $350 or 0.2ETH. If you want to form DAO as an LLC, it will cost $100 as fees.

2. Does a DAO have to have a registered agent?

When looking at DAO from a legal perspective, it is neither a corporation nor any other type of legal personality. DAO does not have a registered office or a physical office and cannot own property or engage in contacts, and members need to take precautions if they want to prevent liability or taxes. Some states like Wyoming require a registered agent to register the DAO LLC in Wyoming.

3. Can a DAO own property?

As an emerging commercial organization, DAO is pushing the traditional boundaries. Most DAOs are still unregistered and have an ambiguous legal status. It is difficult for DAOs to meet the legal criteria for a traditional organization like being sued or owning property. Wyoming recently started recognizing DAO as LLCs. CityDao, a DAO registered in Wyoming y purchased a 40-acre property.

Also read: Metamask vs. coinbase wallet | Best crypto wallet comparison

4. How does a DAO make money?

Those who own DAO tokens could profit from the business’s investment either by earning dividends or benefit from the appreciation of the tokens. DAO is at the center of the Defi boom. The funds in the DAO’s treasury entitle the owners to a share of the profit or a say on how the profits are invested.

If you are getting started with crypto trading, the first thing you’ll need is a crypto wallet. In this blog, we list the 10 best web3 wallet.

Best Web3 wallet

Web3 is a decentralized ecosystem based on blockchain. Investments from high-profile companies and crypto enthusiasts have fueled interest in web3. Web3 wallets are an integral part of the web3 ecosystem and store crypto assets. They have improved tremendously in the last few years and provide a better user experience. In this blog, we have listed the best web3 wallets.

What is a Web3 Wallet?

If you are thinking of trading in crypto you need a web3 wallet. If you are a beginner, you may be wondering, what is a Web3 Wallet? Web3 wallets are digital wallets that store digital assets. You can use them to access Dapps on various blockchains and store NFT tokens. Web3 wallets may be non-custodial, giving you complete control of all your assets. You are responsible for the safety of your wallet and must store your private keys carefully.

Also read: Metamask vs. coinbase wallet | Best crypto wallet comparison

What is Web3?

But, what is Web3? Web3 is an extension of cryptocurrency, using blockchain technology in new ways. Blockchains can store the number of tokens in a wallet, smart contracts, and code for decentralized apps (Dapps). Miners validate transactions for coins on the blockchains. All transactions are public and users’ wallets are identified cryptographically generated addresses. Blockchains are write-only chains, you can add data and not delete data on the block.

Web3 and cryptocurrencies have no centralized control and do not require users to trust or know anything about the party who does business with them. Web3 is owned by builders and users, coordinated with tokens, and aims to fix the problem of centralized networks. Web3 examples are blockchain technology, cryptocurrency, and non-fungible tokens.

How to create a web3 wallet?

Before you can use web3 applications, you need to install a digital wallet that is web3 compatible. Before you learn how to create a web3 wallet? Select the best web3 wallet tools that will help you shortlist and select the right web3 wallet. Blockchains like Ethereum allow you to compare different wallets. We will show you how to create a MetaMask wallet, the installation procedure for most wallets is similar. 

Download and install MetaMask. You can choose between “Chrome”,” iOS”, and “Android” version. 

• We focus on the Chrome version here – Click – Install MetaMask for Chrome, Add to Chrome and Add Extension. 
• Create an ETH wallet with MetaMask. Click on Create a Wallet button. You will need to create and re-confirm your password, checkmark the Terms and Condition box to activate the Create button, and click it. Remember to store the secret recovery phrase carefully and confirm your secret recovery phrase.

Also read: Top 10 best ethereum wallets | Detail Explanation

Why Do You Need a Web3 Wallet?

Let us understand, why Do You Need a Web3 Wallet? We can use web3 wallets to move to use the next generation of the internet. Web3 wallets are software or hardware applications that allow you to access your account and various decentralized applications like web3 Dapps. You can use your wallet as a gateway to bankless financial services, collect NFTs, create an on-chain identity, and collaborate with communities.

Where to buy the web3 project?

Where to buy the web3 project? Some cryptocurrencies are more difficult to obtain.  

• Check CoinMarketCap to see where you can buy cryptocurrencies from web3 providers. CoinMartketCap provides purchasing options or market pairs. You can search for specific currencies and find out where you can purchase web3. Under Pairs, you will see the secondary currency.
• Pick a platform to make your purchase for your web3 project. Different platforms have different levels of reliability, security, and liquidity. Do your research before creating an account. 
• Purchase cryptos on your chosen platform. You can purchase cryptos with fiat currency or with other cryptocurrencies.

Best web3 wallet

Web3 wallets are self-custodial wallets that facilitate access to the 3rd generation of the web. They provide a secure, accessible, and user-friendly interface and can handle multiple assets. Defi wallets have improved accessibility for Defi users. Web3 is still developing, and web3 wallets are the foundation for building an open-source system. The best web3 wallets available are as below.

1. Trust wallet web3

Trust wallet web3 is one of the best web3 wallets in the market. It is versatile across blockchains. You can download the trust wallet app to send and receive Bitcoins, Ethereum, and non-fungible tokens. The Trust Wallet supports over 1 million tokens and is a non-custodial hot wallet. Trust wallet Dapps browser helps you find businesses and vendors that accept cryptocurrency. You can access the Trust wallet browser through the Trust wallet app.

How does Trust wallet work?

How does Trust wallet work? Trust wallet acts like a bridge to connect to different blockchains through their nodes. Every blockchain has its public address, and cryptos are encrypted and stored in these addresses. Trust wallet does not hold or control any crypto but gives you access to them. The wallet helps you manage your addresses and allows you to send and receive crypto. You can use Trust wallet for trading and stalking.

Also read: 9 Best Metaverse platforms everyone should know about

What are Trust wallet fees?

There are no costs involved in downloading and setting up the Trust wallet. You have to pay the gas fees while sending cryptocurrencies and tokens to another wallet or smart contract. You need to pay Trust wallet fees while purchasing cryptocurrencies from third-party providers and additional fees on crypto purchases made through the app. It is waived if you hold Trust wallet tokens. The published fees range from 1% to 5%.

2. Argent wallet

Argent wallet is a mobile web3 wallet and functions as a dApp browser. Argent focuses more on Defi and Dapps applications and is a popular wallet for Defi and NFT. Argent Defi wallet is available on the Ethereum blockchain. It is a non-custodial wallet meaning users retain their private keys and remain in control of their assets. Argent wallet is an easy-to-use wallet. Presently there is no Argent wallet extension to your desktop to the wallet.

Is Argent wallet safe?

Is Argent wallet safe? Yes, the security features are above industry standards. The Argent layer-2 wallet has security features like multiple signatures, private keys, remote locking, and biometric security, but does not have any seed phrase. The Argent Guardian feature has improved security on the wallet. You can use Argent guard to approve a transaction with an untrusted address, your friends or your hard wallets can become guardians. 

What are Argent wallet fees? 

You do not have to pay the Argent wallet fee for most transactions. 

You do have to pay applicable Ethereum gas fees for transactions. You have to pay Argent wallet fees for flat exchanges or crypto-crypto exchanges (0.5%). You need to pay Dapp fees if you plan to connect your wallet to other apps. Fees can vary as per application.

Also read: 8 best list of smart contract platforms

3. Coinbase wallet

Coinbase wallet is one of the best web3 wallets. A Coinbase wallet is a non-custodial wallet that permits you to store 44,000 digital assets, interact with decentralized applications, and manage NFTs. Coinbase wallets operate on several blockchain networks. You can buy, sell, and trade cryptocurrencies on the digital wallet or swap Ethereum and Polygon-based directly from the app’s decentralized exchange feature. Users can earn interest on their crypto assets.

