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Level 1: Very Easy
A chain of blocks that stores information/transactions.
Every coin is created after Bitcoin.
A cryptocurrency pegged 1:1 to the price of a fiat currency.
Level 2: Easy
A person who holds a lot of cryptos. Holding large amounts of crypto gives whales the ability to affect market prices.
The unit of measurement of the computing energy required to process a transaction on the blockchain.
The process of locking up crypto holdings to obtain rewards or earn interest.
Level 3: Medium
1. DeFi (Decentralized Finance)
Financial services are built on the blockchain. Unlike traditional finance, DeFi is anonymous, trustless, and fast.
2. dApp (Decentralized Application)
A program built on the blockchain and uses smart contracts to provide anonymous and trustless services to its users.
3. DAO (Decentralized Autonomous Organization)
A business or institution which uses smart contracts to ensure fairness and decentralization when it comes to making decisions.
Level 4: Hard
A non-interchangeable digital asset such as a picture, song, or video whose ownership has been authenticated and stored on the blockchain
2. Hard Fork
A new software update implemented on a blockchain that isn’t compatible with the existing blockchain protocol, causing a permanent split into two separate networks that run in parallel.
3. Soft Fork
Changes applied to a blockchain for modifying or adding functionality without causing any fundamental structural change.
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