Cryptocurrency (Electronic money, virtual currency or coin) is becoming more and more popular in our time. In 2009, it was the time to launch a virtual currency called Bitcoin by a person nicknamed Satoshi Nakamoto. Since then, many different kinds of cryptocurrency based on Bitcoin were created. To help people understand more about virtual currency, we come to the first concept: What is coin?
What is Coin?
Coin, normally called virtual currency that is digitized as bits 0.1, using blockchain technology to authenticate transactions and be circulated in a certain community
History of coin
In the 90s of the last century, people tried their best to develop a kind of digital currency but failed. Then in 2009, a programmer nicknamed Satoshi Nakamoto developed successfully the first coin called Bitcoin. This monetary system is completely dispersed, without control center and server involved, therefore every participant in the system will control it. Because of this, there is no fraud that ensures that it is always obvious.
How does Coin work?
Basically, the operation of any coin all needs the absolute uniformity of all participants involved in each transaction as well as bank account balance. If there is no uniformity of one or more accounts, the whole system will stop working.
A coin needs a network of computers. Each computer in the network will have full records of transactions and be synchronized in the network.
When a transaction is sent: It is supposed that A sends B a transaction amount X signed by the password of A. After the transaction is signed, it will be broadcasted on the network and sended to other computers in the network to wait for confirmation.
If most of computers in the network is successful, the transaction is completed and if not, the transaction can be forged. When a transaction is confirmed, it will be associated with other transactions forming a block.
At the moment, this transaction history has been stored on a computer network called blockchain and can not change anything.
When a transaction is sent, the miners are responsible for confirming the transaction, transmitting this information in the network and executing it. Once the transaction is confirmed by the miners, it will be added to the blocks and saved in the network.
Benefits of Coin
The appearance of Coin created a revolution in the monetary world. Many believe that it is replacing existing paper money because of the tremendous benefits.
Benefits of coin
No inflation due to control of supply:
Most of coins are created with a certain amount to generate a gold-like scarcity and it is not controlled by any individual, organization, bank or government. Because of this, almost inflation is almost negligible.
Low transaction costs:
Without intermediate stages, the users save a lot of transaction costs.
Short-distance international Transfers:
Cryptocurrency transactions are almost instantly transferred to the network. It only takes a very short amount of time for the money to be reached to the recipient much faster than the current international transfer service.
Help for anonymous users:
In the trading system, It will not be needed to know each other’s identity. When sending and receiving money, just know the wallet address is enough.
Safety and security:
Coin is encrypted by a one-way encryption system with a wallet address of up to 30 random letters, along with a special safe password system. Therefore, It is impossible for hackers to hack the wallet.
Can not be faked:
Because coin does not appear in physical form, it can not be counterfeited as existing currencies..
Environmental Protection :
When we use coin, we only need computers that handle transactions. That is why we save energy compared to the current financial system. Moreover, we do not need to use special ink or paper.
Potential in e-commerce transactions:
All transactions on the coin system are completely anonymous, once confirmed transaction can not be refunded or changed. That is why one cannot cheat on e-commerce transactions.
The future of coin
Coin is growing very fast and is not controlled by any individual or organization. Everyday, there is an appearance of new coins, the coins meet the market demand, they are used, and if not, they will be eliminated.
However, this has not been able to hinder the fiercely rapid development like storms of kinds of coin. Its market capitalization is increasing day by day. Many businesses which have realized its power have developed coins by themselves to attract investment in business ideas.
Perhaps in the coming future, governments or banks will develop their own cryptocurrency. Because of this, cryptocurrency can change the monetary world.
How to start developing a coin?
Currently, we are the 1st top company in the field of financial transactions as well as the development of different coins. We have worked with more than 20 clients around the world in financial projects as well as cryptocurrency. When coming to our company, customers will be provided with high quality services with a team of experienced and enthusiastic young engineers who are keen to learn new technologies in the world.
To develop a coin for your business process, please contact us quickly. Our consultants will advise you on solutions and routes to help you. You can contact us right here.
olor=blue]You can readmore in here https://vakaxa.com/ico-service/
If you have any questions, please let us know by contacting directly. We are always available to answer all your questions.
For more information please contact:
Vakaxa Technology Joint Stock Company
Head office: Room 2512 The Light Building – Trung Van – Tu Liem – Hanoi – Vietnam.
Hotline: + 84963.324.888
Email: [email protected]
Website: https://vakaxa.com/home/[/color]
Topic: About vakaxa’s cryptocurrency developer services (Read 90 times)
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