Key Web3 Concepts You Must Know: The Building Blocks

Cryptocurrency is digital money that exists on a blockchain. For example, Bitcoin is used for payments, while Ethereum can do even more.

Wallets are like your personal bank account on the blockchain. They hold the keys to your crypto and other assets. Unlike a physical wallet, they store access codes instead of cash.

Smart contracts are self-executing code on the blockchain. They work like a vending machine: you put in money and automatically get a snack. You do not need to trust anyone to get the result.

Decentralized apps, or dApps, are applications that run on a blockchain rather than on company servers.

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