What is a Blockchain?

• Block : a collection of time-stamped data

  • For Bitcoin, this data is transactions ****from one account to another account
  • For Ethereum, the data also includes a piece of program called Smart Contract

• Blockchain : a collection of time-stamped information AND a summary of the last block in a dedicated network. It’s impractical to tamper with the data once it's in a block. (Full details in the video below)

  But how does bitcoin actually work?

What is NFT?

NFT (Non Fungible Token) is a digital token which contains data such as a unique serial number and ownership history. You can buy NFTs from the original creator during its first minting event or at a marketplace such as Opensea.io, Rarible, Niftygateway, Superrare or LooksRare.

People are spending millions on NFTs. What? Why?

What is an NFT? (Non-Fungible Tokens Explained)

What is DeFi?

It stands for Decentralized Finance, and it usually means a financial service (lend, borrow, send, receive, trade on margin, derivatives, etc) that is run by software and algorithm, instead of big corporations, branch offices with fund managers. There are Pros and Cons.

Pro

• No need for a financial institution, which results in faster (someone moved $2,000,000,000 in 12 minutes using Bitcoin) and cheap (fees up to 0.001% of fees compared to traditional banks) transaction.
• Provides everyone opportunities that were only available for big corps. For example, instead of taking 0.5% interest rate on your savings from a traditional bank, you can provide to a DeFi service by locking up $500 worth of highly traded coin A and $500 worth of highly traded coin B, and collect trading fees when people trade between these 2 coins, which can be significantly more lucrative (sometimes up to 100% or higher).

Con

• Entry barrier : A bit of technical hurdles. Needs to be somewhat tech-savvy.
• No customer support : If you send your money to a wrong address, your money could be forever lost.