LESSON 2: Complicated blockchain in simple words

In this lesson you will learn:

  • How «blockchains» caused the technological revolution and, actually, the new Internet;
  • About Ethereum (or Ether, whatever you prefer), the second cryptocurrency in the world, as well as smart contracts, tokens, transactions, hash, and other scary words.

Complete the assignments:

  1. Go to coinmarketcap.com and write in the comments the current Ethereum rate, time and date of rate fixing;

  2. Go to etherscan.io and find the last transaction.

  3. Compare and write in the comments the fee for transferring $20,000 via Bitcoin and SWIFT networks
    (as if you bought $20,000 worth of BTC and sent it to a friend).
  • Check out the BTC network fee at the very top of ycharts.com (e.g., 0.947 USD/tx);
  • Compare it with the SWIFT transfer fee at your bank

Supplementary materials:

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Text of the Lesson

Explore a helpful reference material:

https://etherscan.io/ — Ethereum Blockchain Explorer, where you can find out all about transaction history, addresses, smart contract interactions, and other data on the network.

let’s check your knowledge

1. The Swift system is required to send transfers:

  • In crypto
  • Between countries
  • Inside the country

2. What is the limit on the amount of sending crypto?

  • 10.000 euros at a time
  • Depends on a blockchain
  • No limits

3. The transaction hash consists of:

  • Letters
  • Numbers
  • Letters and numbers

4. Token:

  • Is created only on its own blockchain
  • Can be created both on the blockchain of another coin, and on its own one
  • Is created on the blockchain of another coin

5. The digital alternative to legal contracts is:

  • Smart contract
  • Ethereum
  • Blockchain