Fincor Blockchain

Whether in a professional or private context, each of us regularly encounters a type of Internet scam called phishing. Aware means armed: to prevent you from becoming a potential phishing victim, we'll tell you what phishing can be like:

📍Spear Phishing, mainly targeting organizations to gather information about potential victims.

📍Smishing is sending an SMS with a request to open a link contained in a message.

📍Vishing is when attackers create a WiFi network, which, when connected, takes users to a phishing site.

📍Social media and search engine phishing: In August 2019, Fstoppers reported a major Instagram phishing scam where users unknowingly gave hackers access to personal information.

And then there's Whaling, Clone Phishing, Evil Twin Phishing and, most annoyingly, phishing is already reaching out to blockchains, custodial wallets and even smart contracts.

How does a smart contract work in blockchain?

The creator of the concept of smart contracts, Nick Szabo, compared how smart contracts work to soda machines. We're going to give you an example of online marketplaces.

If the marketplace allowed the buyer and seller to use a smart contract as the basis for trading, this form of fraud would be virtually impossible.

Imagine, a buyer transfers a specified amount for an item into a smart contract. The seller can verify that the transfer has been made and ensure that the merchandise is mailed. If the seller fails to ship the item within the specified time, the money goes back into the customer's account.

When the customer confirms receipt of the goods, the smart contract "releases" the money and sends it to the seller's account. In this way, neither party benefits from trying to cheat the other.

Surprisingly, DAO replaces managers with smart contracts. Now let's explain 👇

Essentially, in DAO, managers are replaced by smart contracts that define the rules of the organization. This allows much faster decision-making and reduces the cost of management in general.

Let's also note the special advantage that blockchain offers: everything is completely transparent. All the rules contained in a smart contract are open source, so anyone can view them. This also applies to all transactions the DAO makes on the blockchain.

Membership in a DAO is often through a fixed allocation of tokens to members (airdrops, rewards) or simply by buying and owning the relevant token. The possibilities of using DAOs are very diverse, as blockchain allows the creation of new forms of organization and collaboration.

The depths of the blockchain ocean harbor hundreds of unique blockchain protocols, each with different functions depending on the company that runs them. The main types of blockchain protocols are:

✔️Hyperledger, an open-source blockchain platform developed by the Linux Foundation.
✔️Quorum is an open-source project that is an enterprise blockchain protocol.
✔️Corda is a blockchain protocol originally designed to provide privacy and security for companies operating in the financial sector.
✔️Ethereum is an open public blockchain in which anyone can write smart contracts and dApps using the built-in Solidity programming language.
✔️Multichain is an open-source project that was originally created for private blockchain networks and commercial organizations.

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