They are interlinked, but are not identical: cryptocurrencies and non-fungible tokens use blockchain technology (also referred to as distributed ledger technology) to facilitate decentralised transactions and record-keeping. So what exactly are these three things?
Blockchain
While blockchain is the technology behind cryptocurrencies like bitcoin, blockchains themselves are not digital money.
Blockchains are a form of “distributed ledger technology”. That means data is decentralised and not controlled by a single party. To vastly oversimplify, a blockchain is like an Excel file where one user at a time can add data that is permanently saved. It can be seen, but not changed, by all future users. This means, in theory, financial transactions can be completed more quickly and companies save money because data does not have to be manually re-entered or conflicting figures rectified by each counterparty. Those administrative tasks currently employ thousands in Luxembourg, which makes the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...