(September 5, 2021 at 12:27 pm)WinterHold Wrote: In this topic I want to explain in a nutshell what "cryptocurrency" is, and why is this this new currency has value more precious than gold itself, so let's begin.
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-What is the concept of "cryptocurrency"?
A: simply, cryptocurrency is the "consumption & spending of electricity according to specific protocols and rules; to do that you must use special software known as "mining software". The mining software is designed to solve special -and very very hard mathematical equations-, spawned infinitely by a code known as the "block-chain".
So simply, you can imagine the "mining software" as your drill; the block-chain as the ground your drill works on; and cryptocurrency as the gold mined from that ground each time you succeed in solving an equation.
-What is electricity has to do with all of this?
A: to be able to mine, you need a computer. To be able to run a computer you need electricity.
the more you "mine"; the more electricity you consume.
-What if I cheated ?
A: you can't. Not any "electricity" is allowed; it must be "authentic power spent through a mining software using the one and only BLOCKCHAIN. The most famous currency validating that you actually used an authentic software to mine is "bitcoin" -which equals to 30 toilet papers -Dollars- for coin !-...or about that.
I tried to design a dummy blockchain following an IBM tutorial:
https://developer.ibm.com/gettingstarted/blockchain/
It's a fun tutorial in PYTHON. Of course it doesn't bring revenue; it's just a tutorial to understand how this system works.
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In the end, I bet it will make a new world order.
I still don’t understand. Can you explain it more simply?
Boru
‘I can’t be having with this.’ - Esmeralda Weatherwax
