SlideShare a Scribd company logo
Cryptocurrency
Academic Presentation - AKTU by Sameer Satyam
C.S.E
Outline
1. What is cryptocurrency?
2. The Difference
3. Why use cryptocurrency
4. Evolution of cryptocurrency
5. Categories of cryptocurrency
6. Major cryptocurrencies
7. Bitcoin
8. Technology
9. Transaction Process
10. Benefits
11. Risks
What is cryptocurrency?
• Cryptocurrency is a digital currency in which cryptography techniques
are used to regulate the generation of units of currency and verify the
transfer of funds.
• Decentralized i.e. operates independent of any central authority or
individual.
• The supply of money is regulated by software and the agreement of
users of the system.
• Trust based on peer to peer consensus.
• Transactions are irreversible.
The Difference
Fiat or conventional
currency
Cryptocurrency
Type Real Virtual
Intermediates Yes No (Peer-to-Peer)
Portability Yes (except heavy cash) Highly portable
Durable Moderate Highly durable
Acceptance National Global (throughout the internet)
Fiat or conventional
currency
Cryptocurrency
Secure
(cannot be counterfeited)
Moderate High
Scarce
(Predictable Supply)
Low High
Sovereign
(Government Issued)
Yes No
Decentralized No (Central bank control) Yes (controlled by complex math)
Smart
(Programmable)
No Yes
Why use cryptocurrency?
• Fast and cheap.
• Easy to use.
• Free to transfer and hold.
• Decentralized control- users are the only owner of cryptocurrency.
• Central government can’t take it away and there are no chargebacks.
• Privacy and Security – Anonymous payments
• Due to no intermediary (such as Bank or Credit Card company) users
have freedom to transact.
• Transparency is maintained through public ledger system.
• Reduced Fraud – eliminates cases of credit card frauds.
Evolution of cryptocurrency
YEAR NAME DESCRIPTION
2009 Bitcoin First cryptocurrency and used SHA-256d as
hashing function.
April 2011 Namecoin Decentralized DNS
Oct 2011 Litecoin First successful Scrypt cryptocurrency
2012 Peercoin First use of POW and POS functions
Early 2014 Monero Uses CryptoNote protocol. 2G of cryptocurrency
2015 Capricoin Improved and more user friendly
Categories of cryptocurrency
Major cryptocurrencies
• Bitcoin
• Litecoin
• Ripple
• Peercoin
• Mastercoin
• NXT
• Namecoin
• Quarkcoin
• Worldcoin
• Megacoin
Bitcoin
• First decentralized peer to peer payment network powered by its
users (no central authority involved).
• Payments recorded in public ledger using unit of currency ‘BTC’.
• 1 BTC = 100,00,000 Satoshi
• 21 Million Bitcoin’s will be created or mined until year 2140 hence it is
protected from inflation.
• Completely Open source.
Technology
• Distributed ledger technology
• Mining
• Mining hardware
• Mining Software
• Blockchain
• Bitcoin wallets
Transaction Process
• Every transactions ever happened recorded on one global ledger in
cryptocurrency.
• Sender initiate a bitcoin payment using "wallet" software. This and
other pending transactions are broadcast on the global bitcoin network.
• Once every ten minutes or so, miners specialized computers (or groups
of computers) on this network, collect a few hundred transactions and
combine them in a "block".
• In order to mine a block and validate the transaction, miners compete
to solve a difficult mathematical equation (a "hash function"). The
miner that solves the equation first further processes the block and
broadcasts this "proof-of-work" to the bitcoin network.
• The other miners check the proof-of-
work and the validity of the
transactions. If they approve, the
winning miner gets a reward (25
bitcoins), which is the incentive for
miners to provide computing power.
Adjusting the difficulty of the problem
ensures that the supply of new bitcoins
remains steady.
• The mined block is added to the
"blockchain", the unbreakable ledger
and serves as a record of all
transactions.
• Receiver can use his wallet software to
see whether the bitcoin have arrived.
Since each transaction includes its previous transaction and blocks become
buried in the blockchain making it is nearly impossible to remove or modify
any of these transactions. And hence prevents double spending.
Transaction
Block (chain)
Benefits
• Fast, Safe and cheap
• Ease of use and highly portable
• Untraceable (pseudo-anonymous transactions)
• Transparent and neutral
• Decentralized nature
• Active involvement of users
• Fewer risks for merchants
• Freedom to transact
• Low inflation and collapse risk
Risk and Failures
• Problems in implementation
 Hardware restrictions (Computational inefficiency)
 Instability
 Deflation
 Lack of Replicability
 Growing centrality
• Risk and failure in policy
• Money Laundering
• Purchase of illegal goods
• Supporting criminal activity- BTC Theft, Malware, Scams
• Risk for consumers
• Fewer Protections
• Cost
• Lack of awareness and understanding
• Still Developing
References
[1.] https://bitcoin.org/bitcoin.pdf
[2.] http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2544331
[3.] http://en.wikipedia.org/wiki/Proof-of-work_system
[4.] https://en.bitcoin.it/wiki/Proof_of_work
[5.] https://bitcoin.org/en/developer-guide#payment-processing
[6.] http://alphapixel.com/sites/default/files/download/BitCoinPresentation.pdf
[7.] https://www.stlouisfed.org/~/media/Files/PDFs/DWTF/Bitcoin-3-31-14.pdf
[8.] http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-hood.html
[9.] https://www.tbs-certificates.co.uk/FAQ/en/sha256.html
[10.] www.khanacademy.org/economics-finance-domain/core-finance/money-and-
banking/bitcoin
[11.] http://www.coindesk.com/price/
Thank You

