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Blockchain > Blockchain Basics

Understand the Crypto and Blockchain World

December 2, 2021

What is Minting?

The process of converting digital assets into a part of Blockchain- a public ledger that remains untampered is called Minting. It is defined as a process of validating information, creating a new block, and recording the information into the blockchain.

What is Forking?

Blockchain forks are essentially a split in the blockchain network. The process which leads to the divergence of blockchain into two potential paths due to a change in protocol is forking. The network is open source and thus the code is available to everyone to suggest edits or improvements.

What is Burning? 

The act of sending cryptocurrency tokens to a wallet with no private access key, where the tokens can’t be accessed by anyone and are lost forever is coin burning.

What is a Gas Fee?

Gas Fees refer to the transaction fees paid to the miners by the users on a Blockchain protocol for the transaction to be included in the block.

What is a Cryptography?

Scrambling sensitive information in the form of ordinary text into a code that can’t be read without a private key is cryptography.  It is used to secure the information between sender and receiver.
 

 

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