Making sense of Crypto

Conversations to partake during the Holidays

Every year the Holidays bring family and friends together. If you are like me, there may be certain topics you want to avoid over the dinner table. Crypto should not be one of them.

Whether you are trying to explain crypto to someone, or want to keep up with the conversation, here is a quick guide.

Blockchain: A big public database for all transactions, like a bank statement that can’t be changed.

Smart Contracts: Programs that interact directly with the blockchain with rules for each transaction. Think of putting an order in a vending machine- no human interaction is needed to complete the transaction.

dApps: Think of these as companies that operate on a blockchain.

Cryptocurrency: Coins created from a completion of a block on a blockchain.

Tokens: Tokens are the equivalent of equity / shares in a dApp.

Non-Fungible Tokens (NFTs): Unique images created from a smart contract. Can be sold on an exchange or in some cases access the Metaverse.

Exchanges: Just like with stocks, there’s exchange where you can buy and sell cryptocurrencies, tokens and NFTs.

MetaVerse: Have you played multiplayer games with friends? We already spend most of our working hours online (phone times aside). So in a way we’re already living in a warped version of the metaverse. Crytpo makes it better by giving users property rights and interoperable assets. Imagine a real life version of The Simms. You can go here, play games, attend events or even go shopping. NFTs can be exchanged after you leave.