Crypto World
What is CryptoCurrency?
A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.
Put another way, cryptocurrency is electricity converted into lines of code with monetary value. In the simplest of forms, cryptocurrency is digital currency.
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What is BitCoin?
BitCoin is probably the best-known crypto currency.
The basic idea is that
you can use it to pay for things without a third-party broker, like a
bank or government.
Think of bitcoin like one big ledger shared by all
the users: When you pay for something with bitcoin, or get paid, then
your transaction is recorded on the ledger.
Computers then compete to confirm the transaction by solving complex math equations, and the winner is rewarded with more bitcoins. The process is known as "mining," but don't get too wrapped up in that: Only the computer powerhouses get their bitcoins this way.
What is Ethereum?
Ethereum is a public blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), that can execute peer-to-peer contracts using a cryptocurrency called ether.
Ethereum was initially proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowd sale during July-August 2014.
Bitcoin has undergone a similar explosion of growth in the late 2013 - early 2014, when its price has reached its all-time high. Launches of several hundreds, if not thousands of different kinds of alternative cryptocurrencies followed.
Some of those altcoins have managed to reach a certain degree of success, but none of them have achieved the heights of Ethereum.