Hii all Steemitians... Today I am going to share basic and small information about crypto currency from where it has started and little bit info about altcoins.
Hope you all will like it...
A cryptocurrency (or crypto currency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.Cryptocurrency is a kind of digital currency, virtual currency or alternative currency. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems.The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.
Since then, over 4,000 altcoin (alternative coin) variants of bitcoin have been created.
According to Jan Lansky, a cryptocurrency is a system that meets six conditions:
1 The system does not require a central authority, distributed achieve consensus on its state.
2 The system keeps an overview of cryptocurrency units and their ownership.
3 The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
4 Ownership of cryptocurrency units can be proved exclusively cryptographically.
5 The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
6 If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
In March 2018, the word "cryptocurrency" was added to the Merriam-Webster Dictionary.
Altcoin
The term altcoin has various similar definitions. Stephanie Yang of The Wall Street Journal defined altcoins as "alternative digital currencies,"while Paul Vigna, also of The Wall Street Journal, described altcoins as alternative versions of bitcoin.Aaron Hankins of the MarketWatch refers to any cryptocurrency other than bitcoin as altcoins.
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