# **What are Mainnets?**

A mainnet is a blockchain that facilitates the transmission of digital currencies from one sender to another. The main network, or mainnet, is where actual transactions are recorded on a distributed ledger. A testnet, on the other hand, is a test network where Decentralized apps and EDCCs are developed and tested.

An investor must guarantee that a blockchain project has a mainnet before investing in an Initial Coin Offering. The presence of a mainnet or a testnet indicates the seriousness of a project, as both elements have an impact on the price of a cryptocurrency in some way.

In the world of cryptocurrencies, the mainnet is the outcome of blockchain initiatives that enable the sending and receiving of digital currencies. When project teams determine that updates or revisions are required, mainnets are updated or revised. Crypto-based mainnet deployments, in particular, will need to incorporate a wallet system.

# **Importance of Mainnets in Cryptocurrency**

Many aspects can play a role in determining whether or not a cryptocurrency is valuable and worthwhile in the long run. When considering a cryptocurrency’s long-term durability, evaluate its transparency, wallet accessibility, acceptance, market cap, circulating supply, community size, team experience, and the management team’s determination to make continuing enhancements or adjustments.

The coin’s originality — the protocols, tokenomics, and business strategy that make transactions easier and less expensive while also providing particular functionality — is also unique. The blockchain’s dependability and security are related to this.

These characteristics are best demonstrated in a stringent testing environment. The gold standard for this is testing in a secure “testnet” set up within an existing mainnet.

Because Mainnets operate outside the borders of a single country and are not under the control of any existing authority, it has become common practice to develop a non-profit Foundation as the governmental body to assist in the development of strategies and the strategic planning of the Mainnet’s inner workings.

We haven’t seen a comprehensive view of blockchain’s potential yet because it is a relatively new idea, and these capabilities will continue developing as we add additional tools, precision, scalability, and extensibility into the mainnets.

# **Conclusion**

The future of blockchain is heavily reliant on the adoption of its use cases across various industries, as well as the ability to use it collaboratively. As the number of organizations participating in the blockchain network grows, they will need to connect.

Blockchain ecosystems could empower all participants with access to knowledge and value by leveraging the potential of collaboration. As a result, it’s critical to think about the viability of various ecosystem models for various use cases and requirements.

To understand what lies ahead for the crypto ecosystems and their mainnets, we need to understand the meaning and the importance of mainnets.



small_the-future-of-crypto-ecosystems-and-their-mainnets.png

thumbnail_the-future-of-crypto-ecosystems-and-their-mainnets.png

the-future-of-crypto-ecosystems-and-their-mainnets.png

To understand what lies ahead for the crypto ecosystems and their mainnets, we need to understand the meaning and the importance of mainnets.

The Future of Crypto Ecosystems and their Mainnets

The world of traditional gaming was disrupted when the concept of Play-To-Earn Gaming came into the market. Play-to-earn video games offer a platform for players to earn rewards that have value in the real world. It enables players to cultivate or gather cryptocurrencies and NFTs for market sale. The idea of earning real money through gaming attracted a lot of gamers to the platform, and since then, there has been no going back. 

But now, there’s a new concept in the market and the users are trying to understand more about what it offers. 

## What does Rent-To-Earn stand for?

Rent-To-Earn is another term for NFT renting. As the name suggests itself, it deals with people renting their NFTs. It is new and beneficial to people who do not possess a certain NFT but would like to use it or experience it for a short while, and can rent it from a platform that offers this service. 

## How does NFT Renting work?

So, through NFT renting, NFT owners can rent their NFTs to strangers for a definitive period and a set price. It doesn’t mean that they’re giving their NFTs away. It simply means that they’ll be renting it temporarily and will be entitled to a cut out of the earnings that the rentees make out of the NFTs. 

There are usually two ways to rent your NFTs:

**Collateralized Renting**

1. Owners can approach any online marketplace that allows NFT lending and borrowing and post their NFTs if they want to rent them out. 

2. If an interested party is willing to rent the NFT, the borrowing procedure starts immediately. The process is quite simple, both the parties, upon mutual agreement, deposit the NFT into a smart contract.

3. The Smart Contract will contain all the essential details like the duration of the rental, collateral, and other conditions.

4. Since this is collateralized renting we’re talking about, the borrower will be required to deposit collateral, which will probably exceed the value of the NFT, to maintain the safety of the lender and their assets. Other than this, the renter will also be responsible for paying a rental fee to cover the expense of renting the NFT. 

