The infamous 51% attack! As we dive into the world of blockchain security, it’s essential to understand this critical concept that can make or break the integrity of a decentralized network. So, what exactly is a 51% attack? In simple terms, it’s when an individual or group controls more than half of the total mining…
So you want to know how gas fees are determined in blockchain transactions? Well, let me tell you – it’s a fascinating topic that can be a bit complex, but I’m here to break it down for you in simple terms. First off, gas fees are a crucial component of the Ethereum network, which…
As we dive deeper into the world of blockchain and cryptocurrencies, it’s essential to understand one of the most critical concepts: the blockchain fork. I’m excited to share my knowledge with you, and by the end of this explanation, you’ll have a solid grasp on what a blockchain fork is and why it happens. So,…
The world of blockchain and cryptocurrencies can be overwhelming at times, especially when it comes to understanding the nuances between different digital assets. As your teacher, I’m here to guide you through one of the most common confusions in this space: what is a token, and how does it differ from a coin? This question…
Let me explain the concept of a consensus mechanism in detail. In the context of blockchain and cryptocurrencies, a consensus mechanism is a crucial component that enables multiple nodes on a network to agree on the state of the ledger, also known as the blockchain. It’s essentially a decision-making process that allows nodes to…
Decentralized applications, or dApps – the buzzword that’s been making waves in the blockchain and crypto space lately! As your teacher, I’m excited to dive into the world of dApps with you, exploring what they are, how they work, and why they’re such a big deal. So, let’s start with the basics. You might…
Transactions verification is one of the most crucial processes in a blockchain network, ensuring that all transactions are valid, secure, and irreversible. In this explanation, we will dive into the details of how transactions are verified on a blockchain. To start with, let’s break down what happens when a transaction is made on a…
I’d be happy to explain what blockchain technology is, and how this thing works. It simply allows a transaction occurring between two ends on a network to be recorded in a secure, transparent digital ledger-a basic blockchain technology concept where other digital currencies like Bitcoin and Ethereum base their foundation, although their use extends a…
Creation of cryptocurrencies is a rather complicated process involving many steps and requiring substantial knowledge in cryptography, computer science, and economics. I will break down this process into major components for better understanding of how the creation of cryptocurrencies is performed. First, let’s begin with the very basics. Cryptocurrencies are digital or virtual currencies…
As we dive deeper into the world of blockchain and cryptocurrencies, I’m excited to share with you one of the most fascinating applications that’s been making waves in recent years: DeFi, or Decentralized Finance. So, what exactly are DeFi applications? In simple terms, DeFi refers to a set of financial services and tools that operate…