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![\"\"](\"https://qa.coindesk.com/wp-content/uploads/2014/11/coincorner.png\")
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Ledger, Trezor and KeepKey are three of the leading companies that provide this type of solution.\",\"extraText\":\"*Always buy directly from an official vendor website to ensure you are getting an authentic device that hasn’t been tampered with.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/4VB2HHFH5BH2XOUMAS3SW5F7EA.png\"},{\"text\":\"There are also a number of free software bitcoin wallets you can download on your laptop or mobile.\",\"extraText\":\"For a list of peer-reviewed bitcoin wallets, go to bitcoin.org.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/IM45DJ4FTBBE5I2SARMEKTXKGA.png\"},{\"text\":\"Once you have a wallet set up, you now need to head over to an exchange that lets you sign up, link your bank account and purchase bitcoin.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KDHK2HVC6RDWNFOBGRQ2PEKQCY.png\"},{\"text\":\"For people on the go, there is a range of easy-to-use, free-to-download mobile trading apps that make buying bitcoin as simple as one click.\",\"extraText\":\"The most popular apps include Coinbase, eToro, CashApp, Luno, Swissborg, PayPal and Crypto.com.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CI3YGF6R75GT5GMQYWOHO5XNJU.png\"},{\"text\":\"For investors that already have some technical trading experience and prefer to place trade orders themselves, Binance, FTX, Coinbase Pro and Kraken are some of the leading exchanges where you can do this.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/POQQEUWQBZGX7HTIXBLNCJGZDE.png\"},{\"text\":\"When signing up to any of the aforementioned exchanges and mobile trading apps, you will be asked to provide proof of identity.\",\"extraText\":\"This is to comply with international Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/EEG2H5O2DNBEDKN3MYRIMVDY5M.png\"},{\"text\":\"A driving license or passport is all you typically need when signing up, though some may ask for additional information such as proof of address.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5KYJQXE5WNG4DKSH5GG37Y37YA.png\"},{\"text\":\"Once you have created an account with one of the exchanges or mobile trading apps, you will need to deposit regular currency like U.S dollars or euros in order to purchase bitcoin.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BGUW52IAGJBNPM6WAYQMHFF7LQ.png\"},{\"text\":\"Most platforms will allow you to deposit funds directly from your bank account, or pay with either your credit or debit card. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/IUWDERI7NZALTBEDHZ7MO2MAFI.png\"},{\"text\":\"It’s worth noting, however, that some banks, such as HSBC, Starling Bank, Barclays and Monzo, have been known to block payments to cryptocurrency platforms.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/H4TXNWFSMRGTLG24IUUCG6JFOI.png\"},{\"text\":\"To avoid any issues, it’s advisable to check with your bank branch first before attempting to purchase bitcoin or other digital assets.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SKFNIBGT5FEAVH3ZVVGVE5BMBU.png\"},{\"endOfCourse\":true,\"nextCourse\":false,\"text\":\"Pencils down!
You’re all finished with
Bitcoin 101.\",\"extraText\":\"Check out our other crash courses to keep growing your crypto smarts.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RYLKTIG37RDRVET4MBAIXJANQI.png\"}]}]"},"_website":"coindesk","name":"bitcoin-101","parent":{"default":"/learn/crash-courses"},"ancestors":{"default":["/learn","/learn/crash-courses"]},"inactive":false,"node_type":"section","children":[]},{"_id":"/learn/crash-courses/defi-101","site_topper":{"site_logo_image":null},"site":{"site_tagline":null,"site_url":"/learn/crash-courses/defi-101/","site_title":null,"pagebuilder_path_for_native_apps":null,"site_about":null,"site_keywords":null,"site_description":null},"social":{"twitter":null,"facebook":null,"instagram":null,"rss":null},"navigation":{"nav_title":"DeFi 101"},"layer2":{"issue_number":null,"tags":[]},"_admin":{"alias_ids":["/learn/crash-courses/defi-101"]},"crash_courses":{"crash_course_data":"[{\"id\":\"defi101-1\",\"title\":\"What Is DeFi?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"What Is DeFi?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FG67OI4OPVBZLJLZSAH4LTMVE4.png\"},{\"text\":\"So what is DeFi, and why is it interesting? To understand it, you have to look at “normal” financial tools. Loans, mortgages and insurance are all examples of traditional financial services that banks and brokers offer.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/AZF6BFDNUJH5HPFTQPHCN4DOII.png\"},{\"text\":\"There are a number pain points with these services:\",\"extraText\":\"
\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CGGZACN3VRAJZENDA2PJTXI4JU.png\"},{\"text\":\"What if there was a way though to remove banks and other middlemen from these financial services?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/L3BOYC2SSFEWLKPAUQ4EEE2Q5Q.png\"},{\"text\":\"Enter decentralized finance, or DeFi for short. DeFi refers to a group of special apps – similar to the apps on your smartphone – where people can access various financial services.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/COTDGSFSE5BIJMIHRTNEBZGPI4.png\"},{\"text\":\"These apps are known as decentralized applications, or “dapps.”\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TW2QDJWTTBCDBDAKZS6VVEQXRE.png\"},{\"text\":\"The main difference being, these dapps are built to work autonomously without any company or person acting in the middle.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/2WSRPKRDCZA33MW6ONQTVGRXGQ.png\"},{\"text\":\"Think of a traditional ride-hailing app like Uber, Lyft or Bolt.\",\"extraText\":\"Each time a driver pairs with a customer on the app and completes a journey, the company that created the app takes a cut of the driver’s profits. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/T2KDO3QXQNG65FBHWK4ZNJETSU.png\"},{\"text\":\"But imagine if those apps operated completely autonomously, and instead of a company taking a cut each time, every driver got to keep 100% of their earnings.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VZGZCE4AKNCY3N4NFFBIW4QLAY.png\"},{\"text\":\"There are two clear benefits here:
\",\"extraText\":\"
\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/7XF6P4NABFHEJBSQO77OQU64FE.png\"},{\"text\":\"Now, instead of a ride-hailing app imagine an app where you could access a range of traditional financial services like loans, mortgages and insurance without having to deal with a bank or insurance company.\",\"extraText\":\"That would be pretty cool, right?\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SAOGHOMIK5EVNMXEQMOJQBKVMQ.png\"},{\"text\":\"People would be able to lend money to anyone in the world without the help of a bank and borrowers could receive loans without having to provide documentation or pass credit checks.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NHCMWGBKVRFE7NC4NSITHK7JYA.png\"},{\"text\":\"Insurance payouts could also be automated through dapps to dramatically streamline claims.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KOXFKG7TDJAJ5NXR5VCKJATYOU.png\"},{\"text\":\"Sounds great, right? But wait, there are some drawbacks to DeFi.\",\"extraText\":\"Some dapps are created quickly and cheaply, and this leads to potential bugs or errors in the underlying code. In some instances, these bugs have led to users losing their invested money.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FKL4M2ZR4BC73PYRBBTCXGBVV4.png\"},{\"text\":\"Another issue with DeFi is the prevalence of scams and fraud.\",\"extraText\":\"Unfortunately, there have been some instances where dapp creators have disappeared with users funds using a type of exit scam known as a “rug pull.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/64CP4F5QMNBTFNUTN5RXF2N5EQ.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"How Do DeFi Apps Work?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/DKZA7NOWQZFVDD3P7LKBELKQN4.png\"}]},{\"id\":\"defi101-2\",\"title\":\"How Do DeFi Apps Work?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"How Do DeFi Apps Work?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/DKZA7NOWQZFVDD3P7LKBELKQN4.png\"},{\"text\":\"So what allows these decentralized apps to work without people being involved?\",\"extraText\":\"Well, it’s all thanks to a special type of computer program known as a “smart contract.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XWKLML55N5HBBMSIAGSQHOEUJY.png\"},{\"text\":\"Smart contracts are pieces of computer programs that activate automatically when certain conditions are met.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/LYZRJ5LJCZGHLE346I5CHRX7ZI.png\"},{\"text\":\"Every decentralized application is powered by a single smart contract or set of smart contracts. