Member-only story
Blockchain Basics, Part 3
Welcome to the third and final installment of our Blockchain Basics Crypto Witch Club Guide on Medium! Make sure you’ve read part 1 and part 2 before digging in!
A REFRESH …
First, let’s review how how blockchain relates to crypto and NFTs!
A blockchain is a growing list of records known blocks. Each block contains information and together form a chain that cannot be altered or corrupted — think of it like a Google sheet with the edit history on.
Now imagine blockchain as train tracks. These train tracks are the foundation on which cryptocurrency and NFTs (the trains) run on. The blockchain provides security (through cryptography or similar protocols) and infrastructure that keeps the trains — NFTs and cryptocurrency — safe, without needing to be governed by a central figure or bank.
WALLETS & CRYPTO
A cryptocurrency wallet is a physical (hardware) or online (software) device that stores your public and private keys. These keys give you access to your cryptocurrency — which lives on the blockchain. Without your private key, your cryptocurrency cannot be accessed. If you lose your wallet and someone finds it but doesn’t have the private key — they can’t access it. (You can restore it later on a new device using your previously set recovery phrase.)
