The Steemit Crypto Academy provides basic knowledge on cryptocurrency and blockchain technology. Here's an overview of the key concepts:
Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates independently of a central bank. Examples include Bitcoin, Ethereum, and Litecoin.
Blockchain: A decentralized, distributed ledger that records transactions in blocks, forming a chain of blocks (hence the name "blockchain"). It allows for secure, transparent, and tamper-proof transactions without the need for intermediaries.
Mining: The process by which transactions are verified and added to a blockchain. Miners solve complex mathematical problems to validate transactions and add them to the blockchain, and are rewarded with cryptocurrency for their work.
Wallet: A software program that stores cryptocurrency and allows users to send and receive coins. There are various types of wallets, including hot wallets (connected to the internet) and cold wallets (offline storage).
Private Key & Public Key: A private key is a secret code used to access a user's cryptocurrency holdings, while a public key is a unique identifier that allows others to send cryptocurrency to a user's wallet. It is important to keep private keys safe, as they are the only way to access and transfer cryptocurrency.
Decentralization: The absence of a central authority or intermediary in the management of a blockchain. Transactions are verified by a network of nodes rather than a single central authority, making the blockchain resistant to censorship and tampering.
Smart Contracts: Self-executing contracts with the terms of the agreement directly written into code. They run on the blockchain and automatically enforce the agreed-upon conditions without the need for intermediaries.
By understanding these basic concepts, you'll have a strong foundation for exploring the world of cryptocurrency and blockchain technology.
