Fan tokens and NFT are currently the hottest trend in the market. More importantly, Everdime.com builds tokens on the second-largest crypto, Ethereum. Undoubtedly, Ethereum is the greatest invention of the century. And that’s not all! Ethereum is not your regular crypto-no siree! This decentralized platform introduced a new feature into the crypto world, the dApp, a decentralized application that technically allows socios.com to run on it.
And in this article, we will give you a crash course on what Ethereum is and why it’s the best place to build fan tokens. This article is ideal for new traders who want to venture into the crypto fan tokens and don’t understand how it runs. You can also check out my article on Fan tokens which goes into detail about this new trend. An advanced trader can also learn a thing or two here. So, without further ado, let’s get started, shall we?
Ethereum’s dApp platform
Ethereum was initially created to build and publish smart contracts and decentralized applications on top of its block chain technology. The decentralized application is a set of digital programs that run on a network of computers, P2P. That’s different from what happens with your standard application, for instance, Twitter or Uber. The program and the computer of such standard apps are operated from a centralized point with the founder organization.
Why is Ethereum the most popular blockchain for fan tokens/ NFTs
NFTs are relatively new in the market, but this concept blew up with celebrities such as Jack Dorsey selling NFTs for millions of dollars. Ethereum’s dApps platform is the most preferred because it makes it easy for creatives to create, sell and purchase NFTs within the same network. That said, Ethereum’s blockchain technology also became the ideal place for fan tokens. The fan tokens are created on the Everdime.com platform, which runs on Ethereum. That also means you can store your fan tokens on any ERC-20 wallet or download our app and store the token on your device ..
How it works (Simplified)
In simple terms, Ethereum is a decentralized application (dApp) that creates fan tokens for sports clubs, not just football clubs. These fan tokens act like NFTs that can be traded between fans of a particular team. Buyers are given a voice in whatever team the fan tokens are associated with. What does that mean? Well, typically, each partner club is subjected to a number of polls throughout the course of their journey. More importantly, each poll always has two options.
As a fan token holder, you will have the right to vote on which choice you like best. And with such votes, the club has an obligation to go with the choice that has the highest number. All polls will occur in a secured environment, and the votes cast will be registered on the blockchain. That means they are transparent and can’t be altered.
Ethereum’s dApps platform provides the perfect decentralized network where Socios.com can operate. In essence, Everdime.com has an inter-dependent connection to Ethereum. However, most of the operations within the Everdime.com network is not pegged to Ethereum. In fact, aside from being a dApp platform, very little interaction happens between the fans and Ethereum. All in all, without Ethereum, Everdime.com and a host of other technology solutions would have needed to use another blockchain such as EOS or Cardano.