More Related Content

What's hot

Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
Rohit Kumar Kashyap
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
SHASHI KUMAR
 
Understanding Cryptocurrency
Understanding CryptocurrencyUnderstanding Cryptocurrency
Understanding Cryptocurrency
Kapil Gupta
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
Saroj Bhandari
 
What's cryptocurrency ?
What's cryptocurrency ?What's cryptocurrency ?
What's cryptocurrency ?
Everythingcrypto
 
Introduction to Cryptocurrency (Bitcoin)
Introduction to Cryptocurrency (Bitcoin)Introduction to Cryptocurrency (Bitcoin)
Introduction to Cryptocurrency (Bitcoin)
Kashif Khans
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
MZain17
 
Cryptocurrency and India
Cryptocurrency and IndiaCryptocurrency and India
Cryptocurrency and India
Nidhi Gupta
 
Cryptocurrency
Cryptocurrency  Cryptocurrency
Cryptocurrency
sanskriti2510
 
BITCOIN- A Presentation.
BITCOIN- A Presentation.BITCOIN- A Presentation.
BITCOIN- A Presentation.
Mimansha Bahadur
 
Presentation on bitcoin
Presentation on bitcoinPresentation on bitcoin
Presentation on bitcoin
Mba Club Paramkusa
 
Cryptocurrencies and Blockchain technology
Cryptocurrencies and Blockchain technologyCryptocurrencies and Blockchain technology
Cryptocurrencies and Blockchain technology
Sabrina Kirrane
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
ShreeharshKankubji
 
Future of cryptocurrency ppt.
Future of cryptocurrency ppt.Future of cryptocurrency ppt.
Future of cryptocurrency ppt.
Bitex Global
 
Bitcoin - Introduction to Virtual Currency / Cryptocurrency
Bitcoin - Introduction to Virtual Currency / CryptocurrencyBitcoin - Introduction to Virtual Currency / Cryptocurrency
Bitcoin - Introduction to Virtual Currency / Cryptocurrency
Swaminath Sam
 
Cryptocurrency in real world
Cryptocurrency in real worldCryptocurrency in real world
Cryptocurrency in real world
Lalit Kumar Gangwar
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
crypt00
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
Devashish Gupta
 
Crypto currency
Crypto currencyCrypto currency
Crypto currency
Raju Samanta
 
Bitcoin, Cryptocurrency, & Blockchain Presentation
Bitcoin, Cryptocurrency, & Blockchain PresentationBitcoin, Cryptocurrency, & Blockchain Presentation
Bitcoin, Cryptocurrency, & Blockchain Presentation
MaxWheelock
 

What's hot (20)

Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Understanding Cryptocurrency
Understanding CryptocurrencyUnderstanding Cryptocurrency
Understanding Cryptocurrency
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
What's cryptocurrency ?
What's cryptocurrency ?What's cryptocurrency ?
What's cryptocurrency ?
 
