How does blockchain work?

In a public blockchain network, the first node to credibly prove the legitimacy of a transaction receives an economic incentive. This process is called “mmining.” Here’s a theoretical example to help illustrate how blockchain works. Imagine that someone is looking to buy a concert ticket on the resale market.

What is compound (compound)?

Compound is a Defi protocol that has attracted a large number of new users since its launch in 2018. It is a decentralized application ( DApp) that works on top of the Ethereum network. The platform works by letting users contribute or deposit crypto funds into a liquidity pool in order to earn interest on their assets.

What is compound crypto?

Compound crypto is basically a decentralized protocol developed over a blockchain. Users have the privilege of dictating governance precedents for the Compound protocol with the help of the COMP token. From a technical perspective, you can think of Compound as a system of smart contracts developed on Ethereum with open accessibility.

What is a public blockchain?

A public blockchain, also known as an open or permissionless blockchain, is one where anybody can join the network freely and establish a node. Because of their open nature, these blockchains must be secured with cryptography and a consensus system like proof of work (PoW).