Digital Assets and blockchain technology have taken the world by storm in recent years, revolutionizing the way we think about money, finance, and technology.
However, for newcomers to digital assets and blockchain space, the jargon and terminology can be overwhelming. Today we’ll break down some of the most commonly used terms and provide you with a small guide to understanding the world of crypto and blockchain.
After all, in Linework, we make web3 easy to access and use, why not make it easy to understand too? Let’s dive into it.
Cryptocurrency: A digital or virtual form of currency that uses cryptography for security. Cryptocurrencies operate on decentralized ledger technology known as blockchain.
Bitcoin (BTC), Ethereum (ETH), and (of course!!) Linework Coin (LWC).
Blockchain: A distributed, decentralized ledger technology that records all transactions across a network of computers. It is the foundation of most cryptocurrencies.Linework operates on Ethereum Blockchain and this is where Linework Coin (LWC) has started its journey to land into Linework App.
Wallet: A digital tool used to store, send, and receive cryptocurrencies. Wallets can be hardware (physical devices) or software (applications and online services).
Coinbase, Ledger Nano S, MyEtherWallet. On Linework App you will find your very own hot wallet to store your cryptocurrencies, trade them, use them for NFTs and products & services, long story short: 360° manage them!!
Public Key: A cryptographic address used to receive cryptocurrencies. It is derived from the private key. Think of it as your account number; on Linework App your username is your public key, you can share it with others to receive funds.
DYOR (Do Your Own Research): Encouragement to thoroughly research and understand a cryptocurrency or blockchain project before investing.
Never invest in something you don’t fully understand!
Navigating the world of digital assets and blockchain doesn’t have to be intimidating. By familiarizing yourself with these fundamental terms, you’ll be better equipped to participate in the exciting and ever-evolving digital space. Remember, technology and terminology are constantly evolving, so staying informed and continuing to learn is essential for success in this rapidly changing landscape!
Let’s meet on Linework App and join the journey to the future together!