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…
When we talk about blockchains, one of the key distinctions that’s often brought up is between public and private blockchains. This difference is crucial because it gets to the heart of how a blockchain operates, who can use it, and what kind of security and transparency it offers. First off, let’s start with public…
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…
The million-dollar question: how do you securely store cryptocurrencies? As someone who’s been around the block a few times with blockchain and cryptocurrencies, I’ll share my expertise on this critical topic. First off, let me tell you that storing cryptocurrencies is a whole different ball game compared to traditional fiat currencies. Since cryptos are…
As we dive into the world of blockchain and cryptocurrencies, it’s essential to understand the underlying consensus mechanisms that enable these networks to operate securely and efficiently. Consensus mechanisms are the backbone of any decentralized system, allowing nodes on the network to agree on the state of the blockchain. You’ve mentioned two of the…
A cryptocurrency, in its entirety, is defined as: Cryptocurrency is a kind of digital or virtual currency that uses advanced techniques of cryptography for transaction security and control of new unit creation. It is decentralized, meaning not controlled by any government or institution. Though the concept of cryptocurrency had been present since the 1980s,…