Explain crypto jargons as if I were 5...
simplifying jargons you'd come across daily, if you follow crypto & all.
Here we go again. Lets start with Blockchain
Imagine a big, long chain with lots of links in it. Each link represents a special piece of information, like a fact or a transaction, or even a document! And the chain is extremely secure, so no one can tamper with the information or add fake links to the chain. That's what a blockchain is!
& what would “Cryptography” be?
cryptography is the science of encryption, or converting messages into secret code!
It is pretty much like a secret message that only certain people can read, like a code that you have to figure out in order to understand what the message says. And just like a code, only the people who know how to decode it can understand the message.
Soo, what are Cryptocurrencies?
Think of it this way, Cryptocurrency is like special money, or digital money that you can use to buy things online. It's kind of like the money we use every day, but it's all digital and you can't touch or hold it in your hand. And just like regular money, you can use it to buy things or save it for later, by investing in it.
Soo, what are crypto tokens & crypto coins?
Crypto coins are independent currencies, while crypto tokens are digital assets that are built on top of existing blockchain networks.
Wait, tell me more about this term “ Ethereum” ?
The Ethereum network is like a big computer system right up in the cloud that enable lot of interesting things. It's kind of like the internet, but instead of just letting you browse websites and send emails, it can also run special programs called "smart contracts." These smart contracts can be used to do all sorts of things, like keep track of money or make sure that people follow the rules.
Bro, smart contracts? They would be?
Think of your favorite game, imagine the rules, the code & the way you play it. Now - replace the theme of your game with smart contracts - where you create a thumb rule of doing certain things, in a certain way.
So yes, they're kind of like a game where everyone has to follow the rules or they can't play. But instead of playing a game, smart contracts are used to make sure that people follow the rules when they're doing things like buying and selling things online. It's like a super smart rule book that helps to keep things fair and safe on web3
Did you just say web three? like web3?
Web 3.0 is like a super advanced version of the internet that can do cool things. It's like the internet we use every day, except it's way smarter and more powerful and gives you ownership of your data!
It can help us to find information faster and make things easier to use. Its like
internet pro max ultra plus prime
Bro, last!
All of this, must come be coming from some core concept ya?
Touche!
its Decentralisation !
Anddd, Decentralisation is like when things are spread out instead of being all in one place. So instead of having just one boss or one leader, lots of different people can make decisions and do things. It's kind of like having a big family where everyone gets a say and can help out. And it's really good because it means that no one person or group has all the power, so everyone has a fair chance to do what they want. It's like a big, happy community!
Woahhh, this helps!
So crypto bro, what do you recommend next?
I’d sayyy…
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