A Merkle Tree is a specialized data structure that is used as the basis for creating blocks on the Blockchain and verifying the validity of the data stored on that block. Before understanding a Merkle tree we must first understand the term Hashing.
What is a Hash
The secret sauce of the Blockchain is that every user has a set of keys. These keys are known as their public key and their private key.
As you can imagine the public key is publicly available to everyone. It is equivalent to a person's social security number in that you and only you are assigned that number. If anybody looked up that number they would know it was assigned to you.
The private key is obviously available only to the owner. It is something that is not and should never be shared with others. You need to protect the private key for the security of your assets on the blockchain.
Two days ago Yuga Labs, creators of the Bored Ape Yacht Club (BAYC), allowed users to mint land in their non-existent Otherside metaverse. This process resulted in the highest spike in the cost of gas fees in the history of the Ethereum network. The sad truth is the $200 million users spent on gas fees could have been avoided. Let's explore how.
Yuga Labs utilized what is called a Smart Contract to allow users to mint their land purchases. A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
Smart contracts are stored on a blockchain. To add anything to the blockchain you have to pay what is called a "gas fee". This fee is the reward paid to people called miners who are responsible for adding new blocks to the blockchain.
As the Blockchain garners more attention and adoption, people are faced with new terminology. Words like DeFi, NFT and DAO are new acronyms that people struggle to understand. But what do they mean? In this article, I will share what each one means and how they fit into the Crypto world.
DeFi is short for decentralized finance. DeFi is the term used for peer-to-peer financial services on the blockchain.
With DeFi, you can do almost everything you could do through a bank like earn interest, borrow, lend, and trade assets. The benefit of DeFi is the process of doing any of these actions is faster, generally cheaper and does not require you to create an account with a government-issued ID.
Akutars was a highly anticipated NTF project. The project was developed by AKU Dreams which was created by pro retired baseball player Micah Johnson.
The Akutars Project Details
The Akutars project features the character of a young astronaut and contained 15,000 NFTs. The project launched on April 22nd.
To understand the differences between Layers, you must first understand scaling. In Blockchain technology, the term scaling refers to an increment in the system throughput rate, as measured by the number of transactions performed per second.
Why is Scalability Important?
Now that description is a mouthful so let's break it down. As more and more people and applications start to use the blockchain the amount of traffic on the blockchain increases. Scalability is the term used to describe how well a blockchain is able to handle this increase in transactions.