Cryptocurrencies are a form of digital or virtual currency that run on a technology called Blockchain.
we dont require a central authority and are protected by strong and complex encryption algorithms.
there are more than thousands of crypto currencies like litecoin,aetherium c cache etc.
Blockchain can be defined as collection of records,linked with each other is a shared,strongly resistant to alteration,protected using cryptography. immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.an asset can be anything such as house,car,land,money or intellectual property etc.
blockchain is important because the business runs on information , the faster it recieves and the more accurate it is, the better.
the data within blocks are encrypted by complex algorithms.
Every users in the bitcoin network has two keys public key and private key.
public key is the address that everyone in the network knows of but private key is unique address that only the user has knowledge of like password.
the number of bitcoins is send through a wallet address through hashing algorithm all of these will be part of transaction details.these details are encrypted using encryption algorithms and using fills unique private key this is done to digitally sign the transaction and to indicate the transaction came.
different cryptocurrencies use difference hashing algorithms Bitcoin uses SHA256.
Etherium uses ETHASH.
this transaction are taking place all around world this transactions are validated and added block by block the people who validate the blocks are called miners.
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