#steembruschool // Week№2 | @arshani

Hello Steemians,

I hope to share my presentation for Weekly Challenge #2 in this article. I thank @slon21veka for focusing on the crypto world through articles like this. I will now present to you my crypto knowledge related questions.

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1. Blockchain & its types

Blockchain is a highly decentralized, transparent technology. It has a high level of security and can be accessed from a computer or a smartphone. It functions as an online distribution system and is interconnected with other blocks. It is very difficult for hackers to break into a blockchain. This is because blockchain is such a complex system. That is why today blockchain technology is being used successfully all over the world in the health sector, banks and financial institutions, politics & elections, land revenue.

There are 4 main types of blockchain. Public Blockchain, Private Blockchain, Hybrid Blockchain & Federated Blockchain. Public Blockchain is a ledger technology that allows transactions without permission. This allows for decentralized transactions over an Internet connection. Bitcoin is the first type of blockchain. Private Blockchain are blockchain systems that operate on a closed network. Only selected participants are allowed to enter the system for private blockchain. Hybrid Blockchain is a blockchain system that works as a combination of both private and public blockchain. This is a type of blockchain activated in a closed system. Fedarated blockchain addresses the need for public and private blockchain features. It is not open to the public but operates as a decentralized network.

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2. Bank or Cryptocurrency & Why?

I have chosen here which of these two sectors is the best financial market based on the differences between banks and cryptocurrency. Because the banking system is not a decentralized system, our money can be vulnerable to corruption in management. It is also a barrier to money security as the information store can handle the data as needed. Banks make it easy for us to provide loans, savings or other transaction assistance and charge high interest rates for transactions.

Cryptocurrency is digital money that is exchanged over the Internet instead of bank money carried in the real world. This allows anyone in the crypto world to send and receive payments anywhere. This allows you to trade with any coin in the crypto market. Furthermore, the assets of our country are secured by acting outside the monetary policy of the country and the Central Bank. The money we invest in the crypto market is not robbed because it is in the possession of the custodian.

However, I think traders who have a clear understanding of the existence of the crypto market will be more successful in manipulating the market and finance in cryptocurrency.

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3. Mining & Staking

Contributes to the generation of new coins and the verification of new transactions during the mining process. Miners perform tasks such as maintaining and securing blockchain. There, miners are offered coins as an incentive to maintain blockchain.

The stacking process involves purchasing crypto currencies and keeping them in a wallet for a period of time. This returns with extra coins in the form of a fixed interest rate at the end of the specified period. Coins in the wallet support the network and are rewarded.

From the above, I have submitted to you my answer letter for Weekly Challenge #2. So I invite my friends @nishadi89, @hasini & @olabillions to share their crypto knowledge to be a part of this Weekly Challenge.

Thank you for giving a time!💞✨️