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Discovery of Blockchain technology and emergency of cryptocurrency

Category : Technology | Sub Category : | Posted on: 2019-12-09 16:42:17


Discovery of Blockchain technology and emergency of cryptocurrency

Cryptocurrency is an internet-based medium of exchange that makes use of decentralized control rather than centralized digital currency. Each cryptocurrency works based on decentralized control through blockchain. 

A blockchain refers to the growing list of records generally called blocks, which are linked using cryptography. Each block consists of the previous block, transaction data and a timestamp. Blockchain is resistant to modification of the data.  It is a distributed ledger that record transactions between two parties effectively in a verifiable and permanent way.

Crptocurrencies are denominated in terms of virtual tokens represented by ledger entries internal to the system. Entries are encrypted using public-private key pairs, elliptical curve encryption, and hashing functions.

Some examples of cryptocurrency

There are many types of cryptocurrencies available over the internet, but Bitcoin remains the largest blockchain network. Some competing cryptocurrencies are Litecoin, Ripple, Etherium, Cardano, Peercoin, EOS and Tether.



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