Cryptocurrency definition & its mining process
Cryptocurrency:
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creations of additional units and to verify the transfer of assets. Cryptocurrency is types of digital currencies, alternate currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electric money and central banking systems.
Mining process:
In cryptocurrency network, mining is the validation for transaction. A successful miner new currency earn and get rewards. The rewards decreases transaction fees by creating to get incentive for the power of network. The mining machine are FPGAs and ASICs process controller.
Some mining pools researchs, share their processing power over a network rewards equally. According to amount of work of funding a block. Mining pools present valid partially proof of work.
Wallet:
A cryptocurrency stores the public and private key or addresses which use for send and receive digital currencies. With the public key, send currency in wallet.
Source
See More:
Litecoin history & differences from Bitcoin
Ethereum details with founding & dicuss in ETH marketplace
Dogecoin History & Current Market
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