Is Coinbase wallet safe?

Is Coinbase wallet safe? Yes, Coinbase wallet puts a strong emphasis on security. The wallet is a non-custodial wallet and only users control the private keys. The wallet uses a pin (Coinbase app) or password (browser extension) to access the account. Mobile app users can set biometric verification on the app. Coinbase is protected by Secure Enclave technology. 

What are Coinbase wallet fees?

Coinbase does not charge Coinbase wallet fees. Coinbase wallet apps are available as a free download. Users have to pay blockchain transaction fees when they send funds or interact with a smart contract. Users may get charged a variable fee when they trade on the Coinbase platform wallet. Variable fees depend on payment method, user location, trade order mode, and whether standard or instant. 

4. Ledger wallet

A ledger wallet is a hardware wallet is a physical device that stores both private and public keys. A Ledger hardware wallet is used to store multicurrency wallets offline and can send and receive cryptos. It is user-friendly and is a good option for beginners. Ledger wallets have two hardware wallets – Ledger Nano S and Ledger Nano X wallet. Ledger wallets are more secure and difficult to hack than software wallets. The ledger wallet app is available on iOS and Android platforms.

Is Ledger wallet safe?

Is Ledger wallet safe? Yes, Ledger wallets are safe. The hardware wallet has a high-security standard that uses Secure Element chips and a proprietary operating system OS called Blockchain Open Ledger System. The French National Agency for Security of Information System audits Ledger devices periodically. Users need to push physical buttons simultaneously to confirm purchases. The wallet uses a pin-code and a 24-word recovery phrase.

What are Ledger wallet fees?

You do not pay Ledger wallet fees but pay network fees for transactions and can choose network fees for every transaction. The transaction fee affects the processing speed of the transaction. Ledger Live dynamically estimates three level of fees and allow custom fees option to advanced users. For Ethereum and Ethereum-based cryptocurrencies, the gas fees are based on gas price and gas limit.

Also read: Why are NFT Gas fees so high? | Deep dive into gas fees

5. MyEtherWallet

MyEtherWallet is an Etherium wallet, used to store, send, and receive ETH, ERC-20 tokens, and NFTs. Users can experience the Ethereum ecosystem using MyEtherWallet client-side interface. MEW users can use the built-in swap function to swap tokens across the blockchain. MyEtherWallets is an open-source, user-friendly wallet that allows users to interact with the Ethereum blockchain and generate their online wallets.

Myether wallet features

Key My ether wallets are –

• MyEtherWallet is available on the web, myetherwallet Android, and MEW wallet ios forms. You can download the browser extension.
• MyEtherWallet allows users to create individual wallets.
• The wallet supports Ethereum and Bitcoins and supports over 300 cryptocurrencies.          
• You can buy, sell, swap, and exchange assets.
• The wallet server does not store funds or confidential data.

What are MyetherWallet fees?

myetherwallet is free to download and does not charge wallet fees. Users need to pay gas fees or transaction fees. They can customize the fees and decide how much they want to pay. The minimum gas fee required for a MyEtherWallet transaction is 0.000441 Ether.

6. Authereum

Authereum wallets are Ethereum-powered smart contract wallets. You can use the wallet to connect to Ethereum applications on your computer or mobile app. Authereum is a Dapp solution provider making Dapps more accessible. You can use your favorite Dapps without downloading them. It is one of the best web3 wallets allowing users easy and quick trading of crypto coins.

How does Authereum work?

How does Authereum work? Authereum wallet is a 100% non-custodial wallet. 

• Visit the Authereum website.
• Click on Sign-up 
• Enter your desired username and click Continue.
• Enter your email address and password, and agree to the terms and conditions. Complete all fields and click Sign-up.
• Validate your email address using the link sent to the email-id.
• Set up a recovery phrase or account.

Is Authereum safe?

Is Authereum safe? Yes, Authereum is safe. It is a 100% non-custodial wallet, only wallet users can control the funds. Your funds are safe, even if the serves are compromised. Blockchain security experts developed Authereum, which adds to the credibility of the wallet. The wallet has a multi-factor authentication with Google Authenticator action coupled with other hardware keys to add an extra layer of security. Users need to give correct answers to security questions to recover their wallets.

Also read: How to create erc20 token? | Step-by step guide

7. Web3 wallet Metamask

Web3 wallet MetaMask is a popular Ethereum wallet. It allows you to connect with the decentralized web and run Dapps. MetaMask was first available as a MetaMask wallet Chrome extension and is now available as a wallet app and browser extension. You can buy, spend, and exchange digital assets through MetaMask. It is one of the best web3 wallets because of its enhanced security features. 

Advantages of MetaMask

The advantages of the MetaMask web3 wallet are-

• MetaMask is available on several platforms. You can download the MetaMask wallet app from Google Play and the App Store. Google Chrome, Firefox, Brave, and Edge support MetaMask wallet extensions. 
• MetaMask is intuitive and easy to use. 
• You can use MetaMask web3 wallets to interact with Ethereum Dapps. Ethereum is the second-largest crypto, ETH. 
• MetaMask is a secure wallet. It is an open-source wallet, and you need to password to log in and use the seed recovery phrase for recovery are just some of the security measures.

Is Metamask safe?

Is MetaMask safe? Yes, MetaMask is safe. The wallet has not suffered any major hacks. It is an open-source wallet, and the code is reviewed and updated regularly. Hot wallets like MetaMask are vulnerable to phishing attacks. MetaMask does not control your private keys, giving you complete control of your digital assets. You need a password or Pin to log in to your wallet. The secret backup phrase offers another layer of security.

What are the Metamask fees?

MetaMask fees are high. MetaMask web3 wallets are free to use but not for transactions. MetaMask charges a fee for swapping tokens ranging from 0.4% to 0.9%. MetaMask uses Transak and Wayre to buy Ethereum coins, both charge high network and transaction fees and can go up to 2%. You may spend over $400 for every transaction.

Also read: How to write a smart contract? | Step-by-Step Guide

8. Coinomi wallet

Coinmi is a multi-chain web3 wallet where you can access Dapps seamlessly. It is one of the best web3 wallets allowing you to manage all your assets from one platform. Coinmi wallet app supports 1770 crypto assets and over 125 blockchains. You can download the Coinmi ios wallet for your iPhone or Coinmi wallet app for Android. The wallet offers features like stalking and built-in exchange.

Coinomi wallet address

A unique feature of Coinmi is a new Coinmi wallet address is automatically every time for security reasons. However, all your previous addresses still work. You can safely use your address to receive mining payouts or any kind of transfer. You can view the history of your previous addresses by clicking on the Previous Addresses link on the Receive tab of your wallet.

What are Coinmi wallet fees?

Coinmi online wallet is completely free. You need to pay network fees when you send cryptos. The network fee depends on the coin you are sending. You can customize your Coinmi wallet fees on the wallet or use the dynamic options – low, normal, and high. Trading on the built-in exchange is free, standard fees apply if you use third-party integration.

9. Guarda Wallet

Use the Guarda wallet to manage your crypto assets from one place. You can access your wallet through your Guarga wallet app, web, and desktop. Guarda wallet has an easy-to-use interface and helpful customer service for first-time investors. Guarda supports over 50 blockchains and thousand of tokens and provides end-to-end asset management for beginners and experienced crypto investors. You can use the Guarda Ledger wallet interface to interact with blockchains and manage your funds securely and conveniently while Ledger is connected.

Is Guarda wallet safe?

Is Guarda wallet safe? Yes, the Guarda wallet is safe and has highly robust security features. There have been no reports of any security breaches on Guarda wallet. Guarda wallet is a non-custodial wallet, and users have complete control over their private keys. IT allows users to enable Face ID verification for the mobile version. You can use the Guarda Ledger wallet for enhanced security. 

