What is the relationship between triple entry accounting and the blockchain?

In the double-entry accounting system, at least two accounting entries are required to record each financial transaction. The limitations of these principles have led to the rise in fraud and the increasing dependency on auditors to establish the accuracy of the entries.

Then in 1986 triple entry accounting was conceived by the late Yuji Ijiri, a professor at Carnegie Mellon University. It was an enhancement to the traditional double entry system in which all accounting entries involving outside parties are cryptographic sealed by a third entry. The applications of this triple accounting technique has now gone on to power the blockchain and the crypto industry.

Cryptolocally is a decentralized fiat onramp into crypto

If you are sick of
paying high transaction fees to banks and centralized exchanges
having to deal with stupid KYC processes
and governments being able to snoop in on your financial activities
Then check out Cryptolocally. It uses a non-custodial escrow deployed as a smart contract on the blockchain to facilitate trades between individual users who want to buy and sell fiat currencies and crypto currencies in a safe and secure peer to peer manner.

What is a DAO (Decentralised Autonomous Organization)?

A decentralized autonomous organization (DAO) is an entity with no central leadership that is organized around a specific set of rules. These rules are enforced on a blockchain using smart contracts, which are essentially chunks of code that automatically execute whenever a set of criteria are met. These smart contracts establish the DAO’s rules.

What is a smart contract?

Smart contracts are computer programs that are stored on a blockchain and are executed when certain conditions are met. They typically are used to automate the execution of an agreement so that all participants in the contract can be immediately certain of the outcome, without the involvement of any middle man like lawyers or government agencies

What is the difference between custodial wallets and non-custodial wallets?

There are two types of wallets – custodial wallets and non-custodial wallets. The biggest difference between the two types of wallets is who has access to and control of the cryptographic keys that are used to sign transactions. With non-custodial wallets you own and control access to the cryptographic keys. With custodial wallets, a custodian like an exchange owns and controls access to the cryptographic keys. They have ultimate control over the coins in the wallet, not you.

What is impermanent loss?

Impermanent loss is a risk that is associated with being a liquidity provider to a decentralized exchange. It happens when the price of the tokens change compared to when you deposited them into a liquidity pool on a decentralized exchange. The larger the change is, the bigger the loss. Note that, you don’t actually have … Read more

What is a rug pull?

A rug pull is a type of crypto scam that occurs when a team pumps their projects token before disappearing with the funds. A recent example is the SQUID token, which saw the token reach $2,850 in value at its peak. Once the developers’ rug pulled they prevented traders from selling. The coin crashed by … Read more

What is the time value of money?

Time value of money means that a sum of money is worth more now than the same sum of money in the future. This is because money can grow only through investing. An investment delayed is an opportunity lost. So Time literally is money. To invest now is to delay gratification. Delayed gratification is basically your ability to … Read more