General Blockchain FAQs

What is Blockchain?

Imagine a database that stores information in blocks, each block securely linked or 'chained' to another. This chain of blocks is distributed across a large number of computers, which ensures that the information is transparent and can't be tampered with. That's the very essence of the blockchain.

How is blockchain different from traditional databases?

Conventional databanks, such as banks' transaction management, are centralized, meaning there is a single server and databank that provides the service, in this case, banking. Blockchain is decentralized, meaning information is stored on many computers all agreeing on a common truth, making it difficult to impossible for one person or entity to change or control data without others knowing.

Why is blockchain considered to be secure?

Each block in the chain has unique codes (cryptographic hashes) and the code of the previous block. If someone tries to change the information in a block, its code will change and it will be obvious that something has been tampered with because it won't match the next block referencing it - making hacking very difficult.

What are some of the benefits of using blockchain?

Blockchain offers transparency, increased security, reduced transaction costs, and traceability. It allows multiple parties to simultaneously access a constantly updated digital database as a single source of truth. This ensures trust and integrity in transactions.

How can blockchain benefit my business?

Blockchain can streamline business processes, ensure data integrity and security, for example through immutable backups, provide a transparent audit trail making it easier to prove compliance, reduce fraud, and open up new revenue streams or models not previously possible.

What is a smart contract?

A smart contract is a piece of software that runs on a blockchain. Traditional software, for example, the logic of an e-Commerce-Shop, is usually stored and executed on a single server. Smart contracts, on the other hand, โ€œliveโ€ on the blockchain and are stored and executed on a global, distributed network of servers. That makes decentralized code much more resistant to censorship or attacks, as they have no single point of failure. A hacker attack on a single server can instantly put down a companyโ€™s entire offering - regarding blockchain-based software, a potential hacker would have to take over hundreds or thousands of globally distributed computers, which is technically and economically almost impossible.

How can I develop a smart contract?

Smart contracts are developed in a very similar approach to traditional software. They can store different pieces of data and expose functions to read from and write to that data, or to make calculations. Smart contracts are most often developed in a special programming language called Solidity, but emerging technologies enable to write Smart Contracts in more and more well-known programming languages that most traditional developers know already. New to blockchain development? ONINOโ€™s beginner-friendly AI-based development assistant can build your smart contract code for you. Just tell it about your desired business logic - and it will implement it for you.

How can I deploy and run a smart contract?

Traditional software, such as SaaS tools or online shops, is deployed to a server (or cluster of servers). That means, the software is stored and started on the server, which then allows people on the internet to access it

Contrary to that, smart contracts are deployed directly on the blockchain. For that, the software is translated (in tech jargon, compiled) into a code that the blockchain can understand. Then, you write that software onto the blockchain by attaching it to a transaction. Your software then lives and runs on the blockchain. It is stored there on a certain address, and when you know it, you can easily interact with it.

ONINOโ€™s automated beginner-friendly deployment tools help everyone to deploy their decentralized software on the blockchain and bring it live in minutes - without the hassle and complex deployment pipelines.

What does ONINO do?

ONINO helps, in particular, small and medium-sized enterprises to harness the power of blockchain for their business - without the massive costs or the need to hire a whole team of blockchain experts. We help companies find the right business case, develop it with our AI-based assistant, or choose from our extensive template library, deploy it with ease, and integrate their blockchain-based solutions into their existing infrastructure in no time.

How does ONINO's blockchain platform work?

Think of it as a do-it-yourself kit for blockchain! Companies can set up their own "sub-chain" (a customized blockchain) or use ONINO's public network. We will provide them with tools and guides to help them build their solutions on top of these blockchains and integrate them into their existing systems.

I'm a startup. How can ONINO help me with tokenized fundraising?

ONINO helps startups integrate a token into their business model meaningfully. We don't just create the next meaningless meme token, but place great emphasis on designing robust, meaningful, and mathematically sound token-economic models and incentive mechanisms that create sustainable value for your start-up and your users and are deeply integrated into the business model. We guide startups through the entire process: from creating a robust plan to helping them raise funds to launch their business by selling those tokens through blockchain-based crowdfunding, to helping them implement their blockchain solution on the ONINO Mainnet.

What's the difference between ONINO Mainnet and sub-chains?

The ONINO Mainnet is our primary public blockchain that everybody in the world can use and build on.

On the other hand, the Sub-Chains are like private rooms that are tailored to the needs of individual companies and offer more customization - for example, they allow for computational or geographical settings to remain GDPR compliant. Additionally, building on your own blockchain ensures that your application is not disturbed by activities on the global public blockchain - imagine it like a private road you can take when the highway is traffic jammed.

Despite the adaptability, ONINO Sub Chains are anchored in and validated by the ONINO Mainnet and benefit from the security of a global network

How does ONINO make blockchain easy for businesses?

We are simplifying the technical jargon, providing a step-by-step guide and offer the necessary tools to vastly enhance the developer and user experience. We ensure companies have a smooth journey with blockchain, from setting up the infrastructure to developing solutions using templates or AI assistance, to integrating with current systems.

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