TECHNOLOGY


CRYPTOCURRENCY

— is a digital asset whose account is decentralized. The functioning of this system is carried out with the help of a distributed computer network. At the moment the most popular currency is Bitcoin



Bitcoin

— Is the first decentralized P2P payment network, which is serviced by its users without central government or intermediaries. From the point of view of users, Bitcoin is very similar to electronic money on the Internet.

Ethereum

— is a platform for creating decentralized online services based on blockchain (Đapps, decentralized applications), working on the basis of smart contracts. Implemented as a single decentralized virtual machine.

The operation of these systems is based on blockchain technology. Transaction information is usually not encrypted and is available in the open form. To ensure the continuity of the transaction block base, cryptographic elements are used (a digital signature based on a public-key system, sequential hashing).





Blockchain

– is a special principle of organizing a distributed database, so that records in the database cannot be faked. For the owner of cryptocurrency this means that there is no need for banks to be present in settlements.
One of the main features of the system is complete decentralization: there is no central administrator or any of its analogues. A necessary and sufficient element of this payment system is the basic client program (has open source code). Client-based programs that are running on many computers are connected to each other in an ad hoc network, each node of which is equal and self-sufficient.

Every user of the system can generate an unlimited number of pairs Keys(The ECDSA algorithm with the SECP256K1 parameter). The private key size is 256 bits, and the public key corresponding to it is 512 bits.

Bitcoins can be passed on to anyone who reports a valid Bitcoin address or public key. To transfer bitcoins, the current owner creates a new transaction, which, in addition to specifying the number of Bitcoins to be transferred, contains the initiator-signed hash of the previous transaction by which bitcoins were received. The previous transaction becomes the "input" of the current transaction. You also specify the public key or the Bitcoin address of the new recipient ("Exit") (see schematic outline in the figure).

Transaction

A broadcast request on an open channel without encryption is sent to the network. The remaining nodes of the network verify the signatures before accepting the transaction for processing. The validity of the signature indicates that the initiator is actually the owner of the secret key for the "exit" address. A transaction is sent to the network by a broadcast request over an open channel without encryption. The remaining nodes of the network verify the signatures before accepting the transaction for processing. The validity of the signature indicates that the initiator is actually the owner of the secret key for the "exit" address.

You can buy or sell bitcoins directly with a person. But the services of exchange of digital currencies (including bitcoins) on other assets, including national currencies, are more known. Such services usually perform all operations in electronic form only. As a rule, a commission is charged for the transaction. Such platforms are often referred to as "exchanges".

Cryptocurrency exchanges

— is a place where people exchange some cryptocurrency for other, or on the main world currencies (dollar, euro, rubles, yuan). This is the second place where they can be obtained after mining and, at the moment, the first place where they can be spent.


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