Life Kit Crypto 101: blockchains, currencies and security
Jul 25, 2022
Ishwar Prasad, a Cornell professor and author of "The Future of Money," joins Laura Shin, a crypto journalist and host of Unchained, to break down the confusing world of cryptocurrency. They use a village analogy to explain blockchain's decentralized nature and touch on the vital role of miners in this ecosystem. The duo also highlights the importance of investing wisely in established cryptocurrencies and shares practical tips for navigating the volatile market, all while emphasizing a mindful approach to financial decisions.
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Blockchain Basics
- Cryptocurrencies operate on a blockchain, a shared ledger of transactions.
- Instead of banks, a network of computers verifies and validates every transaction.
Blockchain Security
- Blockchains are secured through incentivization, where users (miners) solve puzzles to validate transactions.
- This process ensures the integrity and security of the blockchain without central authority.
Decentralization
- Crypto is decentralized, meaning no single entity controls it.
- This offers potential benefits like increased privacy and access for those lacking traditional banking.