What are Guarda wallet fees?

You can customize Guarda wallet fees for cryptocurrency transactions. Wallet transaction fees depend on the network. The fees can vary depending on present network conditions and how much you are willing to pay for speedy transactions. Guarda service fee for crypto purchases is 5.5% when paying with a debit or credit card. Guarda wallet exchange fee is 3.5% to use the built-in exchange service. The exchange fee is higher compared to crypto exchanges.

Also Check: Hire a cryptocurrency consultant

10. Trezor wallet

Trezor hardware wallet wallets provide you with a high level of security without sacrificing convenience. It is one of the best web3 wallets in the market and is affordable. Trezor wallet is perfect for beginners and is easy to install and use. Trezor wallet guide provides detailed instructions for the setup, purchase, and exchange of assets. You can use the Trezor web wallet to purchase crypto directly. Trezor hardware wallet is supported on desktop, Mac, and Linux and offers Chrome and Firefox wallet extensions. Android phones support Trezor but Trezor wallet ios are currently not available.

Is Trezor Safe?

Is Trezor Safe? Trezor security features are top-notch, protecting your wallet against physical and virtual threats. Your private keys are isolated and stored in this device. A pin-code is required to access the wallet, and all transactions are confirmed by physically pressing the buttons on the Trezor wallet. An additional security feature allows you to create a separate account protected by a passphrase. You can store your asset in this account if your Pin is compromised, your assets are safe. Trezor uses a 24-word seed recovery phrase. 

What are Trezor fees?

There are no Trezor fees for using the wallet aside from the initial cost of the wallet. You do need to pay the transaction fees. You can define your transaction fees on Trezor. You can select your fees from the four categories – low, economy, normal, or high or create custom fees. If your custom fees are too low, the transaction may never get confirmed.

New to blockchain and want to learn how to write a smart contract? In this post, you will find out everything from what’s a smart contract, how to write one with examples. Let’s begin!

How to write a smart contract?

Smart contracts are self-executing contracts where the terms of the contract are incorporated into the code. The code and agreements are stored on distributed and decentralized blockchain networks. All transactions are traceable and irreversible. Smart contracts are essentially programs, and you need a programming language to write them. Developers write Ethereum smart contracts in Solidity, a program whose syntax is similar to JavaScript. In this blog, we will discuss how to write a smart contract and a guide for smart contracts for dummies. 

Also read: Hire a smart contract developer

What is a smart contract?

Before you learn how to build a smart contract, you need to understand what is a smart contract? A smart contract is a self-executing contract stored on a blockchain, that is executed when the terms and conditions of the contract are met. Participants are sure it will be implemented, without any delay or involvement of an intermediary. It makes transactions traceable, transparent, and irreversible. Disparate, anonymous parties can execute smart contracts without requiring a central authority, legal system, or external enforcement. 

Also read: Hiring Metamask developer – All you need to know

Smart contract blockchain

A smart contract is a digital contract with the security of blockchain. A smart contract has details and permission written in code that require the exact chain of events to occur to trigger the agreement of the terms mentioned in the contract. The contract can have a deadline. Smart contract blockchain is embedded into the blockchain, making it transparent, immutable, inexpensive, and decentralized. 

Smart contract examples

Smart contract example are –

• Government voting system – Smart contract provide a safe environment for voting system. It is less susceptible to manipulation. Voting using smart-contract would be ledger-protected and difficult to decode. 
• Healthcare – Blockchain can store the encoded health record of patients, accessed only through private key. 
• Supply chain – Traditional supply chain system requires multiple approvals and is susceptible to delays, fraud, and loss. Smart contracts can be used for inventory management and automatic payment. 

Also read: Best Defi Wallets 2022

How do smart contracts work?

Before we start to learn how to write a smart contract, let us understand how a smart contract work? Smart contracts follow a simple if/when clause written on the blockchain. A network of computers executes the action when the clauses in the contract are met and verified. Blockchain is updated after a transaction is completed. 

All participants must be satisfied with all terms and conditions. They must determine how transactions and data will be represented on the blockchain and agree on if/when rules governing the transaction, examine all possible exceptions, and have a framework to resolve disputes. The smart contract developer proceeds to program the blockchain. 

Also read: Hire a blockchain analyst

Smart contract use cases

The top smart contract use cases are:

• Digital Identity: You can use a smart contract to create a digital identity. You can share your digital identity with companies you want while protecting it from counterparties. A smart contract can help counterparties know their true identity or verify transactions.
• Health and agriculture supply chain: You can use smart contracts to reduce the wastage of food and medication. An IoT smart contract can be written to assign a public key to packages whose data exists on a distributed ledger, along with the package location, and add additional information like the medical facility that owns it. All stakeholders can access their needs and find matches between markets and commodities faster.  
• Real estate and crowdfunding: Token economy has changed how commodities are bought and sold and project funding. Smart contracts have reduced paperwork. You can tokenize assets, and different people can own portions. 

Also read: What to know before hiring a cryptocurrency consultant

Benefits of smart contracts

The benefits of smart contracts are:

• Speed, efficiency, and accuracy: Smart contracts are implemented as soon as the contract terms are met. The contract is digital and automated, and you do have to deal with paperwork.
• Trust and transparency: Since no third party is involved and all encrypted records are shared across participants, you do not have to worry that information is being tampered. 
• Security: All blockchain transactions are encrypted and are difficult to hack. All entries on a distributed ledger are linked to the previous and next entries. Hackers would have to change entries on the entire chain to change a single record.
• Saving: Smart contract eliminates the need for intermediaries to conduct transactions and the fees and time associated with them. 

Also read: Hiring Defi developer – All you need to know

Types of smart contracts

There are three types of smart contracts are:

• Smart legal contract: Smart legal contract is the most common type of smart contract. The contracts are legally enforceable, and all parties need to fulfill a contractual obligation. Failure to fulfill obligations may result in strict legal actions. 
• Decentralized Autonomous Organizations: Decentralized Autonomous Organizations (DAO) can be defined as communities. The communities rules are defined in the smart contract, combined with the governance mechanism. The rules may be specified in many smart contracts and work together to overlook the activities of the contract. 
• Application of smart contract: The contract contains application-based code synced with other blockchain contracts. It enables communication across devices, such as merging the Internet of Things with blockchain technology. 

Also read: Why are NFT Gas fees so high? | Deep dive into gas fees

How to write a smart contract?

Before you learn how to write a smart contract, you need to understand what is EVM and gas. EVM or Ethereum Virtual machine provides a run-time environment for smart contracts. Gas is the unit of measurement used to assign a fee for each transaction with a smart contract.

Each computation in the EVM requires gas. Complicated smart contracts will require more gas. You need to create your wallet for smart contract crypto.

Here is a smart contract guide you can use.

STEP 1: Finding an open-source Solidity Contract

The first step is finding an open-source solidity contract. You can use the contracts to build secure smart contracts in Solidity. You use them to minimize risk by using battle-tested libraries for smart contracts on Ethereum. You do not have to start your program from scratch. You reduce the risk of vulnerabilities in your smart contract app by using standard, community-tested code. 

STEP 2: Defining abstract token contract

The defining abstract token contract helps contains a map of account addresses and their balances. The balance represents a value that is defined by the contract creator: one token contractor might use balances to represent physical objects, another monetary value, and third the holder’s reputation. The unit of this balance is called a token. When tokens are transferred from one account to another the token contract updates the balance of the two accounts. 

STEP 3: Defining abstract store contract

Contracts in Solidity are like classes in object-oriented programming. Abstract store contracts have at least one function without its implementation. You cannot create an instance of the abstract token. 

