🎁🔗 What’s blockchain and why is everyone losing their shit over it?
Without using terminology like “nodes” or “ledgers,” a blockchain is a distributed record book. Like an excel sheet that’s open to the public.
Each “block” or “line item” in the book is a transaction that is verified by thousands of other computers not just one person, 3rd party, bank or foundation.
“Okay, why does this matter?”
Well, without a blockchain, we need to trust 3rd parties on pretty much everything. We need to blindly trust that the banks are being honest, that the salary you’re getting is fair and that the Coffee you’re drinking really IS fair trade. A lot of times, 3rd parties are paid by the very company they are supposed to be “verifying” so it can cause collusion and distrust.
“Okay, I think I get it! Can you put it into a sentence that’s not crypto-y?”
Yasssss! It’s basically the equivalent of sharing a photo publicly on Instagram to verify your outfit looks dope, instead of sending one photo to just your roommate. You now have a record of hundreds 🎱of people verifying that your outfit is goals. You’re not just trusting one source.
It takes out the middleman, which makes it decentralized. Our current banking system is centralized. This means we rely on their private record keeping.
Centralized banking is basically a controlling ex who tells you to change outfits because your dress is "too short," according to “their records.” ain’t no body got time for that!
NEW MONEY content is to help educate and get women excited about blockchain and crypto. However, we are not financial experts. All content for informational and entertainment purposes