Terms You Need to Know About Crypto World

We all are familiar with the term ‘Cryptocurrency’ but how many of us know what actually cryptocurrency is. Cryptocurrency is a digital currency that utilizes cryptography to secure transactions. It was created in 2008 by an unknown group or a person known as Satoshi Nakamoto.

Cryptocurrencies are basically based on decentralized networks which can also be centralized or distributed sometimes.

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Let us learn some terminologies we use in this crypto industry,

Blockchain

Blockchain is basically a digital ledger of transactions, but it is also a database for uploading data to the internet. Blockchain is much more than just a technology behind cryptocurrencies.

Tokens

Tokens are built on particular blockchains. Generally, they are used to represent the digital asset or the digital information, or any physical object related to it. It is a database that is spread across numerous locations and the data is carried by the concurrence of all the members in the network.

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Mining

Mining refers to the process of validating a transaction and adding it to the public ledger. It demands costly hardware, time, and electricity. The person involved in the process is called a miner. They acquire a small payment for each transaction they validate for others.

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Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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