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VFKJAOI3TVEXTD4RCHP5EPUAAU.png\"},{\"text\":\"These automated programs are stored on a blockchain.\",\"extraText\":\"This is the distributed-ledger technology used for recording and validating data sent over cryptocurrency networks.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/3A424GCZTRHQLN5DFIHCFTSKIE.png\"},{\"text\":\"Ethereum is currently the most popular blockchain for creating DeFi applications.\",\"extraText\":\"However, there are several other popular options including Solana, Binance Smart Chain and Polygon.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PAIAXZAPJJAXDATJHECLCFQW6M.png\"},{\"text\":\"By storing smart contracts on a blockchain, it means dapps cannot be censored or tampered with once they’re deployed.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/LBII6DAJKZGUXLYKXL7VZRWO7U.png\"},{\"text\":\"It also means anyone in the world with an internet connection and a smartphone or laptop can use dapps, making them globally accessible.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6MDKSPP5DNAQFKM3UXKAIZZVV4.png\"},{\"text\":\"While smart contracts have a wide range of potential applications, they are particularly good at removing middlemen from traditional financial services.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SUMV5IFMRZB6DDPMEF7LHTY5FU.png\"},{\"text\":\"Let’s look at life insurance as an example.\",\"extraText\":\"Someone could create a dapp for life insurance using a smart contract that was programmed to automatically pay out once a valid death certificate had been submitted.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5RYVWHM2WFBIFJGIOTXBBME3LE.png\"},{\"text\":\"This would allow users to receive insurance payouts instantly without having to go through the normal lengthy claims process. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/4EUZYGHS4RF5LEYZUHNJPUJXRU.png\"},{\"text\":\"Now, let’s take a look at what happens when someone uses a DeFi dapp.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/36UEGDKBXJD2TEMO7ND2TNNJ3M.png\"},{\"text\":\"Whether you lend assets, trade or take out insurance using a DeFi dapp, these actions are sent as a transaction to the dapp’s smart contract address(es).\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CBDBIBUNA5GM5LA7Y5AJKHZP7Y.png\"},{\"text\":\"If the data in the transaction satisfies the conditions of the smart contract, it will automatically execute whatever function it’s been designed to do.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/7QWZPAIV5RAJ3IG7IZRO3AS5ZM.png\"},{\"text\":\"In the case of the insurance dapp, the valid death certificate would be the data required to trigger the smart contract’s function and pay out a claim.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MW4ZZFZQVFH2RJ2GZIU5TYCUBE.png\"},{\"text\":\"Computers that contribute to the blockchain where the smart contract is stored – known as “nodes” – take the transaction and the smart contract and run it in a computer test environment called a “virtual machine.”\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6YRGPZSLMJAYBIFLNK6BTGH6YA.png\"},{\"text\":\"Virtual machines compute smart contract code and ensures a transaction is valid before recording it on the blockchain. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HAYDLAX4JBDG3CR4MXGPIH6VDA.png\"},{\"text\":\"Once the changes have been recorded on the blockchain, the action carried out on the dapp is finalized.\",\"extraText\":\"Depending on what blockchain is used, this process can take less than a second or up to several hours to complete (during peak times.)\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/M32XDPU3B5ESBGRZHTAIIY7XHA.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"What Is Yield Farming?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CFJPLT4KYVANTOUG4OLCNMHO3I.png\"}]},{\"id\":\"defi101-3\",\"title\":\"What Is Yield Farming?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"What Is Yield Farming?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CFJPLT4KYVANTOUG4OLCNMHO3I.png\"},{\"text\":\"If you’ve come across DeFi already, you might have heard about some investors making extremely high returns through a process called “yield farming.”\",\"extraText\":\"But what is it?\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5PTS6GM7BVC3XIV6JLJAW7HY3A.png\"},{\"text\":\"A lot of dapps allow users to lend and borrow crypto assets in exchange for various rewards such as regular interest payments, free tokens and shares of transaction fees.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VAASIUGMAVAZNJQFX6W2YDTBJM.png\"},{\"text\":\"Early on, a number of DeFi users discovered they could leverage multiple platforms at the same time to generate maximum returns for their assets. This became known as “yield farming”.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MYSYXIEA4ZCJPNN4B6GEMS5D4A.png\"},{\"text\":\"There are three main types of DeFi platforms investors use in order to do this:\",\"extraText\":\"
\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TQSA2UYRMJFS7CH5JHKH6IT7N4.png\"},{\"text\":\"Liquidity pools:
Decentralized exchange protocols such as Uniswap, Balancer and PancakeSwap allow users to add their crypto assets – or “provide liquidity” – to pools that other investors use for swapping tokens. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MVRRK3T2IFGOPMOO2NSM5SFQUU.png\"},{\"text\":\"In return, liquidity providers receive a liquidity pool token (LP token) which represents their share of the assets in the pool.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TNCPYOMXHRCTXIYZSLLUFCXWKM.png\"},{\"text\":\"These LP tokens give holders a right to a percentage of transaction fees charged to users for swapping tokens in the pool upon redemption.\",\"extraText\":\"Uniswap, for example, charges a flat transaction fee of 0.3%.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PXUFMTXDFZC73MF5TF7SAHY5EM.png\"},{\"text\":\"Some platforms such as Balancer also reward liquidity providers with free native tokens to incentivize people using their platform.\",\"extraText\":\"This is known as “liquidity mining” and helps boost yield returns.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CXZU3BUCRZEAZKX6N5D4JF4GGQ.png\"},{\"text\":\"For instance, you could deposit $1,000 worth of crypto assets into a pool and receive 10% APY.\",\"extraText\":\"On top of that, you would also receive free Balancer tokens (BAL) which could be sold or lent out to earn additional interest.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/F3Z633WA5RGWNN7QBLSW3EUUYI.png\"},{\"text\":\"Lending and borrowing:
Compound and Aave are examples of popular lending and borrowing DeFi platforms where users can earn interest on the crypto assets they deposit.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HTMERZPNBRHMDJLN35B6GP3AO4.png\"},{\"text\":\"Interest rates vary depending on what asset is deposited and typically ranges between 0.01-15%.\",\"extraText\":\"Though, when some tokens first appear on platforms they can offer tens of thousands of percent returns. But this usually doesn’t last very long.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/EG7WH6S37NAYRPX2X3VLR2HCQE.png\"},{\"text\":\"Borrowers can also earn yield by depositing an amount of crypto as collateral and taking out a loan.\",\"extraText\":\"The loaned funds are then lent to other yield-generating platforms.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BO2MW5QUHRALBL6CVBMIJ3OE2A.png\"},{\"text\":\"For example, someone could deposit $1,000 USDT into a DeFi lending protocol and earn an amount of interest on it.\",\"extraText\":\"Whilst the funds are locked away, they can also be used as collateral to take out a loan (usually worth between 50-75% of the deposited amount depending on the platform.)\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/Q3R2HLGM6RFJ7J27VE7LWRL4PM.png\"},{\"text\":\"The loaned funds are then deposited into another DeFi lending protocol to earn interest.\",\"extraText\":\"The main goal here is to borrow assets that generate a higher yield return than the loan interest repayments to make a profit.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ROQRNUPG2RGFHJHGSDOVNJFLK4.png\"},{\"text\":\"Staking LP tokens:
Remember those LP tokens we talked about?\",\"extraText\":\"Some DeFi platforms like PancakeSwap allow users to stake LP coins to generate additional yield returns.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/25XKK7TSPJDLDI3LLG4OIDYKII.png\"},{\"text\":\"So, not only can you earn transaction fees and native tokens through liquidity providing but you can also earn a yield from the LP tokens you receive.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/LBHU3QLSLJB33M2QIZZCRFPCJU.png\"},{\"text\":\"This is just another way DeFi protocols incentivize liquidity providers to keep their assets deposited in the pools for longer.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/A4Q2Q7PRFRCMJMKRVFO5UYDNXU.png\"},{\"endOfCourse\":true,\"nextCourse\":false,\"text\":\"Pencils down!