Introduction to Cryptocurrency (Bitcoin)
Introduction to Cryptocurrency (Bitcoin)Introduction to Cryptocurrency (Bitcoin)
Introduction to Cryptocurrency (Bitcoin)
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Cryptocurrency and India
Cryptocurrency and IndiaCryptocurrency and India
Cryptocurrency and India
 
Cryptocurrency
Cryptocurrency  Cryptocurrency
Cryptocurrency
 
BITCOIN- A Presentation.
BITCOIN- A Presentation.BITCOIN- A Presentation.
BITCOIN- A Presentation.
 
Presentation on bitcoin
Presentation on bitcoinPresentation on bitcoin
Presentation on bitcoin
 
Cryptocurrencies and Blockchain technology
Cryptocurrencies and Blockchain technologyCryptocurrencies and Blockchain technology
Cryptocurrencies and Blockchain technology
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Future of cryptocurrency ppt.
Future of cryptocurrency ppt.Future of cryptocurrency ppt.
Future of cryptocurrency ppt.
 
Bitcoin - Introduction to Virtual Currency / Cryptocurrency
Bitcoin - Introduction to Virtual Currency / CryptocurrencyBitcoin - Introduction to Virtual Currency / Cryptocurrency
Bitcoin - Introduction to Virtual Currency / Cryptocurrency
 
Cryptocurrency in real world
Cryptocurrency in real worldCryptocurrency in real world
Cryptocurrency in real world
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Crypto currency
Crypto currencyCrypto currency
Crypto currency
 
Bitcoin, Cryptocurrency, & Blockchain Presentation
Bitcoin, Cryptocurrency, & Blockchain PresentationBitcoin, Cryptocurrency, & Blockchain Presentation
Bitcoin, Cryptocurrency, & Blockchain Presentation
 

Viewers also liked

Bitcoin au Geekftour
Bitcoin au Geekftour Bitcoin au Geekftour
Bitcoin au Geekftour
Youssef Yamani
 
Crypto currencies and Open Innovation. What do they mean?
Crypto currencies and Open Innovation. What do they mean?Crypto currencies and Open Innovation. What do they mean?
Crypto currencies and Open Innovation. What do they mean?
ad:tech London
 
Masterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & CryptoassetsMasterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & Cryptoassets
ThiyagaRajan Maruthavanan (Rajan)
 
Remittsian Social Media Network
Remittsian Social Media NetworkRemittsian Social Media Network
Remittsian Social Media Network
SatoshiWuwang
 
Genotik pitch
Genotik pitchGenotik pitch
Genotik pitch
Sandeep Goel
 
Smart IOU Remittance
Smart IOU RemittanceSmart IOU Remittance
Smart IOU Remittance
SatoshiWuwang
 
Pandora Boxchain: AI & Blockchain Project
Pandora Boxchain: AI & Blockchain ProjectPandora Boxchain: AI & Blockchain Project
Pandora Boxchain: AI & Blockchain Project
Event Horizons
 
Introduction to Bitcoins and Cryptocurrency
Introduction to Bitcoins and CryptocurrencyIntroduction to Bitcoins and Cryptocurrency
Introduction to Bitcoins and Cryptocurrency
Utkarsh Gupta
 
What Are Crypto Tokens & How Crypto Tokens Work?
What Are Crypto Tokens & How Crypto Tokens Work?What Are Crypto Tokens & How Crypto Tokens Work?
What Are Crypto Tokens & How Crypto Tokens Work?
Blockchain Council
 
