The rise of cryptocurrencies and smart contracts: a guide for beginners for public keys, trading and ERC-721

In the world of crypto currency, Blockchain technology has revolutionized the way we are considering transactions, trading and ownership. At the heart of everything is a public key, a key component of safe internet interactions and smart contracts. In this article, we will explore the basics of cryptocurrencies, explore the concept of trading on decentralized exchanges (DexS) and examine how to use ERC-721 token standards to create unique digital assets.

What is the Crypto Currency?

Crypto currencies are digital or virtual currencies used by cryptography for safe financial transactions. They act independently of central banks and governments, allowing transactions with peers without intermediaries. The most famous curine curine is Bitcoin (BTC), but others like Ethereum (ETH), Litecoin (LTC) and Monero (XMR) have also gained significant attraction.

Public keys: Transactions Insurance key

The public key is a unique identifier assigned to each user or entity on the blockchain network. This is basically an address that can be used to send and receive digital assets, such as cryptocurrency of currency or NFT (tokens that are not bothering). Each private key is paired with a suitable public key, which allows safe communication and data exchange.

Imagine this as if you send a letter: You will need a home address, the recipient’s address and a unique code to unlock the mailbox. Similarly, your public key (recipient address) and your private key (code that unlocks your account) will need on the blockchain network. This combination ensures safe and irreversible transactions.

Trading on Decentralized Exchange (Dexs)

DexS are Internet platforms where users can buy, sell and trade digital assets without need for intermediaries. They act on blockchain networks, allowing for the transactions of peers and decentralized management models.

To use Dex, you usually have to:

• Create an account on the platform.

• The position of funds in your trade couple (eg ETH/LTC).

• Set your order using a platform interface or API.

• Execute the store and receive the outcome.

Dex -likes such as Uniswap, Sushiswap and Binance Smart Chain are popular examples of decentralized exchanges. These platforms allow users to trade crypto currencies and other assets while maintaining control of their means and data.

ERC-721: Standardization NFTS

ERC-721 Standard is a set of guidelines to create a unique digital property on Ethereum blockchain. It was first introduced in 2017 and has since become a de facto standard for tokens that are not bothering (NFT).

ERC-721 defines the basic structure and properties of NFT, including:

• A unique identifier

• Information on the owner

• NFT Data (eg Picture, Video, Audio)

• Transportation

Token creators can be used by ERC-721 to build and sell unique digital assets, such as art, collecting or games in the game. The standard is widely accepted on various blockchain platforms, including Ethereum, Binance Smart Chain and Solana.

Conclusion

Crypto currency, trading on DexS and ERC-721 are all interconnected aspects of cryptocurrency ecosystems. Understanding these concepts, users can gain deeper insight into how they can use the power of blockchain technology for safe internet interactions and smart contracts.

As the world of cryptocurrency continues to develop, it will be exciting to see how these technologies continue to form a future of digital property and transactions.

Sources:

• Bitcoin.org

• Ethereum.org

• Dex.financing

• Sushylasswap.io

• Solana.com

Recommended Read:

• “Blockchain 101” Cryptolate

• “Ultimate Guide for NFTS” by deciphering

• “Decentralized Finance (Define)” Coindesk