Full Spend Yacht Club's Intro To Block Chain
A precursor to our KDAcademy
What Is a Blockchain?
The core of all crypto.
A blockchain is a ledger system used by cryptocurrencies. The ledger consists of transactions or information that is verified with the use of complex mathematical equations. The ones who verify these equations and add more authentic information onto the next block or “set of information” to the blockchain are called miners. This unique and verifiable ledger system is the core of making cryptocurrency irrefutable and secure.
What Is Crypto Mining?
The reason crypto is safe and secure.
Cryptocurrency mining is the act of solving a complex mathematical equation. This mathematical equation only has one correct answer and can prove if all the transactions made during a specific time are authentic. This is what makes Bitcoin so secure. Bitcoin uses the equation used by the CIA to encrypt (sound familiar?) messages to ensure no one can hack in and steal their info. No one has been able to reverse engineer or hack this algorithm. proof of work is unlike proof of stake crypto currencies that can be altered for the benefit of a small elite group or even halted entirelyby a centralized group of few people. This is why proof of work cryptocurrency is the safest form of currency in the world.
This goes to show why “miners” are rewarded for trying to solve a complex mathematical equation. They are the core function of proving what transactions and information on the blockchain are authentic and not. This is why Proof of work blockchains are the most secure form of money on earth and why no one can steal your Bitcoin or even “create more” to devalue your currency.
Crypto mining is simply proving that the blockchain is accurate in return for a reward. This is also what enables Cryptocurrency to not be controlled by anyone, making it truly fair and open to everyone.
What Are NFTs, Smart Contracts and DAOs?
The things you can build on a blockchain
NFT stands for Non-Fungible Token. An NFT is a code written to a blockchain that typically has an image in it. This image is usually used to symbolize the code on the blockchain. Non-fungible tokens can be used for a variety of things due to the security that comes along with being non-fungible and on the blockchain. NFT can be used to verify ownership of something and even give physical access to things to an exclusive group of people. This is why we chose to use an NFT. We will be using this technology to launching a “Digital Autonomous Organization” also known as DAO. Our NFT will be the token that allows you to vote on the future of the club within this DAO while knowing for certain no one can vote duplicate times or even vote without being a part of the Club. Backed by the irrefutable and secure Kadena blockchain this is a truly unique and fair way to make decisions for the future of the Club, with your interest in mind.
A smart contract is what governs both an NFT and a DAO. A smart contract is a list of rules that cannot be broken within the system. It is verified on the blockchain so that it is backed by the security of POW and blockchain. This provides a set of rules that states what can happen. For example, it will say that everyone has to pay equally to get an NFT, ensuring that our club is truly fair and unbiased to all.
The plague to all crypto, except Kadena.
The cryptocurrency trilemma is the issue when a blockchain has to sacrifice one of the three fundamental features of cryptocurrency, Security, Scalability/throughput, and decentralization. With all three elements being crucial to a dominant financial system Kadena becomes the only apparent answer. By being the only blockchain that doesn’t have to sacrifice in any of the three aspects of the trilemma, Kadena renders the trilemma no longer an issue for the Kadena ecosystem and projects like ours.
Why did FSYC choose to build on KDA?
We have chosen specifically to build on Kadena because of the unique features it provides. Due to Kadena being the only blockchain that can use chain web technology, Kadena is the only cryptocurrency that can achieve almost 500,000 Transactions per second and continue to Infinitely scale without sacrificing security or speed, unlike any other cryptocurrency. Supported by this, Kadena then makes revolutions in the Decentralized Finance space with their smart contract language “pact”, which provides a safe and more secure foundation for all Decentralized Finance projects, just like Full Spend Yacht Club. With former SEC members working with Kadena we know Kadena is successfully achieving its goal of full SEC compliance, something Full Spend Yacht Club holds valuable.
Due to these factors, we know that Kadena is the only ecosystem we feel comfortable building on and recommending to our millions of followers.
With all these factors it is apparent that Kadena will become the strongest and most used blockchain. It is the only blockchain capable of the throughput needed for the world to function on it properly, securely, and decentralized. That’s just the beginning. Kadena is truly the only coin that can solve the Crypto trilemma.
Why we are choosing NFT's
Full Spend Yacht Club has chosen to employ NFT’s for numerous reasons building off their unique characteristics. This enables Full Spend Yacht Club to collect votes without fear of fraud and distribute benefits to our members without risk of impersonation or false claims. NFT’s provides a special code verified on the blockchain that can be used to gain special access to the benefits of Full Spend Yacht Club. With this technology, you are ensured that only the official club members have access to the benefits provided. Secure and limited access is the foundation of why we are choosing NFT to deploy our project.
Mining and POW
Why is POW and mining better?
Mining and proof of work create something that nothing else can. The security that proof of work blockchains provides, comes from the decentralized nature of proof of work. In a proof of work blockchain, every mining computer is hosting and supporting the blockchain. With 100s of thousands of individuals verifying the blockchain is authentic and accurate we can guarantee the security as well as that no one can control, change or shut down the currency. This is a huge issue in centralized finance systems and one of the chore reasons Full Spend Yacht Club is powered by crypto mining. Proof of work blockchains are open to anyone to verify and add value to everyone using the cryptocurrency.
Trajectory of Kadena
Where are we headed?
With the previously stated facts about Kadena, the sentiment for KDA is to be safely upward of $100 a coin. This is backed by the relative market cap to other currencies. Once Kadena’s ecosystem launches we expect to see the typical growth from blockchains that have projects built on top of them. This makes a $100 estimate of Kadena conservative as there are numerous estimates of seeing a $1,000 price or higher.