Defining abstract store token contract allows you to identify the base contract from which another contract can inherit. You can define an abstract contract by using the word abstract. Along with improved extensibility, abstract contract helps to provide better self-documentation, instill patterns, and eliminate code duplication. 

Also read: Hiring a DAO developer

STEP 4: Writing test cases for use with TDD

TDD or test-driven development is a method for software development. TDD does not write code but makes a failing unit test pass and then makes the code work. Writing test cases for use with TDD has several advantages:

• TDD simplifies the writing of code. Without a test case, one function may become a universal function, making it difficult to test later.   
• TDD makes the code more readable. Test code helps programmers to know which input function to receive and which output function to return. 
• It ensures the completeness and correctness of the code. 

STEP 5: Implementing smart contract code

Before you begin implementing smart contract code:

• Text editor: You need a text editor to edit smart contracts before deployment. 
• MetaMask extension is used to make transactions for the deployment of the smart contract.
• Compiler: Remix Ethereum is an online compiler and is used for creating, compiling, and deploying the smart contract. 
• Wallet to deploy smart contract and the wallet address is recorded in the deployment of contract.

Smart contracts are written in Solidity and saved with the extension .sol. You can use the Remix Ethereum platform to create folders based on your requirement. Click on the file option to create a filename. sol and use the git integration to store the smart contract on Github. You need to define the owner’s account to burn tokens if required. 

Also read: Hiring a corda developer 

STEP 6: Creating a custom dev chain for testing

Due to the immutability of smart contracts, they must be tested thoroughly before they are deployed. When it comes to writing automated tests, developers can: 

• Solidity Test    
• Javascript/Python/other language tests. 

Creating a custom dev chain is the process of designing, creating, deploying, and maintaining software for a specific set of users, functions, or organizations. Custom dev chain for testing has the following benefits:

• Efficiency       
• Scalability       
• Lower Integration costs
• Profitability 
• Independence 

 

Smart contract deployment

You need to deploy your smart contract, so it is available to users on the Ethereum network. Unlike most software, a smart contract does not run on a server or a computer but lives on the smart contract network. Interacting with smart contracts is different than traditional applications. Smart contract deployment requires you to send an Ethereum transaction containing the compiled code without specifying the recipient. To deploy smart code you need:

• Contract’s bytecode       
• ETH for gas·       
• Deployment script or plugin       
• Access to Ether node, either by running your own or connecting to a public node or via an API key using a node service like Infura and Alchemy. 

How to interact with a deployed smart contract?

We will now learn how to interact with a deployed smart contract-

• Install Web3 library: Web3.js is a library used to make requests to the Ethereum chain. You can choose your library from web3 providers.
• Create a contract: interact.js file
• Grab your contract ABI: The ABI is the interface that interacts with the smart contract. 
• Create an instance of the contract: To interact with the code you need to create an instance of the code. 
• Read the init message: Read the init message stored in the contract and print it to the console.
• Update the message
• Update the .env file
• Create the transaction
• Sign the transaction
• Call update message and run contract-interact-js. 

Also read: Best metaverse platforms 

How to audit a smart contract?

A smart contract audit examines and comments on a project’s smart contract code. The smart contract security audit is useful for Defi smart contract projects that can handle transactions worth millions of dollars. How to audit a smart contract?

• Start by determining the scope of the smart contract audit. You need to know the specification and purpose of the smart contract. You should understand the project goal when writing and using the code. 
•  Provide an initial quote based on the quantum of work.
• Run tests to audit the contract. The type of tests carried out will depend on the audit team, their analysis tools, and methods. The auditors usually carry out manual and automated tests. 
• The first draft report contains errors found, feedback, and follow-up fixes recommendations.
• Publish the final report after analyzing actions by the team to address concerns raised. 

How to verify a smart contract?

Etherscan is a Block Explorer and Analytics used to verify smart contracts. You may want to verify your new Defi smart contract applications or smart contract NFT. How to verify a smart contract? You can verify your smart contract,

• Verify and publish – Under the contract address, next to the “Transaction” tab, you will find the “Code” tab. You need to click “Verify and Publish.”
• Verify Contract Code – Contract users can use Etherscan’s new Beta source Code Contract Verifier, the verifier has a “run” option on top of the verify contract code page. You need to enter information such as contact name, compiler version, optimization option, and complete code. The contract code should be deployed in a single file, flatten, and with all imports removed. You can enter constructor arguments and other libraries at the bottom of the page. Before clicking the Verify and Publish button, you need to complete the Recaptcha. The contract will be verified.  
• Confirm contact details – After the contract has been verified, the code page will be filled with contract details. The source code of the contract is publicly available on Etherscan. 

Also read: Hiring an Algorand developer

FAQs on creating a smart contract

How to find a smart contract address?

Ethereum has two addresses:

• Smart contract address
• Wallet address or EOA

A smart contract address uniquely identifies the smart contract on the blockchain. The smart contract address is a series of numbers and characters that starts with 0xba. You can find the smart contract address by looking for the field “Interacted with (To)” and then follow the contract link to find more details. 

Is Bitcoin a smart contract?

Yes, Bitcoin is a smart contract platform. When we think of smart contracts we generally think of Ethereum smart contract, Solona smart contract, or Tron smart contract platforms. A smart contract is a way that lets us take a conventional legal contract and move the enforcement from government jurisdiction to enforcement through software and hardware. Bitcoin network functions as an arbitrator, enforcing the proper execution of smart contracts without relying on a central authority. It provides a mechanism for contracts to be observable, verifiable, and enforceable. 

What is the best platform for smart contracts?

The best platform for smart contracts is Ethereum. Ethereum is the leading smart contract platform in the world and is the top choice to create a smart contract. Ethereum smart contract is popular because of the degree of standardization and support offered. Smart contract development is simplified, thanks to the clearly defined rules. ERC20 smart contracts are written in Solidity, which not only helps with standardization but simplifies the process. 

Are smart contracts legal?

Since not all agreements must be in writing to be legally enforceable, smart or self-executing contracts would be considered valid in many jurisdictions. In a smart legal contract, the agreement summarizes the terms, and parties involved are required to honor the terms or be ready to face legal action. To be legally binding, the smart contract needs to comply with basic contract law requirements. 

How do smart contracts make money?

• Smart contract development is not cheap and prices for development can vary from $7000 to $45000 depending on the complexity of the contract. The price is not inclusive of development. 
• The costs of transactions or gas fees are a major expense in the smart contract. Supply and demand on the blockchain determine the price. If your gas fee is too low your transaction may not go through.
• Smart contract audit cost – companies auditing smart contracts can charge anywhere from $5000 to $15000 depending on the complexity of the code. 

Are smart contracts only on Ethereum?

No smart contracts can be created on:

• Bitcoin: Provides a Tuning- incomplete script language that allows the creation of custom smart contracts.       
• Cardano: Cardano is a decentralized, open-source blockchain that supports smart contract functionality. ADA Smart contract is fast,  scalable, and has broader interoperability. 
• Avalanche: Avalanche smart contracts is one of the fastest smart contract platforms. It is agile and has a low transaction fee.        
• Solana: Solona smart contract uses a proof-of-history algorithm to process the transaction more quickly. 
• Tron: Tron smart contract is a computerized transaction protocol. Currently, Tron smart contract supports Solidity language and has its features. It is the best platform for content-sharing and entertainment. 
• Polygon: Polygon smart contract supports Ethereum consensus, smart contract, and stalking for the native Matic token. 

 

The metaverse is a digital world that exists on the internet and outside of it. It’s where people can exist as themselves, as well as any other avatar they want to create with their imagination. In this article, we will learn about the best metaverse platforms that everyone should know of.

