(Originally Posted on October 10th 2023)
Current Blockchains are like arcades, an area with all types of machines that take coins distributed by the arcade. Many of the machines spit out tokens that can be traded for rewards. The coins, tokens, and rewards all have a value but only in that specific arcade. The purpose of an arcade is entertainment and activities that can’t be found anywhere else. Nobody expects to get the money spent in the arcade back or with a greater return, it was spent for the opportunity to access the arcade, and its machines, and to maybe walk away with a novelty reward. The coins, tokens, and rewards all have a value but only inside that specific arcade. To try and resell the tokens or coins would be difficult whereas the reward might have some leeway.
There are plenty of other ways to interpret Blockchain(Arcade), dApps(Machines), Cryptocurrency(Coins), Tokens(tokens), and rewards (NFTs), but this is how I see it in its current state. Blockchain as a technology is still in its early days and the ways that businesses are looking to integrate it will be groundbreaking. So just know that this isn’t the state it will be in forever, there are plenty more reasons to get involved or interested in this space. Doing research and finding a reason is a personal responsibility though, I hope all moves taken to venture into this space are taken seriously.
helpful Advice:
– Don’t expect a return on anything thrown into Blockchain
– Do proper research, look at whitepapers of dApps to understand the participants’ position, learn about the different types of Blockchains and their purpose
– Don’t forget the reasons for getting interested/involved