Hello, this article aims to serve as a reference for future articles and also to put a little clarity in the eyes of new followers in the fabulous world of crypto. 😉
Well first of all the term '' Crypto '' is a diminutive of cryptocurrency
Outsider when they are curious will talk to you about virtual money, which basicaly mean is not real.😂😂😂
What is money?
- Means of exchange, monetary system - or anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region
- Thus the value of a currency is equal only to the confidence, the interest and the rarity of its unity.
And now, what is cryptocurrency
- Medium of exchange, monetary system - a standard of value and a measure of wealth without borders. Its value is influenced by trust, interest and rarity from its users. His confidence will usually be based on the encryption technique, or the technological project related to the currency.
How it work?
Account and wallet
You must first have an account assigned to 2 key numbers, a public key and a private key. The easiest way is to download a mobile application or software that will act as a wallet for one or more crypto currency. You can then import an external account number or the application will assign you a new one.
Public key: Enables you to receive cryptos units, it also identifies the 2 parties involved in the transaction.
Private Key: Enables you to unlock you account and make change to your crypto units.
- NEVER DISCLOSE YOUR PRIVATE KEY, NEVER LOSE YOUR PRIVATE KEY, ALWAYS KEEP THE 12 SECRET WORDS TO RECOVER ITS ACCOUNTS. *
Where does the balance of my account appear?
The Blockchain
The " Blockchain(https://en.wikipedia.org/wiki/Blockchain) "
is a shared public ledger on which everything rests. Every crypto or almost has its own blockchain. All confirmed transactions are included in the blockchain. In this way, the portfolios can calculate their expendable balance and new transactions can be verified to spend cryptos that are actually held by the buyer. The integrity and chronological order of the Blockchain are applied with cryptography.
The Block
A block is created, encrypted and added to the chain at regular intervals. It will contain all the transactions made in a given period of time and by its encryption will add a security level to the previous block.
Who create the block?
Basically, it's the miners, the miners are actually computers whose microprocessors are dedicated to the approval and encryption of transactions. In order to create blocks with thousands of transactions encrypt within a reasonable period of time, the miners grouped into pools and are assigned a transaction batch to encrypt. They will then be rewarded for their work by being assigned a portion of the transaction fees and or new coins. They then keeps a copy of the transaction log and ensures the continuity and integrity of the Blockchain.
Credit image : https://wikirouge.net/Monnaie, http://www.getsolarize.com/, http://hanriverconsulting.com
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