Cryptocurrencies - A Serious Introduction
Cryptocurrencies - A Serious IntroductionCryptocurrencies - A Serious Introduction
Cryptocurrencies - A Serious Introduction
Drake Emko
 
Investing in Blockchain and Cryptoeconomy
Investing in Blockchain and CryptoeconomyInvesting in Blockchain and Cryptoeconomy
Investing in Blockchain and Cryptoeconomy
Event Horizons
 
Building CRYPTO-CURRENCY Startups
Building CRYPTO-CURRENCY StartupsBuilding CRYPTO-CURRENCY Startups
Building CRYPTO-CURRENCY Startups
Bryan Starbuck
 

Viewers also liked (12)

Bitcoin au Geekftour
Bitcoin au Geekftour Bitcoin au Geekftour
Bitcoin au Geekftour
 
Crypto currencies and Open Innovation. What do they mean?
Crypto currencies and Open Innovation. What do they mean?Crypto currencies and Open Innovation. What do they mean?
Crypto currencies and Open Innovation. What do they mean?
 
Masterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & CryptoassetsMasterclass on Bitcoin, Ethereum & Cryptoassets
Masterclass on Bitcoin, Ethereum & Cryptoassets
 
Remittsian Social Media Network
Remittsian Social Media NetworkRemittsian Social Media Network
Remittsian Social Media Network
 
Genotik pitch
Genotik pitchGenotik pitch
Genotik pitch
 
Smart IOU Remittance
Smart IOU RemittanceSmart IOU Remittance
Smart IOU Remittance
 
Pandora Boxchain: AI & Blockchain Project
Pandora Boxchain: AI & Blockchain ProjectPandora Boxchain: AI & Blockchain Project
Pandora Boxchain: AI & Blockchain Project
 
Introduction to Bitcoins and Cryptocurrency
Introduction to Bitcoins and CryptocurrencyIntroduction to Bitcoins and Cryptocurrency
Introduction to Bitcoins and Cryptocurrency
 
What Are Crypto Tokens & How Crypto Tokens Work?
What Are Crypto Tokens & How Crypto Tokens Work?What Are Crypto Tokens & How Crypto Tokens Work?
What Are Crypto Tokens & How Crypto Tokens Work?
 
Cryptocurrencies - A Serious Introduction
Cryptocurrencies - A Serious IntroductionCryptocurrencies - A Serious Introduction
Cryptocurrencies - A Serious Introduction
 
Investing in Blockchain and Cryptoeconomy
Investing in Blockchain and CryptoeconomyInvesting in Blockchain and Cryptoeconomy
Investing in Blockchain and Cryptoeconomy
 
Building CRYPTO-CURRENCY Startups
Building CRYPTO-CURRENCY StartupsBuilding CRYPTO-CURRENCY Startups
Building CRYPTO-CURRENCY Startups
 

Similar to Cryptocurrency - Digital Currency

presentationoncryptocurrency-180203060929.pdf
presentationoncryptocurrency-180203060929.pdfpresentationoncryptocurrency-180203060929.pdf
presentationoncryptocurrency-180203060929.pdf
PayalGarg68
 
cryptocurrencypresentation-230421194204-104e58ee.pdf
cryptocurrencypresentation-230421194204-104e58ee.pdfcryptocurrencypresentation-230421194204-104e58ee.pdf
cryptocurrencypresentation-230421194204-104e58ee.pdf
Yash52326
 
Cryptocurrency Presentation.pptx
Cryptocurrency Presentation.pptxCryptocurrency Presentation.pptx
Cryptocurrency Presentation.pptx
DhruvJha39
 
Bitcoin and Ransomware Analysis
Bitcoin and Ransomware AnalysisBitcoin and Ransomware Analysis
Bitcoin and Ransomware Analysis
inder_barara
 
Bitcoin and Ransomware Analysis
Bitcoin and Ransomware AnalysisBitcoin and Ransomware Analysis
Bitcoin and Ransomware Analysis
Inderjeet Singh
 
