Introduction of CryptoCurrencies and Blockchain technology
Hello readers:
Today I share the introduction of Blockchain and Cryptocurrency.Cryptocurrencies are used throughout the world.In this post, I will introduce you Cryptocurrency and Blockchain.So let's get started.
What is Cryptocurrency:
Cryptocurrency means a digital currency that does not have any physical form.You cannot print the cryptocurrency and nor you catch it in someone's hand because this is in a digital form.We can transfer cryptocurrency from one wallet to another wallet.Cryptocurrency is also called digital money because it is digitally produced, store and transfer.It is a kind of payment system.Cryptocurrency is a decentralized currency. Many Cryptocurrencies are used throughout the world.Some are below.
Bitcoin is the first Cryptocurrency:
Bitcoin is the first Cryptocurrency which is created in 2009.The founder of bitcoin is Satoshi Nakamoto.Satoshi Nakamoto lived in Japan.Its aim was to create a system on which no one is controlled.Bitcoin is a global Cryptocurrency which is used all over the world.
Some of the reasons that make the bitcoin famous are below.
- Bitcoin is a digital cash.
- It is international payment system.
- It is the money of internet.
Bitcoin has the following characteristics.
- Bitcoin is a decentralized currency.
- Bitcoin is a peer to peer digital currency.
- Bitcoin is a safe and secure currency.
- Bitcoin transactions are free of cost and very fast.
What is Blockchain:
The blockchain is very popular all over the world.Many peoples have used blockchain technology.The blockchain is defined as the chain of blocks that contain information.If we describe it in simple words it is a distributed database system which includes many records and these records are called blocks.Blockchain system was invented in 1991.Some researchers made it together and information contained in this system cannot be changed.Blockchain system is very safe and secure system.
Blockchain has the following characteristics:
- The blockchain is a distributed ledger system.
- The blockchain is an open system.
- The use of blockchain is very simple and easy.
- If we write any data in the blockchain then we cannot change it.
Block of blockchain has contained three parts:
First part is Data: In the part information and all data is stored.
Second Part is Hash of the block: Hash is a unique identifier and helps to save information.when a block is made, its hash value is also created.If there is a little change in the block, then its hash value is automatically changed.
Third part is the hash value of the previous block: This part contains the hash value of the previous block.This part is very safe and secure.In this section, all the information of the previous block is stored.
Work of blockchain:
parts of blockchain technology:
Image source:
https://www.google.com.pk
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