Blockchain/Web3
Technology. Token. DYOR. Invest.
Last updated
Technology. Token. DYOR. Invest.
Last updated
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Our aim is so that YOU know MORE and NOT less!
It's all our money. We better pay attention!
With all the banks that are failing all around us, Blockchain and crypto world is about to explode to the next level. it's here and gaining speed. You're seeing it FOR REAL.
"Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in immutable blocks that are linked together in a chain."
Blockchain is a database shared across multiple computers.
Triggers for the database operations are called transactions.
The data contained in a transaction specifies the operation to be performed.
In an account-based blockchain, the validity of a new transaction is checked against a database of user accounts.
An account is a portion of the database identified by the account address. This is opposed to UTXO-based blockchains (such as Bitcoin, see Wikipedia page), where there is no concept of account and the validity of a transaction is based on a database of referenced past transactions.
The cost of processing the transaction and updating the blockchain is specified in the transaction fee and paid using tokens or coins.
Transactions are shared among nodes connected in a P2P network and are grouped together into blocks.
The validity of a block and all transactions within it is determined against the accounts state.
The consensus protocol specifies who has the right to forge a new block and how an agreement on blocks is reached.
After the block has been forged, it is added to the blockchain, and all state changes induced by the block transactions are applied.
What isWeb3?
Evolution of the current Internet to the next level, right before our eyes. Get involved!
The new standard to interact with Blockchain, Cryptocurrencies and de-centralized apps.
Web3 is disruptive and is currently ushering in a significant paradigm shift.
It's based on new technologies, coding & implementations.
Open - Open-source software will be used to build content platforms.
Trustless - Everyone will use Zero Trust, and network protection will reach the edge.
Distributed - Interaction between devices, users, and services will be possible without a centralized authority's approval.
Trust &Trustless
While trustless is defined by Merriam Webster as “not deserving of trust,” in the blockchain space it means something entirely different.
Trustless-ness in the blockchain industry simply means you do not need to place your sole trust in any one stranger, institution, or other third party in order for a network or payment system to function.
Trustless systems work and achieve consensus mainly through the code, asymmetric cryptography, and protocols of the blockchain network itself.
The trustless environments that blockchains have created enable the peer-to-peer (P2P) sending and receiving of transactions, smart contract agreements, and more.
What is aToken?
A crypto token or a coin is known also as a "crypto asset" also written as "cryptoasset."
It's a representation of an asset or interest that has been tokenized on an existing cryptocurrency's blockchain.
Token/coin/crypto-assets and cryptocurrencies share many similarities, but cryptocurrencies are intended to be used as a medium of exchange, a means of payment, and a measure and store of value.
Token/coin/crypto-assets are often used to raise funds for projects and are usually created, distributed, sold, and circulated through an initial coin offering (ICO) process, which involves a crowdfunding round.
What is anNFT?
NFT stands for non-fungible token.
Ethereum.org explains it as...
"NFTs are tokens that we can use to represent ownership of unique items."
They let us tokenize things like art, collectibles, and even real estate.
You ask...what's in it forme?
Simple: know it. Win. Otherwise, snooze and lose.
It's getting intertwined into everything.
Literally! We must pay attention & understand it.
You WILL use blockchain and crypto in everything.
Make it your mission to know.
Blockchain as a technology is here to stay.
Cryptocurrency is not going away.
Decentralization is a permanent on-going practice.
Current Situation (USA)
"The Securities and Exchange Commission’s (SEC) primary theory on whether a cryptoasset is a security appears to be based upon whether the blockchain project associated with a cryptoasset is, at any point in time, “sufficiently decentralized.”[
2] If so, the cryptoasset is not a security."
True Game Changer
The "Blockchain" as is, is a de facto revolutionary cryptographic technology.
It allows us to have highly-secured, distributed, decentralized, immutable storage of information. That's a lot and it's just the tip.
That's what makes it so amazing.
Blockchain has taken the engineering, business, industry and whole planet by storm.
Blockchain is disrupting the ways we interact with technology in the same way the early Internet did in the early 2000s. Most of us grew up with this.
We're ALL still learning its benefits by leaps and bounds.
Few Terms to know...again...DYOR, please.
Polygon
Airdrops
ICO = Initial Coin Offering
IEO + Initial Exchange Offering
IDO = Initial Decentralized Exchange (Dex) Offering
Smart Contracts
DeFi & dApps
NFT stands for non-fungible token.
Custom (native) Blockchain
Polygon (MATIC)
Ethereum (ETH)
DeFi & DApps
DAO
Layer-2
Layer-1
Web3
Web 3.0
Blockchain Explorer (for verifications)
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OurBlockchain
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