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
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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.
Transcribed Image Text: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.
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