New Era Of Crypto Currency and GDC Coin
- Published date: August 26, 2017
- Sangli, Sangli-Miraj&Kupwad, Maharashtra, India [ Ads Views - 23 ]
When Satoshi Nakamoto invented Bitcoin in late 2008, he never imagined that crypto currency would become such a raging concept in the future. While it has taken the world by storm, the concept still remains a mystery for the majority of people.
Originally invented as an electronic cash system to support transactions among peers, crypto currency today is applauded as the most potential new age currency. After many failed attempts to build decentralized digital cash system, Satoshi found that digital cash could be exchanged through consent without a central authority. In a decentralized network, every peer has a list containing all the transactions to confirm their validity in future. If the peers disagree about even one single, negligible balance, everything is broken. They need an absolute consensus.
Since a decentralized network lacks a central authority, cryptocurrency needs a mechanism that prevents its abuse. Satoshi made the rule that the miners (primarily, anybody can be a miner), should invest some of their computer’s work to be eligible for this task. It’s like solving a cryptologic puzzle to build a block that you can add to the block chain. As a motivation, he is awarded some Bitcoins once the transaction is confirmed. This is how valid Bitcoins are created. You can create only a particular amount of cryptocurrency in a given time.
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