Crypto Basics

What is Cryptocurrency? 

Cryptocurrency or Crypto is a form of digital currencies that are not controlled by any one governing body such as governments or banking institutions. Many companies have issued their own forms of Cryptocurrencies which are also known as Tokens, which can be traded for specific goods that the company provides. 

Cryptocurrencies work using technology called the Blockchain, which records and validates a series of transactions through a network of computers that record the transactions on a public domain. 

What is a Blockchain?  

A Blockchain is a public ledger that is unchangeable. It is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat. It can record each transaction, duplicate, and distribute the information across a global network of computer systems.

What is Ethereum?

Ethereum (or ETH) is the Cryptocurrency used for transactions on the Ethereum network. The NFTs bought and sold on Vault are written onto the Ethereum Blockchain. You spend ETH buying NFTs and paying Gas Fees (transaction fees for ETH) and receive ETH selling NFTs on Vault.

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