Installing and Configuring RocketPool

Let's go through the step-by-step process of running an Ethereum node on a Raspberry Pi. Part 2 of the guide will be talking about the Installation and Configuration of RocketPool.

A Guide To Running A Raspberry Pi Ethereum Node

<p>If you are thinking of becoming a validator on blockchain the Ethereum node is one of the most popular and reasonable nodes you can run. One reason we choose to run an Ethereum node is that Ethereum transitioned to proof-of-stake.</p><p>The Merge allows the execution and consensus clients to work together to verify Ethereum's state. Thus, with Ethereum proof-of-stake, we can save costs for our hardware, electricity bills, and any overhead costs that we would expect when we take on this project.</p><p>In this guide, we chose to run an Ethereum node on a Raspberry Pi, which is one of the smallest computers in the market. Read on to learn how we run an Ethereum node on a Raspberry Pi.</p><h2>Step 1: The Shopping List</h2><h3>Choosing The Hardware</h3><ul><li>Raspberry Pi 4 Model B 8GB</li></ul><p><img class="image_resized" style="width:75%;" src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/01_min_1505ef160f.webp" alt="01-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_01_min_1505ef160f.webp 156w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_01_min_1505ef160f.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_01_min_1505ef160f.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_01_min_1505ef160f.webp 1000w," sizes="100vw" width="1000px"></p><ul><li>USB Type C Power Supply - 3 amps</li><li>MicroSD Card Samsung Evo 256GB U3 Class 10</li><li>Heatsinks</li><li>USB 3.0 Samsung T7 Solid State Drive (SSD) 1TB</li></ul><p><img class="image_resized" style="width:75%;" src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/02_min_a9cc770736.webp" alt="02-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_02_min_a9cc770736.webp 156w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_02_min_a9cc770736.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_02_min_a9cc770736.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_02_min_a9cc770736.webp 1000w," sizes="100vw" width="1000px"></p><ul><li>Ethernet Cable Cat 5e&nbsp;</li><li>Raspberry Pi Casing</li><li>Keyboard</li><li>Monitor</li><li>Mini HDMI to HDMI cable</li></ul><h3>Choosing The Software</h3><ul><li>Ubuntu Server 22.04.1 LTS (RPi Zero &nbsp;2W/3/4/400) 64-bit server OS with long-term support for arm64 architectures</li></ul><p>The operating system that we chose to run on our Raspberry Pi is the Ubuntu Server 22.04 because it is the latest version of the Ubuntu Server and it comes with the latest updates and security. &nbsp;</p><p>There are, of course, a variety of other options for nodes and setup tools that we can choose from such as:</p><ol><li>RocketPool</li><li>Vouch + Dirk</li><li>Stereum</li><li>Avado</li><li>Ethereum on Arm</li><li>eth-docker</li><li>DAppNode</li></ol><p>We are going to use RocketPool to set up our Ethereum node.&nbsp;</p><h2>Step 2 Preliminary Setup</h2><p>Once you have all the hardware ready, we can jump into building your node. The next thing you would need to do is to install the software. Here’s a step-by-step guide on how to install the software you would need for your Ethereum node.</p><h3>Installing Ubuntu Server on Raspberry Pi</h3><ol><li>Install Raspberry Pi Imager on your PC/Mac. You can use this <a target="_blank" rel="noopener noreferrer" href="https://www.raspberrypi.com/software/">Raspberry Pi Imager</a> link to download the software. Once the program had been installed, open the Pi Imager.</li></ol><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/03_min_f907b6a186.webp" alt="03-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_03_min_f907b6a186.webp 237w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_03_min_f907b6a186.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_03_min_f907b6a186.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_03_min_f907b6a186.webp 1000w," sizes="100vw" width="1000px"></p><ol start="2"><li>Connect the MicroSD card to the adapter and plug it into your PC or Mac.</li><li>Choose OS from Imager. We recommend the latest version of the Ubuntu Server.</li></ol><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/04_min_480c025bfa.webp" alt="04-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_04_min_480c025bfa.webp 238w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_04_min_480c025bfa.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_04_min_480c025bfa.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_04_min_480c025bfa.webp 1000w," sizes="100vw" width="1000px"></p><ol start="4"><li>Choose your MicroSD card by clicking on Choose Storage.</li><li>Click on the Settings button and enable these:<ol><li><p style="margin-left:40px;">Set a hostname, for ease you can just put in raspberry pi or any other name according to your preference. The hostname will appear in the ubuntu when you log in.