Cryptocurrency
Author
Forrest Stroud
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Cryptocurrency is an increasingly trending term referring to digital money that can be purchased, transferred, and/or sold securely using cryptography, which encrypts and protects the data used to help identify and track cryptocurrency transactions.
Unlike regular currency, which exists in tangible form or is backed by something tangible like gold, cryptocurrency is purely digital money and exists solely in the internet. Additionally, cryptocurrency, also known as cryptocoin, is not backed or managed by an authorized third party like a bank or government.
In other words, cryptocurrency exists as a secure, decentralized form of currency, with cryptocurrency transactions changed and verified by a network of computers that aren t affiliated with any one single entity.
Cryptocurrency
Image Credit: Wit Olszewski / Shutterstock
HOW CRYPTOCURRENCY TRANSACTIONS WORK
Cryptocurrency largely relies on a distributed ledger technology known as blockchain to provide both a transparent and secure means for tracking transactions and ownership of the cryptocurrency.
The data on a blockchain is meant to be shared while also adhering to the primary premises of cryptocurrency being decentralized, secure and anonymous. Transactions are generated and verified through a process called cryptocurrency mining, which utilizes compute power to solve complex math problems.
Cryptocurrency miners agree to share the compute power of their machines to validate and process cryptocurrency transactions, and in exchange the miners receive small portions of the digital currency.
CRYPTOCURRENCY’S EXPONENTIAL GROWTH AND FORMS OF CRYPTOCURRENCY
The most recognized form of cryptocurrency, Bitcoin, was created in 2008 and has seen its value increase exponentially in the past year. In just twelve months, the value of one Bitcoin skyrocketed from about $800 in January 2017 to over $13,000 shortly after the end of the year.
While Bitcoin may be the most well-known and used form of cryptocurrency, it certainly doesn’t have a monopoly on the cryptocurrency market. There are now more than 1,000 forms of cryptocurrency on the Internet today, and popular alternatives to Bitcoin such as Litecoin (developed in 2011), Ripple (2012), Dash (2014) and Ethereum (2015) have all attracted attention and market capitalization in recent years.
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The approach may seem highly inefficient at first glance, because it needs to store the entire state with each block, but in reality efficiency should be comparable to that of Bitcoin. The reason is that the state is stored in the tree structure, and after every block only a small part of the tree needs to be changed. Thus, in general, between two adjacent blocks the vast majority of the tree should be the same, and therefore the data can be stored once and referenced twice using pointers (ie. hashes of subtrees). A special kind of tree known as a 'Patricia tree' is used to accomplish this, including a modification to the Merkle tree concept that allows for nodes to be inserted and deleted, and not just changed, efficiently. Additionally, because all of the state information is part of the last block, there is no need to store the entire blockchain history - a strategy which, if it could be applied to Bitcoin, can be calculated to provide 5-20x savings in space.ebay bitcoin
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Cryptocurrency mining might sound like something you do with a shovel and a hard hat but it’s actually more like accounting. Miners are nodes that perform a special task that makes transactions possible. I’ll use an example to show you how it works using the Bitcoin network.How to Mine Bitcoin: The Complete Guidesecp256k1 bitcoin ethereum russia
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