Cryptocurrency, what is it?

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the golden bitcoin

When you read news of cryptocurrency all you see is images of a gaudy gold coin that looks like it belongs in a gambling slot machine; but, not in your pocket. Industry providers are pushing this technology as the next level in the financial market, complete with advanced user exchange platforms that include two-factor authentication and encrypted Transport Layer Security i.e., secure hypertext transfer protocol that leverages HTTP Strict Transport Security and content-security policies that are found in most browsers; it promises the best in gambling on money.

The industry itself is stated to be highly volatile since its birthing in the 2017 Asian market even though recent financial news reports indicate that the blockchain market has “risen” in value in the year 2019. Originally introduced in Kiev, Ukraine; the bitcoin was invented by Satoshi Nakamoto in 2009 as a cross national payment system to be used in cryptographic technique.

But, this doesn’t exactly explain cryptocurrency, does it? Cryptocurrency is a digital currency that is transaction secure; the decentralized nature of blockchain makes cryptocurrency virtually immune to interference. It is encrypted using an encryption key via a T-data transaction, that subsequently routes a pointer, which is a SHA-256 hash of data, to an off-blockchain, key-value store. The pointer is then verified by its digital signature based on user and the servicing store, which is a distributed hashtable, with added LevelDB2 persistence and an interface to the blockchain. The blockchain being tamper-free, is built on an assumption that requires a sufficiently large network of untrusted network peers.

Cryptocurrency differs in the financial market due to its decentralized, cryptographic nature in technology; though a centralized cloud may be utilized to store data through third-party trust to the blockchain platform.

One thought on “Cryptocurrency, what is it?

  • August 7, 2019 at 1:35 pm
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