Bitcoin Forum

I'm getting confused with some of the terminology and I'd like to find out the relationship of one to another if they are indeed different.

Can someone help with these confusions...?

Are there multiple Blockchains?
If so, can you name a few of the famous ones, and where I'd find a list of all of them?

When people refer to a platform behind a token, are they referring to the Blockchain, or is a Platform a different thing to a platform?
How are they related?
Can you name a few?

Is Smart Chain the same thing as a Platform?
If not, how are they related?
Can you name a few?

When people refer to a protocol, what are they referring to and how is it related?
Can you name a few?

I know these terms may be fairly basic to most people, but I'd like some help getting started in understanding what people are referring to.

It may be that some people use terms interchangeably as well.

Appreciate the help.

JH

Yes, there are different blockchains, and each of them has its own smart contracts, like:
Unless for Bitcoin blockchain, Ethereum, Stellar, NEO, Tron, Corda, MultiChain, EOS, Hyperledger Fabric, OpenChain, Quorum, and many others

A platform can have its own token, either launched under its own personal blockchain or under any of the famous ones that are widely used.

in my own understanding NO

Binance Smart chain (BSC)
Ethereum Smart chain (ERC-20)

Thank you,

So what do you mean by Platform (if its not referring to the underlying blockchain?

JH

Not all blockchains run smart contracts. For instance, Bitcoin does not have a smart contract.

Yeh i know that, edited and corrected thanks 😊

By searching the internet you can technically find the definition of platform.


So it is an environment where one can install software and in reference to blockchain it was explained by coinmarket cap:



I read Bitcoin supports smart contracts.  Though it is limited, a smart contract can run into the Bitcoin blockchain.

a platform is the parent blockchain of tokens.

Does that mean the Platform IS the Blockchain the token is on?

Can it also mean something else?

JH

It's sometimes very confusing but learning a few basics will help you to understand it better.
I've written a summary about it here: Important to know: Difference Coin / Token and shady marketing practices (https://bitcointalk.org/index.php?topic=5463817.0)

Manly comparing Coin vs. Token but I'm sure it'll be a helpful topic for you.  :)
In general, there are only Coins and Tokens, most labels on top are just misleading Shitcoin marketing.

Thats quite helpful in undertanding tokens and coins. Thanks for that.

Now can someone explain Smart Contracts and what they have to do with a coin or token?
What does it have to do with Blockchain?

Thanks,

JH

Because tokens don't have their blockchain.
Tokens are usually created on existing blockchain platforms that support the creation of the platform, or to develop another utility.
When someone wants to create a new token, they deploy a smart contract on the chosen blockchain platform that can be transacted on the same blockchain platform, and all token transactions are recorded on the same blockchain they use.

The said above was right, many are confused about the coin and the token thinking they are the same which I think you must understand first.

So Smart Contracts pave the way and facilitate the exchange of tokens on the blockchain that it sits on?

JH

I'm also confused but I know which one is token or coin. The reason why I said I'm confused is there are lots of articles or blog posts and people here on the forum who think that tokens are altcoin even NFT they said it's altcoin but they did not know the difference between the coin and token.

Yes, it is, please check the image below. How does the Smart contract works on the blockchain?

https://i.ibb.co/0j99NQ6/image.png
Source: https://www.geeksforgeeks.org/smart-contracts-in-blockchain/

and you should be able to understand the whole thing by checking the infographics below about smart contract.
- https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Ff6vr0oxcqut51.png

Smart contracts are basically small programs that run automatically when certain things happen, like code that lives on blockchains.  They take actions based on pre-set rules, executing tasks without needing a middleman.  For instance, smart contracts enable creating and controlling tokens native to their blockchain without centralized oversight,

The most basic example of a smart contract is sending tokens from one address to another and  you can program a smart contract to transfer tokens from account A to account B when something happens, like account A says ok, or the date hits January 1st, for example.

So does one smart contract belong to a specific token and vice versa?

JH

A platform is a project, a website and other things like security layer.

A blockchain is an infrastructure of a blockchain-based platform/ project and even more, it can be a homeland for many projects to build on top of it.

A blockchain has its native currency for example Ethereum blockchain has Ethereum ETH as its native currency, which will be used as on chain transaction fee. On Ethereum blockchain, it is gas.

Other projects build on Ethereum blockchain, will have their own tokens, but to move those tokens on chain, they need ETH for gas and transaction fee.

Chain is an abbreviation of a specific blockchain. For example with Ethereum, we call it as ERC20 chain; with Binance Smart Chain, we call it as BSC chain.

Definition of tokens (https://bitcointalk.org/index.php?topic=2251834.0)

2 Questions From This...

Platform and Project is the same thing, an it is different from a blockchain?
But the Platform/Project runs on a particular Blockchain.
Is this correct?

If Chain is just an abbreviation of a specific Blockchain, why have that different terminology? Why not just use the name of the blockchain?
Are you sure that the chain is not a different thing altogether?

