What is the blockchain? What is cryptocurrency?

Article author
Paul
  • Updated

A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks. It is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.

In simpler language, blockchains are digital records that ensure your digital assets (i.e. NFTs) have provable scarcity (fixed and limited supply), provenance, true ownership, and complete freedom of movement - e.g. thanks to the blockchain, you can transfer assets across platforms, allowing you to own digital things similar to how you own physical items.

What is the benefit?

Thanks to the blockchain, your Sorare cards are truly yours. With an NFT from Sorare, you can use it in Sorare competitions, keep it as a collectible, transfer it to another platform, sell it, trade it, play it in another game, create your own game where you can use it, etc.

In traditional digital games, you collect and use in-game items but you don't own them. With NFTs, you actually own your digital items, similar to how you own things in the physical world.

What is cryptocurrency?

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

In simpler terms, cryptocurrency is often used to purchase and transfer ownership of NFTs.

What is Ethereum?

Sorare uses Ethereum, the most open, decentralized, and secure blockchain. Sorare player cards are non-fungible tokens (NFTs) built on top of the Ethereum blockchain. They follow the ERC721 standard. You can audit our ERC721 smart contract and our exchange smart contract.

Here is a video that explains why we use Ethereum.

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