Cryptocurrency made simple and easy for everyone
Experts are predicting the market cap of cryptocurrency will surpass $1 trillion for the first time by the end of 2018. With an opportunity so large, there's no time to wait learning about this industry. We give you all the tools you'll need.
Dive deep with our comprehensive cryptocurrency guides that cover a range of topics, from the basics of blockchain all the way to cutting edge ICOs.
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What Powers A Cryptocurrency Network?
This mining isn’t exactly taking a pick to some rock. Nodes participating in Bitcoin are “mining” to win some new Bitcoin. What “mining” really means is that computers (nodes) are competing to win bitcoin by solving computational puzzles in the network.
What Are The Main Features Of Blockchain?
There are a few different features that make blockchain stand out. They are....
What Is A Node?
The blockchain is made up of a bunch of computing nodes. A node is referred to as a computer that is connected to the blockchain using a client that performs validating and relaying transaction tasks. Each individual node is an “administrator” of the blockchain. A node joins the network voluntarily which creates a sense of decentralization. Each node has an incentive for participating in the blockchain network. For example, in bitcoins network, the incentive is “mining” bitcoins. To understand the blockchain network, we will use bitcoin mining as our example. This way, you will have a basic understanding of the crypto network as a whole.
Is Blockchain Centralized?
Blockchain is designed to be decentralized. The global network of computers (nodes) use the blockchain to jointly manage the Bitcoin database transactions. This means Bitcoin is managed by the network of nodes and not a central location. Decentralization is basically the network operating on a peer-to-peer basis.
What Is Blockchain?
Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. This allows digital information to be distributed, but NOT COPIED. It was originally created and intended for Bitcoin, but the tech community is now finding other potential uses for the technology. You don’t necessarily need to fully understand how blockchain works, but a basic knowledge will help you realize why this technology is revolutionary. In addition, NOT ALL cryptocurrency are built on the blockchain. For example, IOTA uses a network called tangle which has its pros and cons.