Description
Cryptocurrency – BNB T-Shirt
A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized.
Unlike the U.S. Dollar or the Euro, there is no central authority like bank or government that manages and maintains the value of a cryptocurrency or steps in if something goes wrong.
Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet through a peer-to-peer system.
Cryptocurrency is digital or virtual currency that is designed to be secure and, in many cases, anonymous.
Technicality
It uses cryptography, which makes it nearly impossible to counterfeit or double-spend. Cryptography is the process of converting legible information into an almost uncrackable code, to track purchases and transfers.
The transactions are verified and recorded in a form of program called a blockchain.
Blockchain is a technology that is a distributed ledger ( like a register) enforced by a disparate network of computers.
Mining is the process that creates units of cryptocurrency. It involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
BNB
Binance Smart Chain is an innovative solution to bring programmability and interoperability to Binance Chain. Binance Smart Chain relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks. The double-sign detection and other slashing logic guarantee security, stability, and chain finality.
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