Wondering what’s the buzz around cryptos? Do you know the underlying technology of Bitcoin? Stay tuned because we at Scaler bring you this one-stop guide to Blockchain, Ethereum, Altcoins and NFTs. Join our FREE Masterclass now: https://bit.ly/3n2gQQa
What is Blockchain?
In simple words, “Blockchain is a unique system that records data in a way that it becomes difficult or let’s say next to impossible to change, hack, or cheat the system.” A blockchain is essentially a digital ledger of transactions distributed across the entire network of computer systems on the Blockchain and is entirely open to anyone and everyone. As the name suggests, Blockchain is a chain of multiple blocks, and each block contains several transactions that add up every time there’s a new or latest transaction. To ensure maximum security, every time there’s a new transaction, the record is added to every participant’s ledger, guaranteeing transparency in working.
What are NFTs?
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but it does not restrict the sharing or copying of the underlying digital file. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.
What is Ethereum?
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Amongst cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin. Like Bitcoin, Ethereum works via a public blockchain network; while Bitcoin is used to track ownership of currency, the Ethereum blockchain focuses on running the programming code of any decentralized application. Ethereum itself is essentially not a cryptocurrency – the word Ethereum refers to the digital platform. The actual tokens (used for payment on the network) are called ether. In this video, you will be learning about the functions of blockchains, potential applications of blockchain and technical and non-technical things you need to know about Ethereum.
What are Altcoins?
Altcoins or Alts (alternative coins) are cryptocurrencies that are not Bitcoins. So, Litecoin, Ripple, Dash, or any other non-Bitcoin cryptocurrency can be called Altcoins. Altcoins are the alternative to Bitcoin. These are also the alternatives to currencies issued by the government; however, they do not have any physical existence as they are digital coins, the same as Bitcoin.
When it comes to Altcoins, each Altcoin has unique features that one cannot copy or even try to do so. One of the most effective ways to figure out which Altcoin is gaining immense popularity is by measuring their “Market Cap.” market cap, the cap being short of capitalisation means the amount of capital invested in an asset when measured in dollars.
The following topics are covered in this Crypto guide:
0:00 – Introduction
0:06 – What is blockchain
15:00 – What are Altcoins
29:10 – What is Ethereum
44:20 – Non-fungible tokens
57:23 – Future of blockchain & crypto
1:06:05 – How programmers create money
1:30:15 – Rebuilding on crypto
1:36:57 – Blockchain landscape
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