What is Crypto Money?
What is Crypto Money?

Crypto The currencies we know about are Turkish Lira, Dollar and so on. a money system. But unlike these currencies, the purpose of creating crypto-money is to exchange digital information with a process that is made possible by certain cryptographic principles. The purpose of cryptography is to secure money transactions and control the creation of new money. The first Crypto Para was Bitcoin in 2009. Today, hundreds of different crypto coins are used and they are often called “alternative crypto coins”.

In other words, the crypto is like an electric current converted into lines of code that are black money values. To further reduce the base, crypto money is a digital currency.

Unlike central banks, where governments set the value of currency, no government has control over cryptographic money. Because there is no center for the control of this money.

Many crypto coins (Bitcoin, Ethereum, etc.) are designed to be produced in less time so that a market value is created. This is a different situation than the currencies the states use. Because, under appropriate conditions, the state can print more money at any time and thus increase inflation. For example, in the Bitcoin market there will never be more than 21 million unit conversions.

Although there are hundreds of crypto money types, most of them have emerged using one of the two protocols; POW or PoS. All Crypto Money is kept by the crypto money miners who have prepared their computers or ASIC machines to ensure the validation and processing of money transactions.

Crypto Money History
The first crypto money was Bitcoin, found by Satoshi Nakamoto, a software developer named nickname in 2009. Bitcoin system uses POW.

Following Bitcoin, Namecoin was established in April 2011 as the first subcategory to make the Internet harder via a decentralized DNS. In October 2011, crypto money Litecoin was introduced for the first time using Scrypt instead of SHA-256 as the encryption method. With this feature, people can dig up Litecoin without special equipment like ASIC machines used for Bitcoin mining.

By late 2013, Litecoin was recognized by the media and reached a market value of $ 1 billion. Founded in 2011, Ripple is based on the same protocols as Bitcoin.

Crypto Money Security
The security of crypto money consists of two parts: the first is to find cramped hash intersections, a job done by the miners; a miner who has a second and more likely excavator with 51% more power than the network can change the global blockchain system and create an alternative main notebook, which is called “51%”. Even at this point, the attacker can do it. It can withdraw money transactions it has made or block other money transactions.

The crypto paralegal is less likely to be foreclosed by the state. All Crypto Money is anonymous in appearance. And some units have created new systems to provide complete anonymity.

Crypto Hash in the Parade
Crypto The power of digging is measured by hashing per second. An equipment with 1 kH / s will dig 1,000 hashes per second. It means one million hash at 1 MH / s and one billion hash at 1 GH / s. When the miners successfully solve a block, a new hash emerges.
The Hash algorithm converts this large amount of data to a hash of fixed length. If you are familiar with the codes and know the algorithm, you can parse this hash and remove the data in it. But in the eyes of an ordinary person these hashs look like compressed numbers and are almost impossible to unravel.

SHA VS SCRYPT
Bitcoin and many other crypto money are scraped using SHA-256, but Litecoin and others use Scrypt. These are the greatest hash functions, but there are also functions like scrypt-N, x11 which are used by some crypto units.

There are other hash functions for solving the problems that SHA-256 has created. Previously people could burn Bitcoin with a graphics card (GPU), and that was a lot of energy. As Bitcoin became popular throughout the day, the ASIC SHA-256 machine was found and the GPU and the digging method of the digging method were thrown.

In order to give an idea of ​​how powerful these machines are: 4 digits running a GPU digging a hardware rate of about 3.4 MH / s and catching 3600 kW / h, while the ASIC machine 6 TH / s digests consumes 2200 kW / h. So, with the GPU, the digging method became useless, but some people worried about network security. With less people mining profitably with home computers, the network has lost some of its decentralization. Scrypt mining was put into practice with the promise of being resistant to the ASIC’s memory problem.

Scrypt hashes require a fair amount of memory. GPUs can already remove this situation

CEVAP VER

Please enter your comment!
Please enter your name here