What is Mining?
- Mining is the process by which networks of specialized computers generate and release new Bitcoin and verify new transactions.
- It involves vast, decentralized networks of computers around the world that verify and secure blockchains — the virtual ledgers that document cryptocurrency transactions.
- Specialized computers perform the calculations required to verify and record every new bitcoin transaction and ensure that the blockchain is secure.
What is Gas and Gas fee?
- Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.
- Gas Fees is a fee that is required for every computation executed on the network and it prevent bad actors from spamming the network.
What is Gwei?
- Gwei is also called nanoether — nano is the prefix used to denote one-billionth of something.
- Gwei is the most commonly used ether unit because it is easier to specify Ethereum gas prices.
What is DYOR?
- Do your own research (DYOR).
- DYOR aims to reduce the number of uninformed investors in cryptocurrency.
- It encourages them to research and understand a cryptocurrency before investing so that they can answer precisely why they are buying that currency and supporting that project.
- Always read white paper before investing in any coin.
What is DAOs?
- Decentralized autonomous organizations (DAOs).
- DAOs allow us to work with like-minded folks around the globe without trusting a benevolent leader to manage the funds or operations.
- They require a proposal for membership so the group can assess whether you have the necessary expertise and capital to make informed judgments about potential grantees.
Youtube link of the same.