You’re all finished with
DeFi 101.\",\"extraText\":\"Check out our other crash courses to keep growing your crypto smarts.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RYLKTIG37RDRVET4MBAIXJANQI.png\"}]}]","crash_course_description":"Discover Decentralized Finance fast without the jargon.","crash_course_icon":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/J5TYUXSBI5ENLGYNBPU7TQMEMQ.png","crash_course_id":"defi-101","crash_course_image":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/LMOPNVEY7NH57PXQQ5VLNSCCLY.png","crash_course_isasseticon":"false","crash_course_lengthinminutes":"15","crash_course_maincardimage":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/U434VWBKLVERVFLPJIQO4E2QGU.png","crash_course_numberofcourses":"3","crash_course_title":"DeFi 101"},"_website":"coindesk","name":"defi-101","parent":{"default":"/learn/crash-courses"},"ancestors":{"default":["/learn","/learn/crash-courses"]},"inactive":false,"node_type":"section","children":[]},{"_id":"/learn/crash-courses/ethereum-101","site_topper":{"site_logo_image":null},"site":{"site_tagline":null,"site_url":"/learn/crash-courses/ethereum-101/","site_title":null,"pagebuilder_path_for_native_apps":null,"site_about":null,"site_keywords":null,"site_description":null},"social":{"twitter":null,"facebook":null,"instagram":null,"rss":null},"navigation":{"nav_title":"Ethereum 101"},"layer2":{"issue_number":null,"tags":[]},"_admin":{"alias_ids":["/learn/crash-courses/ethereum-101"]},"crash_courses":{"crash_course_data":"[{\"id\":\"ethereum101-1\",\"title\":\"What Is Ethereum?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"What Is Ethereum?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/O562KAC65FEK3LDOSG2YAQLOBY.png\"},{\"text\":\"Ethereum is a blockchain-based software platform that was first outlined in 2013 and officially launched in 2015.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PTNLLDVRURBC3IP5ABGRZR7ZUQ.png\"},{\"text\":\"Like Bitcoin,\",\"extraText\":\"Ethereum has its own cryptocurrency that can be used to transfer value over the internet, called ether. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SEITM73P3RGVDCX5JA376D6PAI.png\"},{\"text\":\"Unlike Bitcoin, Ethereum also allows developers to create their own applications on top of its blockchain.\",\"extraText\":\"These are kind of similar to the apps you find on your smartphone.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/F7Q7ZAIXBVA2DI5YURKEXJMPCI.png\"},{\"text\":\"However, the main difference between the two is that apps built on Ethereum are “decentralized.”\",\"extraText\":\"This is where the term “decentralized applications,” or “dapps” for short, comes from.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PJGF23GLE5CWRHMRP2MUUXDY4I.png\"},{\"text\":\"So what does all this mean? \",\"extraText\":\"Well, if we look at regular apps on a smartphone they are usually run and maintained by a single company, such as Snapchat, Pocket and Google Maps.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/2AVCXSDLRVBFRLXN5KYOIVFPJ4.png\"},{\"text\":\"These companies have complete ownership over the applications and often gather information from their users, store it in a central location and use it for a business purpose, like selling advertising.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BMUGCDYTLVALXHUTUH77Z544UQ.png\"},{\"text\":\"If a government agency wanted to shut a particular application down, it could theoretically go to that company and demand it cease all operations. \",\"extraText\":\"If that app is within the government’s jurisdiction, it would be forced to comply. This makes regular apps prone to censorship.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KV5BB4653RCEDA72KJG7HJKKAY.png\"},{\"text\":\"But what if you could create an application that ran autonomously, had no company controlling it and could not be shut down by a government body, or anyone for that matter? \",\"extraText\":\"This is essentially what a decentralized application is.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FL4RNIDPFBHIRLVZA6DYTJ7JOE.png\"},{\"text\":\"Censorship resistance is a big part of why dapps are appealing to many. There’s a lot to be said for making applications that cannot be censored and are accessible to everyone. \",\"extraText\":\"The internet is a great example of this. No one owns the internet and it’s basically impossible to shut the entire thing down at this point.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ALM3H2EAIVEX7JZJX2FAH6QDNU.png\"},{\"text\":\"The internet allowed people to freely share information in a way that was never possible before and gave rise to a new world of online services, including e-commerce and social media.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FJNGC2UIBZEEFBT3YPLPTN5EE4.png\"},{\"text\":\"Dapps also have the potential to disrupt the way we do things now, including how we engage with financial services.\",\"extraText\":\"Imagine being able to borrow and lend money directly peer-to-peer with anyone around the world instead of going through a bank.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/DUHCUJSL3RGF3OXIFHTDFYKVYY.png\"},{\"text\":\"Or imagine you live in a country where it’s difficult to get a bank account and access to financial services like a mortgage.\",\"extraText\":\"With dapps, you could bypass this issue and borrow directly from a pool of lenders from anywhere in the world with just a smartphone and an internet connection. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PR5LQOOWEBHNTMM7P2N3CGZTAU.png\"},{\"text\":\"Because dapps run autonomously there’s no one to harvest your data and sell it to third parties. \",\"extraText\":\"This is a big plus if you’re concerned about online privacy.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5OYYG7V5CNC6LHIYW6ZFCIOGJ4.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"How Does Ethereum Work?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BDRIBSJB4ZGG3FFDGLHCEKKO2Q.png\"}]},{\"id\":\"ethereum101-2\",\"title\":\"How Does Ethereum Work?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"How Does Ethereum Work?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BDRIBSJB4ZGG3FFDGLHCEKKO2Q.png\"},{\"text\":\"Ethereum can be broken down into 3 main components:\",\"extraText\":\"
\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/DZ5HFW6UU5D4LNYWXEW6OFTMDI.png\"},{\"text\":\"The Ethereum network is similar to Bitcoin’s in many ways, including it’s maintained and operated by a distributed group of contributors known as “nodes.”\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XUNIK3H7YBEALKKT7FCFQP2DCQ.png\"},{\"text\":\"These nodes perform various tasks including broadcasting and recording transactions,\",\"extraText\":\"as well as adding these transactions to the Ethereum blockchain.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NNJSJZO6HJENTJVV6MQO4PSMNE.png\"},{\"text\":\"Also like Bitcoin, Ethereum has its own native cryptocurrency called ether.\",\"extraText\":\"This digital asset fuels the entire Ethereum ecosystem.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BOYN25MEWVAXVKHPZALJDSNTZ4.png\"},{\"text\":\"Any activity performed on Ethereum, whether it’s moving funds between wallets or using a dapp, is stored on its blockchain as a data transaction.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SVTUCNVPSNDFPCEL74QN55HGD4.png\"},{\"text\":\"To have this data transaction added to the blockchain, a fee needs to be paid to a miner.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/53ZX7KUMTRDYXMBIHBIZPSMBGE.png\"},{\"text\":\"Gas fees operate on an auction-style system.\",\"extraText\":\"People who attach higher gas fees to their transactions generally get them added to the blockchain faster.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/4ZZUXPVPHFGN3EF6BG3QO6Y2KU.png\"},{\"text\":\"Ethereum even uses the same “Proof-of-Work” system as Bitcoin for adding new blocks to its blockchain.\",\"extraText\":\"However, Ethereum is slowly phasing out mining in favor of a more efficient system. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZV47OJZI6FG33NHK3KSINC3X5Q.png\"},{\"text\":\"Despite these overlaps, there is one major difference that makes Ethereum’s blockchain much more sophisticated than Bitcoin’s. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MZ25CGJ255AIZP7ATLQWLJLIY4.png\"},{\"text\":\"It’s not just a distributed ledger that records transactions,\",\"extraText\":\"it also has to execute and keep a record of special computer programs, known as “smart contracts.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/55ZOEGHKXJCPFACRZZZKJWGU2I.png\"},{\"text\":\"A smart contract sounds fancy but it’s simply a piece of code that automatically sends a transaction when it receives a certain input.