Hi Guys, Here’s the beginning of My Cryptoman’s Diary, on my blog i will discuss all about the things that i’ve searched, learned and currently studying about cryptocurrency, blockchain technology, ALT coins, ICO, best and good trading exchange, how to trade crypto currency and more about crypto world.
What is cryptocurrency?
is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency, Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Before when i heard about crypto currency i just thought it was only bitcoin but it turns out that there’s a lot of crypto currencies out there and each day or month or year and there’s a new one coming out , people wants to have their own coins because they can actually earned a huge amount of money by taking advantage of ICO (Initial coin offering) its like IPO but in different ways, i will discuss it on my upcoming blog because it’s a whole different topic.
Why is the people crazy about this cryptocurrencies?
Well because it’s using a new technology called blockchain,blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block,a timestamp and transaction data.By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain.This makes blockchains potentially suitable for the recording of events, medical records,and other records management activities, such as identity management,transaction processing, documenting provenance, or food traceability.
So what’s the advantage of this it gives us more powerful and secure place to store sensitive information or data into decentralised way meaning no institutions, company or even government can control or modify it, in this way we are protected by being manipulated by this big people and the good part is this data is maintained by the community by taking advantage of the new technology called blockchain in a secured, decentralised and distributed manner.
This Institutions, Company and Government are actually scared about this things because there’s a big chance in the future that they will be replace by a new company that is using the blockchain technology because it’s better and secured in a lot of ways
So that’s my cents on crypto currency, i hope this information helps you to understand crypto currency more, i will create more blogs about this topic in the future
See yah! Guys! and happy Trading! :)