5. Post all these steps, the renter will receive the NFT and can avail of its benefits as per their requirements.

**Collateral-less Renting/ Uncollateralized Renting****Bold**

The process of collateral-less renting is pretty much the same as collateralized renting. 
The sole distinction is that, in contrast to collateral renting, the renter never receives the original NFT in this case. Instead, a wrapped NFT is created for the renter that has all the same features as the original asset, backed by the original assets. 

## Conclusion
The NFT space is expanding quickly, and with concepts like Rent-to-earn, more and more people are encouraged to enter the space without having to spend loads of money for buying an NFT. Although there are only a few rental marketplaces currently, the potential is ever thriving. 


Rent-To-Earn is another term for NFT renting. As the name suggests itself, it deals with people renting their NFTs. 

large_understanding-the-concept-rent-to-earn.png

medium_understanding-the-concept-rent-to-earn.png

small_understanding-the-concept-rent-to-earn.png

thumbnail_understanding-the-concept-rent-to-earn.png

understanding-the-concept-rent-to-earn.png

Understanding the concept: Rent to Earn 

Understanding the concept: Rent-to-Earn 

What are the Different Types of NFTs?

One of the most contemporary things in Web3 right now is Non-fungible tokens, commonly known as NFTs. The domain is booming, and there's no shortage of projects trying to cash in on their success.

Users looking to invest in digital collectibles are highly interested in the concept of NFTs. There is a trending variety, from art and design to video games. We've all heard of traditional collectibles, like baseball cards or coins for a specific team or sport. NFTs are similar in that they're digital collectibles that people can own but differ in many ways. 

Here's a quick rundown of the different types of NFTs you might encounter in the blockchain ecosystem:

## Art NFTs

As the name depicts, they are digital representations of a piece of artwork. They represent the actual artworks or as a means of sharing and preserving the art in digital form. The most popular categories in art NFTs include Portraits, Paintings, Comics, etc. Many enthusiast artists are launching their artworks as NFTs to maintain their scarcity and uniqueness.

## Music NFTs

One of the most popular types of NFTs is Music, a digital file in MP3 or WAV format. The domain of music and media is constantly experimenting on the NFT domain, subsequently prompting one more class of crypto arts. It is feasible to mint music and media files into NFTs, empowering a person with a genuine proprietorship guarantee to get to the records. Many known artists are releasing their work as NFT and trading them over NFT marketplaces.

## Gamified NFTs

The gaming industry is heavily influenced by the applications of NFTs. They have evoked significant degrees of interest among gamers and developers. They can offer the utility of proprietorship records for in-game assets, driving the development of in-game economies. The game-related NFT includes skins, weapons, clothing items, etc. While in-game collectibles were standard prerequisites for a superior encounter of the games, non-fungible tokens can change their worth.

## Collectibles or Trading Cards

NFT collectibles are the first type of non-fungible tokens to be ever launched. They are the same as physical collectibles, like Pokemon cards or vintage mint condition toys, but in digital form. Curio Cards was the first significant NFT collectibles ever launched. After that, several other collectibles, like Bored Ape Yacht Club, Cryptopunks, Cat Colony, Meebits, etc., took off.

## Avatar NFTs & Virtual World NFTs

Avatar NFTs are similar to PFPs but allow users to create avatars that represent their real-life selves in digital form. These avatars are used on social media platforms, like Facebook, Twitter, or other applications, where it would be nice to have an avatar representing your identity. Metaverse NFTs can be bought with real money and used in a virtual world like Second Life or VRChat. They can range from clothing items such as shirts or pants to weapons, such as swords or guns; however, they often include both clothing and weapons at once!

## Winding Up!

NFTs are digital assets that are designed to be transacted within the blockchain. There are many different types of NFTs, including collectibles, skins, and more. NFTs are a new and exciting way to use blockchain technology in the real world.







Users looking to invest in digital collectibles are highly interested in the concept of NFTs. There is a trending variety, from art and design to video games. We've all heard of traditional collectibles, like baseball cards or coins for a specific team or sport.

large_what-are-the-different-types-of-nfts.jpg

medium_what-are-the-different-types-of-nfts.jpg

small_what-are-the-different-types-of-nfts.jpg

thumbnail_what-are-the-different-types-of-nfts.jpg

what-are-the-different-types-of-nfts.jpg

What are the Different Types of NFTs?

