Blockchain Basics

The purpose of this guide is to guide you on your journey into Web3, and provide you with the necessary knowledge, resources, and best practices as they relate to Solana and the Galactic Gecko Space Garage community.

Non-fungible tokens, or NFTs, are a way to track ownership of unique digital property. That ownership is conferred to the holder of each token at a single address which has been confirmed by a distributed network, such as the Solana (or any other) blockchain using distributed ledger technology.

The potential use cases for digital ownership go far beyond just pictures, but for the Galactic Geckos, ownership grants you access to the social club and all the benefits thereof.

The Solana blockchain was first proposed in a whitepaper by Anatoly Yakovenko in November 2017, and uses a unique method of distributed ledger technology known as “Proof of History” (as opposed to Proof of Work or Proof of Stake), which allows for potentially much higher transaction speeds, lower transaction costs, and less energy consumption than other blockchains allow.

Its first block was created March 16, 2020, and has since grown exponentially in terms of daily active users and developers building on the platform.

The content of this guide is for informational and entertainment purposes only; you should not construe any such information or other material provided by The Gecko DAO as advice upon legal, tax, investment, or financial instruments that may be discussed herein.