Best Metaverse Platforms

The year 2022 is believed to be phenomenal for witnessing the growth of metaverse platforms. Several global gaming firms are planning to expand their user base and create big communities by investing and focusing on the best metaverse platforms. Even startups are now concentrating on building innovative solutions with the metaverse.

Question is, How do I play in the metaverse?

In this article, we will help to answer the question by sharing the best metaverse platforms and epic games.

Also read – Hire a blockchain analyst

What is metaverse?

Metaverse is a virtual space, rich in graphics powered by virtual and augmented reality. You need to create a metaverse sign-up account to access the landing page of the best metaverse platforms. It essentially helps people to socialize by playing games, working, and even shopping. Media and entertainment are other areas that can be explored in the world of the metaverse.

Who owns the metaverse?

If you want to know, who owns the metaverse, then the main company is Meta. Along with it, there are about 9 more prominent companies that are developing a certain list of metaverse platforms or metaverse technology for the digital world.

Also read – Hiring Metaverse developer – All you need to know

Importance of Metaverse

The importance of metaverse is significant. It is believed to be the next internet, with a democratic architecture where people can gain ownership by claiming a stake in its cryptocurrency. The key reason behind investment into the best metaverse platforms. Be it VR Roblox games or any other gaming apps, users are now relying on metaverse for the same.

Metaverse future growth

Metaverse future growth is expected to be quite significant with its capability of transforming information using metaverse VR technology. Besides, it possesses the potential to change the professional and personal lives of people. The greatest advantage is it’s industry-agnostic be it gaming, work, or research work.

Also read – Best Defi Wallets 2022

How to join the metaverse?

It is crucial to be aware of how to join the metaverse and play games like atlas crypto, Roblox and others. You will either need a dedicated VR headset for accessing some of the best metaverse platforms whereas some platforms are accessible via laptop or a desktop PC.

How does metaverse work?

Here is a step by step guide on how metaverse works:

1. Create your own digital avatar before venturing into the virtual world. You can decide your hair, clothing, and eye color
2. Next is to teleport yourself into the space for exploring the activities available to you. Several characters may keep on appearing around you as you venture into the spaces.
3. The third step is to play games like atlas price game etc., by utilizing the wonder coins provided initially
4. Finally, you need to make friends for conversation and even go for multiplayer games

Besides you can customize your space or land as per your requirement and choice.

How to play in the metaverse

You have to know how to play in the metaverse, not very tough but it is good to know the rules and the techniques. All the users are provided with wonder coins or a Metahero token initially to start the game. You can select any popular games to start with. The more you mine it, the more money you make. Below we will discuss the best metaverse platforms and their features.

Also read – Hiring smart contract developer

9 Best Metaverse Platforms

One of the most promising developments in the world of social media is the future of metaverse platforms. Below is the list of the best metaverse platforms that you should know in 2022.

1. Hyperverse
2. Decentraland Metaverse
3. Sandbox
4. Roblox Metaverse
5. Nakamoto Metaverse
6. Epic Games
7. Bloktopia Metaverse
8. Metahero
9. Star Atlas

1. Hyperverse

Hyperverse is one of the prominent and best metaverse platforms. In this section, we will discuss Hyperverse, meta hero price, and Hyperverse crypto, one of the new names in the world of cryptocurrency.

What is Hyperverse

So coming to the question of what is Hyperverse. Hyperverse is comprised of millions of planets in the world of the metaverse. These planets make up a virtual world where the players are termed, voyagers. The voyagers can start their own businesses or they can create tokenized items in the meta hero universe world. 

Hyperverse blockchain crypto

Hyperverse blockchain system provides a financial infrastructure that is decentralized for the users. Its crypto is a new name in the world of digital currency. The concept is based on time travel in Hyperverse Bloktopia crypto technology where the investors can explore the cosmos within the network.

2. Decentraland Metaverse

Decentraland Metaverse is one of the first-ever and best metaverse platforms. It was launched in February 2020 and is now widely popular especially due to its native token MANA. In the subsequent subsections, we will discuss more on Decentraland Metaverse, Bloktopia price, and how it works.

What is Decentraland?

To elaborate on what is Decentraland – it is essentially a virtual reality platform that is three-dimensional. It is built on the Ethereum blockchain and is one of the forthcoming and best Metaverse platforms. The Bloktopia token of Decentraland is Mana and Land. 

Decentraland mana and land

Decentraland mana is the cryptocurrency used for buying and selling lands, services, and even virtual goods. It can be used to play meta Roblox VR games too.

Land is managed and maintained in an Ethereum smart contract and is a non-fungible digital asset.

How does Decentraland work?

Many have a question on how Decentraland works. It is run by the community, granting complete ownership to the investors, users, or players of their digital or virtual assets. Users can play games like Roblox VR games, buy and sell goods, services, or real estate, conduct trading activities and engage in entertainment.

What blockchain is Decentraland on or based upon?

The answer to what blockchain is Decentraland on or based upon is Ethereum blockchain. It has created an economic boom in the world of the metaverse. Its native sandbox token Mana created a major sensation by rising to 80% within a timeframe of 24 hours thus earning 2 billion USD worth of market capitalization.

Also read – Hire a blockchain analyst

3. The Sandbox

The Sandbox is also considered among the best Metaverse platforms. It is a Hyperverse app or platform intending to change the gaming market with innovative features and grant rewards for generating user-specific content. It is decentralized and community-driven. 

What is sandbox

To understand what is sandbox, first and foremost you must know it is Ethereum-based. The sandbox metaverse alpha is created by Pixowl. In its gaming ecosystem, the players or the users can create, share and monetize the digital or virtual assets and enjoy unlimited gaming experiences.

Sandbox Metaverse Products

There are three Sandbox Metaverse products:

1. VoxEdit – for the creation and animation of 3D objects called assets
2. Sandbox marketplace – a venue for publishing and selling assets
3. Sandbox Game Maker – for creating 3D games for free

As of the current news, the sandbox price is USD 1.33 for a trading volume of USD 867,859,313 within the 24-hour time frame.

4. Roblox Metaverse

Roblox Metaverse is one of the most successful and best metaverse platforms. Such is its popularity as a Decentraland app that it has almost 9.5 million developers and 47 million active users daily. It was founded in 2004 and focused on building an immersive world leveraging existing gaming technology.

What is Metaverse Roblox?

The unique concept to understand in what is metaverse Roblox is that it does not work on the concept of artificial reality or virtual reality. It works on the basis of “shared fabric” where players create their avatar to meet new friends. It has its own sandbox metaverse land token or currency called “Robux” for buying, selling, and trading goods.

How to play Roblox Metaverse games?

To know how to play Roblox Metaverse games or sandbox games, you must possess “Robux”, the in-game currency. You can play solo or with multiple players in a virtual space. There are in-game purchases and also payments are made to the community developers.

5. Nakamoto Metaverse

Nakamoto metaverse is one of the biggest and best Metaverse platforms. I was launched in October 2021 to build a sandbox platform ecosystem for playing blockchain games and earning through it. The objective was to create a gateway to several blockchain games.

The key concept behind Nakamoto games

Nakamoto games have been developed with the Unity game engine on the Polygon network. This enables low transactional fees and high throughput. Solidity, the programming language, will be leveraged for blockchain smart contracts. Just like other best metaverse platforms like the Decentraland game, NAKA is the native token used for transactions and other activities.

Also read: What to know before hiring a cryptocurrency consultant

6. Epicgames

Epic Games is one of the emerging and best metaverse platforms, with the vision of expanding its metaverse ambitions in near future. It’s a collaborative effort of Sony and KIRKBI that is helping to fund the Epicgames mana metaverse.

