Bitcoin is the first result (and the most famous) of the usage of Blockchain technology, which is second to Ethereum, elaborating on a set of features called smart contracts.
Blockchain is essentially a method to verify trust and transfer something of value without the middleman/in-between. Almost any type of transaction involving an exchange of value, be it information, money, goods, or property, can be conducted securely and efficiently with Blockchain. Blockchain technology creates a decentralized, digital ledger of transactions. The Blockchain encrypts the transactions, then distributes them throughout the network, creating a public record that is virtually impossible to hack.
This allows for a highly reliable digital system where interactions, transactions and agreements can happen with no single centralized authority.
Blockchain technology is also exciting because it has many uses beyond cryptocurrency. Blockchains are being used to explore medical research, improve the accuracy of healthcare records, streamline supply chains, and so much more.
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A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
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Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (A cold srorage wallet) to mobile apps like Metamask Using an app like Metamask gives you easy access to your crypto holdings. Note that Cold storage wallets are a safer option than hot wallets (Metamask) as they are offline and are more difficult to acess thus removing the risk of lost funds. You can Manage, Control Send and receive cryptocurrency to and from anywhere in the world. All you need is the wallet addres of the recipient, also some wallets require you to pay a transaction fee, this varies from different blockchains
Crypto wallets store your private keys, keeping your crypto safe and accessible. They also allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.
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Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code, and the agreements contained within the smart contract exist across a distributed, decentralised blockchain network. The code controls the execution, and transactions are trackable and irreversible An example of a smart contract could be programmed to release funds for someone's birthday each year. It could also be programmed to release payment once someone confirms receipt of delivered goods. It could also be used to enforce particular rights for holders of digital assets The most popular blockchain for running smart contracts is Ethereum. On Ethereum
A smart contract, like any contract, establishes the terms of an agreement. But unlike a traditional contract, a smart contract’s terms are executed as code running on a blockchain like Ethereum.
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Stablecoins act as a bridge between cryptocurrencies and fiat currencies, as the price of stablecoins is linked to reserve values such as the US dollar or gold. This reduces volatility compared to Bitcoin, for example, and results in digital money that is better suited for many things, from daily trading transactions to transfers between exchanges. This coupling of the stability of traditional assets with the flexibility of digital assets has proven extremely popular. Billions of dollars have already flowed into stable coins like USD Coin (USDC). They are now one of the most popular ways to store and trade assets in the crypto ecosystem.
A stablecoin is a new class of cryptocurrencies that attempts to offer price stability and is backed by a reserve asset.
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NFTs (or “non-fungible tokens”) are a unique cryptoasset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can authenticate ownership of digital assets like artworks, recordings, and virtual real estate or pets. the unique identity and ownership of an NFT is verifiable via the blockchain ledger. Ownership of the NFT is often associated with a license to use the underlying digital asset, but rarely confers copyright to the buyer: some agreements only grant a license for personal, non-commercial use, while other licenses also allow commercial use of the underlying digital asset. Ownership of an NFT does not inherently grant copyright to whatever digital asset the token represents. An NFT is merely a proof of ownership that is separate from a copyright.
A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
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Decentralized finance is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead uses smart contracts on blockchains, the most common being Ethereum. DeFi is distinct because it expands the use of blockchain from simple value transfer to more complex financial use cases. These are some of the most popular use cases for Defi Asset Management. Complying to AML and CFT Measurements through KYT Mechanism. Decentralized Autonomous Organizations or DAO’s Tokenization Derivatives and Synthetic Assets. Improved Digital Identity. Insurance.
DeFi (or “decentralized finance”) is an umbrella term for financial services on public blockchains, primarily Ethereum.
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Decentralized exchanges are a type of cryptocurrency exchange which allows for direct peer-to-peer cryptocurrency transactions to take place online and with no intermediary. The most Common decentralized exchange is Uniswap The aim is to solve the problems that are inherent in centralized exchanges. They create p2p markets directly on the blockchain which allows traders to store and operate funds. Centralized — users must be identified, and their coins are kept in the accounts belonging to companies. Decentralized exchanges do the exact opposite. Decentralized exchanges do not store user assets. Therefore, neither hacker attacks nor the total collapse of the exchange can lead to a loss of funds. The absence of a single entry point, through which one could gain access to all assets and data, complicates work for hackers and makes an attack meaningless which distinguishes decentralized exchanges from centralized ones that are hacked
A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXs fulfill one of crypto’s core possibilities
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Crypto can be a scary place, especially for new comers, everywhere you look there’s reports of scams, hacks and malicious activity! One of the key roles TGH has played since its birth in 2018 has been to keep investors safe by helping them take precautions to keep their own funds and data safe. We will start off with some basic security that everyone should follow if they wish to keep their crypto secure, stick with it as we will slowly move from basic to advanced as we progress! Don’t forget we’re here to help, feel free to reach out at any time for extra information or questions you may have! Basic security Tips
1. Never share your passwords. 2. Never reuse passwords. 3. Always use (2FA) two factor authentication when given the option and DON’T use text 2FA.
4. Back or write down your 2FA restore codes somewhere safe. 5. Never share your backup passphrase, recovery seeds or private keys with anyone.
6. Store cold storage wallets and backup wallet passphrases, in fireproof safes. 7. Don’t post your email address, home address or phone number on social media.
