Yo fam, so you have heard about crypto? but you be wondering what it is all about? imagine having Gwap but the digital kind, this gwap is special because unlike the music files on yo computer you cannot copy it and send it to Julio that you sling rocks with and also keep it for yourself. So you know how yo mama always tell you, you cannot eat yo cake and have it too? Yeah, it is just like that, if you send it to Julio you sent it for life… well unless Julio send it back… but I digress. Anyways this Gwap is live! You can use it to pay for that new Tesla whip I told you about or that merch we buy from Gustavo and its just like dem Benjamins. Its safe and secure to transfer on the internet, unless the streets be watching no one will know it was us who greased Gustavo palms and that we be expecting a shipment. So basically what I am saying be that Crypto is just like cash but the digital form. Also, the feds can’t touch this, just like your street game, cryptocurrency need no permission to exist. It is decentralized meaning it be in many places at the same time… so when the man tryna shut it down in one location it still live in many other places so it cannot be trifled with nah mean?
Yo, so Bitcoin just be a flavor of Cryptocurrency. You know how we use Dollars up here in the hood? But that fiiiiine shorty Francesca tell us about how she be using dem money called the Euro when she be living in France? Yeah so thats how bitcoin is, it be just one of dem cryptocurrencies out there used to pay for stuff. It be the biggest one tho because Bitcoin be first crypto on the Crypto streets, there be other cryptocurrencies on the streets like Ethereum, Litecoin and hundreds of other ones… many of them you gotta pay them no mind tho, they be stuntin but they really just scrubs.
This is another flavor of cryptocurrency just like Bitcoin (See above) This one be fire tho! The currency here be called Ether. Vitalik the founder took crypto to another level. He basically like Xzibit. He was like "Yo dawg I heard you like Crypto so we put Cryptos inside your Crypto". Unlike Bitcoin which mainly be a currency Ethereum allow us make Crypto and other applications inside the Ethereum blockchain fancy name be "Smart Contracts". BOOM! Possibilities everywhere. Everyone is a winner!... kinda thing.
So you know how when we pay Gustavo he give us the drop for the merch right? the drop always be far and we always need to dig up some dirt to get the product. Well, mining sorta be like that, to bring more crypto into the world, people in the streets gotta put they computer online and run mining software. They computer now update something called the blockchain, imma tell you about that in a minute, but while they be updating the blockchain, they be doing some complex math too, the kinda thing that make me drop outta school… but I digress. So when they solve that math problem and update the blockchain new cryptocurrency be created and be shared amongst all them homies doing that real work. So when you hear people be mining crypto, they be the people putting in that real work. They be foot soldiers!
You know how Gustavo record our payments in the book of life when we buy product? yeah, so the blockchain in crypto currencies just like that book, anything that happen it gets recorded in the blockchain and this blockchain be shared with all the miners. This be why the feds can’t squash this, these miners be all over the world and they be like little snitches, when one of them observe something new happen, they be telling all the other miners and all the other miners be recording it in they little diaries but the fancy name be called blockchain a.k.a ledgers a.ka database. But like I explained before, even though the feds can see dem happenings they don’t always know who the blockchain be talking about, because them miners smart, they never use your Government name, they only use your street name. So unless they know your street name them feds ain't know who is who. This blockchain thing be public, yo mama can see it, Gustavo can peek it and so can the feds at any time, so make sure you always stay correct.
BTC, ETH, LTC, ETC
These just be the street names for different cryptocurrencies. Like how we call Cocaine White girl and call MDMA Molly, BTC be the street name for Bitcoin, ETH be the street name for Ethereum, LTC be the street name for Litecoin and ETC be the street name of one of them scrubs I told you about called Ethereum Classic, it be like Ethereum but a dead version.
Proof of Work (POW)
So this be that complex mathematics I tell you them miners be doing, this shit real and you know whats fucked up? this shit be getting harder with time too, taking longer and shit. I don’t know why anyone be making their computer do this kinda work, unless they not be liking their computer too much but I digress. Whenever this maths be finished some new crypto get into the world… its a celebration bitches!
Proof of Stake (POS)
Some of these smart Geek kids, You know the save the planet, Kumbaya, let's hug the tree types decided that Proof of Work be old school and cost too much electricity so they decided to flip the script on it and for good reason too. Those mining computers be causing noise pollution, be costing electricity, they mad ugly too and who wanna do all them math anyways. So Proof of Stake be a new way to bring Crypto Currency to the world without computer doing math. Hallelujah! It is still a work in progress but I be rooting for them smart kids.
Why stress this?
The Blockchain technology that runs Bitcoin and Ethereum be the most important tech discovery in computer science in recent time, so many things gonna come outta this. You know how our teacher Sharleen hate when we use Wikipedia for homework? Yeah because anyone can change Wikipedia, like my ex Karen you can't trust that... Hell, I got a Wikipedia page saying I be a surgeon cause I be a Chief Operator nah mean?... but I digress. Blockchain be the best technology to make an open network of information but the information in it be legit at the same time. What's the number one rule on the street? You gotta stay strapped! But you youngins think that only mean that you gotta be holding a piece. Nah dawg it mean you gotta be always be prepared for what's coming. Crypto be going mainstream so you gotta know what it is. Stay street smart B, that be the only way you stay relevant on the streets.
Lots of people have been asking me to explain what cryptocurrencies such as bitcoin and Ethereum are so I decided to write a fun high-level article that I can refer people to. Hopefully, some of you find it useful too.😊