No-brainer stuffs a web3 beginner should know about blockchains ✔

If you’re new to web3 and blockchain technology, there are a few key concepts you should understand to get started:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.


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