What does BFT represent in the field of blockchain consensus (NFT in blockchain)?

08/09/2023 22:20 • NFT Newsflash • 140 views

What does BFT represent in the field of blockchain consensus? Bitcoin is a peer-to-peer electronic cash system and an important component of blockchain technology. Although most cryptocurrency transactions are currently completed through smart contracts, what does Bitcoin represent in the field of blockchain consensus? Bitcoin can be used to create digital or polygon assets. When you use Bitcoin for payment, it is called BFT (BitcoinToken), which means you can send Bitcoin to an address owned by another person named “bit” using a wallet address with a fixed amount. This allows Bitcoin to operate as a distributed global computer, which Ethereum does not have this capability.

If Bitcoin and other cryptocurrencies are considered as a medium of exchange or store of value, then a new token is needed to become part of this network. But Bitcoin is not such a thing because Bitcoin is a special product established and issued on the Internet, so no one can control its supply.

So, let’s assume that a user wants to receive BTC and other cryptocurrencies from their own wallet and then make transactions. Then they will receive corresponding BFT, which can generate a token with a higher value than its current value and will decrease over time.

Bitcoin is a decentralized computing platform and the infrastructure for decentralized applications, providing a new solution – decentralized financial protocols. The protocol adopts a PoW+POS hybrid form of proof-of-work mechanism, achieving faster and more secure cross-chain communication.

NFT in blockchain

NFT is a digital asset in the blockchain composed of individualized virtual creatures. It has unique characteristics and distinctiveness. The application scenarios and value exchanges of NFT are achieved by establishing token bridges between different blockchains, making this technology possible.

Currently, the ERC20 standard on Ethereum (e.g. ERC721) has been widely adopted, rather than public chain platforms like Bitcoin. With the continuous development of DeFi applications and the crypto market, NFTs are gradually becoming mainstream.

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What does BFT represent in the field of blockchain consensus (NFT in blockchain)?

NFT in blockchain

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