An in depth presentation of Cryptocurrency.
An in depth presentation of Cryptocurrency.An in depth presentation of Cryptocurrency.
An in depth presentation of Cryptocurrency.
SanjeebSamanta1
 
crypto ppt.ppt
crypto ppt.pptcrypto ppt.ppt
crypto ppt.ppt
SakshiRawat394090
 
here we prepared a presentation on digital currency.
here we prepared a presentation on digital currency.here we prepared a presentation on digital currency.
here we prepared a presentation on digital currency.
amanpandey7656
 
Investment Club Presentation 1 2021
Investment Club Presentation 1 2021Investment Club Presentation 1 2021
Investment Club Presentation 1 2021
SamPurcell4
 
Bitcoin 2.0
Bitcoin 2.0 Bitcoin 2.0
Cryptocurrency and Bitcoin
Cryptocurrency and BitcoinCryptocurrency and Bitcoin
Cryptocurrency and Bitcoin
Utkarsh Singh
 
Blockchain technology for the grid
Blockchain technology for the gridBlockchain technology for the grid
Blockchain technology for the grid
malikmayank
 
Blockchain
Blockchain Blockchain
Blockchain
Arpita Gupta
 
Cryptocurrency its types working benefits and disadvantages
Cryptocurrency its types working benefits and disadvantagesCryptocurrency its types working benefits and disadvantages
Cryptocurrency its types working benefits and disadvantages
ITIO Innovex
 
A Comprehensive Beginner’s Guide to Cryptocurrency.pdf
A Comprehensive Beginner’s Guide to Cryptocurrency.pdfA Comprehensive Beginner’s Guide to Cryptocurrency.pdf
A Comprehensive Beginner’s Guide to Cryptocurrency.pdf
cryptolenzinfo
 
Blockchain & Islamic Finance
Blockchain & Islamic FinanceBlockchain & Islamic Finance
Blockchain & Islamic Finance
Farrukh Habib
 
Blockchain and BPM - Reflections on Four Years of Research and Applications
Blockchain and BPM - Reflections on Four Years of Research and ApplicationsBlockchain and BPM - Reflections on Four Years of Research and Applications
Blockchain and BPM - Reflections on Four Years of Research and Applications
Ingo Weber
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
Randi130025
 
Litecoin Crypto Currency Bootcamp
Litecoin Crypto Currency BootcampLitecoin Crypto Currency Bootcamp
Litecoin Crypto Currency Bootcamp
Joseph Holbrook, Chief Learning Officer (CLO)
 
Will Blockchain transform your business?
Will Blockchain transform your business?Will Blockchain transform your business?
Will Blockchain transform your business?
Wirex
 

Similar to Cryptocurrency - Digital Currency (20)

presentationoncryptocurrency-180203060929.pdf
presentationoncryptocurrency-180203060929.pdfpresentationoncryptocurrency-180203060929.pdf
presentationoncryptocurrency-180203060929.pdf
 
cryptocurrencypresentation-230421194204-104e58ee.pdf
cryptocurrencypresentation-230421194204-104e58ee.pdfcryptocurrencypresentation-230421194204-104e58ee.pdf
cryptocurrencypresentation-230421194204-104e58ee.pdf
 
Cryptocurrency Presentation.pptx
Cryptocurrency Presentation.pptxCryptocurrency Presentation.pptx
Cryptocurrency Presentation.pptx
 
Bitcoin and Ransomware Analysis
Bitcoin and Ransomware AnalysisBitcoin and Ransomware Analysis
Bitcoin and Ransomware Analysis
 
Bitcoin and Ransomware Analysis
Bitcoin and Ransomware AnalysisBitcoin and Ransomware Analysis
Bitcoin and Ransomware Analysis
 
An in depth presentation of Cryptocurrency.
An in depth presentation of Cryptocurrency.An in depth presentation of Cryptocurrency.
An in depth presentation of Cryptocurrency.
 
crypto ppt.ppt
crypto ppt.pptcrypto ppt.ppt
crypto ppt.ppt
 
here we prepared a presentation on digital currency.
here we prepared a presentation on digital currency.here we prepared a presentation on digital currency.
here we prepared a presentation on digital currency.
 
