Technology Behind LandOrc
Ethereum Blockchain
In the previous par we looked at Blockchain Technology in general. Today we will look at Ethereum Blockchain. LandOrc’s technology stack is currently built on the Ethereum blockchain.
Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity. As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. The network’s users can create, publish, monetize, and use applications on the platform, and use its Ether cryptocurrency as payment. Insiders call the decentralized applications on the network “dApps.”
Ethereum was created to enable developers to build and publish smart contracts and distributed applications (dApps) that can be used without the risks of downtime, fraud, or interference from a third party. One of the reasons why LandOrd chose Ethereum Blockchain.
Ethereum has led to the creation of new products and services that can improve different areas of our lives. Some of the use cases are being Decentralized Finance (DeFi), Non-fungible tokens (NFTs) and Decentralized Autonomous Organization (DAOs).
Decentralized Finance (DeFi)
DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum with an internet connection. Through DeFi, the markets are always open and there are no centralized authorities who can block payments or deny you access to anything. Services that were previously slow and at risk of human error are automatic and safer now that they’re handled by code that anyone can inspect and scrutinize.
There’s a booming crypto economy out there, where you can lend, borrow, long/short, earn interest, and more. Companies have started streaming their employees their wages in real time. Some folks have even taken out and paid off loans worth millions of dollars without the need for any personal identification. A concept that LandOrc follows through their LorcFinancing.
Non-Fungible Tokens (NFTs)
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. This is where LandOrc comes in. The collateral given by land developers will be converted into NFTs. They can only have one official owner at a time and they’re secured by the Ethereum blockchain — no one can modify the record of ownership or copy/paste a new NFT into existence.
Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties. Fungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties. For example, ETH or dollars are fungible because 1 ETH / $1 USD is exchangeable for another 1 ETH / $1 USD.
With these basic terms covered our next part will look into the tokens of LandOrc. Meanwhile, LandOrc has started its private sale. Remember to load some LORC tokens through https://landorc.io/private-sale.html
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