Chapter 5 (5.2) Digital Currency and Blockchain Flashcards
What is digital currency
currency (a system of money) that exists in electronic form only;
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
is a digital ledger, that is a time-stamped series of records that cannot be altered
What is a timestamp
a digital record of the date and time that a data block is created in blockchain networks
4 things a block contains
Data
Hash value
Previous hash value
time stamp
Why is tampering prevented
Because altering one block will change its hash value and break the link to the following blocks - invalidating the whole chain.