</p></li><li><p style="margin-left:40px;">Check Enable SSH and toggle Use Password Authentication.</p></li><li><p style="margin-left:40px;">Check Enable username and password. Then set your name and password here. This is to login into your ubuntu.</p></li><li><p style="margin-left:40px;">Check the Configure Wireless LAN if you use WiFi and ignore it if you use the Ethernet cable.</p></li><li><p style="margin-left:40px;">Check Eject media when finished</p></li><li><p style="margin-left:40px;">Click on the Save button</p></li></ol></li><li>Press Write. Click on Yes when it prompts a warning that you are going to erase all the data in the SD. Then write the OS into your SD card and verify the card.</li></ol><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/05_min_44a804b13e.webp" alt="05-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_05_min_44a804b13e.webp 236w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_05_min_44a804b13e.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_05_min_44a804b13e.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_05_min_44a804b13e.webp 1000w," sizes="100vw" width="1000px"></p><ol start="7"><li>Remove SD card.</li></ol><h3>Mounting the hardware</h3><ol><li>Insert your SD card into the Raspberry Pi.</li><li>Connect a keyboard to the USB 2.0 port (non-blue color).</li><li>Connect your SSD to the USB 3.0 port.</li><li>Connect an Ethernet cable. This step is optional if you use WiFi.</li><li>Connect the HDMI cable to the monitor and Pi.</li><li>Install the heatsinks. This step is vital to prevent your Raspberry from overheating.</li></ol><p><img class="image_resized" style="width:75%;" src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/06_min_07c242be4e.webp" alt="06-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_06_min_07c242be4e.webp 117w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_06_min_07c242be4e.webp 375w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_06_min_07c242be4e.webp 562w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_06_min_07c242be4e.webp 750w," sizes="100vw" width="750px"></p><ol><li>Connect the power input to turn on your Pi.</li><li>Let it boot into Ubuntu.</li></ol><h3>SSD Setup</h3><ol><li>Log into Ubuntu Server using the username and password you have created before.</li><li>Next, we are going to format and create a new partition for the SSD. This will be the main partition to store your blockchain data.&nbsp;</li><li><p>Run this command to check the location of your SSD.</p><p><strong>sudo lshw -C disk</strong></p></li></ol><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/07_min_ddae0661b0.webp" alt="07-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_07_min_ddae0661b0.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_07_min_ddae0661b0.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_07_min_ddae0661b0.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_07_min_ddae0661b0.webp 1000w," sizes="100vw" width="1000px"></p><ol start="4"><li><p>Take note of the logical name. In this case,<strong>&nbsp;</strong></p><p><strong>/dev/sda</strong></p></li><li><p>Run this command to create a new partition table.</p><p><strong>sudo parted -s /dev/sda mklabel gpt unit GB mkpart primary ext4 0 100%</strong></p></li><li><p>Format a new partition with ext4 file system.</p><p><strong>sudo mkfs -t ext4 /dev/sda1</strong></p></li><li><p>Add a label to the partition. This is optional.</p><p><strong>sudo e2label /dev/sda1 "Rocket Drive"</strong></p></li><li><p>To confirm that this is working, run this:</p><p><strong>sudo blkid</strong></p></li></ol><p>You should see something like this.&nbsp;</p><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/08_min_53ace60067.webp" alt="08-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_08_min_53ace60067.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_08_min_53ace60067.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_08_min_53ace60067.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_08_min_53ace60067.webp 1000w," sizes="100vw" width="1000px"></p><p>Please take note of the UUID value. Save it because you would need it later.&nbsp;</p><ol start="9"><li>Next, we need to optimize the partition that we have created before. The default setting of ext4 will reserve 5% for system processes but because we need to store the chain data, we do not need that.</li></ol><p><strong>sudo tune2fs -m 0 /dev/sda1</strong></p><ol start="10"><li>Create a new mount point.</li></ol><p><strong>sudo mkdir /mnt/rpdata</strong></p><ol start="11"><li>Mount the directory to your SSD.</li></ol><p><strong>sudo mount /dev/sda1 /mnt/rpdata</strong></p><ol start="12"><li>Enable automount to allow automatic detection of the directory when you reboot your Pi. Now we will need to use the UUID value that we have saved previously. Run this command to open the file editor:</li></ol><p><strong>sudo nano /etc/fstab</strong></p><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/09_min_79a172bf18.webp" alt="09-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_09_min_79a172bf18.