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RE: Crypto and Blockchain technical words explained in laymen's terms
@jacor Thank you for your time and efforts. Am I correct in presuming that solving cryptographic algorithms can only be done with special hardware/machines? TIA
That is indeed true @aedroberts, you do need special hardware to mine, but did you know that in the Steem world where we operate in the coins are generated on a daily basis, based on a percentage of market cap :) We each receive our share out of a daily reward pool allocated by the Steem Blockchain. In laymen's terms we can say Blogging is the new mining :)
Thanks for your reply, @jacor however, I remain a bit confused. I guess I thought that the witnesses did the mining. So, are you saying that Steem is not truly an altcoin, but a free-form cryptocurrency that exchanges with Bitcoin and all or most altcoins?