In Demystifying Crypto Basics through Metaphor, we started with some of the basic ideas about money and crypto tokens. But we didn’t talk about where these things live.
Blockchains
We kind of skipped this part. But I thought it was more important to go over some of the pieces first, then go big picture. So what’s a blockchain?
Here’s my simple definition of blockchains: It’s a place where you keep track of some stuff and let tons of people keep copies in a really secure way. That is really it.
Here’s the more typical matter-of-fact technical definition: A blockchain is a decentralized, cryptographically secured ledger that records transactions in a tamper-resistant chain of blocks across a distributed and decentralized network. There’s other details like how blocks are formed and linked, timestamps, and more. We’re not going to focus on those. Blockchains are mostly associated with crypto in popular perception, but guess what? They can be used for all kinds of other things; identity management, supply chain management, healthcare records, real estate and land titles, and a lot more. This is why this technology is simmering beneath the surface. It does have several core values and can be made actually useful. It’s not just about the so-called meme coins.
In the hype cycle of crypto, we’ve seen the whole market space rocket up and come back down, then slowly rise again. At least in terms of money and attention, it’s now just kind of there. After all, the Metaverse was popular for a couple of days, but then we got AI to gush about. Meanwhile, we still have the get rich YouTube crypto maxis, but the crypto industry itself has started – more quietly – finding some real world valuable use cases. And the underlying blockchain tech? Players in this area have been just trying to build more things of actual value. So it’s not going away. And if you do product management, it’s quite possible you’ll be looking at where or if some of these technical bits make sense in your offerings.
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