Cryptocurrency
Ms.K. Keerthana
"My name is KEERTHANA . Im from Trichy. My latest educational qualification is a full-time Bachelor of engineering in Electrical and electronics from K RAMAKRISHNAN COLLEGE OF TECHNOLOGY, Samayapuram. My school and college years played an immense role in modelling me as a wholesome individual.My degree in Electrical engineering has helped me develop the skills. Lately, I am trying to develop a habit of reading. And also believe in learning from my past mistake as this is a virtue that can take me ahead in my life and career."
ABOUT
“Elon Musk, Bill Gates, Obama’s Twitter Hacked in Cryptocurrency Scam, Netizens Think It’s ‘Money Heist’.”, this is the recent news going around for the past days which made a lot of us know about, Cryptocurrency.A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. The most important feature of a cryptocurrency is that it is not controlled by any central authority, the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference.In 1983, the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Later, in 1995, he implemented it through Digicash, an early form of cryptographic electronic payments. The first decentralized cryptocurrency, bitcoin, was created in 2009 by presumably pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme.
Satoshi Nakamoto
Founder
29,25,079 INR
Today's Price
2009
Initial release
Legal
India
Blockchain:
A blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data, generally represented as a Merkle tree. By design, a blockchain is 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 inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable.
Bitcoin Works
» Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software.
» Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
» Every single transaction is recorded in a public list, blockchain It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
» Transactions are verified by network nodes through cryptography and recorded in a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Bitcoins creation :
In order for the bitcoin system to work, people can make their computer process transactions for everybody. The computer is made to work out incredibly difficult sums. Occasionally they are rewarded with a Bitcoin for the owner to keep. People set up powerful computers just to try and get Bitcoins. This is called mining. It could be years to generate a single Bitcoin and may end up spending more money on computer hardware and electricity than the Bitcoin would be worth it.
