The Cryptocurrency
Taxonomy
The cryptocurrency taxonomy provides a framework for understanding the main interactions between the key feature of any cryptocurrency ecosystem
Coin
The token that is defined on digital infrastructure
Digital Infrastructure
The particular blockchain for a cryptocurrency, and the associated protocol for achieving distributed consesnus
Wallet / Exchange
The mechanism (that can sometimes be embedded on an exchange) that provide access to digital infrastructure, which included the storage and transaction of tokens.
Social Community
The Community responsible for establishing the token and digital infrastructure
Blockchain Technology & Mining
Blockchain is decentralised digital database that stores data of transaction and other applications. it has no database manager and allows any computer in the world to access it, unless it is a private blockchain. It is different from centralised database because it allows many parties to be in agreement about records of events.
A blockchain enables the peer-to-peer exchange the digital information, which means that transactions are recorded and validated without the involvement of the third party such as bank.
If A wants to send his coin to B, the data from this transaction will be recorded in a block. A block is similar to page in ledger.
The data in the block then broadcasts to every party in network, which consists of people using the device such as computers, tablets & smartphones.
Each party in network approves that transaction is valid. This is achieved through mining process, in which nodes solve cryptographic puzzles and collectively agree upon transaction's validity.
Once the transaction is approved, the block is added to the chain. This is what builds the blockchain block by block linking all the data strings together and all the parties to that data. The data added to the block cannot be deleted, which means the blockchain becomes a transparent audit trail of transactions.
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