June 30, 2022
What is mining?
TL;DR Mining is the process by which a proof-of-work (PoW) blockchain mints new coins and validates transactions by essentially “outsourcing” the computational power needed to run the entire blockchain. Participants who contribute in running the network are called “miners” and are compensated for their work with newly minted cryptocurrency. What is mining? In cryptocurrency, mining […]
June 30, 2022
What is staking?
TL;DR Proof-of-stake (PoS) is an alternative consensus protocol that is more energy-efficient and faster than the more conventional Proof-of-Work (PoW) mechanism used by Bitcoin. PoS involves network nodes putting up a stake as collateral in order to participate in validating transactions and earning the network rewards, instead of solving cryptographic hashes as it is with […]
June 29, 2022
What are dApps and why do we need them?
TL;DR A decentralized app (dApp) is an application that runs on a blockchain. Instead of connecting to a server, dApps make use of smart contract technology to connect and interact with on-chain data and facilitate peer-to-peer (P2P) transactions among users without the need for third party intermediaries. What is a decentralized application (dApp)? DApps […]
June 28, 2022
What is the metaverse?
TL;DR After social media, the metaverse will be the next reiteration of the internet wherein all of our day-to-day, real-world interactions can be migrated onto, providing 3-D virtual spaces and entire digital worlds for us to “live” in. From going to school or work, shopping, or attending live concerts, the applications of the metaverse are […]
June 28, 2022
What are NFTs?
TL;DR Non-fungible tokens (NFTs) are unique digital assets on a blockchain. Unlike cryptocurrency tokens that can be exchanged freely for another token of its kind (a bitcoin can be exchanged for any other bitcoin), NFTs can be representations of artworks, gaming items, or documents that exist distinctly by themselves and cannot be replicated, giving them […]
June 24, 2022
Cryptocurrency vs stock trading
TLDR; The stock market and cryptocurrency market both offer numerous possibilities. But knowing the differences between the two is useful in developing a larger perspective about investing in general and helpful in refining one’s strategies. A few differences you need to consider between the cryptocurrency market and the stock market are the hours of operation, […]
June 24, 2022
Types of cryptocurrencies: Coin vs token
TL;DR The terms “coin” and “token” are often used interchangeably within the cryptocurrency space but they do have many differences depending on utility and development. Coins are used primarily as a mode of payment, while tokens have specific use cases within certain applications such as decentralized finance (DeFi) or play-to-earn (P2E) gaming. Coins also exist […]
June 23, 2022
Trading vs investing
TL;DR Trading and investing are two different routes towards achieving the same goal of growing one’s money. However, the key difference is that trading requires more conscious handling in order to produce short-term profits while investing involves less effort and monitoring and is more concerned with long-term gains. Trading and investing are done traditionally through […]
June 22, 2022
What are crypto wallets?
TL;DR Cryptocurrency wallets are what we use to access our cryptocurrency. There are two types of wallets: “hot” wallets and “cold” wallets. A hot wallet is a software wallet that is always connected to the internet for easier access while a cold wallet is a hardware wallet that can be kept offline for added security. […]
June 21, 2022
How do you keep your crypto safe?
TL;DR Because the blockchain is a decentralized system, this also means that users themselves have a responsibility for safeguarding their assets. There are a number of basic steps to keep in mind such as choosing what kind of wallet to use, keeping passwords and seed phrases safely stored, and choosing only reputable exchanges to trade […]