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Frequently Asked Questions
Below we have provided some definitions and clarifications of some of the most asked questions.
What is blockchain?
You will have heard about blockchain and more recently of NFTs. The basic principle of blockchain is the creation of a purely digital database stored on a distributed computer network which can be accessed from anywhere in the world.
How does blockchain work?
Blockchain works by creating pieces (blocks) of information which are stored on a decentralized computer network (a ledger). Each ledger in the network has a record of each change or transaction made on that blockchain. Essentially creating a database that may not be edited or destroyed. The security of blockchain has lead to the introduction of decentralized finance or DeFi.
Why should you care/use/know about blockchain?
Blockchain has an enormous range of uses with new ideas being conceived of every day. All the way from currency, to artwork, to electricity base-load regulation. Millions of dollars are being invested into blockchain projects and technology every day. Bitcoin, a blockchain currency, has already become the national currency of El Salvador, with more countries considering it as an option. Blockchain is genuinely the future.
What is DeFi?
DeFi or Decentralized Finance is a blockchain-based form of finance that does NOT rely on central financial intermediaries such as brokerages, exchanges or even banks. Such finances refer to a system by which software, written on blockchain, makes it possible for buyers, sellers, lenders, and borrowers to interact peer-to-peer or with a strictly software-based middleman rather than a company or institution facilitating a transaction.
What is DEX?
In short, DEX or Decentralized Exchanges are type of cryptocurrency exchanges which allow direct peer-to-peer transactions to take place online, securely and without the need for an intermediary. The two primary differences from the centralized exchanges are the fact that you have access to the private key for your own crypto wallet - you are not dependent on a central entity to hold your cryptocurrencies and because of that you are saving money from the transaction fees on every trade or transaction.
What is an NFT?
An NFT (Non-Fungible Token) is a digital asset, representing a unit of data stored on the blockchain. Every NFT is unique and not mutually interchangeable which means no two are the same. They can be almost anything - art, video, music, in-game items, concert tickets and more.
The Blockchain365 team is dedicated to channeling the highest quality news for the blockchain community, as well as assisting those who are just making their first steps into the blockchain arena. Like many other news outlets, the internet is filled with misinformation and fake news, so we know how important is choosing what blockchain related content to read.
Coming from different professional backgrounds and parts of the world, we share a massive interest in anything blockchain and NFT related. With multiple projects on the way, we promise you will hear more about us very soon.