Understanding the difference between centralisation and decentralisation explains the emergence of DeFi as an alternate financial approach. The tools and technology employed by DeFi propose a social structure that restores control in the hands of people as opposed to a centralised authority withholding all information.

Any responsible individual concerning themselves with social philosophy and the moral compass it uses for guidance has at one point or another, knowingly or unknowingly, encountered the decentralist thought. Decentralisation is when power is delegated and distributed amongst the members of society instead of it being controlled by a central authority. Areason why decentralisation is regaining admirers in the current social structure is because it is believed to have the potential to solve some emerging problems of our age. The modern decentralist believes that decentralisation can promote better social welfare when compared to the centralising approach of our time.

## The ongoing debate: centralisation vs decentralisation

Decentralist philosophy can be better understood when compared with centralist thought. According to wilhelm röpke (a german economist and social critic), a “centrist” looks at society from the top downwards whereas the “decentrist” outlook is bottom upwards. Where the former seeks security and happiness in the subordination of the individual and small groups by strictly organising the community, decentrists believe in the independence and autonomy of the individual and small groups. In essence, centralist ideology views humans as a collective whole whereas decentralists are concerned with the fate of each individual. The contrasting ideologies are seen to emerge within various sectors such as administration, culture, housing, industrial organisations, and more. However, the most relevant ones for us currently, are the clashes of the two ideologies in the sectors of economy and technology. The genesis of the decentralist thought in the economy led to the emergence of decentralised finance more commonly known as DeFi and as data became the most important asset, we are moving to the decentralisation of the web through web 3.0.

## Evolutionary journey of decentralised finance

DeFi may be the buzzword of the new financial age owing to the rise of cryptocurrency, but there is a lot of misinformation and confusion leading to ignorance followed by ill-judged financial decisions. To steer clear of this cluster of misleading information, every individual must acquaint themselves with how it all started.

When the financial market suffered colossal losses in the recession of 2008, individuals were forced to observe the role that money plays in a crisis. This train of thought proposed another question: what is the role of the banks and the government in money? Finally, observing the financial downfall of the common man, the question matured to the one we have been seeking an answer to since 2008: why is our money controlled by central banks? Eventually, the need for a more “honest currency” after the loss at wall street led to the emergence of bitcoin — the holy grail of decentralised value exchange.

Bitcoin was the first to achieve a secure, decentralised blockchain network that enabled financial products to be accessed by individuals without the interference of a central third party. The revolutionary blockchain network transferred the trust from centralised agencies to a collective agreement by using independent computers. these computers, compelled by an incentive serve two important functions that central banks did but with better efficiency as they eliminated human error: -

- maintaining a secure ledger by recording financial transactions and
- affirming that this information is correct
Now, ethereum builds on the innovation of bitcoin and enables a more convenient version of traditional financial functions such as sending and streaming money around the globe, borrowing funds with and without collateral, growing your financial portfolio, and much more.

## Why do we need DeFi and how can it benefit us?

Unfortunately, our current financial system is characterised by tight control and is highly opaque. contrarily, DeFi is built for the digital age. It is a financial alternative that not only affords control and visibility of your money but also provides an opportunity to explore the global financial market. This is a liberating concept in a society where even now billions of people don’t have a bank account or their payments are blocked because they don’t have the required documents such as a government-issued id. With cryptocurrency, however, you can engage in the traditional financial functions with convenience and ease simply by having a stable internet connection. DeFi favours the privacy of transactions (something that centralised banks often ignore) and does not discriminate amongst its users promising financial status to all its user members.

The three most important benefits of DeFi include:-

- banking opportunities for everyone
- privacy of transactions
- end-to-end financial network without any third-party interference

To conclude, DeFi is set to revise our understanding of the financial structure through the blockchain network that facilitates a more secure, convenient, and privacy-respecting model. it aspires to give birth to a new world from the internet — outside of the structure of power and hierarchies that are associated with money.

Understanding the difference between centralisation and decentralisation explains the emergence of DeFi as an alternate financial approach. The tools and technology employed by DeFi propose a social structure that restores control in the hands of people as opposed to a centralised authority withholding all information.

11 June 2022

2 min read

What are Mainnets?

Importance of Mainnets in Cryptocurrency

Conclusion

recent posts