Explain own words CRYPTOCURRENCYIt is a digital currency in which transactions are verified andrecords maintained by a decentralized system usingcryptography, rather than by a centralized authority.You can own cryptocurrency by either:• Directly buyingCryptominingCRYPTOMININGBy mining, you can earn cryptocurrency without having toput down money for it.It is the method of verifying transactions on a digital ledgerfor a blockchain using machines with extensive computingpower. It has to do with the process where specializedcomputers, also known as nodes or mining rigs, validateblockchain transactions for a specific cryptocoin and, inturn, receive a mining reward for their computational effort.

Answered: CRYPTOCURRENCY

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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Explain own words

CRYPTOCURRENCY
It is a digital currency in which transactions are verified and
records maintained by a decentralized system using
cryptography, rather than by a centralized authority.
You can own cryptocurrency by either:
• Directly buying
Cryptomining
CRYPTOMINING
By mining, you can earn cryptocurrency without having to
put down money for it.
It is the method of verifying transactions on a digital ledger
for a blockchain using machines with extensive computing
power. It has to do with the process where specialized
computers, also known as nodes or mining rigs, validate
blockchain transactions for a specific cryptocoin and, in
turn, receive a mining reward for their computational effort.

Expert Solution

Step 1

Summary

Cryptocurrency
Cryptocurrency is likewise known as as crypto-currency Or simply crypto. it is a forex that is to be had digitally. To make transactions we can use crypto era. To verify transactions there is no want to rely upon banks. directly we can make transactions digitally. So it's miles a virtual fee device. To verify transactions crypto-foreign money uses encryption techniques. The fine recognised first crypto-currency become Bitcoin which became founded in 2009.
here's a query raised, how does this crypto-foreign money works?
Blockchain is the primary technology behind the working of crypto currency.
How units of crypto-foreign money are created?
it's miles done thru the method of mining.
Bitcoin is powered by way of blockchain. Bitcoin is the technology that powers many cryptocurrencies.
A blockchain is a decentralized ledger of all of the transactions throughout a network. organizations of accredited transactions collectively form a block and are joined to create a sequence. consider it as a long public file that features nearly like a long going for walks receipt.

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