Blockchain and Cryptocurrency
Blockchain and Cryptocurrency (in brief)
Blockchain
Definition
Blockchain is a technology
A blockchain is a decentralised, distribution and public digital ledger that is used to record transaction across many computers so that the record cannot be altered retroactively without alteration of all subsequent blocks and the consensus of the network.
How we use
They can store other types of information, such as product tracking and other data
types of blockchain Network
Public blockchain
Private blockchain
Consortium blockchain
Hybrid blockchain
Connecting
A blockchain transaction is required to have an internet connection for transaction authentication purposes. Once a transaction is validated successfully, it is transmitted to all nodes that are linked to the system.
So an internet connection is required to connect to the blockchain network and complete the transactions.
Cryptocurrency
Definition
Unlike the currency, Cryptocurrency is any form of currency exist digitally. Also know as digital currency.
How it works
Uses crytography to secure transactions,
A decentrlized system to record transactions and issue new units.
Regulatory
No central issuing or regulating authority.
Relationship of cryptocurrencies and blockchain
All crypto token and crypto coins exist on their respective blockchains, both have different uses and purposes.
examples
Bitcoin, Ethereum, BNB
Is crypto the same as money?
Cash commonly refers to money in hand. Cash is issued by the government while crypto is not.
Crypto is not controlled by individual, institution nor any authority.
Crypto is managed by blockchain technology and verified by all it’s users on the network.
my 2 cents
