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Showing posts from June, 2022

CRYPTO(CURRENCIES/TOKEN/ASSET/GRAPHY) - PART 1

Cryptography = Greek(secret writing)  There are so many cryptocurrencies, each working differently with different rules and mechanisms. For example, Bitcoin uses a mechanism called 'proof-of-work' to ensure that anyone can add blocks to the blockchain at a certain cadence without a central actor coordinating access or providing permission. BITCOIN Bitcoins are digital assets (' coins ') whose ownership is recorded on an electronic ledger that is updated (almost) simultaneously on about 10,000 independently operated computers around the world that connect and gossip (is a protocol) with each other. This ledger is called Bitcoin's blockchain.  Transactions that record transfer of ownership of those coins are created and validated according to a protocol, a list of rules that define how things work and which therefore govern updates to the ledger. The protocol is implements by software, an app that participants run on their computers. The machine running the apps are c...