Investment Club Presentation 1 2021
Investment Club Presentation 1 2021Investment Club Presentation 1 2021
Investment Club Presentation 1 2021
 
Bitcoin 2.0
Bitcoin 2.0 Bitcoin 2.0
Bitcoin 2.0
 
Cryptocurrency and Bitcoin
Cryptocurrency and BitcoinCryptocurrency and Bitcoin
Cryptocurrency and Bitcoin
 
Blockchain technology for the grid
Blockchain technology for the gridBlockchain technology for the grid
Blockchain technology for the grid
 
Blockchain
Blockchain Blockchain
Blockchain
 
Cryptocurrency its types working benefits and disadvantages
Cryptocurrency its types working benefits and disadvantagesCryptocurrency its types working benefits and disadvantages
Cryptocurrency its types working benefits and disadvantages
 
A Comprehensive Beginner’s Guide to Cryptocurrency.pdf
A Comprehensive Beginner’s Guide to Cryptocurrency.pdfA Comprehensive Beginner’s Guide to Cryptocurrency.pdf
A Comprehensive Beginner’s Guide to Cryptocurrency.pdf
 
Blockchain & Islamic Finance
Blockchain & Islamic FinanceBlockchain & Islamic Finance
Blockchain & Islamic Finance
 
Blockchain and BPM - Reflections on Four Years of Research and Applications
Blockchain and BPM - Reflections on Four Years of Research and ApplicationsBlockchain and BPM - Reflections on Four Years of Research and Applications
Blockchain and BPM - Reflections on Four Years of Research and Applications
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Litecoin Crypto Currency Bootcamp
Litecoin Crypto Currency BootcampLitecoin Crypto Currency Bootcamp
Litecoin Crypto Currency Bootcamp
 
Will Blockchain transform your business?
Will Blockchain transform your business?Will Blockchain transform your business?
Will Blockchain transform your business?
 

Recently uploaded

“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
Edge AI and Vision Alliance
 
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUHCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
panagenda
 
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectorsConnector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
DianaGray10
 
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
Alex Pruden
 
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
Jason Yip
 
Essentials of Automations: Exploring Attributes & Automation Parameters
Essentials of Automations: Exploring Attributes & Automation ParametersEssentials of Automations: Exploring Attributes & Automation Parameters
Essentials of Automations: Exploring Attributes & Automation Parameters
Safe Software
 
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptxNordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
MichaelKnudsen27
 
HCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAUHCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAU
panagenda
 
The Microsoft 365 Migration Tutorial For Beginner.pptx
The Microsoft 365 Migration Tutorial For Beginner.pptxThe Microsoft 365 Migration Tutorial For Beginner.pptx
The Microsoft 365 Migration Tutorial For Beginner.pptx
operationspcvita
 
Apps Break Data
Apps Break DataApps Break Data
Apps Break Data
Ivo Velitchkov
 
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfHow to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
Chart Kalyan
 
Skybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoptionSkybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoption
Tatiana Kojar
 
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge GraphGraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
Neo4j
 
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
saastr
 
AppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSFAppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSF
Ajin Abraham
 
Fueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte WebinarFueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte Webinar
Zilliz
 
Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)
Jakub Marek
 
Harnessing the Power of NLP and Knowledge Graphs for Opioid Research
Harnessing the Power of NLP and Knowledge Graphs for Opioid ResearchHarnessing the Power of NLP and Knowledge Graphs for Opioid Research
Harnessing the Power of NLP and Knowledge Graphs for Opioid Research
Neo4j
 
Choosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptxChoosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptx
Brandon Minnick, MBA
 
Dandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity serverDandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity server
Antonios Katsarakis
 

Recently uploaded (20)

“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
 
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUHCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
 
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectorsConnector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
 
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...
 
