Description
Cryptocurrency – Cake 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.
Cake
PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return.
Launched in September 2020, PancakeSwap is a decentralized exchange for swapping BEP-20 tokens on BNB Smart Chain. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return.
These tokens can later be used to reclaim their share of the pool, as well as a portion of the trading fees. These LP tokens are known as Pancke-LP. PancakeSwap also allows users to farm additional tokens such as CAKE. On the farm, users can deposit LP tokens and get rewarded with CAKE.
PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE and stake CAKE to earn tokens of other projects.
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