The emergence of Epic games metaverse

Epic games metaverse is based on the nebulous metaverse concept. It has brought in the idea of a connected virtual world similar to other best metaverse platforms like Decentraland VR etc. Through Fortnite and Unreal Engine game-making toolset, Epic Games is planning to bring about a boost in the virtual world.

Epic blockchain

A question has arisen will Metaverse succeed in the Epic blockchain network? Well, Epic Games has allowed the doors to blockchain game developers. Yet it has no NFT plans as such. Hence the gaming platforms are deliberating on the blockchain, NFT, or cryptocurrency.

7. Bloktopia Metaverse

Bloktopic Metaverse is one of the unique and best metaverse platforms. Increasing demand has been observed for the Bloktopia virtual world along with BLOK, its cryptocurrency. The Bloktopia Metaverse future price is said to help in earning 50% of returns in 2022 and maybe 5 times in 2025.

What is Bloktopia?

Now, what is Bloktopia metaverse based on? It is a metaverse technology or platform that is designed in the form of a skyscraper that has 21 floors. The users need to purchase the spaces defined inside the floor plan using BLOK. It is powered by a Polygon network and has an Ethereum platform that is decentralized.

The key concepts behind the Bloktopia game

Bloktopia game, the metaverse reality platform, is basically mining coins or tokens through the 21 levels in a skyscraper. You need to create customizable 3D Avatars to keep anonymity. It’s a good investment with a limited real estate concept, valuable for the buyers. 

Also read – Hiring Defi developer – All you need to know

8. Metahero 

Metahero metaverse is one of the widely used and best metaverse platforms. Based on metaverse AR technology, it grants users the privilege to create 3D avatars and other various digital objects which can be customized. Its cryptocurrency is called Hero.

What is Hero metaverse?

To answer what is hero metaverse, you must know that it leverages the 3D modeling and scanning mechanism. This mechanism is the underlying technology behind generating the avatars and other virtual objects metaverse example to be used in games, social media, and even in online fashion.

What Blockchain is Metahero on?

Binance smart chain or BSC is the answer to what blockchain is Metahero on. Its 3D scanning technology helps to analyze the objects in the real world for collecting data and rendering them in the digital world. The requirement of this particular metaverse hardware is essentially a VR headset.

Also read – Why are NFT Gas fees so high? | Deep dive into gas fees

9.Star Atlas

Start Atlas is one of the next-gen best metaverse platforms. It is based on the Solana blockchain, and Sandbox gaming metaverse platform. Several metaverse use cases have been utilized to check on the performance and credibility of the Star Atlas metaverse. 

What is Star Atlas metaverse?

To understand what is Star Atlas’s metaverse, the key feature is it is built on Unreal Engine 5 graphics technology. To strengthen its metaverse ecosystem, the company has bought numerous NFT products from the market which are unique and has helped to earn several millions of revenue. 

The key thoughts behind the Atlas game

The key thoughts behind the design of the Atlas game are to go for exploring space, territorial conquest, dominating the political arena, and many more. As per the latest metaverse predictions, investing in an atlas game is supposed to be a good option.

 

Wondering why are NFT gas fees so high? In this blog, we deep dive into gas fees and the reasons why they are so high!

NFT gas fees are the charge users pay to trade Ethereum on the blockchain. It is similar to processing fees that banks charge on financial transactions. Gas fees are used to compensate miners for the computing energy and resources spent to validate transactions and include them in a blockchain. NFT Gas fees are usually high as the complexity of the transaction and the traffic on the network is more.

What are GAS fees?

Gas fees are payments made by the crypto users to compensate for the computing energy utilized for validating transactions on the Ethereum blockchain. Gas money meaning is something that all users have to pay in order to carry out transactions on the Ethereum blockchain. The gas fees system works on a supply-demand mechanism. If the demand is high, the miners demand a higher gas fee to carry your transactions quickly and efficiently.

Also read: Hiring a Smart contract developer

What are NFT GAS fees?

Minting an NFT means converting a digital file into a digital asset and storing it on the blockchain for transaction purposes. Like any other transaction on Ethereum, minting an NFT requires resource-intensive computation from miners. Gas fees are a way of compensating miners for their efforts to help record transactions on the blockchain. NFT value calculator helps estimate gas fees.

What is the Gas limit?

A gas limit is described as the maximum amount of gas you are required to spend on a particular transaction. More complicated transactions involve the use of smart contracts requiring more computational work, which means the gas limit is higher. A standard ETH transfer requires a gas fees crypto of 21,000 units of gas.

Gas Limit vs Gas Price

Gas limit is the maximum amount you are willing to spend to run a particular transaction whereas Gas price is the amount you want to pay per unit of gas as a fee to the miner. Transactions with higher Gas prices are processed faster as the gas price determines how quickly your transaction will be processed.

How do gas fees work?

Gas is determined by several factors including the current price of Ethereum cryptocurrency, the complexity of the transaction, the number of people transacting at the time you are carrying out the transactions, NFT costs, etc. Meaning a complex transaction carried out during high traffic hours will lead to a higher gas fee for NFT.

What is GWEI?

GWEI is a very small denomination of Ether which is the native currency of the Ethereum blockchain and is used to pay fees for transactions on the Ethereum network. Gas prices and NFT Gas fees are denoted in gwei, Each GWEI is equal to 0.000000001 ETH (10-9 ETH).

Estimating gas prices

Gas fees are dependent on several factors and can be estimated once you are aware of these factors’ value. For example, gas fees majorly depend on the traffic of transactions being carried out on the blockchain network. If the traffic is high then the miners increase the price of their services and prioritise transactions with higher gas limits. This leads to an increase in NFT gas prices. Gas fees also depend on the complexity of the transaction.

NFT gas fee calculator (How to calculate?)

NFT gas fee is made up of two components – base fee & tip. Which means,

Total transaction fee = base fee + tip (paid to the miner)

With a gas limit of 21,000, a base fee of 10o gwei and a tip of 20 gwei, the total fee turns out to be 2,520,000 gwei or 0.00252 ETH.

Also read: Hiring a NFT developer

Current NFT gas fees

ETH gas fees now have climbed due to its popularity. The Ethereum gas fees are made up of a base fee and a tip. The base fee is burned and the tip goes to the miner. Ethereum NFT gas fee is around $37 per transaction in current times.

Average NFT price

As NFT gains popularity amongst the masses, the average NFTs price is increasing exponentially. The daily average price has gone up from $128 in 2021 to $4000 in the year 2022. OpenSea, the largest marketplace in NFT has recorded the best revenue in the month of January 2022.

The gas fee tracker explained

The gas fee trackers are useful to track ETH’s current gas price at all times. It also shows the user price history for gas, token price, and fee for the Ethereum network. These trackers can also be integrated into the individual applications to track the prices and inform about the minimum gas price accepted.

What is a gas tracker?

A gas tracker is a platform to keep yourself updated about the gas fees. It gives an overview of current gas prices, high gas consumers, and spenders on Ethereum. There are several gas trackers available online that can help you find the time when the NFT gas fees are the lowest.

Different gas fee tracker platforms

Gas is a fundamental unit of the transaction on any blockchain network. The Gas fees vary based on the demand and supply of transactions on the Ethereum blockchain. If the demand is high, the gas fees increases and vice versa. The NFT Gas fee tracker platforms help us track this trend and share information when the gas fees are the lowest. They provide a history of gas fees data, NFT new estimate, NFT fee, NFT gas fees today.

Ethereum gas tracker

Etherscan is the Ethereum gas-fee tracker that can be used to track the gas fees on Ethereum transactions. It tracks the gas fees trend on the Ethereum network and lets users know when the gas fees are as per their requirement or when it hits the lowest.

