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Ira P. Rothken

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What are Cryptocurrencies and Coins?

September 12, 2017

Cryptocurrencies use encryption techniques to create and record ownership of individual units of currency.  The two most commonly known cryptocurrencies are Bitcoins, (also known as BTC), and Ethereum, (also known as ETH). The ownership of these cryptocurrencies are recorded in a Blockchain. A Blockchain is a record keeping technology invented by Satoshi Nakamoto in January 2009, and was intended to be an electronic cash system maintained in a decentralized (or peer-to-peer) network that would prevent double spending without any central server or authority.  A Blockchain does not rely on a trusted party for its authentication, instead the trust is built into the Blockchain by the use of hard to discover signing numbers that vouch for the integrity of each block in the chain. 

 

 

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