BLAST Coin Complete Analysis: A Complete Guide for Beginners
Hello! Today, we're going to take a closer look at the BLAST coin, which has been getting a lot of attention recently. Let me explain it in a friendly way so that even those who are new to cryptocurrency investment can easily understand it. Let's go into the world of Blast Coin together. 😊
What is Blast Coin?
Blast Coin is an innovative digital asset that has recently been attracting attention in the cryptocurrency market. This coin was developed based on high-performance blockchain technology to solve the speed and scalability problems of existing cryptocurrencies.
In particular, Blast is closely related to the gaming industry. It is designed to play a key role in in-game item trading, P2E (Play-to-Earn) systems, and the metaverse economy. Unlike general cryptocurrencies, Blast has practicality that can be immediately utilized in the actual gaming ecosystem.
Birth and History of BLAST Coin
The history of BLAST Coin began with the innovative changes in the game industry in 2021. At that time, as NFT games and metaverses grew rapidly, awareness spread that existing payment systems had limitations.
The BLAST development team identified the real needs of game developers and players and decided to create a dedicated cryptocurrency that could solve them. After about a year of development, it was officially launched in early 2022 and received hot attention from the game community immediately after its launch.
We are currently expanding the ecosystem through continuous updates and partnership expansion. In particular, we are currently exploring a wider range of applications through cooperation with large game publishers.
How does BLAST Coin work?
The core technology of BLAST Coin is the 'hybrid consensus mechanism'. This is an innovative method that combines the advantages of existing proof of work (PoW) and proof of stake (PoS). Thanks to this, fast transaction processing speed (about 10,000 transactions per second) and low fees can be realized at the same time.
All transactions are transparently recorded on the distributed ledger, and automated transaction execution is possible through smart contracts. It works in a way that rewards are automatically paid out or item transactions are completed immediately when certain conditions are met in the game.
Blast also supports cross-chain functions to ensure interoperability with other blockchain networks. This allows all transactions to be processed with a single wallet on various game platforms.
Where is the Blast coin used?
The scope of Blast coin utilization is much wider than you might think. The most representative use case is, of course, the game industry. It is used for various game-related payments such as purchasing in-game items, character upgrades, and tournament participation fees.
It is also actively used in the NFT marketplace. It has become a major payment method for digital art works, game item NFTs, and real estate transactions in the metaverse. In particular, game-related NFT transactions also offer fee discounts when using Blast Coins.
Recently, it has also begun to be introduced as a payment method in general online shopping malls and entertainment platforms. In particular, when purchasing game-related goods or digital content, you can often receive additional benefits when using Blast Coins.
Exchanges where Blast (BLAST) Coins can be traded
Currently, Blast Coins are actively traded on major domestic and foreign exchanges. In Korea, large exchanges such as Upbit, Bithumb, and Coinone allow direct KRW trading. Stable trading is possible due to sufficient trading volume and liquidity.
For overseas exchanges, you can trade on Binance, Coinbase Pro, Kucoin, and FTX. Overseas exchanges have the advantage of providing a wider range of trading pairs and derivatives.
Since each exchange has a different fee structure, we recommend comparing them. In general, the higher the trading volume, the more you can receive a discount on fees, and you can also enjoy additional benefits through the VIP level system.
Active BLAST Coin Community
One of Blast Coin's biggest strengths is its active community. The official Discord server has over 20,000 users from all over the world, sharing information in real time.
The development team communicates directly through the official Telegram channel, sharing the latest development progress and updates. They also regularly hold AMA (Ask Me Anything) sessions to directly answer questions from community members.
In Korea, there is a communication space exclusively for Korean users through KakaoTalk open chat rooms and Naver Cafe. Here, we share information specific to the Korean market, trading tips, tax-related information, etc.
The r/BlastCoin subreddit on Reddit is also very active. It is a space for in-depth discussions on technical analysis, investment insights, project analysis, etc.
How to Safely Store Blast Coins
Storing Blast Coins safely is just as important as investing. They can be broadly divided into hardware wallets and software wallets.
Hardware wallets such as Ledger Nano and Trezor support Blast Coins. Since they are stored completely offline, there is almost no risk of hacking, so they are preferred by large holders. However, the initial purchase cost is high and the usage method can be somewhat complicated.
As for software wallets, the official Blast wallet, 'BlastWallet', is the safest and most convenient. It is available in both mobile and desktop versions, and you can set up additional security with fingerprint recognition or PIN code.
You can also use the Blast network by adding it to MetaMask. If you are already using MetaMask, it is convenient because you can just add the network.
Things to know when investing in Blast (BLAST) coins
If you are considering investing in Blast coins, please keep a few important things in mind. First, the cryptocurrency market is very volatile. Prices can fluctuate by 10-20% or more in a day, so please be psychologically prepared.
Second, it is important to accurately understand your investment tendencies and financial situation. We recommend that you only invest with spare funds that you can afford to lose, and limit the proportion of risky assets to 5-10% of your total portfolio.
Third, continuous learning and information gathering are essential. We hope that you will consistently monitor the Blast project's roadmap, partnership news, and technical updates. In particular, changes in trends in the gaming industry can have a significant impact on the Blast coin price.
Lastly, emotional investment is prohibited. FOMO (Fear of Missing Out) or selling out of fear can lead to large losses. It is important to make an investment plan in advance and stick to it thoroughly.
Future outlook for Blast (BLAST) coin
The future of Blast coin is closely related to the growth of the game industry. As the metaverse and P2E game markets continue to grow, the utilization of Blast coin is also expected to increase.
In particular, partnerships with major AAA game titles are scheduled for the second half of 2024. This is likely to significantly expand the user base. In addition, Blast's own game platform launch is also planned, so the ecosystem is expected to become more robust.
Continuous improvements are also being made on the technical side. 'Blast 2.0', currently under development, is expected to provide improved scalability and user experience. This continuous innovation seems to be a positive factor for the long-term growth of Blast Coin.
This concludes the detailed analysis of Blast Coin. Always approach cryptocurrency investment with caution and establish and stick to your own investment principles. I hope Blast Coin will have a positive impact on your portfolio! 😊