Cryptocurrency: The New Sensation

The concept of cryptocurrency was coined in 1991. However, the first real implementation was done by Nakamoto in 2008. The first question that arises is what is cryptocurrency? It is a financial setup in which currency is transferred between two parties. Initially, problems such as the double error method arose, although this problem was later solved by concepts such as blockchain technology. The entire process is controlled by cryptographic algorithms. A set of public and private keys are being transferred between the two parties. Details of each transaction are stored in each block and for each client; A chain of blocks forms a complete list of transactions. All the blocks together make up the blockchain. These blockchains are nothing but financial ledgers. The power of this new currency transaction system depends on the power of cryptographic algorithms. With the implementation of algorithms like DES, the confidentiality of every financial transaction (blockchain)…

Leave a Reply

Your email address will not be published. Required fields are marked *