Sorare: crypto, blockchain, NFT, what is this gibberish?

Crypto, blockchain, NFT, token, what’s all this gibberish about Sorare? Here is a quick article to explain some of the more complicated terms before you sign up and start playing on Sorare.

Further reading: What is Sorare ?

Blockchain

Basically, the blockchain is like a huge computerized register, decentralized and accessible to all. The blockchain is at the base of Sorare since all the operations related to the cards are recorded in a blockchain: the Ethereum blockchain.

Further reading: What is Ethereum (link to the Ethereum official website)

The crypto

Widely encountered, this word does not mean much on its own. Is it referring to cryptology, cryptography, cryptanalysis, cryptocurrency? Etymologically speaking, crypto means secret, and when we talk about cryptology, we are talking about the science of secrecy or when we talk about cryptography, we are talking about secret writing.

So what does this mean in the context of Sorare?

Crypto assets

Crypto assets (sometimes written crypto-assets) may be defined as is : “crypto-assets are digital objects using a computer network. A crypto asset can be roughly considered as a “virtual currency“, even if legally speaking, this term cannot be used to define it because they are not really currencies“.

Greatly simplified, a crypto asset can be seen as a virtual possession, whose use can be to serve as a currency between parties. This is more commonly referred to as a crypto currency.

Crypto currency

Crypto currency (sometimes written as crypto-currency) is a category of crypto assets that are used as currency for transactions. The term crypto is used because the various virtual currencies used in the blockchain world use cryptographic technologies for the issuance and settlement of transactions.

Ether is the crypto currency used on Sorare.

Tokens

A token is the representation of a virtual asset within a blockchain.

NFTs (Non-Fungible Token)

But what are these NFTs that we keep hearing about without knowing what they are? Short for non-fungible token, a non-fungible token is a particular asset that represents something unique. Unlike a coin, for example, where you can replace a one-dollar coin with another one-dollar coin, non-fungible tokens are not interchangeable.

Simply explained, an NFT is a digital object that can represent anything (a map, a table, a picture), that has the particularity of being unique, and whose title and successive exchanges of ownership are traced in a public ledger, without it being possible to erase these operations from the ledger.

NFT in Sorare are represented bu the players’ cards.

FIAT currency

No, we are not talking about the Italian car manufacturer, but about a term used to designate a currency.

Sans rentrer dans le détail, une monnaie fiat est une monnaie dont la valeur provient essentiellement du fait qu’un gouvernement impose son cours légal sur un territoire donné. Par exemple, en France, l’euro est la monnaie fiat.

Without going into detail, a fiat currency is a currency whose value is essentially derived from the fact that a government imposes its legal tender on a given territory. For example, in the US, the dollar is the fiat currency.

This ends our article to explain the major concepts involved in Sorare.

Now, you want to know more about Sorare? Read my article : What is Sorare ?
Still not sure, you want to know more about risks in Sorare? Read my article : What risks on Sorare?
You want to join the Sorare adventure? Don’t forget to use an affiliate link to get a free rare card!

See you soon,

Leave a Reply