CRYPTOCURRENCY
SHARATHKUMAR KR
Abstract
A cryptocurrency is a digital
asset designed to work as a medium
of exchange using cryptography to
secure the transactions and to control
the creation of additional units of the
currency. Cryptocurrencies are
classified as a subset of digital
currencies and are also classified as a
subset under alternative
currencies and virtual currencies. Bit
coin became the first decentralized
cryptocurrency in 2009. Since then,
numerous crypto currencies have
4SN16CS083
III CS B
been created. These are frequently
called altcoins. These use a
decentralized control which is related
to the use of bit coins transaction
database. The legal status of
cryptocurrencies varies substantially
from country to country and is still
undefined or changing in many of
them. Cryptocurrencies use various
timestamping schemes to avoid the
need for a trusted third party to
timestamp transactions added to the
blockchain ledger.