Page 35 - Banking Finance May 2022
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         CRYPTO







         CURRENCY





















         C        rypto means a person who adheres or belongs  How is crypto currency created:



                  secretly to a party or group, not openly declared.
                                                              Crypto currency or Crypto coins creation depends on what
                  Crypto currency is a virtual currency or digital
                                                              is defined by a given crypto currency, code. It is created by
                  currency that is secured by cryptography, which
         makes it nearly impossible to counterfeit or double-spend.  a process called mining. Different process is adopted during
                                                              creation of Crypto currency.
         Many cryptocurencies are decentralized networks based on
         block chain technology - a distributed ledger enforced by a  In many Crypto currencies, after completion of mining a new
         disparate network of computers.                      coin is created. How exactly coins are created depends on
                                                              what is defined by a given crypto currency's code. Crypto
                                                              currency is created by solving mathematical puzzles in a
         Crypto currency is produced by a public network, rather than
                                                              computer intensive process called mining. Crypto currency is
         any government that uses cryptography to make sure
                                                              stored in "wallets" or digital directories accessed by password.
         payments are sent and received safely. Every crypto currency
                                                              Crypto currency can be broken into smaller unique units. One
         is a unique code or serial number. Each transaction is verified
                                                              can trade fractions of crypto currency or crypto coin.
         through an electronic distributed ledger called the block
         chain.                                               So crypto currency is software and a transaction is recorded
                                                              and is dictated by code. Crypto currency transactions are
                               About the author               stored as database known as a block chain. It is created by
                                                              algorithms that rely on cryptography. Crypto currency
                        Prabhat Singh Suman                   software is decentralized and distributed, it means it is
                        Chief Manager Faculty                 hosted on many computers across the world. The algorithms
                        Union bank of India                   are written to award coins to computers that add
                        Staff Training Center, Bhubhaneshwar  transactions to the block chain.


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