Cryptocurrency
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Cryptocurrency uses encryption and a peer-to-peer network to generate digital currency and verify transactions on a public ledger called a blockchain. Transactions are recorded on the blockchain through a process called mining, which also creates new coins. Cryptography protects transactions from theft or alteration and verifies users' identities on the decentralized peer-to-peer network without a central authority.
Cryptocurrency
- 2. Cryptocurrency, a digital currency that uses encryption (cryptography) to generate money and to verify transactions. Transactions are added to a public ledger also called Transaction block chain and new coins are created through a process known as mining. • Cryptography • Peer to peer network • Decentralized
- 3. Cryptocurrency, a digital currency that uses encryption (cryptography) to generate money and to verify transactions. Transactions are added to a public ledger also called Transaction block chain and new coins are created through a process known as mining.
- 4. Cryptography involves creating written or generated codes that allow information to be kept secret. It converts data into a format that is unreadable for an unauthorized user so, it not only protects data from theft or alteration but can also be used for authentication. Peer to Peer network or decentralized network is a group of independent computers called nodes which are connected with each other to share data among each other without the use of a computer.
- 5. Thai Baht (1 Thai Baht = Rs 2.08 ) Bitcoin (1 Bitcoin = Rs 450,000 )
- 6. Bitcoin (BTC) It is the first decentralized cryptocurrency created in 2008 by Satoshi Nakamoto which went public on 3rd January 2009. This is the most popular type of cryptocurrency and has steadily begun to rise in popularity and strength over the years. December (2013) May (2017) January (2009) Basically Nothing July (2011) $31 April (2013) $266 $1000 $2000 November (2017) $7,300 December (2017) $17,900
- 7. Blockchain technology A Blockchain is a decentralized ledger of facts, replicated across several computers assembled in a peer to peer network. Facts can be anything from monetary transactions to content signature. Members of the network are anonymous individuals called nodes.
- 8. Hash Data Hash of previous block Bitcoin block Example From: To: Amount:
- 10. Hash of the previous block Creates the chain !
- 11. 1 2 3 Hash: 1Z8F Previous Hash: 0000 Hash: 6BQ1 Previous Hash: 1Z8F Hash: 1Z8F Previous Hash: 6BQ1 Genesis Block
- 12. 1 2 3 Hash: 1Z8F Previous Hash: 0000 Hash: 6BQ1 Previous Hash: 1Z8F Hash: 1Z8F Previous Hash: 6BQ1 H62Y Invalid
- 13. Proof - of - work Slow and steady ……
- 14. 10 Minutes 10 Minutes Bitcoin blockchain