8. Never leave your crypto on exchanges. 9. Use smaller transaction sizes and different exchanges to cover for mistakes & hacks.
10. Always use a VPN & anti virus and keep them upto date. 11. Always backup your wallet.
12. Never open web links without checking what it is your opening first. 13. Triple check addresses before sending funds.
14. Spread funds over multiple wallets incase you get hacked. 15. Remember to only risk what you can afford to lose.
16. Never put large amounts of capital into projects that look too good to be true. 17. Maintain your privacy! 18. Avoid public WiFi.
Ok so we have shared the most basic security tips that we feel everyone should abide to, but even with the help of the TGH community we are sure we have missed a few, so if you can think of any we missed let us know on twitter or telegram! Moving on we will cover more moderate security tips which will include tips on how you can keep your funds safe and secure! Moderate Security Tips
1. Use Etherscan to check wallet addresses or contract addresses before sending or purchasing tokens 2. Test transactions before moving large funds onto new networks.
3. Use metamask to check recipient wallet addresses before sending funds from exchanges or wallets that don’t have the auto check feature.4. Use verified crypto wallets that’s have been certified safe, i.e Bitcoin core, Metamask, trust wallet, Myetherwallet.
5. You can review and revoke your token approvals using these links. https://etherscan.io/tokenapprovalchecker & https://app.unrekt.net/ they are mainly used to disconnect from suspicious token farms or scams. 6. Don’t watch porn or open malicious sites on a device you are using to trade or access funds. 7. Don’t connect your Telegram to any airdrop bots unless your 100% sure they are legit
Crypto can be a scary place, especially for new comers, everywhere you look there’s reports of scams, hacks and malicious activity!
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How to use Metamask (MM) on your PC:
1. Goto https://metamask.io/
2. Clickthe “Download now” button
3. Dependingon your Operating System, choose “Download for X”. Metamask is alsointeroperable with Firefox, Brave, and Edge.
4. Youwill be redirected to the Browser Extension webstore for whichever browseryou’re using, for Google the link is here: ensure it is the correct Metamaskwith 10,000,000+ users.
https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn
5. Afteradding Metamask to your browser, you can open your Metamask in the top right ofyour browser similar to any other browser extension.
6. Fromhere you can choose to either import a wallet, or create a new one. Metamaskgives very explicit instructions on how to import or create a new wallet, so ifyou just follow the prompts you’ll have no issues.
How to download Metamask for mobile:
1. Repeatsteps 1-3 except instead of choosing for a browser, simply choose for iOS orfor Android. You’ll be redirected to whichever App Store is available for youroperating system. Simply download Metamask like you would any other app.
2. Afterdownloading, simply open Metamask and you will be prompted to either import orcreate a new wallet.
Metamask functions:
· Store, transfer, and tradecryptocurrency
· Use other chains that are EthereumVirtual Machine (EVM) compatible
· Take advantage of Dapps and Defi
· NFTs
FAQ:
1. How do I add BSC to Metamask?
- https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
2. Howdo I add other chains to Metamask?
-Repeat the steps from the previous question, but usethe information on this site for whichever chain in question https://rpc.info/
3. How do I use dapps on mobile?
- Simplyclick the three little bars at the top left of the app, and then selectBrowser. This Browser allows you to connect to websites that have a web3.0connection capability through the Metamask app itself.
4. What do I do if a transaction is stuck?
- Thereare a few options: you can either wait to see if the transaction will gothrough, or, you can go totransaction history and trying clicking “speed up”, or, you can resend the transaction with the same nonce and highergas.
5. How do I resend a transaction with thesame nonce?
- Goto Settings in Metamask, then Advanced Settings, then Nonce Editing, and turnthat function on. Once turned on, go back and repeat the exact same transactionthat is stuck. However, before confirming, when you are prompted to enter thegas, go to advanced gas editing, you will be given an option to edit the gweiand the nonce. Set the gwei higher than the average market price, and set thenonce as the same nonce that is stuck. This should unstick your transactioneasily.
An oracle is a bridge between the blockchain and the real world. They act as on-chain APIs you can query to get information into your smart contracts. This could be anything from price information to weather reports. Oracles can also be bi-directional, used to "send" data out to the real world.
While smart contracts are programs that run entirely autonomously, the first thing that they require is an input. It is this input that triggers a smart contract to be executed in the first place. A straight forward use case of a smart contract is betting against someone on whether the price of Bitcoin can go beyond $100,000 before the end of the year. These p[arameters then get deployed onto the blockchain.
One the end of the year passes, money gets deposited or withdrawn from both parties accounts based on the outcomeof whether Bitcoins price goes over $100,000 by the end of the year. But how exactly is the price of Bitcoin retrieved and what is in charge of sending this price data to the smart contract?
That is the job of an oracle, it extracts some data from the websites that keep track of Bitcoins prices and then sends it to a smart contract. No matter how secure the smart contract is, an oracle is still its weakest link. A smart contract cannot be completely decentralised until it can retrieve data using a decentralised mechanism thats resistant to any form of manipulation.
An "Oracle" is one of the current buzzwords that is getting thrown around in the smart contract world. But do investors understand what they are & how they work? Here is a Brief explination along with a basic infographic we made to better help people further their knowledge on what they are!
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