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/E7OA7XDIKFHXDIXZ4L33LJSVDM.png\"},{\"text\":\"Developed by the Ethereum team, smart contracts are the magic things that make dapps work and can be created by any software developer to do a huge range of tasks.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TSQGVLZH6FAKFPQWOXVQRJMWK4.png\"},{\"text\":\"For example,\",\"extraText\":\"you could create a dapp with a smart contract that instantly loaned money to a borrower as soon as the person deposited the right amount of collateral funds into a certain crypto wallet address.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/G662N2GGFNH3JKOD3U7LLFVOBM.png\"},{\"text\":\"In this instance, the input that triggers the smart contract to send a transaction is receiving funds in a particular wallet. Simple!\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/P7FNSFEZDFFH7PCUPXAKEIAP74.png\"},{\"text\":\"So with one simple computer program, you could make an app that loans money out to people without anyone having to run or watch it.\",\"extraText\":\"How cool is that?\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6KTADHD35ZARPE523GFVRH46FM.png\"},{\"text\":\"The collection of all current Ethereum accounts and balances and all smart contracts created and executed on the blockchain are part of Ethereum’s “state.”\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/F4ZWIMS73FGV3AGHJSNBFVB6AU.png\"},{\"text\":\"Each time a new block containing new transactions and smart contract code is added to Ethereum’s blockchain, it changes Ethereum’s state.\",\"extraText\":\"TL;DR Ethereum’s state changes all the time.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/UXFW3VYDWREMDIWAAOQY6B6SBM.png\"},{\"text\":\"Once a new smart contract code is created and added to the blockchain, it then gets executed in a simulated computer environment called the Ethereum Virtual Machine (EVM).\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FDUEIEUIUBEVFDM2BHIKXPEZFI.png\"},{\"text\":\"Remember, smart contracts are computer programs that do things when certain conditions happen.\",\"extraText\":\"So just storing them on the blockchain isn’t enough, you need something that can actually process these special actions.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/R3TBKWCUYNBMRAHVBMMQNJQ2VQ.png\"},{\"text\":\"Each full node – people who participate in the Ethereum network by verifying and recording all transactions, data and states – has its own EVM.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/W7T3JCYIQBE5RJJJHPST32SW6A.png\"},{\"text\":\"Every node runs every smart contract in its own EVM and checks with every other node to ensure they all got the same outputs.\",\"extraText\":\"It’s like a class of students doing the same exam question and checking each other’s answers after to make sure they got it right.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/QIXIDFVD3FCFRBE6DTOS3U7BZY.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"Who Created Ethereum?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HHTGUV5N3RAPNN4HBIWVES27ZI.png\"}]},{\"id\":\"ethereum101-3\",\"title\":\"Who Created Ethereum?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"Who Created Ethereum?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HHTGUV5N3RAPNN4HBIWVES27ZI.png\"},{\"text\":\"Ethereum was the brainchild of Canadian-Russian programmer Vitalik Buterin when he was just 19 years old.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6J5X63OXQJCW3FQA6C57IATXRY.png\"},{\"text\":\"From a young age, Buterin was recognized as a gifted individual with a passion for mathematics and computers.\",\"extraText\":\"It’s reported one of his favorite toys as a child was Microsoft Excel.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CXDVXEFZIFFEXPZRIEIPHOVFCI.png\"},{\"text\":\"It’s also rumored he learned to speak fluent Mandarin Chinese in a matter of months.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6PADAYBVP5CZLFXYIQDW3IO3N4.png\"},{\"text\":\"Before creating Ethereum,\",\"extraText\":\"Buterin co-founded a crypto-focused media publication called Bitcoin Magazine in 2011 with fellow tech enthusiast Mihai Alisie.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/QQZMTQOJCZEHJJJXGIJBVP6Q4Q.png\"},{\"text\":\"Around the same time, Buterin also co-authored a paper on “Colored Coins” – tokens that represented real-world assets based on the Bitcoin blockchain.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/EENGDPNCVJGYBAH23RJL6KP45I.png\"},{\"text\":\"In 2013, a document by Buterin entitled the “Ethereum Whitepaper” sent shockwaves throughout the early crypto community.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XDQ5CPVK5FG5JIFOSD7RN57KJE.png\"},{\"text\":\"The paper described a new, second-generation blockchain that would not only allow people to transfer value over the internet like Bitcoin,\",\"extraText\":\"but also allow developers to create a range of decentralized, autonomous applications powered by a new type of computer program known as a “smart contract.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/OZGCYLBUPRFJFFTZXXPMTQ5ELA.png\"},{\"text\":\"The white paper attracted the attention of several notable crypto enthusiasts who later joined as founding members of Ethereum in December 2013.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XZISRK3MRZFBDBMTRPASCDVNKU.png\"},{\"text\":\"These included Decentral CEO Anthony Di Iorio, IOG CEO Charles Hoskinson, Mihai Alisie and Amir Chetrit.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/WYYQEXRPSREUZHMHQDDM6YQCIU.png\"},{\"text\":\"In 2014, three additional co-founders joined the Ethereum team; \",\"extraText\":\"former Goldman Sachs exec Joseph Lubin and two expert computer programmers, Gavin Wood and Jeffrey Wilcke.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/JBND4EG4SVDQBDREOD6HVV6J2I.png\"},{\"text\":\"During the same year, both Charles Hoskinson and Amir Chetrit stepped down as co-founders.\",\"extraText\":\"In 2015, Anthony Di Iorio, Joseph Lubin and Mihai Alisie all went off to start new projects.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HHRWSN6JQBEC3N2SPTLB52K3X4.png\"},{\"text\":\"Gavin Wood and Jeffrey Wilcke also eventually moved away from Ethereum, leaving Vitalik the first and last co-founder still actively working on the protocol.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RPW62BCZRVAYPBMI3APZ64ZZDI.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"What is Ethereum 2.0?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/WO2N6WPCM5H4XGXVT2C3UPA7GU.png\"}]},{\"id\":\"ethereum101-4\",\"title\":\"What is Ethereum 2.0? \",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"What is Ethereum 2.0?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/WO2N6WPCM5H4XGXVT2C3UPA7GU.png\"},{\"text\":\"Things move fast in the crypto world, and the technology Ethereum was built upon back in 2014 is already out of date. But not for much longer.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HMM74K2OWBHTPCK77YWO4256YY.png\"},{\"text\":\"Ethereum 2.0, also known as “Serenity”, is a major upgrade that aims to make the world’s second-largest crypto project faster, more efficient and more scalable.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KDSIQML46BFCZGZKKB5DQGUZMI.png\"},{\"text\":\"You might’ve heard by now that crypto mining requires huge amounts of energy and, while it’s great for security, it can only process a limited number of transactions per second.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/AHEJCLSVMVFTBKFFJWTTHYMV3U.png\"},{\"text\":\"In its current state, Ethereum consumes around 44.49 terawatt-hours per year, which is comparable to the annual energy consumption of the entire country of Peru.\",\"extraText\":\"But after the Ethereum 2.0 upgrade, the network is anticipated to use at least 99.95% less energy.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VFNKPFAVU5BVZH3IMZIHOAEHFY.png\"},{\"text\":\"That’s because Ethereum is migrating from a network that uses a “Proof-of-Work” mining system to a “Proof-of-Stake” system instead.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XKUFVAIHKBCC5DKU7IHZGWUGEQ.png\"},{\"text\":\"Dubbed “Casper,” Ethereum’s new Proof-of-Stake (PoS) system involves users of the network locking up their coins to become network contributors,\",\"extraText\":\"as opposed to using expensive, energy-intensive computer equipment.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VKXHSJ7RTFF4FNMDHLSK2RU4ZQ.png\"},{\"text\":\"Each staker is required to lock up 32 ether or join a staking pool and combine their ether with others to participate in creating new blocks on the Ethereum PoS blockchain.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MFXWT6Y4TRHHXDTN7MBVJN5ZPQ.png\"},{\"text\":\"The Ethereum 2.0 upgrade is rolling out in multiple phases. The initial ones include:
