WHAT IS CRYPTO & THE BLOCKCHAIN
Blockchain is a secure and tamper-proof method of storing data. It operates as a decen- tralized ledger, where transactions are copied and shared among a network of connected computers (nodes). This technology serves as the foundation for various cryptocurrency networks, including Bitcoin and Ethereum, as well as numerous applications that are gaining significant popularity. Each block of transaction data within the blockchain contains a unique signature derived from the preceding block, creating an interlinked chain. Public blockchain networks are associated with a specific token or cryptocurrency, which serves as a means of payment for network participants and enables external entities to engage with the blockchain.
Cryptocurrency is a form of digital currency that serves as an alternative payment method, and it is generated through the utilization of encryption algorithms. The incorporation of encryption technologies allows cryptocurren- cies to function as both a medium of exchange and a virtual accounting system. To engage with cryptocurrencies, individuals require a cryptocurrency wallet.
BLOCKCHAIN IS: “Decentralized” meaning no single party has absolute power over the network, enhancing transparency, security, and resil- ience. Each network participant maintains a copy of the blockchain.
Bitcoin (BTC) stands as the leading cryptocurrency in terms of market capitalization, representing the most prominent application of blockchain technology. Ethereum, introduced in 2015, holds the position of the second-largest cryptocurrency and has propelled the (Blockchain) technology to new heights. Ethereum expands upon the fundamental principles of Bitcoin's blockchain, aiming to foster an ecosystem of decentralized applications (dApps), platforms, and digital assets. While Bitcoin is often likened to "digital gold," Ethereum is recognized as a pioneer in Web3 and the tokenization of assets, opening innovative possibilities for decentralized digital interactions.
ISSUE 1 | WHAT IS CRYPTO & THE BLOCKCHAIN?
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