Know the Tech
Helpful & simple information on tech topics related to MetFi & Web3 trends.
Here to Help You Help Others with Tricky Tech Topics.
MetFi is engaging in today’s hottest tech sector – the realm of Web3, metaverse, NFTs, crypto. And what underlies all of these functionalities and makes them possible is blockchain.
Blockchain is the most disruptive and innovative tech development of the past decade, bringing revolutionary change to so many industries.
These tech topics can be complex and often confusing. We aim to decode them for you here, in the hopes that you will feel more confident and informed about these groundbreaking developments, and prepared to clearly explain them to others.
The Blockchain Impact
To get an idea of the disruptive impact that blockchain is set to have on our lives, watch this fascinating Ted Talk, by Don Tapscott whose unique insight was way ahead of its time.
Tech Tidbits. Easy Explanations of Tricky Topics.
What is Blockchain?
Blockchain technology is not cryptocurrency, but it powers decentralized finance! Blockchain is a method for storing data “blocks” over a distributed network. Most established blockchains are virtually tamper-proof because all block records and transactions must be verified across their distributed networks.
Learn more about blockchain at this post.
What are NFTs?
NFT stands for non-fungible tokens. Ummm, ok, and what is that? Read the whole article to find out.
NFTs are original and unique records of digital data documented on blockchain. Collectible NFTs are singular stores of digital data with a perceived value.
Utility NFTs can be used to store and ensure the originality of any form of digital information.
What is a DAO?
DAO stands for Decentralized Autonomous Organization. A DAO is a digital network connected through blockchain and Smart Contracts. Beyond the predetermined actions executed by Smart Contracts, all DAO actions are determined according to DAO member voting. Technically Bitcoin qualifies as a DAO because it is under no centralized control. Everything that happens with Bitcoin is determined based upon the holders of Bitcoin.
What is Staking?
“Staking” is where token holders “stake” their tokens in exchange for rewards. A popular method for verifying blockchain transactions is “proof-of-stake”. This method consumes less energy than the “proof-of-work” method which involves a lot of computing power in order to solve complex mathematical equations. Staking is somewhat like putting assets in a fixed account. You are rewarded for leaving the tokens be for a period of time, and thus contributing to the proof-of-stake protocol. In many cases, the rewards are compounding, meaning you earn a percentage of gains on the initial staked tokens plus the accumulating staking rewards.
What is BSC?
BSC stands for BNB Smart Chain. It is the blockchain deployed by the world’s top crypto exchange platform, Binance. Having released its own token, the Binance Coin or BNB in 2017, Binance has expanded to support deployment of independent blockchain, crypto, and even NFT projects on its ecosystem through BSC. BSC offers the benefit of using the eco-friendly “proof-of-stake” verification protocol, lower “gas” fees, and the possibility of integrating with other blockchains and DeFi projects, like MetaMask which supports Ethereum as well as BSC tokens.
What is the Metaverse & Web3?
Web3 is a term given to the next major phase of online connectivity which is characterized by decentralization. Web1 is the general category given to the earliest stage of internet use which featured one-way engagement with websites, particularly for informational purposes. Web2 was primarily driven by mobile internet access. Web2 is characterized by interactivity, social media and ecommerce. Web3 is powered by blockchain which allows true decentralization, and supports personal privacy.
Many believe that the metaverse will feature more Web3 applications and platforms, and this is starting to take shape already. Metaverse supports powerful interactivity in the virtual reality space – a place where we engage, transact, and enjoy with the global community through multiple features and functionalities. The metaverse is considered to be the next major tech frontier.
Easy to Read Articles on Tech Topics Relevant to MetFi
Check out our tech blog posts for helpful, simple yet detailed explanations on topics related to MetFi.
About Binance & BSC
Let's Learn About BinanceBinance is relevant to the MetFi Community because it is the ecosystem upon which MetFi is built. MetFi Tokens (MFI) and MetFi NFTs were developed on the BNB Smart Chain.Binance is well known as one of the world’s top crypto exchanges. In...
What Are NFTs?
So What Really Are NFTs?NFT stands for non-fungible tokens. Ummm, ok, and what is that? We’re gonna try and demystify it here. Something which is fungible is interchangeable and not unique. Money is fungible. One 100$ bill is indistinguishable from another in value....
Understanding Blockchain
Blockchain. What is it anyway?Blockchain is disrupting the tech space, is a key component of Web3 and metaverse, and is going to impact our lives in huge ways. But what is it? Read on.Blockchain and its related technologies have taken the world by storm in recent...