What is digital currency
currency (a system of money) that exists in electronic form only; it has no physical form and is essentially data on a database
What is the problem with digital currency
Centralization - all transactions go through the central bank
Problem with centralization
maintaining confidentiality and security
Diff between cryptocurrency and digital currency
Dig - all transactions are private
crypto - all are publicly available
Dig - regulated by the state and govt
crypto - controlled with the community itself
What is cryptocurrency
a form of digital currency that uses a chain of
decentralised computers to control and monitor transactions
What is cryptography
the protection of data/information by use of coding; it usually involves encryption and decryption
What is a blockchain
a decentralised database where all transactions are stored; it consists of a number of interconnected computers but not a central server
What is a timestamp
a digital record of the date and time that a data block is created in blockchain networks
What is proof of work
the algorithm used in blockchain networks to confirm a transaction and to produce new blocks to add to the chain
Who are miners on the blockchain
special users called miners complete and monitor transactions on the network for a reward
What is the genesis block in the blockchain
The first block in the chain. Does not connect to any previous block because it has none.
