Continuing on the Cryptos

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 Hii...

So, let's continue our discussion on #cryptos and learn about some other coins..shall we? :P


These days whenever, there is a mention of BitCoin, Ethereum comes up and if we talk about Ethereum, one other coin comes up...which is Solana! or what it is usually referred to as 'Ethereum Killer'!

So, what is Solana?

It is another blockchain which uses Smart Contracts as Ethereum, but it is faster compared to the Classic Ethereum because of using it achieves consensus using proof of stake and proof of history. Its internal cryptocurrency is SOL.



Okay.. "but what is proof of history?" you might ask.!


"Proof of History is a sequence of computation that can provide a way to cryptographically verify passage of time between two events. It uses a cryptographically secure function written so that output cannot be predicted from the input, and must be completely executed to generate the output."

Reference: https://tokens-economy.gitbook.io/consensus/chain-based-proof-of-capacity-space/proof-of-history

Basically, it means it is able to show that this event occurred at this point in time using cryptographic algorithms.



Technical details about this mechanism can be understood from this diagram.

Credits: https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274

According to Bloomberg, Solana can be "a potential long-term rival for Ethereum".(that's why 'Ethereum Killer' :P)

Due to the speed at which this network operates and other benefits it has given to the developers, there are lots of  DApps are being built on top it. As per their website, 

"Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3 and more."

You can check: https://solana.com for more details.


Now, there are numerous terms when we first come to know about this #cryptos!!!

I've tried to summarize some of them below:

1. DApp or dApp, Dapp, or dapp: 

It is nothing but a decentralized application. To be precise, it is set of computer applications running on decentralized computing system. It can be Ethereum blockchain network where we know them as 'Smart Contracts'.


Read More: https://www.investopedia.com/terms/d/decentralized-applications-dapps.asp


2. DeFi: 

This is the definition you can find on Ethereum's website

"DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum – anyone with an internet connection. With DeFi, the markets are always open and there are no centralized authorities who can block payments or deny you access to anything. Services that were previously slow and at risk of human error are automatic and safer now that they're handled by code that anyone can inspect and scrutinize."

Essentially, taking the core concept of blockchain and applying it to the traditional Finance systems! (yeah, the current finance mechanisms we all use will be called 'Traditional Finance'!) Now, according to some experts, it is the 'Future of  Finance'..but that's a whole topic for discussion! :)

Link to the article: https://ethereum.org/en/defi/


3. NFT: 

Basically it is the coin/currency which can't be exchanged or are unique in a way. e.g. your smile(:P), your furniture, etc. Things for which value can't be exchanged with something else.

NFTs let us take ownership of the unique items such as digital art(which can include GIFs, Collectibles, Music Videos etc.) and real world items such as Deeds to a car, Tickets to a real world event, Tokenized invoices, Legal documents, Signatures, etc.

To quote the precise definition:

"NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and they're secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence."

Refer: https://ethereum.org/en/nft/


4. DEX or  Decentralized Exchange:

 A decentralized exchange is a crypto market that relies solely on smart-contract and blockchain technology to execute trades, which lets users buy and sell with each other directly.

It is an exchange like NSE, BSE, NASDAQ but on the blockchain network..of course without any central authority! :P



Yeah...so again tried to cover certain terms around this cryptoworld! This is again, just a fraction of this emerging world. :P

Thanks for the read and until next time..chao! :)

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