Investing in the market can be quite complex, especially if you want to add cryptocurrencies or other digital assets to your portfolio. For example, with stocks and real estate, you have a tangible asset that you can see. You can drive to the property you just bought or you can visit the company you just invested in. You can even speak to the portfolio manager who runs the mutual fund that is holding the money for your retirement.
But digital assets are just that – digital. And while there are images of cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC), they are not coins to hold in your hand. Crypto assets exist in the virtual world on the blockchain and that is a place you cannot visit. However, before investing your hard-earned money 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 that contains records of every digital transaction of every cryptocurrency and every non-fungible token (NFT). But this recording system exists on a computer; it lives on multiple computers around the world. Because of this, nobody can change the general ledger, so the accuracy of its data is excellent.
Every digital transaction is verified, approved and stored in the record, creating a chain record for every asset bought, held and sold from its inception to the present day.
There is another layer of blockchain that can personalize your experience by allowing a company to create its own blockchain. This system is known as the elastic blockchain.
Foil network details
Foil network goes one step further than elastic blockchain, offering cross-chain-enabled technology with on-chain storage for storing and trading NFTs. This means that unlike other blockchains, creating an NFT on Foil stores all of the data on the blockchain: file, metadata, description and intellectual property as a unique digital essence. This is what Foil calls “Pure NFT”. The revolutionary idea of FOIL Blockchain-as-a-Service (BaaS) could transform the crypto world by storing reliable token data and complete histories for companies looking to create NFTs.
The story goes on
Here are some additional benefits of this new generation of ready-to-use BaaS solutions:
Foil offers a high level of security for every creation and transaction in its network. In addition, the company has a sandbox to create and save your NFT, place bids, and receive test coins – for free.
Another important feature of the Foil blockchain is that it acts as the second layer for DogeCoin and provides DOGE owners with solutions that are very difficult to implement on the DogeCoin blockchain but can be easily implemented using Foil Network. Some examples are De-Fi tools, low transaction fees, bulk airdrop distribution, and an NFT marketplace.
And that’s not all.
The company has some exciting projects ahead of them that will make their service even better, including NFT trading card games, unique character collections, a web and 3D gallery, and a new browser wallet.
The future of the foil
The NFT sales volume and rapid growth in July and August demonstrate Foil’s commitment to providing solid NFT technology to interested companies looking to mint their own non-fungible tokens.
The ability to store media files directly on the blockchain could be an exciting adventure for any company ready to expand their digital presence. By offering something unique to their customers, companies could create a performance gap between themselves and the competition. And as long as Foil grows in innovation, it can offer the perfect space for it.
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