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
 
Essentials of Automations: Exploring Attributes & Automation Parameters
Essentials of Automations: Exploring Attributes & Automation ParametersEssentials of Automations: Exploring Attributes & Automation Parameters
Essentials of Automations: Exploring Attributes & Automation Parameters
 
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptxNordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
 
HCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAUHCL Notes and Domino License Cost Reduction in the World of DLAU
HCL Notes and Domino License Cost Reduction in the World of DLAU
 
The Microsoft 365 Migration Tutorial For Beginner.pptx
The Microsoft 365 Migration Tutorial For Beginner.pptxThe Microsoft 365 Migration Tutorial For Beginner.pptx
The Microsoft 365 Migration Tutorial For Beginner.pptx
 
Apps Break Data
Apps Break DataApps Break Data
Apps Break Data
 
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfHow to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
 
Skybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoptionSkybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoption
 
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge GraphGraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
 
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
 
AppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSFAppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSF
 
Fueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte WebinarFueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte Webinar
 
Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)
 
Harnessing the Power of NLP and Knowledge Graphs for Opioid Research
Harnessing the Power of NLP and Knowledge Graphs for Opioid ResearchHarnessing the Power of NLP and Knowledge Graphs for Opioid Research
Harnessing the Power of NLP and Knowledge Graphs for Opioid Research
 
Choosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptxChoosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptx
 
Dandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity serverDandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity server
 

