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RE: BLOCKCHAIN FOR DUMMIES - what would be your explanation? [question from my recent interview]

in Project HOPE5 months ago

Now that I think about it, I also haven't been talking to newbies as much. I generally talk to people with previous knowledge. Also, the description of blockchain will vary from person to person; for example, if the newbie is someone with a background in app development/IT related role, you will explain it in a different way than to someone who is in the banking/finance industry. Both of them can use the technology and related topics in different ways.

If I were to describe blockchain in the simplest terms, I'd say it is a country where you can create transparent and trackable value through your CPU. The value can then be liquidated and traded in the form of cryptocurrencies in an open market

So in essence, a blockchain is like a country and every country has its currency. Within a country, there are numerous activities going on that generate the country's currency, and it is the same with blockchain. However, in Blockchain, the activities are done by miners and developers. Just like in a country where the activities and speculation may affect the currency exchange value, the cryptocurrency of that blockchain is also affected by the quality of activities and speculation.

This is the simplest form I can think of.

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 5 months ago 

Love your explanation @belemo :)

Big thx for taking the time to drop this comment