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What Is Cryptocurrency? And How It Evolved.
2019-01-27 | Robin Williams
A cryptocurrency is a digital asset designed to use as a medium of exchange that uses strong 'cryptography' to secure financial transaction, creating additional unites and verify the transfer of assets. It uses decentralize control system which is almost opposite to centralized digital currency and banking control system. Now there have been many blogs and news channels set up where you can get latest cryptocurrency news updates.
According to Mr. Jan Lansky, cryptocurrency must meet some condition of the system like:
- It does not require any central authority, it automatically maintained through distributed consensus.
- It is a system that keeps an eye on crypto currency units and their ownership by different owners.
- The System will allow producing new units whenever needed. So every time system creates some new units, it has to define that why it is created and how one can adopt ownership of these units.
- The transaction will take place only after proving the ownership for specific crypto currency units.
- The ownership for the crypto currency will be proven exclusively through a system named as cryptography.
- If there are two different commands are entered into system to change the same crypto units at the same time, the system runs only one at the moment.
The Crypto Currency is firstly started in 1983 when an American cryptographer conceived ecash is the form of electronic cash and further it is implemented as digicash in 1995 and now it is known as Crypto Currency. There are two terms takes place in this type of transactions like Altcoin and Crypto Token. Some of us are known that the altcoin is that any crypto currency which is not bitcoin. On other hand, crypto tokens is the units or coins are the functions other the making payments.
This was the basics about cryptocurrency. If you want to read regular cryptocurrency news updates, you can read them at 'www.etherdesk.com' as Ether Desk is the best platform out there to read the daily dose of cryptocurrency news updates.