Cryptocurrency - Digital Currency

  • 1. Cryptocurrency Academic Presentation - AKTU by Sameer Satyam C.S.E
  • 2. Outline 1. What is cryptocurrency? 2. The Difference 3. Why use cryptocurrency 4. Evolution of cryptocurrency 5. Categories of cryptocurrency 6. Major cryptocurrencies 7. Bitcoin 8. Technology 9. Transaction Process 10. Benefits 11. Risks
  • 3. What is cryptocurrency? • Cryptocurrency is a digital currency in which cryptography techniques are used to regulate the generation of units of currency and verify the transfer of funds. • Decentralized i.e. operates independent of any central authority or individual. • The supply of money is regulated by software and the agreement of users of the system. • Trust based on peer to peer consensus. • Transactions are irreversible.
  • 4. The Difference Fiat or conventional currency Cryptocurrency Type Real Virtual Intermediates Yes No (Peer-to-Peer) Portability Yes (except heavy cash) Highly portable Durable Moderate Highly durable Acceptance National Global (throughout the internet)
  • 5. Fiat or conventional currency Cryptocurrency Secure (cannot be counterfeited) Moderate High Scarce (Predictable Supply) Low High Sovereign (Government Issued) Yes No Decentralized No (Central bank control) Yes (controlled by complex math) Smart (Programmable) No Yes
  • 6. Why use cryptocurrency? • Fast and cheap. • Easy to use. • Free to transfer and hold. • Decentralized control- users are the only owner of cryptocurrency. • Central government can’t take it away and there are no chargebacks. • Privacy and Security – Anonymous payments
  • 7. • Due to no intermediary (such as Bank or Credit Card company) users have freedom to transact. • Transparency is maintained through public ledger system. • Reduced Fraud – eliminates cases of credit card frauds.
  • 8. Evolution of cryptocurrency YEAR NAME DESCRIPTION 2009 Bitcoin First cryptocurrency and used SHA-256d as hashing function. April 2011 Namecoin Decentralized DNS Oct 2011 Litecoin First successful Scrypt cryptocurrency 2012 Peercoin First use of POW and POS functions Early 2014 Monero Uses CryptoNote protocol. 2G of cryptocurrency 2015 Capricoin Improved and more user friendly
  • 10. Major cryptocurrencies • Bitcoin • Litecoin • Ripple • Peercoin • Mastercoin • NXT • Namecoin • Quarkcoin • Worldcoin • Megacoin
  • 11. Bitcoin • First decentralized peer to peer payment network powered by its users (no central authority involved). • Payments recorded in public ledger using unit of currency ‘BTC’. • 1 BTC = 100,00,000 Satoshi • 21 Million Bitcoin’s will be created or mined until year 2140 hence it is protected from inflation. • Completely Open source.
  • 12. Technology • Distributed ledger technology • Mining • Mining hardware • Mining Software • Blockchain • Bitcoin wallets
  • 13.
  • 14. Transaction Process • Every transactions ever happened recorded on one global ledger in cryptocurrency. • Sender initiate a bitcoin payment using "wallet" software. This and other pending transactions are broadcast on the global bitcoin network. • Once every ten minutes or so, miners specialized computers (or groups of computers) on this network, collect a few hundred transactions and combine them in a "block". • In order to mine a block and validate the transaction, miners compete to solve a difficult mathematical equation (a "hash function"). The miner that solves the equation first further processes the block and broadcasts this "proof-of-work" to the bitcoin network.
  • 15. • The other miners check the proof-of- work and the validity of the transactions. If they approve, the winning miner gets a reward (25 bitcoins), which is the incentive for miners to provide computing power. Adjusting the difficulty of the problem ensures that the supply of new bitcoins remains steady. • The mined block is added to the "blockchain", the unbreakable ledger and serves as a record of all transactions. • Receiver can use his wallet software to see whether the bitcoin have arrived.
  • 16. Since each transaction includes its previous transaction and blocks become buried in the blockchain making it is nearly impossible to remove or modify any of these transactions. And hence prevents double spending. Transaction Block (chain)
  • 17. Benefits • Fast, Safe and cheap • Ease of use and highly portable • Untraceable (pseudo-anonymous transactions) • Transparent and neutral • Decentralized nature • Active involvement of users • Fewer risks for merchants • Freedom to transact • Low inflation and collapse risk
  • 18. Risk and Failures • Problems in implementation  Hardware restrictions (Computational inefficiency)  Instability  Deflation  Lack of Replicability  Growing centrality
  • 19. • Risk and failure in policy • Money Laundering • Purchase of illegal goods • Supporting criminal activity- BTC Theft, Malware, Scams • Risk for consumers • Fewer Protections • Cost • Lack of awareness and understanding • Still Developing
  • 20. References [1.] https://bitcoin.org/bitcoin.pdf [2.] http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2544331 [3.] http://en.wikipedia.org/wiki/Proof-of-work_system [4.] https://en.bitcoin.it/wiki/Proof_of_work [5.] https://bitcoin.org/en/developer-guide#payment-processing [6.] http://alphapixel.com/sites/default/files/download/BitCoinPresentation.pdf [7.] https://www.stlouisfed.org/~/media/Files/PDFs/DWTF/Bitcoin-3-31-14.pdf [8.] http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-hood.html [9.] https://www.tbs-certificates.co.uk/FAQ/en/sha256.html [10.] www.khanacademy.org/economics-finance-domain/core-finance/money-and- banking/bitcoin [11.] http://www.coindesk.com/price/

Editor's Notes

  1. Bitcoin is divided into smaller units called Satoshi. Open source so anyone can develop his own currency.
  2. Mining- Bitcoin mining is the processing of transactions in the digital currency system. In which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the block chain. Various mining hardware’s are needed to carry out this complex process in the attempt to find more hashes with less electrical power usage. Multi-graphics card systems Field-programmable gate arrays (FPGAs) Application-specific integrated circuits (ASICs) To operate these special type of hardware’s mining software programs are also needed like EasyMiner, BFGMiner, CGMiner etc. Block chain (Public Ledger) is used to store ordered and timestamped record of transactions. One block of chain contains many transactions happened at the same time. Transaction not yet in a block are called “unconfirmed” or “unordered”. Miners use fast hardware’s to solve complex equations or puzzles and the miner to first solve this problem is rewarded. Wallets allow a user to make and accept payments using Bitcoin. Bitcoin uses public-key cryptography to build and maintain the security of wallets and transactions as well as to encrypt data. Each Bitcoin address has its own pair of private and public key. In order to send bitcoin the user must digitally sign the transaction using the corresponding private key.