Standouts
- **FLR (Flare Network)**: FLR saw a significant surge in value this week, rising by over 100% in the past few days. This is likely due to the upcoming launch of the Flare Network mainnet, which is expected to bring increased utility and adoption for FLR.
- **LINK (Chainlink)**: LINK has also performed well this week, rising by over 20%. This is likely due to the increasing adoption of Chainlink’s oracle services, which provide real-world data to smart contracts.
Stumbles
- **MANTA (Manta Network)**: MANTA has suffered a significant drop in value this week, falling by over 50%. This is likely due to the recent hack of the Manta Network, which resulted in the theft of over $100 million in cryptocurrency.
- **CFX (Conflux Network)**: CFX has also declined in value this week, falling by over 20%. This is likely due to the recent concerns about the Conflux Network’s scalability, which have raised doubts about its long-term viability.
Market Updates
The overall cryptocurrency market has been relatively stable this week, with Bitcoin and Ethereum hovering around their recent highs. However, there has been some volatility in the altcoin market, with some coins seeing significant gains and others suffering losses.
FAQs
- What is a cryptocurrency? A cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not controlled by any central authority, such as a bank or government.
- What is a blockchain? A blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp, a transaction record, and a reference to the previous block. Once a block is added to the blockchain, it cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
- What is a smart contract? A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, track performance, and ultimately facilitate the negotiation of a transaction.
Credit: BITboosters