Taking Baby-steps into the Cryptocurrency World on the heels of Blockchain Technology and a Decentralized System
Though cryptocurrencies are not officially tender in the global economy, their potential to change the financial landscape is undeniable. Bitcoin was one of the first and is most commonly traded cryptocurrency. Its creator, Satoshi Nakamoto, is an anonymous individual who handles the creation of this form of currency. However, there are many other cryptocurrencies out there, including Ethereum, a blockchain platform with its own currency called Ether. While Bitcoin is the most popular cryptocurrency, other cryptocurrencies have developed at a faster rate. Using Blockchain Technology for Peer-to-Peer (P2P) Networking The blockchain is a publicly distributed database where transactions take place. This comprises ‘blocks’, which are linked sequentially. After each block is created, a new one is added to the chain. This chain is then spread across hundreds of thousands, or millions, of computers. Since the blockchain is decentralized, it is not backed by a central ba...