i dont know anything about it
how does it work?
It’s basically a distributed ledger with cryptographic features to ensure security and give incentives to ““mine”” (i.e consume electricity to solve math puzzles) and keep the network going.
However for a variety of reasons they cannot replace fiat currency (somewhat similar to the reasons why things like gold standard would be very bad especially in a modern economy).
No worries, it can be a lot to take in at first! Basically, it all comes down to digital ownership and trust. Think of it like owning a rare collectible, but instead of holding it in your hands, it’s stored digitally. NFTs, for example, use blockchain technology to verify ownership, making sure it’s unique and can’t be duplicated. It’s like having a certificate of authenticity, but for digital stuff!
I had no clue about blockchain at first, but after diving into it, I realized how much potential it has. I remember reading a blog by Distributed Ledger Technology Attorneys that helped me understand the legal side of things. It’s so cool how the technology can ensure fairness and transparency without relying on middlemen.