What is a cryptocurrency?

#explainblockchain

Cryptocurrency represents information about changes in balance sheets.

Cryptocurrency does not have a physical form: it exists only in the electronic network in the form of data protected by cryptography.

🖊 Cryptocurrency differs from simple electronic currencies in that for the issue of coins, their transfer and the transmission of related messages, a set of methods is used.:

▪️Encryption methods
▪️Electronic signature
▪️Hashing
▪️Key management.

That is why all issued coins or sent messages are certified with an electronic signature. The recipient and the sender are specially encoded, and the authenticity of the data is protected.

💰 Data on the issue, the order of turnover and the mechanism of protection of the cryptocurrency are publicly available.

💵 The main difference between cryptocurrencies and traditional (“fiat”) ones is the possibility of public control over the issue and turnover of coins.

🔎 Any interested person has the right to maintain the functioning of the network through the maintenance of servers (called nodes/validators) of cryptocurrency for a fee from the network itself (mining/forging).

📈Now there are more than eight thousand cryptocurrencies in the world, each of which has a certain price.

Decimal helps communities to issue and manage blockchain assets.