Investing in the market can be pretty complex, especially if you want to add cryptocurrencies or other digital assets to your portfolio. With stocks and real estate, for example, you have a tangible asset that you can see. You can travel to the property you just purchased or you can visit the business you just invested in. You can even talk to the portfolio manager handling the mutual fund that holds the money for your retirement.
But digital assets are just that — digital. And even though there are pictures of cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC), they aren’t coins you can hold in your hand. Crypto assets exist in the virtual world on the blockchain, and that’s somewhere you can’t visit. However, before investing your hard-earned dollars in something you can’t touch, it’s important to understand where it exists and how it works.
What is the Blockchain?
The blockchain is basically a database containing records of every digital transaction of each cryptocurrency and non fungible token (NFT). But this record system does exist on one computer; it lives on multiple computers all across the globe. Because of this, no one can alter the ledger, so the accuracy of its data is stellar.
Each digital transaction is verified, approved and stored within the record, creating a chain record for every asset bought, held and sold from its inception to the present day.
There is another level to the blockchain that can personalize your experience by allowing a business to create its own blockchain. That system is called an elastic blockchain.
Details About Foil Network
Foil Network goes a step further than the elastic blockchain, offering cross-chain capable technology with on-chain storage to store and trade NFTs. This means that, unlike other blockchains, by creating an NFT on Foil, all the data is stored on the blockchain: file, metadata, description and intellectual property, as one unique digital essence. This is what Foil calls "Pure NFT". The FOIL Blockchain-as-a-Service (BaaS) revolutionary idea could change the crypto world by storing reliable token data and complete histories for businesses that want to create NFTs.
Here are some additional benefits of this new generation of ready-to-use BaaS solutions:
Creating and running personalized NFT on FOIL
Foil provides high security to every creation and transaction on its network. Not only that, the company has a sandbox available to make and store your NFT, make bids and get test coins — for free.
Another important feature of Foil blockchain is that it works as a second layer for DogeCoin, giving the DOGE holders solutions that are very difficult to implement on the DogeCoin blockchain, but are easily implemented using Foil Network. Some examples are De-Fi tools, low transaction fees, mass airdrop distribution and an NFT marketplace.
And that’s not all.
The company has some exciting projects coming up that will make its service even better, including NFT collectible card games, unique character collections, a web and 3D gallery and a new browser wallet.
The Future of Foil
The NFT sales volume and rapid growth over July and August show Foil’s commitment to contributing solid NFT technology to interested businesses who want to mint their own non fungible tokens.
The ability to store media files directly on the blockchain could be an exciting adventure for any business ready to expand its digital exposure. By offering something unique to their clients, companies could build a performance gap between themselves and the competition. And as long as Foil keeps growing in innovation, it can provide the perfect space to make that happen.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.