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Whether Crypto, NFTs, DEFI, Metaverse, SociaFi etc
There's one important thing that powers them and makes them work.
It is called the Blockchain.
What then is Blockchain?
Blockchain is a digital ledger or database
that records and verifies transactions in a
secure & transparent way done by users.
Instead of relying
on a central authority to
validate transactions (like the banks),
Blockchain uses a network of computers to
approve and record each transaction. This
creates proof of records of all transactions,
which are what make the blockchain so
secure. And The key benefits of
blockchain include:
âȘïž Immutability
(means, once a transaction is recorded, it can't be altered or deleted)
âȘïž Transparency
(means, every transaction is recorded and available for anyone to see)
âȘïž Decentralization
(means, it's not controlled by any central authority like banks or the government)
These features highlighted above make
Blockchain a powerful tool for a wide
range of applications, including
Crypto, NFTs, DeFi, SociaFi.
and the likes as listed
above earlier.
Note: Without Blockchain, Crypto or Web3
applications wouldn't be possible! Got it??
That's a wrap for Day 2 of our 4-week of Crypto/Web3 Content.
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© Michael Akerele (#AwesomeMike)
#Day2 #finance #Web3
#crypto #HDLifeCommunity
#bitcoin #blockchain
#cryptocurrency