|
|
# Blockchain
|
|
|
|
|
|
Blockchain is a digital, decentralized database that securely and transparently stores transactions. It consists of a chain of blocks, with each block containing information and a reference to the previous block. It is collectively managed by all participants in the network, known as nodes. One key characteristic of blockchain is its immutability, meaning it cannot be manipulated or altered. By providing trust and security, blockchain technology has revolutionized various industries.
|
|
|
|
|
|
Non-Fungible Tokens (NFTs) are a type of token that represents a unique and non-interchangeable object. They can be digital or physical assets, such as music, photos, videos, or art. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, each NFT has distinct characteristics and cannot be replaced by another token. This uniqueness has attracted attention and sparked a new wave of creativity and innovation in the world of digital ownership and collectibles.
|
|
|
|
|
|
# Smart contracts
|
|
|
|
|
|
Smart contracts are self-executing agreements written in code that automatically enforce the terms and conditions of an agreement. They are different from traditional contracts in several ways. First, smart contracts eliminate the need for intermediaries, such as lawyers or brokers, as they are executed on a blockchain network. Second, smart contracts are immutable and tamper-proof, ensuring that the agreed-upon terms cannot be altered without consensus from the involved parties. Lastly, smart contracts can automate processes, triggering actions and releasing funds based on predefined conditions, making them more efficient and transparent compared to traditional contracts.
|
|
|
|
|
|
![image](uploads/4efb1e0db80e66d4c904995ab59cb218/Screenshot_2023-07-15_at_14.44.16.png)
|
|
|
|
|
|
# Wallet
|
|
|
|
|
|
A wallet serves as an interface to the blockchain, enabling communication with the network and retrieval of information. It allows users to check account balances, send and receive transactions, and view transaction history. However, wallets do not store the actual cryptocurrencies themselves; rather, they manage the access rights. Authentication is achieved through a private key or password. Essentially, a wallet provides a user-friendly interface to interact with the blockchain and perform various operations securely. |