Intro to Blockchain & Crypto

What is a blockchain?

Blockchain is a technology that allows transactions to be gathered into blocks and recorded in a trusted and secure manner. It can be used for many things, including money (cryptocurrency), managing medical records, and even online games. You can read more about the CELO blockchain here.

What are some advantages of blockchains?

  • They are Global: It means that cryptocurrencies can be sent across the planet quickly and cheaply.
  • They increase privacy: Cryptocurrency payments don’t require you to include your personal information, which protects you from being hacked or having your identity stolen.
  • They are open: Because every single transaction on cryptocurrency networks is published publicly in the form of the blockchain, anyone can scrutinize them. That leaves no room for manipulation of transactions, changing the money supply, or adjusting the rules mid-game. The software that constitutes the core of these currencies is free and open-source, so anyone can review the code.

What is cryptocurrency?

Cryptocurrency is the most well-known use of blockchain. A Cryptocurrency is a form of money that acts like digital cash. This means Person A can send cryptocurrency directly to Person B without the need for an intermediary (e.g. bank or mobile money)
Bitcoin is the first and most widely used cryptocurrency.