We all truly believe and submit authoritatively to the notion that where we have the word or topic Cryptocurrency, The concept Blockchain should not be left out.
This same belief transformed into a conviction that Blockchain and Cryptocurrency are like complementary demand where one can't do without another. To clear this fog on the climate for you as a reader, they aren't complementary. It's not a postulation that Cryptocurrency depends on Blockchain for its existence, but to say Blockchain depends on Cryptocurrency for the same purpose or any purpose of its kind is an axiom.
In a nutshell, Cryptocurrency is dependent on Blockchain, while Blockchain is independent of Cryptocurrency.
To find the Why, in the Why this Blockchain the fulcrum of Cryptocurrency, you will have to understand what Blockchain is.
What's Blockchain?
Blockchain is a technology used to build cryptocurrency or any of its equivalents, such as DeFi, Dapps, and Dexs. Through Blockchain, records of each transaction that takes place in any ecosystem can be seen visibly.
Mind you, Blockchain isn't limited to financial usage, as other Fields like medicine, engineering, and even administration use it to document and keep track of their records for efficient and effective evaluation.
Why it's the fulcrum of Cryptocurrency.
It was in December last year, nearly a year to this moment. My I and other colleagues were hired by the DotIT agency to write an SEO content for the company's website. We were to get our task done on Google doc, and while doing this, we were presented a spreadsheet that will reflect each and every one's task.
Through this spreadsheet, there's room for transparency, efficient and effective delivery of the project, and also it serves as security to avoid plagiarism among one another.
The Spreadsheet here is like a Blockchain because what it does is precisely what a Blockchain does for any activity for which it's used.
To corroborate the pivot of what Blockchain is to cryptocurrency, I will have to expand the horizon beyond cryptocurrency and touch its tantamount such as the:
Decentralized finance
This is known as the DeFi. The first DeFi Cryptocurrency is Ethereum. It's the world's second largest valued Cryptocurrency after Bitcoin. It's called DeFi because there's no intermediary between the coin (money) owner, and the coin itself. Nobody controls the custody of the coin, except the owner, known as an investor or trader. No paperwork requires for the owner's trust wallet like the traditional bank account.
Decentralized application
Facebook, WhatsApp, Instagram, TikTok and X, formerly Twitter, are all centralized social media applications. They are controlled by their owners. While dapps are those websites or social media applications controlled by none. Activities on dapps include smart contract where the agreement to execute certain actions has been written in code, and are implemented as at due time for each action.
Decentralized Exchange
Dexs are the opposite of Cex(centralized exchange). Examples of Cex are the binance, kucoin, luno, roqu, Coinbase and much more. Although they are digitalized and virtual exchange just like Dexs, they are owned and controlled by certain companies in real Life. Meaning your coins or tokens are still centralized in the hands of the few, and you may lose it due to legal, or any financial reasons such as bankruptcy.
While decentralized Exchange include uniswap, pancake swap, sushiswap and others.
Both are peer to peer platform, but one is centralized and another isn't. The former is built on Blockchain like the DeFi and the Dapp, while the latter isn't.
Conclusion.
Without Blockchain, these projects won't be existing, but without them, Blockchain will power other Fields for human use. Sorry, being to sound repetitive, but I need to continue ringing this like a nursery bell to show the why, and how the Technology, Blockchain is the fulcrum of Cryptocurrency and other Web 3 applications.