Top cryptocurrency terms you should know
Today, cryptocurrency have become a global phenomenon. Modern times and the preoccupation of most people. While some of its Cryptocurrency Terms are still opaque and purely technical and incomprehensible to most people, banks.
Governments and many companies are aware of their importance. As it would be very difficult to find an international bank, a large accounting firm. The government has not done a study on cryptocurrency. Or published a scientific paper on the impact of this phenomenon.
Top Cryptocurrency Terms
Is a form of digital money intended to obtain a high level of security; to protect. The virtual transactions based on them. And hide the identity of the sender and recipient. And also control the establishment of new units of currency. Where difficult to counterfeit. For this,
The cryptocurrency has important features such as:
Decentralized authority (ie without a controlling broker such as Pay Pal). And a general / Jhhory account record. Where the default transactions are recorded in an integrated form called a series of blocks. Transactions between users are connected to a peer-to-peer network without intermediary through the use of encryption.
Is the first and most famous cryptocurrency terms. Bitcoin Cryptocurrency is the gold standard in the world of cryptocurrency. Developed by Satoshi Nakamoto in 2008. And can be compared with other cryptocurrencies.
Such as the dollar or the euro but with several differences. Most notably that this currency is fully electronic. And traded online Only without any physical presence. Is the first decentralized cryptocurrency.
A system that operates without a central repository or one manager. Meaning that no central regulatory body stands behind it. Open source currency, where it is possible to reproduce and modify it and then launch a new currency.
Second cryptocurrency is Blockchain Technology.It Is a secure and inexpensive data storage and transfer technology. That is a general record of all cryptocurrency transactions in chronological order. The string is shared between all users. The string is used to ensure. The continuity of digital transactions, to ensure that conversions are correct, and to prevent double spending.
Since the string contains all the actions taken. It can determine the balance of each address on the network. This concept is called (describing the series of the inter-cluster bonding). Where each block contains the margin of the mass that precedes it. And follows the order to reach the first block called the “configuration block”.
Is to use the ability of the computer and the Internet to solve mathematical equations. And document transactions to extract encrypted digital currency.
The process of mining in the sense. The most correct is the process of engaging in the documentation of transactions. And recorded in the series of blocks using the computer. And the Internet. So that these transactions are grouped into one block to solve.
A puzzle or complex mathematical equation. And reward the first person who solve the equation either through wages transactions.
During the acquisition of new units of the currency listed in the series of blocks involved. The encrypted currency is mined using an algorithm called Hashing Algorithm.
You can learn more about Cryptocurrency from here