Crypto

Last updated May 11, 2023

• TradFi - the traditional banking/financial system
• CEx - crypto broker. coinbase, kraken, gemini, binance, ftx
• DeFi - decentralized finance
• DEx- decentralied exchange. uniswap, spookyswap, matcha.xyz
• Smart Contract - a piece of code that runs on the block
• Layer 1 - base blockchain like Bitcoin or Etherium
• coin - similar to traditional currency , can be mined
• token - an asset or a utility, built on an existing blockchain
• wallet - device or program that stores your crypto keys
• nft - non-fungible token. unique crypto tokens that exist on the blockchain and cannot be replicated
• gas fee - the amount of computational effort required to executy specific operations
• airdrops - a promotional/marketing strategy used by blockchain projects to give out free tokens
• seed phrase (secret recovery phrase)
• block - a leger of transactions

1. install wallet in browser
   1. metamask.io
   2. Download and add to chrome
   3. Create the password for wallet and sign in(cannot be recovered)
2. Connect to a Testnet
3. For demo - PulseX (there are others), which is a fork of uniswap
4. Once PulseX is connected to your wallet, the currency will change to PLS (pulsechain)
5. Use Faucet for test transaction. Give access to wallet.

Traditional banking - the bank is only required to have a certain percentage of your $, and this is how some banks fail when more money is required than they have. (Fractional Reserve). The whole system functions on trust. Crypto - There is no fractional reserve. When crypto is bought and sold it is based on the liquidity and what is available, and the cost based on supply/demand.

• dexscreener.com
• blockstream.info
• etherscan.io
• debank.com