What is Blockchain and Cryptocurrenby Wealth Creation Invester Wealth Opportunities Information Marketing Business Start Now!
How do cryptocurrencies work? Cryptocurrencies use decentralised technology to let users make secure payments and store money on blockchain,without the need to use their name or go through a bank. Recommended Features
- What is Blockchain and Cryptocurrency?
- Blockchain is the technology that enables the existence of cryptocurrency (among other things)... A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption,
- What is Cryptocurrency and how it works?How do cryptocurrencies work? Cryptocurrencies use decentralised technology to let users make secure payments and store money,
- How is Cryptocurrency used?One of the most well-known uses of cryptocurrency is for sending and receiving payments at low cost and high speed. ...
- Digital currencies, excellent payment systems for international money transfers...
Review on What is Blockchain and CryptocurrenBlockchain and cryptocurrency?
Main article: Blockchain
The validity of each cryptocurrency's coins is provided by a blockchain.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block,
A timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".
For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.
Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance.
Decentralized consensus has therefore been achieved with a blockchain. The public nature of the blockchain ledger protects the integrity of whatever is being transacted since no one entity owns the database.
The added work required to solve the encryption in a proof-of-stake system ensures that the public ledger is not modified at random, thus solving the double-spending problem without the need of a trusted authority or central server, To administer the database,
Assuming no 51% attack
(that has worked against several cryptocurrencies).
In cryptocurrency networks, mining is a validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized machines...
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