My article in BUSINESS INSIDER published 06 January 2017.
What is cryptocurrency? Most people know very little about cryptocurrencies. Those who’ve heard the term tend to think that cryptocurrencies are merely virtual money or a web-based transaction system. However, cryptocurrencies are mainly a pioneering Internet technology. Its use as a means of exchange is only one possible application.
Cryptocurrency is a bookkeeping system relying on peer-to-peer networks. It is fully distributed and devoid of a central unit, organization or place that would control it. The system stores information about the ownership of arbitrary cryptocurrency units. The title to a given cryptocurrency is reflected in a wallet associated with an individual user. Complete control over the wallet is exercised by the holder of an encoded private key. Advanced mathematical and cryptographic methods are employed to prevent cryptocurrency duplication, counterfeiting or theft.
