Implementations often use a proof-of-work scheme as a safeguard against digital counterfeiting. They use peer-to-peer (p2p) technologies (CHECK AT THE END) on networks whose nodes are computer users scattered around the globe. These computers run programs that carry purse functions. There is currently no central authority to control them. Transactions and releases are collectively networked, so there is no "centralized" management. These unique properties of its kind can not be exemplified by traditional payment systems.
More than 30 different specifications and protocols have been defined or derived from Bitcoin. To date, all cryptomonets are all alternatives to currencies with legal value.
Most Cryptomonas are designed to gradually introduce new currency units, placing a maximum ceiling on the amount of coin that is in circulation. This is done both to imitate the shortage (and value) of precious metals, and to avoid hyperinflation. Compared to ordinary currencies managed by financial institutions or held as cash, cryptomonets are less susceptible to confiscation by law enforcement. Existing cryptomonets are all pseudonyms that would allow anonymity.
What is peer-to-peer (P2P)
Peer-to-peer (P2P) or parity or computing network, in computer science, is an expression that indicates a logical network architecture model in which nodes are not hierarchized solely in the form of clients or fixed servers , But in the form of equivalent or parity nodes, which can be both client and server to the other network nodes.
By this configuration, any node can start or complete a transaction. Equivalent nodes may differ in local configuration, processing speed, bandwidth, and the amount of data stored. The classic P2P example is the File Sharing Network. In short, each node is not just client or server, but it can both be.