Crypto and Blockchain for Dummies
Cryptocurrency, or "crypto" for short, is a digital currency that uses encryption for security. This means that it operates independently of a central bank and is decentralized. It can be used to buy goods and services or traded for other currencies.
Blockchain, on the other hand, is the technology behind cryptocurrencies. It is a digital ledger that records transactions in a secure, transparent, and decentralized way. It does this by utilizing a network of computers to validate transactions, making it highly resistant to fraud and hacking.
When someone wants to add a record to a blockchain, also called a transaction or an entry, users in the network who have validation control verify the proposed transaction. This is where things get tricky because every blockchain has a slightly different spin on how this should work and who can validate a transaction.
The interaction with data can revolutionize the way people access, verify, and transact with one another. And because blockchain is a type of technology, not a single network, it can be implemented in many different ways.
Cryptocurrency and blockchain may seem complex, but with the right resources and education, anyone can learn about and participate in this revolutionary technology.
