Now, many people have the general perception of both, crypto and blockchain, but, in the past, these two terms and concepts were interchanged several times. Bitcoin, a term now associated to refer the world’s first and top cryptocurrency, started out as a blockchain only. Over time, the technology progressed and developed and so is the case with the meaning of terms ‘Crypto’ and ‘Blockchain’. At present, both of them have traveled through their own journies and they both independently stand on their respective ranks of fame and popularity.
Cryptocurrency and blockchain have developed very different statuses. It can be easily concluded that cryptocurrency has reached far more than blockchain although the latter drives the cryptocurrency in the first place. So, while blockchain is not the one ending under the spotlight, cryptocurrency is all at the front. Greg Misiorek, a member at BIS LLC, spoke to BlockPublisher and outlined the differences between crypto and blockchain. He said:
(Like blockchain) Cryptotokens are also open access or are permissionless. Blockchains have admins and sponsors.
Blockchain, as the name suggests, should be remembered as the chain of blocks where each block contains some information or data. Blockchain is a distributed ledger technology (DLT) which sticks blocks together. Crytpo, on the other hand, is a token that uses the distributed ledger. It is a currency which can be bought, sold, traded etc.
Crypto and blockchain have struck the world by opening numerous possibilities in almost every field. They may differ and still relate to each other but one thing is certain that they both are serving and will continue to offer innovation and many other interesting aspects to various domains.