Like all sectors there’s an ocean of jargon and ‘techspeak’ to navigate and the range and variety of currencies and platforms can be overwhelming however with a small bit of leg work you’ll soon know the difference between BitCoin, Etherium, LiteCoin, Ripple & Cardano.
The key element for any investor or prospective investor to understand is the infrastructure underpinning the whole economy Blockchain. There are blogs, dummies guides to, YouTube vids and articles explaining in varying degrees of detail however the key points to understand are:
- What is it: Decentralized public ledger of data
- Each data ‘block’ has a timestamp, a link to a previous block and unique data
- Cryptography ensures that users can only edit the parts of the blockchain that they “own” by possessing the private keys necessary to write to the file.
- Blockchain technology has been described as the internet of value. Blockchain is a method by which value can be transferred securely where both parties have access to the blockchain file and the encryption keys.