CryptoCurrency
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.
What is Bitcoin?
Bitcoin is a decentralized electronic cryptocurrency created in 2008 by Satoshi Nakamoto. “Decentralized” here means that Bitcoin has no central servers for transaction processing or storage of funds.
Bitcoin emission is limited; no more than 21 million coins will ever be issued. According to calculations, Bitcoin production will end in 2140.
If a member of the Panel does not meet these expectations and does not self-nominate to leave the Panel, they become subject to removal from the Panel by majority vote. The Panel will provide warning to the inactive member that they will be removed from the Panel unless they resume expected activity within two weeks.
What is Blockchain?
Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It acts as a distributed public ledger. Each block typically contains a hash pointer which links it to a previous block, a timestamp, and transaction data. By design, blockchains are inherently resistant to modification of the data.
They are typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all previous blocks, which requires collusion of the network majority (51%).
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