How To View the Blockchain World
Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
Blockchain brings a new technical paradigm to the internet.
Here are the key players and components of the blockchain world
Asset holders — they acquire tokens, coins, and NFTs that represent value.
This includes exchanges, wallets, banks, funds and lenders.
Protocols — these are computer protocols that manage the exchange of information and value.
This includes using coins as a store of value, or tokens to gain access to an asset, or NFTs as collectibles.
Smart contracts execute the transactions within the protocol.
Exchanges — marketplaces for trading digital assets.
This includes traditional exchanges with a gatekeeper managing the process as well as decentralized exchanges with no intermediaries.
Chains — these are databases which store the transactions.
Network effects impact the usefulness of chains. The more users on the chain, the more users will want to engage it.
Miners — they run algorithms to ensure the information across the distributed nodes remains accurate and consistent.
Application software — these are the applications that provide the user specific services such as a social network, managing real estate assets, or tracking insurance coverage.
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