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_09_min_79a172bf18.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_09_min_79a172bf18.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_09_min_79a172bf18.webp 1000w," sizes="100vw" width="1000px"></p><ol style="list-style-type:decimal;" start="13"><li>Go to the last line and add this line. Replace &lt;UUID VALUE&gt; with the UUID value that you have saved previously.</li></ol><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/10_min_e3dfbf36c9.webp" alt="10-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_10_min_e3dfbf36c9.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_10_min_e3dfbf36c9.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_10_min_e3dfbf36c9.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_10_min_e3dfbf36c9.webp 1000w," sizes="100vw" width="1000px"></p><ol style="list-style-type:decimal;" start="14"><li><p>The last step in setting up your SSD is to test the SSD performance. The recommended minimum speed is 15k IOPS for read with at least 60 MiB/s bandwidth and 5k IOPS for write with at least 20 MiB/s bandwidth. We usually call it 15k/5k. The maximum speeds that we got from the Samsung T7 are 12k read with 46.9MiB/s bandwidth and 4k write with 15.7MiB/s bandwidth. This is below the recommendation but still, it can get the job done.</p><p>To check the performance of the SSD, we will be using a software called Fio. Install Fio by running this command.</p><p><strong>sudo apt install fio</strong></p><p>Move to SSD’s mount point which is /mnt/rpdata</p><p><strong>cd /mnt/rpdata</strong></p><p>Now run the test using this command</p><p><strong>sudo fio --randrepeat=1 --ioengine=libaio --direct=1 --gtod_reduce=1 --name=test --filename=test --bs=4k --iodepth=64 --size=4G --readwrite=randrw --rwmixread=75</strong></p><p>As the result, it should look like this:</p></li></ol><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/11_min_e55fdab0de.webp" alt="11-min.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_11_min_e55fdab0de.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_11_min_e55fdab0de.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_11_min_e55fdab0de.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_11_min_e55fdab0de.webp 1000w," sizes="100vw" width="1000px"></p><h3>Setting up Node Clients</h3><ol style="list-style-type:decimal;"><li>Choosing Ethereum Client</li></ol><p style="margin-left:40px;">A reminder before you proceed to install eth clients, you should first need to take a look at the distribution in the network. Take a look at this <a target="_blank" rel="noopener noreferrer" href="https://clientdiversity.org/">client diversity</a> website and get an overall outlook on the client distribution and the percentage of validators in the market share.</p><ol style="list-style-type:decimal;" start="2"><li>Choosing Execution and Consensus Clients</li></ol><p style="margin-left:40px;">Choosing the best pair for execution and consensus clients can be really important for a more resilient network. Choosing a minority client over a major client can really help you avoid your validator node from being slashed. The percentage below 50% and highlighted green are indicators of which clients you can safely choose to use.</p><p style="margin-left:40px;">Since we are running the node on Raspberry Pi, the recommended client pair is Geth for the execution client and Nimbus for the consensus client. Now let's continue with the most important thing which is installing the node tool, RocketPool.</p><h3>Installing RocketPool Smartnode</h3><p>There are a few options for us to install RocketPool’s Smartnode which are:</p><ul><li>Docker</li><li>Hybrid</li><li>Native</li></ul><p>The easiest Smartnode to use is Docker since you would not have to do many configurations as it is already configured for you. Additionally, it is also suitable for those who want to run the node from scratch.</p><p>You can opt for the hybrid mode if you have an existing client that runs on other machines.</p><p>As for the native mode, if you want to directly install the node software into the machine, then you can choose this mode.</p><p>In this guide, we will be using docker mode since it is straightforward and easy to configure.</p><p><a target="_blank" rel="noopener noreferrer" href="https://defidive.com/blog/guide-on-running-an-ethereum-node-on-raspberry-pi-part-2">Part 2</a> of our guide will be helping you install and configure RocketPool.&nbsp;</p><p>Follow us on <a target="_blank" rel="noopener noreferrer" href="https://www.instagram.com/defidive/">Instagram</a> and <a target="_blank" rel="noopener noreferrer" href="https://twitter.com/defi_dive">Twitter</a> to get more updates or check out our curated news page at <a target="_blank" rel="noopener noreferrer" href="https://defidive.com/news">DefiDive</a>.<br><meta charset="utf-8"></p>