Polygon gas tracker

Polygonscan and Polygas are the two Polygon gas tracker that is highly efficient in tracking the gas fees on the Polygon network. It displays the highest, lowest, and average gas fees for users to understand the trend and carry out transactions at the lowest possible price.

Solana gas fee tracker

A Solana gas fee tracker allows you to track Solana fees in real-time. Solana Beach helps users find the current average transaction fee on Solana. This is the best place to visit if you wish to keep a track of Solana gas fees on a regular basis.

Also read: Hiring a Solana developer

OpenSea gas fee tracker

There is no particular tracker available to track the OpenSea gas fees. The fees depend on a number of factors including the complexity of the transaction, the number of people involved in the transaction, and the current NFT gas fees. OpenSea is the biggest marketplace for NFTs.

Fantom gas tracker

Fantom gas tracker shows the actual details about the gas price in the Fantom Opera network. It lets users see the actual price in an accessible and convenient way. It allows and shows you the price estimation for different speeds. Higher the speed, the higher the price incurred on NFT gas fees.

Why are NFT Gas fees so high?

There are two major reasons behind the high NFT Gas fees:

• Ethereum’s popularity

The demand for Ethereum is rising due to its application in DeFi, games and supply solutions, etc. The greater the demand for Ethereum, the pricier it becomes. As more people start carrying out transactions on Blockchain, the higher computational power is required by miners to keep up. Due to high traffic, they prioritize transactions with higher gas limits.

• Several use-cases of Ethereum

Ethereum’s practicality is another reason contributing to its high gas fees. Be it finance. Advertising, supply chain management, healthcare, and Ethereum are being applied everywhere.

When are gas fees lowest?

Gas fees are dependent on two major factors, the number of people carrying out the transaction at a particular time and the computational power required by miners to carry out a transaction. Every time the traffic on the blockchain is low and fewer people are carrying out transactions, the gas fees are lowest.

How much are the NFT gas fees?

The NFT gas fees depend on the gas prices of Ethereum on the blockchain. The gas fee is not fixed and keeps on changing based on demand and supply. To know the NFT gas fee one must visit the gas fees trackers online.

OpenSea Gas fee

OpenSea Gas fees are susceptible to change at any time depending on the current supply and demand of hash rate on the Ethereum network. Rarible Analytics is a good place to get a fair estimate of gas fees. The best way to check the current price of gas is to take a look at one of the many Ethereum or OpenSea fee trackers.

Gas fee in Foundation

The foundation market gas fee is 5% of all sales on the primary and secondary markets. This gas fee goes towards the development and maintenance of the marketplace. All blockchain interactions including deploying a smart contract, cost to mint NFT, listing an NFT for auction, etc. require a gas fee.

Metamask gas fee

While using a Metamask wallet, you are not allowed to use your own NFT gas fee. Instead, Metamask suggests a gas fee of its own based on the network demand and site recommendations. This is why Metamask gets the most competitive bid of all time.

Polygon gas price

The Polygon network is gaining popularity due to its scaling solutions to the Ethereum network. The platform is compatible with EVM and enables developers to migrate from Ethereum smart contract smoothly and enjoy a $1 gas fee. The current Polygon cost is higher than several other cryptocurrencies.

Also read: Hiring a polygon developer 

Axie gas fee

Axie Infinity is a non-fungible token-based video game. To play the game you need to sign up and create a Ronin wallet. Ronin allows users to avoid NFT gas fees on simple tasks like hatching eggs or buying something from the marketplace. Axie gas fee ranges from 20 USD to 43 USD.

Ethereum gas prices

Ethereum is an open-source decentralized blockchain. The Ethereum gas fees are higher as compared to other blockchain currencies due to their high popularity. Ethereum transactions cost 20 times more than the industry average. Due to its expensive usage, Ethereum is becoming unsuitable for low-value transactions.

Crypto investors are seeking a way to pay lower fees for Ethereum transactions but a low Ethereum gas limit can result in transaction failure. DeFi and NFTs are other major reasons that are responsible for the high Ethereum gas prices. Scheduling your transactions wisely can help you reduce the gas fees.

Solana gas fees

The NFT gas fees depend on two important factors: the time required to generate a block on the blockchain network and the number of transactions handled by a single block. Solana has a better block time and a better block size as compared to Ethereum.

The fee can fluctuate constantly depending on the volume of traffic on the network. Solana is growing rapidly in CPU and other technologies and it is estimated that the usability of Solana will double every two years. This would result in a cheaper transaction fee since the competition for block space will reduce.

How to avoid gas fees?

High NFT gas fees can create a lot of problems for users. There are several ways in which you can effectively reduce your gas fees – leveraging an Omnibus wallet architecture, exploring the use of  Ethereum second-layer solutions, migrating to another blockchain, optimising the smart contracts, and optimising gas estimation.

How to avoid gas fees on Metamask?

While there is no way to avoid NFT gas fees on Metamask completely, there is definitely a way to carry out the transactions by paying a slightly lower gas fee. To adjust the gas fee price down, while making the transaction, click the edit button in Metamask. This will allow you to lower your gas fee to your preferred amount. This might cause your transaction to be slightly delayed.

How to avoid gas fees on Coinbase Wallet?

There is no way to completely avoid gas fees in the Coinbase wallet, however, the gas fees can be minimized by using Coinbase pro. The fees assessed for the same actions are lower on Coinbase pro as compared to Coinbase. Since the fees on Coinbase Pro are based on the amount of transaction, you actually pay less for carrying out more transactions.

Also read: How many stocks should I own for an ideal portfolio | Explained

How to avoid gas fees on OpenSea?

There are a few actions on OpenSea that do not require an NFT gas fee and hence can help avoid gas fees.

1. Using tools on Opensea to create a new NFT also known as lazy minting
2. Creating a new collection of NFTs
3. Listing an NFT at a fixed rate
4. Listing an NFT for auction
5. Reducing the price of an NFT already listen on the OpenSea platform

FAQs

How to Buy NFT without a gas fee on OpenSea?

To avoid NFT gas fees on OpenSea you should use Polygon chain. Polygon is a blockchain that works with Ethereum as a currency but doesn’t require the payment of gas fees for making transactions on its network. ETH Polygon is great for both creators and sellers alike.

How to sell NFT on OpenSea for free?

You can either choose to sell a single NFT or a collection of NFTs. The first step is to create an NFT on OpenSea. Follow the instructions provided to create either a single NFT or a collection. Since you wish to sell NFT for free, you must always select Polygon Blockchain instead of Ethereum.

How much does it cost to post an NFT?

The NFT gas fees depend greatly on the type of market. For the NFT to function for free, the developer must create a code. The cost to post an NFT can be anywhere between $7 to $150 depending on the complexity of the project.

Does Polygon have gas fees?

Yes, Polygon has gas fees and it has risen exponentially as the protocol has gained popularity recently leading to an increase in the number of transactions. However, Polygon has a lower gas fee as compared to Ethereum while delivering all the benefits of Ethereum.

Do I need to pay gas fees every time I post an NFT on Opensea?

Yes, you have to pay an NFT gas fee every time you place an order for an NFT or even cancel one. When the sale is completed, the gas fees are needed to move the cryptocurrency from your wallet to the seller’s wallet.

Is there any Gas free NFT marketplace?

OpenSea is a gas-free marketplace for NFT. They are relatively new in the market and since they do not use gas for transactions, they are also faster and cheaper to use. There are several other gas-free marketplaces that have come up recently such as DexAge and Everipedia IQ.

Will Ethereum 2.0 reduce gas fees

Yes, the launch of Ethereum 2.0 will reduce the NFT gas fees to nearly zero. It will make it easy for users to access DeFi services and allow the processing of 100,000 transactions per second. This would give this cryptocurrency a boost.

