Category: Cryptocurrency

Virtual resource mining – Proof of Stake

       In the evolving landscape of cryptocurrency, Proof of Stake (PoS) has emerged as a popular alternative to the traditional Proof of Work (PoW) consensus mechanism. PoS is a method used by blockchains to achieve distributed consensus. It’s designed to be less resource-intensive, thereby offering a greener and potentially more...

The Consensus Problem – Byzantine Generals’ Problem

       The Byzantine Generals’ Problem is a fundamental challenge in distributed systems, where a group of generals must reach a consensus on a coordinated action despite the presence of faulty or malicious participants. In the context of Bitcoin, the Byzantine Generals’ Problem holds significant relevance as it addresses the need...

How Bitcoin works?

       Bitcoin, a form of digital or virtual currency, was introduced to the world in 2009 by an enigmatic figure using the pseudonym Satoshi Nakamoto. Unlike traditional currencies such as the Dollar or Euro, Bitcoin lacks a physical form and operates in a decentralized system- free from governmental control or...

The rise of cryptocurrencies – What is cryptocurrency?

              Cryptocurrency is a digital form of currency that operates on a decentralized system, meaning it is not controlled by any central authority or government. It uses cryptography for security and operates on a peer-to-peer network that allows for secure and anonymous transactions. The most well-known cryptocurrency is Bitcoin,...