A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification…
Category: Blogs
What is Ripple (XRP)?
Ripple is a real-time gross settlement system, currency exchange and remittance network produced by Ripple Labs Inc., a US-based technology business. Released in 2012, Ripple is built upon a distributed open source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.Ripple purports to enable “secure, instantly and…
What is a non-fungible token?
A non-fungible token (NFT) is an unique and non-interchangeable unit of data a digital ledger (blockchain). NFTs can be associated with easily-reproducible items such as pictures, videos, audio, and other types of digital files as unique items ( to a certificate of authenticity), and use blockchain technology to offer the NFT a validated and public proof of ownership. Copies of…
How Does Bitcoin Mining Work?
What Is Bitcoin Mining? Bitcoin mining is the process by which new bitcoins are entered into circulation; it is also the way that new transactions are confirmed by the network and a critical component of the maintenance and development of the blockchain ledger. “Mining” is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the…
Proof of Stake
Proof of stake (PoS) are a class of consensus for blockchains that work by picking validators in proportion to their quantity of holdings in the associated cryptocurrency. Unlike an of work (PoW) protocol, PoS systems do not incentivize extreme of energy. The first operating use of PoS for cryptocurrency was Peercoin in 2012. The greatest proof-of-stake blockchain by market capitalization…
Polkadot – Network for Interoperable Blockchains
Polkadot is a blockchain network to support numerous interconnected, application-specific sub-chains called parachains ( for parallelized chains). Each chain built within Polkadot uses Parity Technologies’ Substrate modular framework, which permits developers to select particular components that suit their application-specific chain finest. Polkadot describes the entire community of parachains that plug into a single base platform referred to as the Relay…
What is the Blockchain?
A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block includes a cryptographic hash of the previous block, a timestamp, and transaction data (typically represented as a Merkle tree). The timestamp shows that the transaction information existed when the block was released in order to get into its hash. As blocks each…
Bitcoin’s carbon footprint
Tesla (TSLA.O) employer Elon Musk’s sudden u-turn over approving bitcoin to purchase his electrical cars has thrust the cryptocurrency’s energy use into the headlights. Some Tesla investors, in addition to environmentalists, have been significantly critical concerning the means bitcoin is “mined” making use of substantial amounts of electrical power created with fossil fuels. Musk stated that he backed that concern, especially…
Cryptocurrency
Cryptocurrency, crypto-currency, or crypto is a collection of binary data which is created to work as a medium of exchange in which private coin ownership records are kept in a journal which is a computerized database utilizing strong cryptography to secure transaction records, to control the creation of extra coins, and to verify the transfer of coin ownership. Some crypto…
What is Decentralized Finance?
Decentralized Finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.[citation needed] DeFi platforms allow people to lend or borrow funds from others, speculate on price movements…