Are you thinking of becoming a validator on the blockchain? In this guide, we go through the step-by-step process of running an Ethereum node on a Raspberry Pi. Read on to learn how we run an Ethereum node on a Raspberry Pi.

10 Essential Terms Every Crypto Beginner Needs to Know

<p>The term Crypto might be a standard term for you but for most people (me) crypto is still very much a new and mysterious concept. I have just started my first week at DefiDive which is a cryptocurrency start-up and I have been busy learning the ABCs of cryptocurrency.</p><p>Here are the top 10 essential terms I have learned:</p><h2><br>1. DefiDive</h2><p><a target="_blank" rel="noopener noreferrer" href="https://defidive.com/">DefiDive</a> is a data terminal that provides all your critical crypto news, prices, and data in one website without ads or distractions. DefiDive is managed by a small team of decentralized finance advocates with plenty of experience in the crypto environment.&nbsp;</p><p>Their mission is to empower everyone to find the best investments within decentralized finance by providing accurate, clean, and accessible data for everyone. Discover DefiDive and what they can offer you now!</p><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/cryptocurrency_87c8d503d7.webp" alt="cryptocurrency.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_cryptocurrency_87c8d503d7.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_cryptocurrency_87c8d503d7.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_cryptocurrency_87c8d503d7.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_cryptocurrency_87c8d503d7.webp 1000w," sizes="100vw" width="1000px"></p><h2>2. Cryptocurrency</h2><p>Cryptocurrencies or crypto such as Bitcoin is digital money that uses distributed databases, known as blockchains, to record transactions. Cryptos are secured with encryptions consisting of public/private keys which allow easy and secure transactions.&nbsp;</p><p>These cryptocurrencies can be used just like any other fiat money and can be traded and exchanged between consenting parties. This means banks and centralized financial institutions are cut off which reduces fees on transactions as well.&nbsp;</p><p>Cryptos are kept in digital wallets that are accessible from anywhere around the world with access to the internet. Cryptocurrency is an alternative to our current stringent financial services and with time many advocates hope that it will be a global currency that everyone has access to.</p><h2><br>3. Digital Signature</h2><p>A digital signature is a cryptographic output used to verify the authenticity of data. The signatures consist of a public and a private key pair, one you can share with others, the other a secret key only you know.&nbsp;</p><p>The private key is used to create a signature, and the corresponding public key is used to verify the signature. Digital signatures are helpful to verify that you signed the data or transactions and signatures cannot be rescinded or revoked.</p><p>&nbsp;</p><h2>4. Decentralised Finance (DeFi)</h2><p>The act of taking out the 3rd party in any financial transactions or democratizing finance. Decentralized finance, also known as DeFi, uses cryptocurrency and blockchain technology to manage financial transactions. We can have financial services from everyday banking, loans, and mortgages, without the need to pay fees to banks and brokerage firms. Moreover, we are not limited to an amount or geographical region as cryptocurrency is a currency set by the market. How convenient!</p><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/mining_a39c17f897.webp" alt="mining.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_mining_a39c17f897.webp 234w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_mining_a39c17f897.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_mining_a39c17f897.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_mining_a39c17f897.webp 1000w," sizes="100vw" width="1000px"><br>&nbsp;</p><h2>5. Mining/ Proof of Work</h2><p>Proof of work (PoW) is a decentralized consensus mechanism that requires members of a network (a miner) to expend effort solving an arbitrary mathematical puzzle. It is a mathematical process that is designed to be difficult to solve, but easy to verify. Which will then help strengthen the blockchain so that transactions that happened are secured. Proof of work at scale requires huge amounts of energy, which only increases as more miners join the network.</p><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/blockchain_fcf4ff4f1b.webp" alt="blockchain.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_blockchain_fcf4ff4f1b.webp 245w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_blockchain_fcf4ff4f1b.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_blockchain_fcf4ff4f1b.webp 750w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/large_blockchain_fcf4ff4f1b.webp 1000w," sizes="100vw" width="1000px"><br>&nbsp;</p><h2>6. Blockchain</h2><p>Blockchain is a distributed ledger of transactions made into blocks that are encrypted for security. Each block is linked to prior and subsequent blocks which makes it very difficult to hack or tamper with.&nbsp;</p><p>Thus, the longer the chain the more trustworthy it becomes as the work needed to change the chain increases. Miners are what we call people who take all the recorded transactions and encrypt them into blocks.&nbsp;</p><p>Crypto miners are incentivized to keep the blockchain secure by receiving a reward for accurately updating the blockchain. Although blockchain takes a lot of energy to be developed, professional mining companies have taken a greener approach to fuel their crypto mining.</p><p><img src="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/nft_a8fa2700ac.webp" alt="nft.webp" srcset="https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/thumbnail_nft_a8fa2700ac.webp 234w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/small_nft_a8fa2700ac.webp 500w,https://cms-infrastructure-main-assetsbucket-1leeopxeae2qd.s3.eu-west-1.amazonaws.com/medium_nft_a8fa2700ac.webp 750w," sizes="100vw" width="750px"><br>&nbsp;</p><h2>7. NFTs</h2><p>NFTs are Non-fungible tokens which are cryptographic assets on a blockchain with unique identification codes and metadata that differentiate them from each other. NFTs are like asset grants as they represent unique objects such as digital art.&nbsp;</p><p>Thus, there can only ever be one of that NFTs and that scarcity appeals to collectors and artists alike. The current market excitement is in using this technology to sell digital art which is a great advantage for artists. Some examples of NFTs are Twitter tweets, pictures of objects, GIFs, and in-game skins.</p><h2><br>8. Web3</h2><p>Web 3.0 or Web3 refers to a "decentralized online ecosystem based on blockchain." Web3 is an upgraded version of our current internet environment and has gained popularity in recent years as it puts the power in the hands of individuals rather than corporations.&nbsp;</p><p>Web3 decentralization will also give users greater control over their data which helps protect our privacy. Although there is a downside to Web3 such as difficulty in regulation and enforcement of cybercrimes. But many are optimistic about Web3 bringing in more good than bad as Web3 is putting the power in the hands of the people and gives more room for freedom.</p><h2><br>9. Decentralised Science (DeSci)</h2><p>Scientific research of any kind can be limited to where, when, and how much. Whereas, with blockchain technology, scientific research can progress much further and faster.&nbsp;</p><p>DeSci is a global, open alternative to the current scientific system where scientists can raise funding, run experiments, share data, and distribute insights that can be accessed by others. A global open source of research information that is shared by all people can create a great environment for these researchers to progress beyond individual means.</p><h2><br>10. Decentralised Autonomous Organisation (DAO)</h2><p>A decentralized autonomous organization (DAO) is a bottom-up organization that has no central governing body that acts in the best interest of everyone as a whole.</p><p><br>DAO is constructed by rules encoded on a blockchain so that proceedings and rulings are often transparent to everyone interested. There are limits such as time wasted on garnering decisions from people from different backgrounds. But in DAO more individuals have their voices heard because of its transparent governance.</p><p><br>And that’s the end of the list of the 10 Crypto Terms that I have learned in the first week at DefiDive. Understanding the terms and phrases used in the crypto space might be challenging but it can be rewarding too.&nbsp;</p><p>So let’s face the future and take a deep dive into the world of cryptocurrency.</p>

