Cryptocurrency - Dark Street Cryptocurrency Wiki
What is Cryptocurrency - Dark Street Cryptocurrency Wiki
Dark Street has created its own wiki to provide simple definitions of Cryptocurrency definitions so that they can be understood by the masses. Welcome Crypto Fans to the Dark Street Wiki.
What is Cryptocurrency?
A Cryptocurrency is a form of digital currency whose issuance and subsequent accounting is based on cryptographic methods. Cryptographic methods include Proof of Work Protection and Asymmetric Encryption.
It is generally agreed that a Cryptocurrency functions on a decentralized basis over a network of computer users. However, a centralized digital currency is technically conceivable. DigiCash conceived in the 1990s by David Chom was based on a centralized system to exchange currency using cryptography though it did not use cryptocurrency specifically.
There are multiple forms of Cryptocurrencies available with more being created and released to the market. The most well known Cryptocurrency is Bitcoin.
Cryptocurrency transactions can only occure with consent of the parties involved. It is impossible to cancel or return funds from a transfer of the currency after it has occurred without the consent of all parties involved. The funds can not be forcibily frozen or recovered without access to the owner's private key. Transaction of cryptocurrencies occure in the public though parties of the transaction may not be known.
Supply of each cryptocurrency is different for each one. Some currencies have a fixed upper limit others do not. Cryptocurrencies also vary in their rate of emission or the rate at which the supply of currency can be increased.
In general Cryptocurrency is stated to begin in 2009 with the appearance of the Bitcoin payment system. The Bitcoin Payment system was created by a group/individual using the pseudonym Satoshi Nakamoto. The Bitcoin system is based off of the SHA-256 hashing algorithm and a proof-of-work system.
Some predecessors to Bitcoin may be mentioned such as confidential payment systems like DigiCash but Bitcoin is considered the first to have all the hallmarks of a cryptocurrency.
A variety of Bitcoin Forks or new currencies based off the Bitcoin Algorithm have appeared. Notable cryptocurrencies include Namecoin that utlisizes a decentralized DNS for registering internal bit domains, Litecoin uses scrypt hashing, PPcoin uses a mixture of proof of work and proof of stake mechanism.
Want to learn about Crypto terms? Check out the CryptoWiki!
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