Phase 0: Beacon chain and Proof-of-Stake launch
Phase 1: Merging the old and new Ethereum blockchains\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/2MSTTDIIYBFZJJKBX54D5L5IHY.png\"},{\"text\":\"Phase 2: Introduction of “shard” chains and roll-up technology\",\"extraText\":\"Phase 3: Security improvements.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TLNMNUTV6JCGVAP6AWJYPDURNQ.png\"},{\"text\":\"Phase 0 launched in December 2020 and the Beacon is a separate Ethereum blockchain that introduced a Proof-of-Stake system. \",\"extraText\":\"It’s also responsible for new block creation, transaction verification, staking rewards and managing new Ethereum blockchains called “shard chains.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/4RSMSG2EH5EAVECRIZKVRIGQJU.png\"},{\"text\":\"In the next major phase of development,\",\"extraText\":\"Ethereum’s Beacon chain will be bridged to the main Ethereum network and will replace the current, energy-intensive Proof-of-Work system with Proof-of-Stake. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NMSWZ5VU4ZHKJEEXXV6X2TO3UE.png\"},{\"text\":\"Network stakeholders known as “validators” will begin producing blocks, verifying transactions and managing the security of the blockchain in place of miners after Ethereum and Eth 2.0 are merged. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/Q7PVNTLA4FCY3LZW5RK3B6KYTM.png\"},{\"text\":\"After the merge, there will be additional, smaller upgrades needed. \",\"extraText\":\"The next task for Ethereum developers will be enabling sharding, which creates multiple mini-blockchains. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/WXL3NEPX4ZFNBFNOGOI7SNEGFI.png\"},{\"text\":\"Each shard will be responsible for verifying its own set of transactions rather than the entire network verifying every single transaction.\",\"extraText\":\"The Beacon chain will act as the main coordinator between these shards, randomly assigning validators to each.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/JJ7EYKN5ANE63NB4XRWDV65CH4.png\"},{\"text\":\"With PoS and sharding both enabled, Ethereum developers anticipate making further tweaks to enhance the security of the network. \",\"extraText\":\"This includes adding anonymity features to mask validator identities behind block proposals.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/LUQGN45IOZAZNAX2MPVSMRK6CQ.png\"},{\"text\":\"It also includes leveraging new technologies such as the Verifiable Delay Function (VDF) to further secure the randomness of validator assignments and make it harder for malicious actors to disrupt the network. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KPMASPRGHBCRNIM4FWDFTE4IFU.png\"},{\"endOfCourse\":true,\"nextCourse\":false,\"text\":\"Pencils down!
You’re all finished with
Ethereum 101.\",\"extraText\":\"Check out our other crash courses to keep growing your crypto smarts.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RYLKTIG37RDRVET4MBAIXJANQI.png\"}]}]","crash_course_description":"Get up to speed on Ethereum and what makes it unique in just minutes.","crash_course_icon":"ETHBW","crash_course_id":"ethereum-101","crash_course_image":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZZXI3VYTEZGMXJCNZNDXF6QGA4.png","crash_course_isasseticon":"true","crash_course_lengthinminutes":"20","crash_course_maincardimage":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6ANIIT4YKRE4BCJFJ5XRQEFPFE.png","crash_course_numberofcourses":"4","crash_course_title":"Ethereum 101"},"_website":"coindesk","name":"ethereum-101","parent":{"default":"/learn/crash-courses"},"ancestors":{"default":["/learn","/learn/crash-courses"]},"inactive":false,"node_type":"section","children":[]},{"_id":"/learn/crash-courses/nft-101","site_topper":{"site_logo_image":null},"site":{"site_tagline":null,"site_url":"/learn/crash-courses/nft-101/","site_title":null,"pagebuilder_path_for_native_apps":null,"site_about":null,"site_keywords":null,"site_description":null},"social":{"twitter":null,"facebook":null,"instagram":null,"rss":null},"navigation":{"nav_title":"NFT 101"},"layer2":{"issue_number":null,"tags":[]},"_admin":{"alias_ids":["/learn/crash-courses/nft-101"]},"crash_courses":{"crash_course_data":"[{\"id\":\"nft101-1\",\"title\":\"What Are NFTs?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"What Are NFTs?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XCDWDU5EUBFZXNCDDTMUKVABXQ.png\"},{\"text\":\"There’s been a lot of talk lately about digital artwork, collectible cards and pictures of cartoon cats selling for thousands of dollars.\",\"extraText\":\"But what are these virtual assets and why are people paying so much for them?\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HVC7XHZXERA4BNNJLZNPVBIMWE.png\"},{\"text\":\"Welcome to the world of NFTs, which stands for non-fungible tokens.\",\"extraText\":\"Non-fungible is a term to describe things that cannot be exchanged 1:1 with each other.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/YQ24P7OW4JC6DKOOAROPISEHPY.png\"},{\"text\":\"For example, you can't swap a digital version of the Mona Lisa for a plot of virtual land in the same way you exchange two identical dollar bills for one another.\",\"extraText\":\"The digital items both have completely different qualities, and therefore different values.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/GD5RKZRBXFAFPG6N5HXVAJDHIM.png\"},{\"text\":\"Another way to think about it is to imagine trying to convince someone to swap a rare stamp for a Pokemon card.\",\"extraText\":\"You simply couldn’t, albeit not without some serious negotiation!\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CO6HPO4V6BCUTO5OTZX66SB54U.png\"},{\"text\":\"But it’s not just their inability to be mutually exchanged that makes them special.\",\"extraText\":\"It’s how they allow people to prove they own digital items.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ISQOIUYFZ5EBZCICEF7VAYOVQQ.png\"},{\"text\":\"Before NFTs, it was difficult to sell things like digital artwork because once a piece had been made public on the internet anyone could copy it and say they had the original.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/3LNRGTXY4VDOLLIVFLSSR23I2E.png\"},{\"text\":\"It was also impossible to program royalties into digital pieces so the creator could take a percentage cut of sales each time the artwork was sold to a new owner.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RU63IUXKSBCBFJIRMD4GWOPDKI.png\"},{\"text\":\"For gamers, being able to own their own characters or in-game items and sell them to others was simply unheard of.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/QD2BIKL63FBWPFVWULHDEOUH3M.png\"},{\"text\":\"But now, it’s entirely possible to prove you own something digital, set up automatic royalties and sell accrued virtual items thanks to the emergence of NFTs.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/UGE52SUWGNEMFJZMGVO4YGSODE.png\"},{\"text\":\"Now, let’s talk about why some digital cats – called CryptoKitties, by the way – and other NFTs have sold for thousands of dollars. This has all to do with scarcity.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NVEKOGPQTBFT3DG6DHFHPJ7EEI.png\"},{\"text\":\"Another interesting thing about NFTs is they can be used to not just prove ownership of something, but also prove the rarity of something.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/UNMLOJTQPVGFVP65YUYDFRSCHE.png\"},{\"text\":\"When creating – or “minting” – NFTs, it’s possible to include information about the scarcity of the unique asset or group of unique assets to which they’re being linked.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/QA6Z46GZ4JAK7H3FXNUJ7ZBPAY.png\"},{\"text\":\"For example, you could create five limited edition digital items and store specific details of each piece in an NFT.\",\"extraText\":\"This would allow you to show any prospective buyer or interested party the pieces are provably scarce. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SOXR6IKQM5HYPL7L2RIYH3JC4M.png\"},{\"text\":\"Even if someone were to copy them and make identical NFTs, the information stored in each token would be completely different. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/P4KC5TSDOVEGJFNEUU5MEJQ67A.png\"},{\"text\":\"But why would someone pay thousands of dollars for an original when you could buy a perfect replica NFT for much less? \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TORJLHWQHVETHITELJVGW2UZGQ.png\"},{\"text\":\"Well, it’s the same reason we buy anything rare or collectible. It’s all about owning something original.