Have you read the latest news on the development of crypto currencies? Astonishing isn’t it. Way in 2009, who ever would have thought there is such a creature, having a monetary value whilst denying its connection with the fiat world. I wonder if Satoshi even have thought that his idea of buying pizza online with a “coin” could actually shock the universal financial algorithm! That is the great wonders of CREATIVITY.
In the next few post, in fact, I would say in many new future post I will be sharing with my readers how WE could be part of this CRYPTO world and benefit from its monetary value. Stay connected with me and enjoy the ride..
a cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger.
And what is a blockchain?
A blockchain,originally block chain,is a continuously growing list of records, called blocks, which are linked and secured using cryptography.Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data.By design, a blockchain is 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 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 collusion of the network majority.
Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain.This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management,transaction processing, documenting provenance, food traceability or voting.
Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
Want to know more, read my next post and I can assure you it will be less technical than this 🙂