Information I say is to the mind what candle is to a darkened room. Sometimes being a newish in the cryptoworld can be liken to walking into the mysteries of Eden with fiery fence of shadows.
Just in case you are still in doubt or in confusion nor in disbelief about the glowing evolution of a new world- The CRYPTOWORLD then, there is need for a shake off.
The Cryptoworld is simply the world's internet/social media evolution with the emergence of cryptocurrencies- Bitcoin being the first.
Like the snake island (IIha Da Queimada Grande) off the coast of Brazil, infected with dreadful and deadly snakes, the cryptoworld is not synonymous.
WHAT THE CRYPTOWORLD STAND FOR AND SOME TERMINOLOGIES ASSOCIATED WITH IT: Simply stated, the cryptoworld is aim at digitalizing transactions and securing all payments or transactions carried out between two parties. The Cryptoworld is coined on the decentralized finance (DeFi) system.
Before twenty five years ago, the internet was but a vision but lo, it is now a reality. Before the emergence of labtop and a more integrated artificial intelligence machines, there was the multi-component bulky computer system with multiple keys and buttons. So it is with the birthed of a Decentralized Finance (DeFi) as an evolution to curb the bulky and security breached transactions involved in the centralized system.
The DeFi, an integral ideology of the cryptoworld is interwoven with the Decentralized Exchange (Dex) platform that directly connect users to trade cyptocurrencies (digital tokens with equivalent centralized/outside monetary value) with one another without trusting an intermediary or centralized exchanges with their fund thus, putting people's data under their control and supervision and also promotion financial consciousness amongst individuals or parties.
The Cryptoworld illuminates the social media world by attaching a curating system to end users and also encourages incentives on users talents ranging from content creation, NFT (non-fungible token) indulgence, IQ testing, trading, etc.
SOME TERMINOLOGIES ASSOCIATED WITH THE CRYPTOWORLD
Blockchain: In a simple term, blockchain is a data base that holds transactional records, ensuring security, transparency and decentralization. It is a chain or records stored in the form of blocks which are controlled by no single authority. This programming sequence makes it hard to infiltrate. Say, if hackers intends to tamper with a single blockchain, they would have to change every blocks in the chains across all the distributed blocks of the chain to achieve a hack thus, making it secured against all ungrateful hackers out there.
Digital Currency: Digital currency is simply describe as an electronic money (e-money) or as electronic currency.
Cryptocurrency: This is a form of digital currency which uses cryptography to secure and verify transactions (form of payment that can be exchanged online for goods and services).
Cryptography: Crypt(hidden) graphy(writing)- cryptography implies the science of secret writing. It is a process that makes use of codes or symbols that only the channel and the source can comprehend.
NFT: NFT implies a unique unit of digital item that cannot be replaceable. NFT can be anything digital that your brain can figure out and turn into an artificial substantial intelligence. Simply stated right?, but this is where the fun and complicacy of the cryptoworld lies. Imagine I tell you that you can make an illustration of a flying bullet stopped by a bullet proof thus, preventing a cop from getting hurt as an NFT and it could be worth a $60,000,000 more or less,,, WOOOOOH!!!, sounds weird right?, I call it "the evolution of weirdest possibilities"- lo, a bizarre.
Mining
When you mine, you dig through to achieve a treasure. In the cryptoworld, mining is the process of accumulating cryptocurrencies via a required action. This is the hustling part of the cryptoworld to make wealth. The miners slogan in my locality is "click all to gain all", but still in doing this, there is need to exercise all due diligence while mining because some links and servers are very destructive. It is worthy of note that even without a capital asset, you can still join the Cryptoworld and start mining for cryptocurrencies of desired choice.
Last Note
Learning is inevitable as it is integrated with life itself. Though this piece may be a KNOWN to professionals as nothing is actually new but knowledge itself is always afresh.
To everyone who have read this piece, it is vital to note that unlike the snake island of Brazil; the cryptoworld can still be liken to an engineering course full of formulas and correlations that requires practical work for more comprehension and any mistake made will lead to a default in the standard of work deliverability.
Welcome to the new World of Crypto.
