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CRYPTOCURRENCY

Cryptocurrency is a 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. Cryptocurrencies use decentralize as opposed to centralized digital currency 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.

FEATURES OF CRYPTOCURRENCY

  • * The system does not require a central authority, its state is maintained through distributed consensus
  • * The system keeps an overview of cryptocurrency units and their ownership.
  • * 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.
  • * Ownership of cryptocurrency units can be proved exclusively cryptographically.
  • * 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.
  • * If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
  • Cryptocurrency include bitcoin, bitcoin cash, ethereum, ethereum classic, ripple, litecoin and dash