Blockchain basics

Some basic but very important concepts to understand.

What are Non-Fungible Tokens (NFTs)?

An NFT is essentially a unique representation of an asset or good in the form of a virtual token. NFTs are unique and cannot be replaced by another item.

Mainstream gamers currently “hold” objects that have real value in a game but remain virtual on a company’s servers. If the company closes its doors or shuts down access to that game, gamers lose access to these objects.

With NFTs, objects will continue to exist on the blockchain. Since the blockchain is public, it is even possible to create objects that can be used in different games. For example, a gamer could play with an avatar, skin or in-game weapon in more than one game.

What are smart contracts?

A smart contract is simply a program that runs on the blockchain. Smart contracts self-execute, so they are deployed to the network, and then they run as programmed. People can then interact with a smart contract either directly on the blockchain or, more commonly, through a user interface such as a website or mobile application.

For Synergy of Serra, you will never need to interact with the blockchain itself, and you will never even be able to tell that you're using a smart contract or the blockchain.

Which blockchain are you using?

Synergy of Serra Items and Resources are directly minted on the Polygon Network's mainchain. Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.

This means Polygon inherits security properties from Ethereum while providing greater transaction processing capacity, lower transaction fees, and faster transaction confirmations than Ethereum. Importantly, the transactions are still secured on Ethereum or by a pool of professional validators.

Ethereum and Polygon addresses are the same, so using MetaMask accounts are the same.

Note: Polygon was formally known as Matic, and so the token needed for using the network is called MATIC.

What is a wallet, private key and secret phrase?

In simple terms, a crypto wallet is a tool that lets you buy, sell, store, and spend your cryptocurrency funds and NFTs.

Each wallet address will have a public key or address and a private key. The public key is something you can share with others to receive funds or items in your account. But your private key is more like the key to your secret safe, and it is very important to keep it private.

Whatever is in your wallet is only safe for as long as you do not share its private key with someone else. The private key gives you access to your crypto funds or items that are always stored on a blockchain.

Your 12-word secret (or seed) phrase is a set of words that allows you to recover and use your private key. And if you can recover your private key, you can access your wallet from anywhere in the world without having to carry anything around.

Again, it is extremely important to keep this private and safe.

Who has access to my private key and wallet in Synergy of Serra?

Only you have access to your private key, 12-word phrase and wallet. This ensures that you have full control over your wallet and its contents. However, with that power comes responsibility.

Please backup the key and 12-word phrase. We are not able to recover it, no matter what.

Treat your private key and phrase and their backups very carefully. If anybody has access to them, they will be able to access your wallet and, therefore, your assets.