We hear about Blockchain, Crypto-currency, NFT or Metavers, but What is the connection between all these ideas?
What is a cryptocurrency?
A cryptocurrency is a currency Digital and decentralized. He exchanged Peer-to-peer without a trusted third party like a bank These currencies have no physical backing and are not controlled by a central body. For some, this Independent operation is assured Because it makes it possible to avoid monetary manipulation by central banks or states (thus not creating too much money, responsible for specific crises, etc.). However, these dimensions should also be put into perspective Not all cryptocurrencies can claim the same stability and future prospects.
Also Read: Expert Opinion on Cryptocurrencies: History, Challenges and Limits
How much is a cryptocurrency worth?
Although they are often criticized for their volatility, it is essential to understand this Behind every crypto exists a project. As with all projects, some are promising, others are risky, and there are obviously scams… So before investing in crypto, it is necessary to carefully research the project behind it to know if it can evolve over time and why it cannot revolutionize a field. .
An example is needed for better understanding. project Ethereum A lie in commissioning A network of independent computers go to earth Work instead of big company servers Like Facebook. So, this is it Users’ personal information is no longer in the hands of these giants But individuals are spread over the world through a number of independent computers.
What is blockchain?
Every cryptocurrency has a blockchain (which uses algorithms) and is famous Bitcoin Who gave birth to the first blockchain 2009.
It is important to understand what” mining Because this system is based on blockchain. effective, Everyone is hosting the blockchain through mining And what does this allow The system is secure and has complete transparency.
When we say that this system is completely transparent, it is because at any time, anyone can know how many bitcoins have been transferred from this address to this address.
So, mining blockchain makes it possible to: Miners make their computing power available with their machines (powerful computer) Who verifies the transaction. But then, what is the interest for minors? Each time their machine succeeds in decoding a transaction, They get commission on calculated transactions.
What is an NFT?
NFT stands for Non-fungible tokens (Non-Fungible Token) and depends The uniqueness and rarity of a digital object is therefore non-exchangeable. That’s what we’re talking about Digital property : As I apprehend First tweet published By a co-founder or by himself A special weapon In a video game (available in one copy).
But then how to be sure to be the owner? Every NFT is traceable on the blockchain which makes the object unique.
Also Read: Key To Understanding NFT!
Where does the value of an NFT come from?
Numerical value has been around for a long time: access to weapons or special accessories is traditionally paid for with points earned in the game…
But here, NFTs revolutionize digital values because they rely on scarcity. you can be Own the only weapon or power in your favorite game, own the latest digital pair released by Nike, etc…
When an artist creates a digital work and sells it, It is possible to trace its entire journey on the blockchain and thus determine the true holder of the unique work. So no, taking a simple screenshot of the work doesn’t make you own it, and luckily for that matter!
What is METAVERS?
last weeks, Facebook Made a name for himself by changing his name meta, but what exactly is a metaverse? It is a virtual universe, parallel
Meta = hereafter
Towards = towards the universe
Metaverse = outside the universe
Today we can experience this with the Metaverse Virtual reality headset Which is always more perfect.
The Metaverse is An immersive open world, where it is possible to enter and exit freely. Everyone is represented by an avatar, chooses their appearance and has This space is actually the impression of being. nevertheless, This parallel world must be sustainable Thinking that If we create value there, we must find it When we return to this universe. This is where Blockchain and cryptocurrency because they are the only ones valid in the virtual universe : They replace the monetary system.
Blockchain and cryptocurrency bridge the gap between reality and virtual : You can own a valuable object in a virtual universe and resell it then own cryptocurrency that you convert to euros or dollars in real life.
Also Read: Facebook Group Name Change
The final word
I hope this article has enabled you to better understand these concepts which, I think, will become faster Major digital issues. It may still seem far-fetched or a bit scary, but They are just tools and they are neither good nor bad. Everything depends on how we use it!