The greatest gift Satoshi gave us wasn’t Bitcoin — it was blockchain.
Blockchain has a broad range of applications right from creating smart contracts to building DeFi( Decentralised Finance) apps, not just moving money. The technology has got market movers like Elon Musk saying that a “Mars economy will run on crypto.”
Cryptocurrencies represent more than a digital payment system, and there are 100s of them other than bitcoin. These alternatives to bitcoin are called altcoins . Many aren’t that popular. This can be attributed to how active their communities are and the investor backing that they get.
What Is Cryptocurrency? And Why You Need To Start Caring
A cryptocurrency, or simply crypto, is a digital currency protected by a mathematical technique called cryptography. The word cryptography comes from Greek, meaning “secret writing.” It is the tool used to secure transactions on a blockchain network.
Transactions are stored in a digital file called a block. Each block has a block hash which acts as a validation for the transactions in it. The chronological ordering which blocks have, forms a chain of blocks, hence the name blockchain, for the technology which these currencies use. …
Compound is an ERC 20 token that allows users to earn crypto by supplying or borrowing crypto assets on the platform. Lenders get to accrue interest on their deposited assets, while the borrowers pay interest.
As a supplier of crypto on Compound, you can withdraw both your principal and your accrued interest at any time. Interest accrues after every Ethereum block time (approximately 13s).
Taking part as a supplier in the network means that you’re part of a liquidity pool that provides borrowers with money. …