Blockchain and why you should choose it yourself
Blockchain is no longer strange to us. There have been many users investing in and making profits. However, not everyone understands clearly the concepts surrounding blockchain.
This blog by Another Dao hopes to provide a basic conceptual foundation for newbies as well as reinforce knowledge for other participants.
- Blockchain
Blockchain is a technology platform that stores data in blocks that are chained together. The data is always updated continuously to ensure accuracy and synchronization.
To put it simply, Blockchain is like a big book that records all the activities and transactions of users. Each blockchain participant will own a copy of this book to control and understand transaction information on that platform.
2. Cryptocurrency
Cryptos are digital currencies created on blockchain technology. They are created by algorithms, that derive their value and validity from the blockchain.
Traditional currencies like dollars, pounds, and shillings we are too used to. Well, cryptocurrencies are digital currencies, so you can not hold, or physically affect them, but you can use them to trade, buy and sell other digital assets.
Cryptos are digital currencies created on blockchain technology. It is not governed or controlled by any person or government. They are created by algorithms, that derive their value and validity from the blockchain.
3. NFT
NFTs are digital assets created on a blockchain. They can be images, sounds, game skins, or even clothes for your digital avatars. They are unique and it’s impossible to duplicate or forge. A screenshot of it isn’t as valuable, because an NFT has been embedded with its own code to determine whether it exists on the blockchain.
4. DAOs
DAOs or Decentralised Autonomous Organisations are created by developers who decide on a set of rules and embed it in — digital contracts. However, they are governed by social communities without a certain company or government. Each DAO uses its own token, and the more tokens users have, the heavier their stake and voting right
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