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Liaquat Ali Mirani
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Digital currency - the money of the future In 2008 the first free, independant and digital currency was created.

Published on 7/8/2017
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Digital currency - the money of the future

In 2008 the first free, independant and digital currency was created. The new currency Bitcoin was launched. Because of the implemented cryptographic technologies this new type of currency was describes as cryptocurrency. A cryptocurrency is defined by a numeric system, generated by a mathematical algorithm. 

Each unit of a cryptocurrency, a coin, is therefore defined by this numeric code. The numeric code is a kind of DANN of the coin. The more coins are generated the more complex the numeric code will get and by this the computer runs will take more time and will get more expensive.



The digital cash book for transactions

The bockchains can be seen as digital cash account book, where all transactions are filed in data format. All transaction data are filed by adding the following data file behind the precursor. By this a chain structure is developping. The length of the chain is not infinite but limited. Chains arise with a limited number of data files which in their entity are called data blocks. The numerical structure is therefore called blockchain. Has one datablock reached its limitation the blockchain will be closed and the next will be started.

The blockchain represents the virtual accountancy. This type of accoutancy is internet based and decentralized. On all computer, working with the cryptocurrency, a 1:1 copy of the current blockchain version will be installed. So by the worldwide cross-linkage on all participating computer the newest blockchain version will be available.


The blockchain technolgy has meantime gained importance detached of the cryptocurrency business. Big IT companies like IBM, Microsoft or SAP have identified the potential of the blockchain technology and are working on integrating the blockchain technolgy into their own systems.


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