Updated: Feb 2
What is blockchain technology and why is it vital for things such as NFTs & Cryptocurrencies?
Blockchain most simplistically is a ledger, a diary that is almost impossible to forge. The ledger cannot be changed or altered. Whatever is recorded on the ledger, stays forever. It is IMMUTABLE. This ledger is decentralized, meaning everyone has a copy of the ledger and everyone has access to it.
Blockchain is a trust-less, peer-to-peer system - governed by the community (The members of the platform), like a co-op. There is no central authority! This technology is the main reason why technology like NFTs and Cryptocurrencies can exist.