1. What is cryptocurrency? Cryptocurrency (Crypto) is a digital or virtual currency, that is created on Blockchain. It is on a decentralized system. Has monetary value and is transferable.
2. What is Blockchain? Blockchain is the technology that is behind crypto. It is a decentralized ledger. It is on a peer to peer (P2P) network that tracks digital assets. Blockchain has no monetary value, can’t be transferred, and is immutable.
3. What is a ledger? A collection of financial accounts written in a book. Blockchain is the decentralized version of a ledger.
4. What is Peer to Peer (P2P) Network? P2P network is a group of devices that together store and share files. Has no central authority governing the network.
5. Bitcoin: First decentralized digital currency, globally known, whose ledger is maintained openly on the Blockchain.
6. Ethereum: It is an open-source platform created by Vitalik Buterin. It is based on blockchain technology. It enables developers to build and deploy decentralized applications. Its main functions are Smart Contracts.
7. Smart Contracts: A computer program code, which is capable of facilitating, executing, and enforcing the terms and/or agreement using Blockchain technology