What is Crypto-Currency

Crypto-currency also known as Crypto is a virtual currency created on Blockchain technology. It was interduce to the world in 2008-09 by Satoshi Nakamoto he implanted the first Blockchain Technology and a Crypto Coin is known today as Bitcoin

There are more then 16,000 crypto currencies on different exchanges.

What is Crypto

Crypto is a virtual currency that is secured on decentralized blockchain technology.

It uses cryptography to secure transactions it doesn’t have a central entity like the government or bank but rather (nodes) a peer-to-peer system that allows anyone anywhere to send and receive payments. It exists as digital entries to an online database describing the specific transactions. When you transfer cryptocurrency funds, the transactions are recorded on a public ledger. Most Cryptocurrency are stored in digital wallets there is another method also like flash ledgers.

The block chain technology makes the currency almost impossible to counter Feit.

How is Crypto Created

Crypto is created with 2 consensus mechanism's

Proof of work (POW) and Proof of stake (POS)

Proof of work: is cryptos original consensus mechanisms with this method the blockchains are secured and verified by virtual miners around the world, (miners) puts their computer or hardware they have using to work like a CPU or GPU unit in their RIG. Adding in new blocks of transactions to the Crypto blockchain they are competitively trying to solve mathematical puzzles. The one that completes the puzzle gets to update the blockchain with the latest verified transactions also getting a reward from the network. Having a proof of work method is proven to be one of the best ways to secure a decentralized blockchain.

Proof of stake: was created by Ethereum's creators they quickly realized that from the beginning that proof of Work would have its limitations in scalability. this made Ethereum's Developers get creative creating Ethereum's blockchain which also has to process a variety of DeFI transactions, stable coins, Smart contracts, NFT Minting, sales, and whatever Developers can create in the future.

Exact details of the proof of Stake System vary project to project. In General Sense Proof of stake blockchains utilizes a Network of validators who contribute or stake their own crypto for a chance to be rewarded. Also given the chance to validate new transactions an updating the new blockchain.

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