If you’re new to web3 and blockchain technology, there are a few key concepts you should understand to get started:
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What is a blockchain? A blockchain is a distributed ledger that records transactions and stores them in blocks that are linked together in a chain. It’s called “distributed” because it’s not stored in a central location, but rather on a network of computers that all have a copy of the ledger.
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What is a smart contract? A smart contract is a self-executing contract that is coded onto a blockchain. It can automate the process of verifying and executing a contract, removing the need for intermediaries and increasing efficiency and transparency.
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What is a decentralized application (dApp)? A dApp is an application that runs on a blockchain and is decentralized, meaning it’s not controlled by a single entity. dApps are often open-source, meaning anyone can view and contribute to the code.
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What is a wallet? A wallet is a software program that stores your cryptocurrency and allows you to send and receive it. There are many different types of wallets, including hardware wallets and software wallets.
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What is mining? Mining is the process of adding transactions to a blockchain. Miners compete to solve complex mathematical problems, and the first miner to solve the problem and add the block to the chain is rewarded with cryptocurrency.
These are just a few of the basics of web3 and blockchain technology, but understanding them will help you get started in exploring this exciting and rapidly-evolving field.