Today, Lets explore the World of Cryptocurrency! Most people especially Crypto users are using the term " Cryptocurrency " and " Blockchain " without knowing its distinctive definition and information. Before we start our Journey with crypto, we must Undersatand its origin, information, and how it works!
Lets get Started,
What is Cryptocurrency?
Cryptocurrency is the name given to a system that uses cryptography to allow the secure transfer and exchange of digital tokens in a distributed and decentralised manner.
Cryptocurrency coins are " mined " with computers by solving by complex mathematical equations called " Hash." These tokens can be traded at market rates for fiat currencies. The first cryptocurrency was Bitcoin, which began trading in January 2009. Since then, many other cryptocurrencies have been created employing the same innovations that Bitcoin introduced, but changing some of the specific parameters of their governing algorithms. The two major innovations that Bitcoin introduced, and which made cryptocurrencies possible, were solutions to two long-standing problems in computer science: the double-spending problem and the Byzantine Generals Problem. This is how Cryptocurrency defined and given its Origin.
Blockchain is a Decentralized ledger of all transactions across a peer to peer network. Using this technology, participants can confirm transaction without the need for a central certifying authority. Potential applications include fund transfer, setting trade, voting, and many other uses.
How it works?
When Someone requests a transaction, the requested transaction is Broadcast to a P2P network of consisting of computers, know as Nodes. The network of Nodes validate the transaction and the user's status using know Algorithms. A verified transaction can involved cryptocurrency, contracts, records, or other information. Once verified, the transaction is combined with other transaction to create a new block of data for the ledger. The new block is then added to the existing Blockchain, in the way that is permanent amd unalterable. After that, the Transaction is Complete. Done! Very interesting isn't it?
Blockchain technologies, Many promoters of cryptocurrencies persistently refer to ‘blockchain technologies’ to market the sale of cryptocurrencies. This strategy may aim to excite those who assume that technological developments are always real, positive and lucrative. I argue that there are no unique technologies that underpin the development of cryptocurrencies.
" Blockchain is one of the biggest buzzwords in technology right now.”
How I love Cryptocurrency! This idea will let you Understand more about Cryptocurrency and Blockchain, and How this things Works. I believed that Crypto is our Future!
Cryptocurrency was helpful