Before discussing the cryptocurrency, let's take a brief look at the commonly used currency system in our daily lives:
Many years ago people have been trading things according to their needs. One of the oldest and most popular traditions in the transaction was exchange traditions. But there have been several problems in the trial of the criteria. Suppose, the fruit trader Shafik will have a bunch of rice and he will have to pay one sack in return. But Shafiq did not have any money. Since Shafiq does not have any clue, then the exchange work can not be completed here.
To get rid of this problem of exchange system, everyone felt the need for innovation in a system where all kinds of products would have an ideal value. Gold can be said for example. Many years ago, Gold was still considered a unit of wealth measurement. Earlier it was a direct gold transaction, it once became a bank currency system for human needs.
Thus, in different countries different coins like money, dollars, pounds, euro etc. came. According to the needs of the country's economy, the government or central bank can release these coins in the market for the use of the people. Bank or banking system has been created to manage matters related to financial transactions or asset sharing of individuals or organizations in accordance with the laws of the country. But this did not solve the problem. If you hear the horror stories of big banks in the history of the world, the cold stream flows in the heart! Yet time goes on, and people are not going to fall into the trap. They discovered their own needs and wondered after one another. Today we will talk about a surprise.
Before going to the main discussion we will try to imagine a mythical scenario.
You have a lot of hobbies from an early age. One of the hobbies is Art and Culture. That is, in this modernization civilization you have special interest in your rare paintings. Collecting from an early age. So you have a small museum with paintings collected in your own years. In the words of the 80's, there is a lot of value and it is worth giving. There are many problems in collecting these things and collecting them. Because there are many types of people who are aware of these, sometimes they have a large number of organized crime or accidents. Near the end of the university life or in the job, it is quite busy or no longer want to take pains as before, and do not want to leave the things of the hobby. So, for a while, with a way of thinking that all the art collections can be preserved in such a way that,
★First, confirm the product quality.
★Financial transactions and legal matters at home, sitting in trouble, in trouble, in silence and at short notice.
★A transparent transaction process when selling.
★The strict security of the products.
How would you have been able to give money to the Egyptian business in no way by the third party or bank? Here we are basically thinking of a process that will ensure a transaction through more transparency and accountability than a bank. Even the system will not have the possibility of Hankki or any kind of loot.
In fact, the name of this technology is the blockchain, which is now seen as the future banking technology of the world, and some of the dominant banks in some influential countries are already investing billions of dollars behind this technology. For the blockchain system and for that the first cryptocarrency Bitcoin is designed and developed by the name Satoshi Naakamoto The word 'who' is probably not right here, because the identity of seven satis is still unknown. It can be a person, group, establishment or company codename.
It was just so far Now sure, what is this blockchain again! So let's talk about a block chain.
What is the blockchain?
In a typical time frame, all the encrypted data in the transaction is made in a single block, with the total amount of money or assets traded around the world. A distributed and densralized laser is basically called blockchain, which is completely randomly arranged by that block. It looks like muddy, everything! Bitcoin Who We Are Now Many Here is an example of the block chains we are talking about, Bitcoin Blockchain. Bitcoin is a cryptocurrency that is operated using a blockchain.
In order to record all transactions in the bank, all branches have a large size book. The banks which use banking software, have these records in the database. Maybe, that old book is also there. This big size sheet tells laser. So, for a valid transaction, you must have the signature of the bank laser. Blockchain is such a laser, where there are many such blocks in one after another. All the data contained in each block, all the data that has been transmitted all over the world at a time. This data is open but encrypted. Everyone can see this data but to get a private key to read. This means that if you have done transactions here only you can read all the information about your transition from it.
The picture below shows how a transaction can be seen. Each block of blockchain is completely irreversible. Once a block is added to the chain, it is impossible to change anything. The blocks are sitting in the order of their creation as well. Every block knows before that there are no blocks. Thus, a block connected with another. Blockchain distributed and degranded system, that is, all the world's same blockchain users have a completely carbon copy of special blockbusters. So if one or a quarter of the server or computer is nested together, there will be no blockchain.
★Cryptocurrency
Our current currency is cryptocurrency and one type of currency or exchange. That is, the work that can be done with traditional coins, such as dollars, pounds, money etc., can be done by cryptocarrency. This cryptocurrency is used for transactions through blockchain technology. There are many such coins, such as Bitcoin, BitCash, Monaro, Litecoin etc. The price of our coins, such as dollars, lbs, and so on, fluctuates from time to time, so also, that is, buying / selling price fluctuates.
So now it is clear to understand what the cryptocarrency means. Let's now discuss the actions of cryptocurrency.
Cryptocurrency (eg, Bitcoin) is like a network. Each peer has a complete history of all transactions and thus has the balance of each account balance. For example, a Transaction file says, "Simple x gives Bitcoin Alice to the amount" and it is characterized by the characteristic key of Shamasul Huq. This is the basic public key cryptography. After the signing, a transaction spread to the whole network and it was sent from one peer to another. This is the basic P2P technology. Below are the infographics from the idea how blockchain and cryptocurrencis work. Clicking on the image will be able to see the bigger.
The transaction is completed very quickly. But after certain time it is confirmed. Much like to confirm by activating an account. This confirmation is very important for cryptocurrency. As long as the transaction is uncertain, it may be postponed and fake. When a transaction is confirmed, it is perfectly set to the laser. It can not be further modified, can not be deleted. That means you can not change the laser information and you can change This process is largely done by blockchain, which has been discussed earlier.
Only the miners can confirm the transition. It's basically the miner's work on the cryptocurrency network. They take the transition, spread it to the network after laser deposits. Whenever the transaction is confirmed by the miner, it becomes part of the continuous blockbuster. Miners get the tokens (called Fee) for cryptocurrency (for example: Bitcoin) for this purpose. Since the activities of Minor's activities are the most important part of the cryptocurrencis-system, so we will try to know about miners.
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