Are you a Crypto Witch? 🔮

Crypto Witch Club
3 min readJan 7, 2022

Brush up on your blockchain basics below (say that 3 times fast) and then take our latest Crypto Witch Club Quiz to test your crypto knowledge!

What exactly is a DAO and how do I get involved? Explain it to me like I’m a 5 year old. (Pretty please.)

A DOA is an open source blockchain protocol that can use smart contracts to elect members, distribute funds, and make executive decisions.

Translation? It’s a new way of building a company (or club!) where users act as co-owners that can vote on decisions based on how many tokens they own. (tokens = your share of the company.) Voting rights, are we right?!

  • DAOs make distributing funds + decision making fast and secure because transactions + rules are recorded on the blockchain and public
  • DOAs are democratized, as all members of a DAO can participate (as opposed to a traditional company, where C-suite + majority shareholders hold power)
  • DAOs are open-source and transparent
  • In short? Collective ownership is the future baby!

Can we have some DeFi for Dummies please? Isn’t all crypto DeFi?

DeFi is short for decentralized finance. For comparison, a standard banking system is centralized, meaning processing transactions must be carried out by / from a central location.

DeFi offers a global alternative to this financial system, allowing borrowing, saving, investing, and trading on the blockchain, through open-sourced technology that anyone (with an internet connection) can access.

Is all crypto DeFi? Well, yes and no.

  • Bitcoin is decentralized — as transactions are recorded and secure. However, if you are purchasing from a major exchange (like Coinbase or Gemini) that is a centralized movement. If you are exchanging Bitcoin peer-to-peer (wallet to wallet), THAT is a truly decentralized movement.
  • DeFi takes decentralization even further. Ethereum’s blockchain…

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Crypto Witch Club

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