CRYPTOCURRENCY
CRYPTOCURRENCY
A cryptocurrency, crypto-currency, or crypto is a binary data designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
DECENTRALIZATION
Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.
Decentralization have been applied to group dynamics and management science in private businesses and organizations, politi
Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.
Decentralization have been applied to group dynamics and management science in private businesses and organizations, political science, law and public administration, economics, money and technology.
Top Crypto Overview
A Deeper Dive into Cryptocurrency
Cryptocurrency works as a decentralized digital currency secured by cryptography and recorded on a public, distributed ledger called a blockchain.
Transactions are validated by a network of computers using complex algorithms, and once confirmed, they are added to a permanent, unchangeable chain of blocks that anyone can access. Users store their crypto in digital wallets, and public/private keys control access to their funds on the blockchain.
How it Works
Decentralized Digital Currency: Cryptocurrencies are digital assets, meaning they have no physical form and exist only on a virtual network. Unlike traditional currencies, they are not controlled by a central authority like a government or bank.
Blockchain Technology: The transactions are recorded on a blockchain, a shared digital ledger that is a chain of blocks, with each block containing a list of transactions.
Cryptography: Cryptography, or code-breaking, is used to secure these transactions, ensuring their authenticity and preventing counterfeiting.
Mining and Validation: Computers (miners) on the network compile valid transactions into new blocks and compete to solve a complex cryptographic puzzle.
Consensus: When a miner successfully solves the puzzle, they add the new block to the blockchain, and other users verify the solution, creating a consensus on the network.
Digital Wallets and Keys: Users store their cryptocurrency in digital wallets. Each wallet has a public and a private key; the public key creates a wallet address, while the private key proves ownership and digitally signs transactions to approve their transfer.
Peer-to-Peer Transactions: Users can send cryptocurrency directly to each other without needing a third party like a bank or financial institution.
Key Characteristics :
Decentralization: No single entity controls the network, making it more resistant to censorship and single points of failure.
Transparency: Transactions are recorded on the public blockchain, which can be viewed by anyone with internet access.
Security: The use of cryptography and the distributed nature of the blockchain make it very difficult to alter transaction records.
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