Passionate about crypto and want to leverage being an early entrant? Here is a complete guide on how to become a cryptocurrency consultant. Read on!

Cryptocurrency Consultant

Cryptocurrency consultant is a professional who guides clients towards successful, compliant cryptocurrency transactions and practices across accounting and tax functions. They protect their clients from illegal and unethical crypto practices. In this blog, we will learn what is cryptocurrency and how to become a cryptocurrency consultant. 

What is crypto consulting?

What is Cryptocurrency? A cryptocurrency is a digital or virtual currency that takes the form of a token or “coins”. They usually work using a technology called Blockchain. In simple terms, it is a type of currency that uses digital files as money. Digital signatures are used to keep these files safe and secure.

A consultant who advises clients regarding the different aspects of cryptocurrency is known as a cryptocurrency consultant. Crypto consulting is a service provided by expert staff to guide their clients in making the right decisions related to cryptocurrency investment. They are able to implement sophisticated trading techniques along with comprehensive cryptocurrency knowledge in order to make consistent healthy profits in the cryptocurrency market.

Crypto consulting is gaining a lot of demand these days as the cryptocurrency job market is on the rise. People and businesses are realizing the benefits of using cryptocurrency and are heavily inclined towards using this as part of their business processes.

Also Read: Leasing Consultant | A complete guide

Top 10 cryptocurrency consultant services you can start

Cryptocurrency is a growing field, and with the growth, there is an increase in demand for professionals in this area. Different consultant services are available based on expertise, knowledge, skills, etc. We have listed down the top 10 cryptocurrency consultant services suited for you,

1. Bitcoin consultant

A bitcoin consultant is a professional with knowledge about Bitcoin Blockchain, Bitcoin transactions, and how the Bitcoin network works. They use their Bitcoin expertise to build Blockchain-based applications to re-invent the traditional running business. Bitcoin consultant helps their clients to embrace and harness the power of Bitcoin.

2. Cryptocurrency advisor

Cryptocurrency advisor is responsible for advising their clients in the matter of cryptocurrency trading and pricing. They use their knowledge and expertise to guide their clients towards healthy profits in the cryptocurrency markets. Cryptocurrency advisor does extensive market research to help clients make right investment choices in cryptocurrency.

3. Cryptocurrency analyst

A cryptocurrency analyst is an individual who is responsible for analyzing and predicting trends, pricing, demand, and trading volumes of any number of cryptocurrencies. An analyst is particularly an expert in directing a firm’s investment of capital or its clients facing outlooks on cryptocurrency. They have excellent research and analytical skills.

4. Crypto advisor journalist

A Crypto advisor journalist is someone who covers the latest news on cryptocurrency and blockchain technology. They use their crypto knowledge to advise the general masses about the market conditions and the best places to invest their money. Crypto Journalist may be reporting for newspaper, magazine, blog, or a brand.

5. Altcoin advisors

Altcoin advisors are professionals that help achieve excellent returns in the cryptocurrency space other than Bitcoin. The professionals take a scientific approach to invest using machine learning algorithms and advanced optimization techniques. They work with different cryptocurrency assets such as ether, Ripple, Dash, Litecoin, Monero6, and other altcoins.

Also Read: Image Consultant | An ultimate read for best results

6. Cryptocurrency expert research analyst

Cryptocurrency expert research analyst is a professional who has solid data analysis, strategic thinking, and written communications skills. They have a thorough understanding of the cryptocurrency market. These experts help individuals understand developments in the crypto industry and make better investment decisions related to cryptocurrency.

7. Crypto expert marketing manager

Marketing managers are crypto experts who estimate the demand for cryptocurrencies and blockchain and compare values. Their role majorly includes identifying potential users, monitor market trends, and develop strategies to help clients maximize their profits and increase market share. Marketing managers are self-starters with both creative and analytical skillset.

8. Cryptocurrency advisors technical writer

Technical writers who specialize in writing about newly created cryptocurrencies aimed at attracting investors are typically known as cryptocurrency technical writers. They have an understanding of how blockchain works, persuasive writing skills, and a firm grasp of spelling and grammar. Technical crypto writers also possess social and digital marketing expertise.

9. Blockchain Consultant in bitcoin consulting

Blockchain Consultant helps blockchain firms develop new growth strategies. Consultants help to analyze the effect of blockchain client’s company and devise a customized plan for implementing it. They help businesses optimize business efficiency by developing and implementing key blockchain strategies and identify potential risk factors.

10. Bitcoin certified professional

A Bitcoin-certified professional has expertise and knowledge of Bitcoin transactions and how the network is built. Bitcoin-certified professionals apply their knowledge of Bitcoin technology to their professional area of expertise and develop an understanding of privacy aspects, double-spending, and other existing Bitcoin-related issues.

Also Read: Healthcare Consultant | Critical items that you must know!

How to become a cryptocurrency consultant?

To become a cryptocurrency consultant, one must have a background in finance or technology. The cryptocurrency biome is rising rapidly and along with it the demand for professionals in the cryptocurrency space. Here are the steps to help you become a cryptocurrency consultant,

1. Bachelor’s degree to get cryptocurrency training

A Bachelor’s degree in the field of engineering, finance, or technology is the first logical step to start a career in cryptocurrency. Along with the Bachelor’s degree, individuals can keep developing their knowledge on different subjects related to cryptocurrency by following market trends and reading articles.

2. Master’s degree in Bitcoin consulting

Although a master’s degree isn’t mandatory to pursue a career as a cryptocurrency consultant but having a master’s degree might be useful to give you an edge over other candidates. It also helps widen the knowledge base. Few financial institutions prefer to hire a consultant with a master’s degree. 

3. Internship under cryptocurrency experts

After getting a relevant degree, the next step is to acquire hands-on experience in this field by working under cryptocurrency experts. Try to get an internship or a beginner-level job in a well-established financial institution to build skillset and gain expertise regarding cryptocurrency markets and trading.

4. Gain experience in cryptocurrency consulting

To become a consultant, you need at least 6-8 years of experience in the field of cryptocurrency. Keep taking up challenging roles to move up the ladder and handle more responsibilities. Enroll for additional training and certifications to build up your profile and apply for cryptocurrency consulting positions.

5. Getting certified by crypto consulting group

There are institutions that offer certifications and training in cryptocurrency, blockchain, bitcoin, etc. Due to the unregulated nature of the cryptocurrency certificate, these certificates are yet to be recognized and accepted widely. Currently, the certifications are beneficial for those who wish to gain knowledge in this area.

Also Read: Tax Consultant | A how-to guide for everyone

Cryptocurrency certification

Let’s look into the top 5 cryptocurrency certifications that will boost your career in crypto,

1. Certified Cryptocurrency Expert – Certified Cryptocurrency Expert is a course by the Blockchain Council designed to familiarize individuals within and out of cryptocurrency trading from scratch.
2. CryptoCurrency Security Standard Auditor – CCSSA is a certification program by C4. A CCSSA professional is able to apply the CCSS standard to any information system that uses cryptocurrencies.
3. Certified Cryptocurrency Auditor – Certified Cryptocurrency Auditor is an exclusively developed and curated certification by the Blockchain Council focusing on the core concepts of auditing Blockchain-based currencies.
4. Certified Cryptocurrency Trader – Cryptocurrency Trader is a course by the Blockchain Council designed for both experienced and beginners to master cryptocurrency markets.
5. Online Degree in Cryptocurrency and Trading – Online Degree in Cryptocurrency and Trading is an online program by the Blockchain Council that teaches individuals about technical analysis, blockchains, good investment strategies, candlesticks to be successful in crypto markets.