\",\"extraText\":\"Would you trade a vintage Andy Warhol painting for a cheap, printed copy? Probably not, even though the two might look completely identical.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6Z2YHGA2UNCPDA6WUJK5Q5HEXM.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"How Do They Work?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HHYZ6RZ3H5GB7HJVX3TIVSIL6E.png\"}]},{\"id\":\"nft101-2\",\"title\":\"How Do They Work?\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"How Do They Work?\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/HHYZ6RZ3H5GB7HJVX3TIVSIL6E.png\"},{\"text\":\"So now you know what the deal is with NFTs and why they’re so interesting. Here’s how the magic happens. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/556L7OHDERD6NCHADJFPZ7U6FM.png\"},{\"text\":\"NFTs are created using smart contracts. \",\"extraText\":\"These are pieces of computer code that automatically perform certain functions when certain predefined conditions are met.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZRVJ2234QRCF5KEG7JAGVPLI7E.png\"},{\"text\":\"A smart contract is what allows an NFT to be exchanged from one person to another, or for things like information on the current owner to be called up at any time.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ONUQP4AUABAR7ONTH2MQWODJHY.png\"},{\"text\":\"Many, but not all, NFT smart contracts adhere to Ethereum’s special token standards known as ERC-721 and ERC-1155.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VRQB6DLBGVHQFGPUOB3FUWX6UU.png\"},{\"text\":\"Token standards are essentially a set of functions that NFT smart contracts must support in order to be compatible with each other and anything built on Ethereum.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SKX766QQBZFCVA4P3MYGCJIU74.png\"},{\"text\":\"Flow, Tezos, WAX and Hedera Hashgraph are other examples of blockchains that have their own token standards for creating compatible NFTs.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PDOOST2JTFE5XN4J37MRTNQJW4.png\"},{\"text\":\"When NTFs are minted, unique information is stored inside the token called metadata.\",\"extraText\":\"This can include things like the file storage location, the NFT’s token ID, contract address or any specific traits it has.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/47JBTWJDIFHWTMULQRE2GLJEVI.png\"},{\"text\":\"The creator’s information is also stored, meaning it’s possible to trace who actually created the NFT – \",\"extraText\":\"something that’s important if the creator is a famous artist or if the NFT belongs to a particular collection.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FOXSKPV2RBBHPBOW3UTUND5WDM.png\"},{\"text\":\"This metadata is what enables NFTs to do what they do, and why they cannot be legitimately copied. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/WCONOI2WGFGYZOVBPDQ5HGRVSI.png\"},{\"text\":\"It’s also what allows NFTs to be a single source of authenticity.\",\"extraText\":\"This means things like digital artwork can be easily authenticated without needing a third-party to say “yes, this is genuine.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/2Q66WB6BEZF3DINXDXFERKADEQ.png\"},{\"text\":\"The information is then stored permanently on the blockchain to make each NFT tamper proof and transparent.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PQ3326VYEZCU7LNUEAZBVAGMRY.png\"},{\"text\":\"This process also means NFTs cannot be destroyed, fractionalized, altered or censored once they’re added.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/QEFDFY5AY5FQ7LK2SV224QL6DU.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"A History on NFTs\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/AL253Z2XEJEHTGIQO4W5PFBP7Q.png\"}]},{\"id\":\"nft101-3\",\"title\":\"A History on NFTs\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"A History on NFTs\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CBN6VQ75IZGCJK7AD5H5RK52XA.png\"},{\"text\":\"The concept of NFTs was first imagined in 2012 with the creation of colored coins.\",\"extraText\":\"These were small units of bitcoin (called “satoshis”) colored in with unique metadata.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MV2FVZ2PQ5HGHMB3Q4PYNDJOME.png\"},{\"text\":\"By adding distinct information to satoshis, it opened the doors to representing real world assets on the blockchain for the first time. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ONZSK5CHCVBGHONB4CWRUPTD34.png\"},{\"text\":\"Unfortunately, the limitations of Bitcoin’s scripting language meant it was not able to sustain the concept.\",\"extraText\":\"But what it did do is showcase the potential of tokenizing unique assets on blockchains.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VGVO6LZ5MNCHPGRJQHC2XFDP6A.png\"},{\"text\":\"In 2014, artist Kevin McCoy minted the earliest one-off NFT linked to a piece of real artwork, entitled “Quantum,” using the NameCoin blockchain.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NNSZIXOTDZDXFG6ZM6SZNB7AVU.png\"},{\"text\":\"That same year, Counterparty – a peer-to-peer financial platform built on top of the Bitcoin blockchain –\",\"extraText\":\"became the first platform to allow users to create their own assets and sell them on an in-house decentralized exchange.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/JKFOJYQMMBD43G4RSSVFJPOZ6A.png\"},{\"text\":\"One year later, Counterparty partnered with Spells of Genesis to create the world’s first blockchain-based mobile game that issued its own in-game assets and collectibles.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VCVB3R5OZJA3ZCWU55KSZAB5B4.png\"},{\"text\":\"In late 2016, Rare Pepes – NFTs based on the popular Pepe frog meme – appeared on Counterparty.\",\"extraText\":\"It became so popular there were dedicated Rare Pepe Meme Directory “experts” who would certify the rareness of each particular NFT.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/B3X2CZPGLZGJTNNYAPRKP7FHAU.png\"},{\"text\":\"Next was CryptoPunks, the world’s first marketplace for NFTs. Launched in October 2017, the platform used an algorithm to generate 10,000 unique, digital character images.\",\"extraText\":\" These images were available to trade on the Ethereum blockchain and allowed anyone with an Ethereum wallet to claim them simply by paying a small transaction fee.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/L25FWLSBW5A7BBM5A2ERAILGPI.png\"},{\"text\":\"Fun fact: The average bid for a single CryptoPunk between 2020-2021 was 30.77 ETH (currently $95,000).\",\"extraText\":\"The most expensive Cryptopunks – CryptoPunk #3100 and #7804 – both sold for 4,200 ETH each, or approximately $13.6 million a piece!\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/XP2JWLVIYREZZIOMAB36VPQ53Y.png\"},{\"text\":\"The first CryptoPunk NFTs were issued using the ERC-20 token standard – a standard normally used to create fungible tokens.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5DOOCUJV2RDAHDVWVK7E5RX3IM.png\"},{\"text\":\"The ERC-20 standard had to be modified to allow for non-fungible tokens to be created and paved the way for the ERC-721 NFT standard commonly used today.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/QIA7BMCQURB6ZHBYCEOOHLT4KA.png\"},{\"text\":\"The new token standard was used in December 2017 to create CryptoKitties – the first NFT-centric game on the Ethereum blockchain based around collecting unique, digital cats.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/7KLP6ACMUFDJVB4F44TVF7426I.png\"},{\"text\":\"The game managed to raise an astonishing $12.5 million and became an overnight, viral success, helping to push NFTs into the mainstream.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BF4Y3R5TC5HBXA6JXGRQ7WUA34.png\"},{\"text\":\"The enormous appeal behind CryptoKitties was the ability to breed any digital cat to create an entirely new and unique one.\",\"extraText\":\"Each had its own number, a 256-bit distinct genome with virtual DNA and various traits (pattern, fur, eye shape, accent color, and other “cattributes.”)\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MTFRRXMKEBDTFJ6FPCVKQJE5ZY.png\"},{\"text\":\"CryptoKitties became so popular in 2017 that it accounted for 10% of all network traffic on Ethereum and caused massive congestion.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BYRWI6Q34FA5DNSHVUYQJNRHS4.png\"},{\"text\":\"The game became synonymous with NFTs and led to an explosion of applications, creating new marketplaces to support the craze.