Bitcoin – An Introduction to Bitcoin Bitcoins – the currency which has been running waves across the world. And why shouldn’t it? It has been a long time since any revolutionary concept has come about in regards to...
24blockchains.com takes you beyond the basics of Bitcoin, and is the next step down the inevitable rabbit hole of cryptocurrency. Within this community you will learn more about Bitcoin, and its influence on other popular blockchains and their roles in the crypto space. We will walk you through the basics of smart contracts, decentralized exchanges (DEXs), decentralized finance (DeFi), and self custody solutions for your cryptocurrency coins.
Fun Crypto Facts;
What is a Smart Contract?
Smart contracts are self-executing contracts where the terms of an agreement between two parties is written into code, then executed once the conditions in the code have been met. Within blockchain code is law, and once the contract has been executed, the conditions of the contract are irreversible.
What is DeFi?
Decentralized Finance; A term for open and permissionless finance done on the blockchain. Financial intermediaries are currently being replaced by smart-contract technology, including banks, brokerages, exchanges, money markets, escrow services, derivatives, borrowing, and lending. Synthetix.io is a perfect example of derivatives using DeFi.
What is a DEX?
Decentralized Exchange; Decentralized exchange technologies allow users to buy or sell cryptocurrency through an automated peer-to-peer process that is trustless, and does not require a third party. The most popular DEX is uniswap.org where you can exchange crypto directly through your crypto wallet.
What is a DAO?
Decentralized Autonomous Organization; Unlike traditional organizations, a DAO is independent of its creators control and can not be censored by a single entity. Instead it is governed by the majority vote of the organization’s participants, usually token holders, via open source, smart-contract based code. Makerdao.com is one example of a DAO.
What is The Decentralized Web?
Blockchain technology is the foundation protocol for Web 3.0, also known as The Decentralized Web. Web 3.0 promises to make the internet free again via peer-to-peer uncensorable communications of data. Services are distributed rather than localized, and users retain ownership over their own data. Web 3.0 transactions allow users to exchange digital assets, and share data, while maintaining total control over their own data and financial accounts. UnstoppableDomains.com is a great example of how powerful web 3.0 really is.
What is Self Custody?
In crypto there is a saying; "Not your keys, not your coins". Many people get involved in the crypto space because they want to take a more hands on approach to their wealth. They no longer trust banks, or other financial institutions, and are sick of paying middle man fees for the services they provide. When you self custody your own funds, only you have access to them. This comes with huge benefits, and well as huge responsibilities. No one, not even the government can access your funds without your permission, and this is also true if you lose your password or private key. There are many multi-crypto wallets such the ledger that make it easy for anyone to create a wallet and store their crypto, but always remember to make an offline backup and store it in a secure place.
If you have questions about a coin or project, visit our forum and join in with our members as we try to answer several crypto related questions.
These questions include;
- Does this coin/project have a purpose? – If so what?
- Does this coin/project solve real problems? – If so what?
- Does this coin/project have a road-map – If so are they meeting targets?
- Does this coin have an actual product yet? – If so, where?
- Does this coin/project remain active with project details and updates?
- How strong is the team behind each coin?