Connect with us

Business

NFTs and Smart Contracts Made Easy: Lexyom Simplifies Smart Contract Creation and Auditing to Save Clients Time

mm

Published

on

Just one year ago, NFTs remained largely outside mainstream public discourse, known and understood only by fringe groups of crypto enthusiasts. By the end of 2021, however, the phenomenon had grown into a $41 billion industry. An NFT, or “non-fungible token”, refers to verifiable ownership of digital material through the use of blockchain technology. At the outset, the digital ‘material’ being bought and sold online mostly consisted of digital art, however, as the year progressed, creators and programmers consistently stretched the boundaries of the term. Tweets, virtual clothing, and even sequences of DNA all sold for increasingly large sums in 2021 as investors and fans rushed to purchase them in the form of NFTs. 

NFTs function by way of smart contracts, which power the tokens’ transferability and verification of ownership. Still, despite their critical role in the production and trading of NFTs, smart contracts and their importance remain less discussed.

What are Smart Contracts?

Like traditional contracts, smart contracts are used anytime two parties wish to establish terms and mutual obligations through a binding contract. The difference between them lies primarily in smart contracts’ utilization of blockchain technology, which allows for decentralized, transparent, and automated agreement execution, without the need for traditional third party involvement. 

NFTs are minted through smart contracts that assign original ownership, while still allowing for transferability. When someone mints an NFT, they execute code stored in smart contracts that conform to different standards, such as the most commonly used standard: ERC-721.

Where does Lexyom come in?

Lexyom creates custom smart contracts for minting NFTs, producing a totally unique body of code for each individual client. Where platforms such as OpenSea operate through a shared hosting system, thereby negating one of the central premises of the crypto ethos: decentralization, Lexyom works to write smart contracts free from the oversight of a single authority. What would happen should such large platforms go down for maintenance?

Centralized conformity to pre-existing standards entails a general loss of security by way of overreliance on a single authority to execute code. 

Beyond this, Lexyom offers a smart contracting auditing service, for clients seeking to verify the credibility and strength of already existing contracts. Their team of Web 3 developers brings years of project experience to review the contract and ensure it functions clearly, coherently, with the full validity and transparency necessary to guarantee client satisfaction. Smart contract auditing serves as a final stamp of approval from an accredited legal service provider.

For more information, or to learn how you can create or audit your own smart contracts, visit www.lexyom.com

Twitter: @LexyomLaw
Instagram: @LexyomLaw

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Business Strategies of Michael Gastauer

mm

Published

on

Michael Gastauer, a German billionaire and entrepreneur, has led Black Banx to remarkable heights with his innovative strategies in the digital banking sector. As the founder and CEO, his vision has transformed Black Banx into a significant player in the global financial industry, serving millions and revolutionizing banking practices. 

Gastauer’s approach has been distinctly customer-centric, focusing on solving real-world problems through accessible financial services. This strategy has not only captured a vast market share but also established Black Banx as a model of innovative fintech success.

Innovate Early and Often, Invest Strategically

Gastauer’s journey began with a robust foundation in the fintech sector, where he initially created and later sold a payment services company for US$480 million. 

This significant capital boost allowed him to invest in his next venture: Black Banx. Launched in 2014, Black Banx differentiated itself by offering real-time account opening and cross-border payment solutions to a global audience, addressing major inefficiencies in traditional banking. 

Gastauer’s foresight in identifying and investing in these key areas early on allowed Black Banx to scale quickly and efficiently. His strategy was clear: leverage high initial investment to accelerate growth and secure a substantial market presence before competitors could catch up.

Within a year of its inception, Black Banx expanded rapidly, reaching over 1 million customers. This was just the beginning, as the platform soon integrated cryptocurrency options, enhancing its appeal and utility for a broader client base. By the end of 2018, Black Banx was valued at US$9.8 billion, a testament to its rapid growth and the successful implementation of its business model. 

Gastauer’s bold move to integrate cryptocurrencies early in the game positioned Black Banx as a pioneering force in fintech, well ahead of traditional banks.

Pinpoint Problems and/or Challenges

One of the core components of Gastauer’s strategy was to tackle financial exclusion head-on. Black Banx made significant strides in offering banking solutions to the unbanked and underbanked, particularly in regions with limited access to traditional banking services. 

By leveraging technology and strategic partnerships with mobile network operators, Black Banx has been able to extend its reach and offer innovative banking solutions to millions worldwide. This strategic alignment with mobile operators has been crucial, as it taps into an existing infrastructure to reach remote areas, significantly lowering the cost of expansion.

The platform’s ability to facilitate quick, cost-effective international money transfers has been a game-changer, particularly in markets like the Middle East, Asia, and Africa. This not only supports individuals and businesses in these regions but also contributes to the overall growth and stability of the global economy. 

Gastauer’s focus on simplifying and reducing the cost of these transactions demonstrates a deep understanding of the core needs of his customers, thereby enhancing customer loyalty and trust in the brand.

Take a Tech-Driven Approach

Under Gastauer’s leadership, Black Banx has remained at the forefront of technological integration within the banking sector. The adoption of blockchain, AI, and data analytics has enabled the platform to offer personalized financial services, enhancing customer experience and satisfaction. 

This technology-driven approach ensures that Black Banx stays ahead of industry trends and continues to offer relevant and secure banking options. Gastauer’s commitment to integrating advanced technology not only streamlines operations but also provides a scalable model that supports continuous growth and adaptation in a rapidly evolving market.

Leave No Market Unturned

Gastauer’s vision for Black Banx was never limited to a single region. By 2023, the company had expanded its services to include 28 FIAT and two cryptocurrencies, with a robust presence in over 180 countries. This global approach has not only diversified the company’s customer base but also minimized regional economic risks, allowing Black Banx to thrive in a competitive and fast-changing financial landscape. 

The strategic decision to operate across diverse markets also mitigates the risk of localized economic downturns affecting the overall health of the company.

Set Milestones

The year 2023 was a landmark year for Black Banx, as it reached 39 million customers and reported revenues of US$2.3 billion. The company’s ability to maintain a high rate of customer acquisition and satisfaction speaks volumes about its effective strategies and customer-focused approach. 

The first quarter of 2024 continued this trend, with Black Banx announcing a pre-tax profit of US$639 million and revenues of US$2.1 billion, driven by strategic implementations like fixed monthly account maintenance fees. Gastauer’s strategy to introduce fixed fees was a calculated risk that paid off, providing stable revenue streams and further solidifying Black Banx’s financial foundation.

Michael Gastauer’s strategic foresight and relentless innovation have propelled Black Banx to new heights, making it a leader in the digital banking sector. His commitment to financial inclusion, coupled with an aggressive expansion strategy and technological integration, has not only shaped the future of Black Banx but has also set a new standard in the industry. 

Continue Reading

Trending