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/4RBOVXQY3BD5LAHABSGYXQ3QHE.png\"},{\"text\":\"Riding the CryptoKittie wave into 2018, Decentraland - a blockchain-based virtual world - raised $26 million. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/6S7SGP2CNREXZE7VPS3KF43KLM.png\"},{\"text\":\"In 2020, Dapper Labs - the developers of CryptoKitties - released the beta version of NBA Top Shots – \",\"extraText\":\"digital collectible cards featuring National Basketball Association video highlights. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CRWGIDTHYBE27OF4JAPMKKKKAM.png\"},{\"text\":\"Dapper Labs also created its own blockchain - Flow - to compete with Etheruem as a more efficient and faster NFT-\",\"extraText\":\"focused blockchain service after seeing it struggle to handle the demand from CryptoKittie players. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TKKMEKJRRZEIJM244OFBFFM2GY.png\"},{\"text\":\"Since then, NFTs have continued to grow at a rapid pace. In March 2021, one CryptoPunk sold for 4,200 ETH. \",\"extraText\":\"Twitter CEO Jack Dorsey sold his first tweet as an NFT for $2.9 million, and musicians including Kings of Leon, Grimes, and Steve Aoki have also sold their own NFTs.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/4PHO6BS4DNGZZLILEX4VQJGQDE.png\"},{\"text\":\"Beeple, a popular digital artist, made headlines on March 11, 2021, for creating the most expensive NFT. \",\"extraText\":\"His piece “Everydays – The First 5000 Days” sold at a Christie’s auction for a staggering $69 million. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KDBHKH5DQNFLFHAEOVHUUYXXKA.png\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"An Intro to the Metaverse\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NENSBNAZAND25EEVKBXWDOYO4I.png\"}]},{\"id\":\"nft101-4\",\"title\":\"An Intro to the Metaverse\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"An Intro to the Metaverse\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/TZTWHRY4NBD3LA6CTBT3KGRMYU.png\"},{\"text\":\"The digital world is expanding fast. \",\"extraText\":\"Online gaming has become a common pastime for millions of people, and virtual and augmented reality experiences are becoming increasingly sophisticated.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5NTOPFRYXNFAPMKTHKDC6M37DA.png\"},{\"text\":\"But there’s one problem. Many of these virtual worlds and games are not interoperable with each other.\",\"extraText\":\"You can’t play Call of Duty and then visit a virtual casino in Decentraland, or view digital artwork in a simulated NFT gallery. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/66675H634ZEFHBJVMKNWO3WL7U.png\"},{\"text\":\"But what if there was a single space where every game and virtual experience co-existed so players could seamlessly move between them.\",\"extraText\":\"And imagine if it was possible to access online marketplaces where players could trade any in-game item or currency they owned with anyone in the world. Welcome to the “metaverse.”\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ERQPYTFHPFBSRGP35OB3JNSETQ.png\"},{\"text\":\"The “metaverse” is the term used to describe a digital shared space created by the convergence of virtually enhanced physical reality, augmented reality and the internet. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KZFXVGZXQNF6JGXW4KYW5RPVZA.png\"},{\"text\":\"It was first coined in a 1992 science fiction novel, “Snow Crash,” which imagined humans interacting in a digitized interpretation of our world.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/LK636HF7INGM7EMEBX55YFJSIE.png\"},{\"text\":\"In the metaverse, there are no limitations like in our world unless explicitly created.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NFOCP3P75VABRJY4TNKWKKYIRM.png\"},{\"text\":\"What began as a science fiction concept has started to become part of our reality.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FX3KKCUJGJA35FQN6RRRIADDO4.png\"},{\"text\":\"Millions of people now spend large portions of their time inside virtual worlds.\",\"extraText\":\"But currently, these are limited to computer and game console interfaces which are not particularly immersive or interoperable with each other. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MMVHUZ4NQJCYNAQEOFCK4DEQMI.png\"},{\"text\":\"The gaming industry is leading the way in promoting the metaverse through virtual reality and advancements in headsets like Oculus. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/X5ZNNBKDOZDOLBWYYDYG2VNOLA.png\"},{\"text\":\"NFTs are expected to play a foundational role in the metaverse, and will allow players to own and trade any in-game item they accrue such as characters, weapons, land or currency. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NHZOOQ2WGNEHFDYYZ6FHGUEFQA.png\"},{\"text\":\"The metaverse also opens up the opportunity for gamers, creators and artists to create entirely new streams of income from the things they build and produce.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/JFEZPASXSVH7TJNINZAUTA2WBA.png\"},{\"text\":\"For example, it will be possible for people to construct virtual attractions like casinos, concert halls, race tracks and theme parks – and charge other players to use them. \",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/BLJ3QGNTX5CLHDP62SR37QXMYI.png\"},{\"text\":\"One NFT-based game built on Ethereum, called F1 Delta Time, sold a digital asset representing 5% ownership of its Monaco race track for $220,000.\",\"extraText\":\"This digital asset allows the holder to earn dividends from any ticket sales and yields from events held in the virtual world.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/NCUPEVDDERBSZBOI4RVPV2C7GY.png\"},{\"text\":\"The potential is truly endless, and many companies including the likes of Facebook are only scratching the surface of what could be possible in the future.\",\"extraText\":\"While no one can predict what the end result will look like, what we can be sure of is that NFTs will be a key component.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/P7OGUPKYHFBHBOYBUDSTQCTXNM.png\"},{\"endOfCourse\":true,\"nextCourse\":false,\"text\":\"Pencils down!
You’re all finished with
NFT 101.\",\"extraText\":\"Check out our other crash courses to keep growing your crypto smarts.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RYLKTIG37RDRVET4MBAIXJANQI.png\"}]}]","crash_course_description":"Do you keep hearing about NFTs but still have no clue how they work? Read on.","crash_course_icon":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/AXSXA72O5NE3NKJTOD2NEZFSO4.png","crash_course_id":"nft-101","crash_course_image":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZUXXHW55CZA5NIASMVP6UN5KBA.png","crash_course_isasseticon":"false","crash_course_lengthinminutes":"20","crash_course_maincardimage":"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/Y5EYCZNNH5GPVC4SBMHYSBHBEU.png","crash_course_numberofcourses":"4","crash_course_title":"NFT 101"},"_website":"coindesk","name":"nft-101","parent":{"default":"/learn/crash-courses"},"ancestors":{"default":["/learn","/learn/crash-courses"]},"inactive":false,"node_type":"section","children":[]},{"_id":"/learn/crash-courses/price-data-101","site_topper":{"site_logo_image":null},"site":{"site_tagline":null,"site_url":"/learn/crash-courses/price-data-101/","site_title":null,"pagebuilder_path_for_native_apps":null,"site_about":null,"site_keywords":null,"site_description":null},"social":{"twitter":null,"facebook":null,"instagram":null,"rss":null},"navigation":{"nav_title":"Price Data 101"},"layer2":{"issue_number":null,"tags":[]},"_admin":{"alias_ids":["/learn/crash-courses/price-data-101"]},"crash_courses":{"crash_course_data":"[{\"id\":\"pricedata101-1\",\"title\":\"Price Page Metrics, A Quick Guide\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"Price Page Metrics, A Quick Guide\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5ICRJTFN5NDGJNLJLSO7UBBHJY.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PFWONRDMOZF2TMWKNHUQN7XSIY.gif\"},{\"text\":\"Interested in finding out more about the CoinDesk Price Page but not sure what everything means?\",\"extraText\":\"Don’t worry!
We’ve got you covered. Here’s a quick guide on everything you need to know.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/O7PFDUQMHZEQDCVQTQJ7WOTQD4.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5KKUE57C7BFGPOYYTSQQ2YV7XI.gif\"},{\"text\":\"Market Cap
Or “Market Capitalization,” is a term used to describe a cryptocurrency project’s total value. \",\"extraText\":\"It’s calculated by taking the current price of the project’s token and multiplying it by the total supply.