A list of 10 essential crypto terms I have learned since I started working at DefiDive. Join me in diving deeper into decentralized finance.



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<p>We were unsatisfied with existing crypto data websites that frequently contain sponsored content, use confusing layouts, and load slowly. So we built DefiDive - a single destination for you to monitor prices, discover news, and track portfolios. We loved the product so much we decided to share it with the world. Our mission is now to empower others by providing accurate, clean, and accessible data. Speed matters in crypto. That’s why our design philosophy is to give you the data you need and nothing more. No ads, no distractions, no confusing layouts. DefiDive is eligible, snapy, and intuitive.</p><h1>What DefiDive can do for you</h1><h2>Prices</h2><p>The DefiDive homepage will give you an overview of market movements at a glance. Our design brief for this page was to be informative, fast and concise. No ads, no wasted space, useful information only. Click on any asset to see historical price charts, fact sheets, and news.</p><h2>News</h2><p>Time is precious in crypto. Don’t waste your time opening six different tabs to keep up to speed. Instead the DefiDive news page aggregates reputable news outlines, Twitter accounts, and YouTube channels into a single page. Breaking and trending news is automatically prioritised so you don’t miss a beat. Looking for something specific? Use our filters to find topics you are interested in.</p><h2>DeFi</h2><p>The DefiDive leaderboard page tracks the largest DeFi services so you can research the best places to stake, borrow, and lend your crypto. Filters let you find staking pools, dexes, lending platforms, and many moor. This is your front door to Web3. The key platforms are listed clearly, accurately ranked, and waiting for you to discover.</p><h2>Portfolio</h2><p>Still using spreadsheets? So were we. That’s why we built a portfolio tracker that actually works. Check your assets at a glance, see what is up/down, and watch your balance grow. We are actively working to curate the entire DefiDive website around your portfolio. Watch this space: we are building…</p><h2>What you can do for DefiDive</h2><p>All we ask is that you give DefiDive a try. If you like it, why not share it with a friend or join our growing Discord community?</p>

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