ALL useful details available related to crypto currency

1. NAME - Rohan Raj
ROLL NO. - 063
HOW CRYPTOCURRENCY WORK ??

3. #1 — Blockchain
#2 — Mining
#3 — Decentralisaton
#4 — proof of work
“Some Terms You Should Know”

4. #1 — Blockchain
• A blockchain is essentially a digital ledger of transactions that is duplicated
and distributed across the entire network of computer systems on the blockchain.
• Blockchain is a system of recording information in a way that makes it difficult
or impossible to change, hack, or cheat the system.

5. changing Hash - 10 min.
if there are - 1 crore block
total time - 200 years

6. Blockchain has the potential to change almost every industry out there. It can
create a more efficient and prosperous world where people can connect with
each other without the need for intermediaries.
How can blockchain change the world
Let’s take an example :-
Suppose you are an eligible voter who goes to polling booth and cast vote using
EVM. But since it’s a circuitry after all and if someone tampers with microchip,
you may never know that did your vote reach to person for whom you voted or
was diverted into another candidate’s account?
If you use blockchain- it stores everything as a transaction; and gives you a
receipt of your vote and you can use it to ensure that your vote has been counted
securely.
BUT !!

7. currption

8. Advantages & Disadvantages of block chain
Advantages Disadvantages
Better Transparency
Enhanced Security
Reduced Costs
Improved Speed and Highly
Efficient
Some Blockchain Solutions Consume
Too Much Energy. ..
Cost & Implementation Struggle
Expertise Knowledge

9. Technology behind blockchain
Blockchain is a combination of three leading technologies: Cryptographic keys.
A peer-to-peer network containing a shared ledger. A means of computing, to
store the transactions and records of the network.

10. Minig
Cryptocurrency mining is the process in which transactions between users are
verified and added to the blockchain public ledger. The process of mining is also
responsible for introducing new coins into the existing circulating supply and is
one of the key elements that allow cryptocurrencies to work as a peer-to-peer
decentralized network, without the need for a third party central authority.

11. 1)To bring more coin into the existance with the help of graphic cards and rigs
2) To help in transaction to happen b/w buyer and seller

12. short video on Mining & how it’s done

13. Proof of Work :
Proof of Work(PoW) is the original consensus algorithm in a blockchain network.
The algorithm is used to confirm the transaction and creates a new block to the
chain. In this algorithm, minors (a group of people) compete against each other
to complete the transaction on the network.
Decentralisation :
decentralization refers to the transfer of control and decision-making from a
centralized entity (individual, organization, or group thereof) to a distributed
network

14. Now we will study- How cryptocurrency works
Cryptocurrencies use decentralised technology to let users make secure
payments and store money without the need to use their name or go through
a bank. They run on a distributed public ledger called blockchain, which is a
record of all transactions updated and held by currency holders
Cryptocurrency is virtual money based on software. ... Your token represents a
specific amount of cryptocurrency you own based on the current market value.
You can sell that token, or you can cash it out at market value. Unlike centralized
currency, which is government controlled, cryptocurrency is decentralized.
What is crypto

15. Some Crypto

16. How to create crypto
• Choose a Consensus Mechanism.
• Pick a Blockchain Platform.
• Design The Nodes.
• Establish Blockchain's Internal Architecture.
• Integrate APIs.
• Design The Interface.
• Make Your Cryptocurrency Legal.
• most important - Make Demand

17. If you want to make your own coins, you need to first create your own blockchain or
A token works on top of an existing blockchain infrastructure, like NEO or Ethereum,
which is used to verify transactions and make them secure. ... Anyone can use
Ethereum or Neo as the underlying technology to start a new cryptocurrency.
Can anyone create their own Cryptocurrency?
without knowing coding.

18. Here is an example : Polygon uses ethereum blockchain

19. Why crypto is benificial against fiat money
• Low transfer cost
• Globality
• Zero government interference
• Impossibility to falsify
Bitcoin network stood at 113.89 terawatts per hour per year (TWh/year)
whereas, the banking systems consume 263.72 TWh/yr

20. “It all
started”
On 9 January 2009, Nakamoto released version 0.1 of the bitcoin software
on SourceForge, and launched the network by defining the genesis block of
bitcoin (block number 0), which had a reward of 50 bitcoins.

21. Bitcoin was created as a way for people to send money over the internet. The
digital currency was intended to provide an alternative payment system that would
operate free of central control but otherwise be used just like traditional currencies.
LIMITATION
• A Bitcoin transaction take place in 10 min or even a day or two to get
confirmed.
• Bitcoin network stood at 113.89 terawatts per hour per year (TWh/year).
• High transaction fees.
BITCOIN

22. There are many reasons why altcoins exist and the main reason is that anyone
can create one in a permissionless fashion. Other people have created altcoins
to compete with bitcoin and the projects claim to offer better privacy, more
decentralization, or they focus on something that bitcoin cannot do.
If Bitcoin is there, Why do Altcoins exist?
These Altcoin claiming to provide better service.
os they can do so ??
let’s talk aboout it
NEXT
SLIDE

23. Name of diiferent Altcoines
• Ethereum (ETH)
• Litecoin (LTC)
• Cardano (ADA)
• Polkadot (DOT)
• Bitcoin Cash (BCH)
• Stellar (XLM)
• 5000 more

24. Bitcoin Vs Ethereum
• Transactions are much faster on the Ethereum network than on Bitcoin's.
Bitcoin is primarily a store of value and medium of exchange; Ethereum is not.
Ethereum was created as a complement to Bitcoin but ended up as competition.
• Transactions are much faster on the Ethereum(4 sec.) network than on Bitcoin’s
(10 min. to one day).

25. Bitcoin Vs Ripple
• Ripple offers a much faster, cheaper, and hassle-free way to exchange currencies
and send money across borders. Bitcoin is mainly a currency that involves no
third-parties(Minor) and no central authority controlling its supply and demand.
• The bitcoin network relies on blockchain technology – a shared public ledger that
includes all confirmed transactions, and the mining concept to validate transactions.
Ripple uses a consensus ledger along with a network of validating servers or
validators. These validators are vetted and chosen by Ripple and are key to the
transaction validation process.

26. I hope you all have got some idea about crypto
working and how block chain works. “Now if some one
ask about crypto can able to answer”