If you think the Blockchain is all about buying low & selling high then this is for you.
A MUST READ!
By understanding how Blockchain works and the problems they solve you'd be properly positioned to make the most with a proper understanding of fundamentals alongside
I have always loved to educate and whenever I do I try my best to explain the blockchain tech in a simplified way
Now imagine the blockchain as a carton of noodles stacked up consistently against each other forming a long line, now this long line represents a chain of network ( Each carton of noodles represents a node)
For a transaction to get validated it has to pass through each node before it becomes completed.This scenario above realistically explains how the Blockchain works
In real sense the Blockchain is a distributed ledger technology where transactions are being recorded and they are permanent
One key features of the Blockchain is it gives room for Veraci Bay - Truth!
The Blockchain also has its own perks of usecases such as ⪼ Smart contract ⪼ Defi⪼ Money⪼ NFT etc.
Defi on the other hand is a decentralized system which has two major leading platforms ⪼ The Ethereum Defi⪼ The Binance smart chain Defi
I literally had to understand all these coupled with my years of experience in other to evolve
Now Here's How I Found My FootingOver the years I gained knowledge while experimenting and exploring the world of Defi by interacting with different smart Contracts and most particularly Layer one interaction
I had to understand Layer one as the foundation of the blockchain and they are responsible for three things⪼ Transaction processing ⪼ Consensus mechanism ⪼ Smart contract execution
Understanding the level of organization and the implementation on how to build a product idea on a long term base will keep you more interested in this field
I wrote this guide from an unbiased view of CryptoYour job as a Newbie is to sift through this information and digest
Theres are tons of opportunities available for users, builders and innvators. Looking at the creatirs economy, the blockchain has a lot of potential to make an impact on the world but this potential has to be observed thoroughly with an understanding of how it works and what it is actually good for.
I believe in what the tech can do.
WHAT IS THE BEST BLOCKCHAIN?
This is a question we would have to answer ourselves.
Each Consensus mechanism model has its own unique benefit, drawback and tradeoffs.
Ethereum as a layer one moved from the proof of work Consensus mechanism to the proof of stake Consensus mechanism for the sake of efficiency and energy usage. This gave room for builders to build outstanding products on this chain
I found my footing having to understand all this aforementioned so can you too.