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With interest in crypto, the metaverse, and blockchain continuing to grow, it can be difficult to keep up. In this guide, we cover the fundamentals of Web3 and crypto.
What Is cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptographic technology, which makes it nearly impossible to counterfeit or double-spend. There’s more to it of course, but cryptocurrency is essentially laying the foundation of digital currency in the modern world.
Cryptocurrency removes the reliance on banks to verify the transaction; it can be described as a peer-to-peer system, meaning that anyone or entity such as a government can send and receive payments without regulation or hindrance.
With every transaction that someone makes, it’s recorded on a public ledger, otherwise known as the Blockchain.
The first cryptocurrency was Bitcoin, which was founded in 2009, off the back of the 2008 financial crisis. It was founded by Satoshi Nakamoto. To this day, Satoshi’s true identity hasn’t yet been revealed. There’s speculation, Satoshi actually may be more than one person.
How does the blockchain work?
A blockchain collects information together in groups, known as blocks, which hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the…