JH

Not always.  Sometimes a smart contract handles multiple different tokens.  Or you might have a bunch of contracts that all deal with the same token.  But, it is common for a token to have its own single contract that sorta defines that token - stuff like its name, its supply are how it gets distributed... those kinda things.  It's not the only way to set it up, but having that dedicated 1-to-1 type relationship between a token and its originating contract is pretty common. But a simple example of a smart contract that manages multiple different tokens is, for example, simple token swap. You send one token to the smart contract, and you receive another token in return.



I believe that the term blockchain was first coined by Satoshi himself since the Bitcoin protocol is based on a chain of blocks, thus "blockchain".  "Chain", in the cryptocurrency world, is short for "blockchain".

The word platform isn't technical. It's a general term. It isn't referring to a particular object. Bitcointalk, this forum, is a platform. Binance, a centralized exchange, is also a platform. Facebook, a social media site, is another kind of platform. Telegram, a messaging app, is a platform as well. A platform could refer to a thing on which something could be done. So there's a platform for specific discussions, another for exchanging cryptocurrencies, another for posting pictures, another for sending direct messages, and so on.

Therefore, a project or a blockchain could also be platforms themselves. The Ethereum Blockchain, for example, could be used as a platform by developers to create crypto projects. These crypto projects could themselves create a product that is itself a platform. Uniswap, for example, is a crypto project built on the Ethereum blockchain. So, the Ethereum blockchain is the platform in developing Uniswap. And then, Uniswap is itself a decentralized exchange, a platform for ERC-20 token users for swapping different ERC-20 tokens without a centralized entity.

Crypto is for cryptocurrency as chain is for blockchain. That's as far as the shared context is concerned. Of course, the word chain also refers to other things. It's also a chain that connects an anchor to the ship, but we're not talking about it.

Yes there are tons of blockchain or network among crytpocurrencies. Bitcoin blockchain, ethereum chain, binance smart chain, xrp blockchain, solana and many more. You can use some platform such as coinmarketcap and coingecko to check that.

No a platform is just a standout website that operates that project. Its not necessary to have their own chain hence could use other blockchain that offer smart contract application to work on their platform.

Example is pancakeswap that uses binance smartchain and also uniswap that relies on ethereum network.

This makes it quite clear. I suspected this was the case but just wanted clarification for that.

Thank you very much.

Much appreciateed.

JH

I always wondered what Pancakeswap and Uniswap were.

Are they simply websites (or platforms as we now call it) for exchanging tokens on a particular blockchain?
Is https://poocoin.app/swap the same thing?

If that is the case, why not just log into Binance and trade one token for another?
What's the difference?

JH

JailHouse, I appreciate your curiosity and I understand you're trying to join the conversation about crypto.  But some of your recent questions make me think you aren't really looking to learn and  they seem pretty basic - for example, with just a quick Google search, you can easily find out the key differences between centralized exchanges and DEXs in a matter of seconds.

If you really do want to understand cryptocurrency, I suggest doing your own research first.  That way, when you discuss it with others later you'll have more knowledgeable questions and comments to bring to the table.

I don't mean to assume the worst of your intentions.  But the way you've been engaging so far doesn't totally sit right with me.  I get the sense there's another reason you're posting so much.  Maybe you want to push an agenda? Or just mess with people?  Anyway, I think with some more independent learning, you'd get a lot more out of these forums.

All the posts have been helpful so far except this one.
Why do people flame and become nasty on a forum when someone is out in need for genuine information?

Isn't a forum a place to ask questions and learn?

Why do you think I asked here despite Google being available for everyone? It's because the results don't explain in the manner you'd like it to explain.

So please don't rain on someone's good intentions and education. It says more about you as a person with a specific personality.

Try and be helpful rather than flaming on the forum.

JH

After getting your question about this, I searched online and found that there are many blockchain projects. While we have heard the names of a few major blockchains. There are many other blockchain projects out there. Very common Blockchains are Bitcoin Blockchain, Ethereum Blockchain, Binance Blockchain and Tron Blockchain which are very much popular in the crypto industry. I am sharing a link from online where you will be able to get more ideas about other blockchains.

https://en.wikipedia.org/wiki/List_of_blockchains

The main difference between centralized and decentralized crypto exchanges comes down to control.  Centralized platforms like Binance or Coinbase are owned and operated by a single entity and  this grants them immense influence over the exchange itself.  They can freeze accounts, block transactions, or even shut the entire exchange down if they want.  (I don't know if you are familiar with the FTX case that happened recently.)

Decentralized exchanges take a different approach.  Rather than vesting control in a single company, they distribute operations across a decentralized network of computers.  In general, there's no account freezing censorship, or kill switches.  And they operate without KYC/AML regulations.  But this also means no customer support or fraud protections.

Pancakeswap and Uniswap are both DEXs (decentralized exchanges) for swapping tokens. Pancakeswap supports Bep-20 tokens (tokens on the Binance Smart Chain) while Uniswap supports ERC-20 tokens (tokens on Ethereum network).

Poocoin is a Decentralized Finance (DeFi) application that gives you a real time data of cryptocurrency and can also be used for trading various crypto assets. It was created to address some of the shortcomings of DEXs, such as price chart that's not available on the above mentioned DEXs.

Ok, all that makes a lot more sense now.

Thanks a lot for making that clear all of you.

JH