The number of native units visible on the public ledger.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/AOKWJ3R7BFCFZK72X6IWNXN4UA.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/55VKGS7X4BEQNBTRT7G7HCGNVA.gif\"},{\"text\":\"Market Cap Example
Crypto Project Z has a total supply of 100,000 Z tokens. Let’s say the price of a single Z token is $5.00 at the time you look it up. That means Crypto Project Z would have a Market Capitalization of $500,000.
100,000 x $5 = $500,000\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZZNWRLDPONEXTAJK5BOLJQXU54.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SORVMP3EHNH27J4UND3KPTJCQA.gif\"},{\"text\":\"Crypto token prices fluctuate every second, meaning Market Cap values change constantly. This is something to bear in mind.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/WIEXZLZHU5HQ5EACCNI5IA3HQE.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VRGPHB6JDFGDNKOYRPQLPA5VCU.gif\"},{\"text\":\"24H Volume
24-hour volume simply means the total dollar value in a particular cryptocurrency that has moved today in trading on exchanges.\",\"extraText\":\"It's the number of units that changed hands times the approximate price of those units.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/JVYDV3I4QVEFXHWTXA55EMP4GE.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KH4EQRWGRJEYLILXEM6CVOWUOU.gif\"},{\"text\":\"24H Volume Example
Let’s say Bitcoin (BTC) has a 24H Volume value of $50 billion. That means traders have collectively traded units of bitcoin worth $50 billion over the last 24 hour period.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/35N3YD3FUJDYXG2QCSQIN6U6DA.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/M44N4TQPAFDFPP6MV6HN4I7XN4.gif\"},{\"text\":\"24H Open
This refers to the price the cryptocurrency was exactly 24 hours ago.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/GZPWXTTZANB67ESJXOVIAECUL4.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/M44N4TQPAFDFPP6MV6HN4I7XN4.gif\"},{\"text\":\"24H Low/High
24H “Low” and “High” refer to the lowest price and highest price the asset has traded at over the last 24 hours. Think of it as the highest peak and the lowest trough of the coin’s trading activity for the day.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PYJZKENJ3ZDIROOXSRWCGV4DIU.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/SL4GHOESXJFONCXCV3EMWVH3TA.gif\"},{\"text\":\"Total Supply
Total supply is the number of units visible on the ledger. It's not adjusted for units held in treasury, locked in contracts or sent to "burn" addresses.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/PWJLOYENCREEDKJ7CHEB4JLTBA.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ELQLWOMWFVC7TNNDGB74JRADQA.gif\"},{\"text\":\"All-Time High
The highest price recorded for a particular crypto asset. At CoinDesk, we calculate all-time high prices based on an average price across multiple exchanges.\",\"extraText\":\"This is why you might see different all-time high prices stated on other platforms.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/72IP6MEZQZH6FNFEGOP6X5KLL4.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VUNRCHIBNVHHDH2VW6EZE6OB4E.gif\"},{\"text\":\"Average Transaction Fee
The dollar value of the average fee paid on-chain to process a single transaction during a 24-hour period ending at the previous midnight UTC. \",\"extraText\":\"These fees go to network maintainers, such as miners, and are distinct from fees paid to exchanges and other off-chain providers.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZXI63JS34FCQJHYAQJ2KV3OFCE.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/S2MAAUQZMVDWXKLKORPCPMR5LE.gif\"},{\"text\":\"Volatility
Volatility is a word used to describe how much the price of a crypto token deviates from the average over a given period. It’s used as a metric to gauge how risky an asset might be as an investment.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/CGTTC6YVDNCIVPIWXEYA6JPOJE.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VKPOHB4W25CVFFFZYWJNE5TQYI.gif\"},{\"text\":\"Volatility Example
Low volatility: If the price of an asset fluctuates mildly or remains unchanged within a period of time.\",\"extraText\":\"High volatility: If the price of an asset fluctuates dramatically (rises and/or falls sharply) within a period of time.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/UKTVDMHTEVESHDSKLPNG3NLUCA.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/VKPOHB4W25CVFFFZYWJNE5TQYI.gif\"},{\"text\":\"Fiat/ FIAT
No, not the Italian car manufacturer. Fiat is just a term for all government-issued currencies not backed by a commodity, such as gold.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/44UMPRH7EFE3VKTMVRMTO73UNI.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/GTFDI6JXDJCTVCCC775FX4RZJ4.gif\"},{\"text\":\"Fiat/ FIAT Example
The US dollar (USD), the Chinese Yuan (CNY), the Japanese Yen (JPY), the British Pound Sterling (GBP) and the Euro (EUR) are all examples of fiat currencies.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/77ICQC2FMZA6JB3JLQPNE3JFW4.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZAJOBEX6JFA3HDEZ4FDZQDHDJU.gif\"},{\"endOfCourse\":false,\"nextCourse\":true,\"text\":\"Markets & Social Analysis\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/MWUJJ6IHC5CMDDR53EQS5MDHYM.mp4\",\"mobileImage\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/DBBJDRU36JEHPMNY7YTJYUZH6U.gif\"}]},{\"id\":\"pricedata101-2\",\"title\":\"Markets & Social Analysis\",\"timeInMinutes\":5,\"numberOfQuestions\":0,\"courseData\":[{\"text\":\"Markets & Social Analysis\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/V7KR4XOATFEBRMS62MKTN5BZJE.png\"},{\"text\":\"Hi. Looking to learn more about the metrics in our Markets and Social Analysis section? Great! You’re in the right place.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/DEYYG54DWBBBJFL4Y2EREU6FZM.png\"},{\"text\":\"Returns
Let’s start with “Returns.” This metric shows what percentage an asset’s price has risen or fallen over a range of different time periods, including:
\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/5FUCYQTY5BD55FO4BKKTYHZB5Q.png\"},{\"text\":\"
Year-to-date simply refers to the percentage change between the asset’s price at the close of the last calendar day of the previous year and the current price.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/F6XHGA4BWBES3FEK7NNUCVMJYA.png\"},{\"text\":\"Number of transactions\",\"extraText\":\"This refers to the number of transactions that have been recorded on the blockchain for the selected asset on a given day.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RFLH7HQMTZARJKXN2B6EEZ7YLE.png\"},{\"text\":\"Average time tokens held\",\"extraText\":\"This indicator provides an average time of how long the selected asset has been held by investors before being transferred to a different wallet address. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KKDKCMWNZ5APPC5H32JQLCGA7Q.png\"},{\"text\":\"It’s calculated by working out the average holding time of all wallet addresses that have ever held the asset before being sent elsewhere.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/FJB7QMHYYNBXZJKECWB6SIQIVI.png\"},{\"text\":\"Twitter sentiment\",\"extraText\":\"The Twitter sentiment metric tracks tweets related to the selected asset and uses a machine learning technique to establish whether they are positive, negative or neutral comments. \",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/23H5PY24IVCNPLAOBQ3AVGOOHA.png\"},{\"text\":\"This data is then plotted over the asset’s price chart to show the relationship between price and overall Twitter sentiment.\",\"extraText\":null,\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/KYHVE35FRBAH3NJPDMXWSHTWYQ.png\"},{\"text\":\"Search trends
This metric shows the number of Google searches for an asset over a period of time against its price. \",\"extraText\":\"The data comes from Google’s API and measures search ranks on a relative basis between 0-100, where 0 is the lowest period of search volume and 100 is the highest peak.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/GLGFDAQGTRH7TF4NB342HBUZBA.png\"},{\"endOfCourse\":true,\"nextCourse\":false,\"text\":\"Pencils down!
You’re all finished with
Price Data 101.\",\"extraText\":\"Check out our other crash courses to keep growing your crypto smarts.\",\"image\":\"https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/RYLKTIG37RDRVET4MBAIXJANQI.png\"}]}]","crash_course_description":"Need help understanding price page metrics? 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