Most common cryptocurrencies Bitcoin — The first ever cryptocurrency that started it all. Ethereum — A Turing-complete programmable currency that lets developers build different distributed apps and technologies that wouldn’t work with Bitcoin. Ripple — Unlike most cryptocurrencies, it doesn’t use a Blockchain in order to reach a network-wide consensus for transactions. Instead, an iterative consensus process is implemented, which makes it faster than Bitcoin but also makes it vulnerable to hacker attacks. Bitcoin Cash — A fork of Bitcoin that is supported by the biggest Bitcoin mining company and a manufacturer of ASICs Bitcoin mining chips. It has only existed for a couple of months but has already soared to the top five cryptocurrencies in terms of market cap. NEM — Unlike most other cryptocurrencies that utilize a Proof of Work algorithm, it uses Proof of Importance, which requires users to already possess certain amounts of coins in or...
Popular posts from this blog
1 Imagine you and your friend are transacting/transferring money from one account to another. You would first reach the bank and ask them to transfer the money to the account address of your friend. On transferring the money from your account to your friend’s account, the banks keeps a entry on register of transactions. The entry needs to be updated on both, receiver and sender, account. But there is one problem: It is Tamper-able . Entries of transactions can be manipulated easily or change. People who know how the banking system works are trying to avoid them because of this problem. This is where Blockchain comes in. What is Blockchain? Let’s take an example of Google spreadsheet or MS Excel (Windows). This spreadsheet is shared among different networks of computer, where everyone has copy of it. The spreadsheet contains information of the transactions committed by real people. Anyone can access that spreadsheet but no one can edit it. This is Blockchain...
How Does Blockchain Work?
When you google search for something, you send a query to the server who then gets back at you with the relevant information. That is simple client-server. Now, centralized systems have treated us well for many years, however, they have several vulnerabilities. Firstly, because they are centralized, all the data is stored in one spot. This makes them easy target spots for potential hackers. If the centralized system were to go through a software upgrade, it would halt the entire system What if the centralized entity somehow shut down for whatever reason? That way nobody will be able to access the information that it possesses Worst case scenario, what if this entity gets corrupted and malicious? If that happens then all the data that is inside the blockchain will be compromised. So, what happens if we just take this centralized entity away? In a decentralized system, the information is not stored by one single entity. In fact, everyone in the network owns the information...
nice one..
ReplyDeletegood one
ReplyDeleteCryptocurrency is widespread in all country.
ReplyDelete