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Introduction to cryptocurrency

Get answers to all the big cryptocurrency questions. Where did they come from? How do they work? 

  • What is a hard fork?

    A fork in cryptocurrency occurs when software updates need to be implemented. The more far-reaching the changes, the more controversial the fork. As with any metaphorical fork in the road, at some point there needs to be a decision on…

    1 minute read
  • What is Proof of History?

    Blockchains are designed to operate without the need for a central authority, with each recorded transaction requiring every node operating on the network to check that it’s correct. Understanding who made the transaction is simple – with the use of…

    2 minute read
  • What is proof of activity?

    The proof of activity consensus protocol combines the best features of both proof of work (PoW) and proof of stake (PoS) in order to increase the security of Bitcoin and other cryptocurrencies.  Created in 2014, the protocol begins by instructing…

    1 minute read
  • What is a fork in cryptocurrency?

    A fork is a collectively agreed upon software update to a cryptocurrency built on blockchain. In order for a proposed update to any cryptocurrency, such as Bitcoin, to be implemented, there must be consensus among members of the Bitcoin community,…

    1 minute read
  • What is a node?

    A node refers to computers that make up the Bitcoin network and are used to verify transactions on the blockchain. Nodes are spread across the world and talk to each other using the internet, sharing data to update Bitcoin’s distributed…

    1 minute read
  • What is a consensus protocol?

    Consensus protocols are the rules by which a network operates. In the case of a blockchain network, the consensus protocol provides the rules by which a transaction on the network is verified as legitimate or fraudulent. As the nature of…

    1 minute read
  • What is proof of Elapsed Time?

    Proof of Elapsed Time (PoET) is a proof of work consensus protocol designed specifically for businesses. The way it works is by randomly selecting a participating node, allowing those not selected to “rest” their Central Processing Units (CPUs) or getting…

    1 minute read
  • What is a mono-signature wallet?

    When you send bitcoin, you aren’t really moving it between addresses. The bitcoin is essentially stored in a digital vault where it stays regardless of the owner. What you’re actually doing is changing the locks to fit the recipient(s)’s key…

    1 minute read
  • What is a soft fork?

    We all go through the process of downloading and installing updates to our phones or laptops. Cryptocurrency also relies on similar updates and upgrades to improve its efficiency. However, while it may take just a few clicks or taps of…

    1 minute read
  • What is proof of stake?

    While the Bitcoin blockchain acts like a virtual cheque book and ledger to process incoming and outgoing transactions, Proof of Stake is a type of consensus protocol that relies on a network of ‘validators’ with similar responsibilities to miners: ordering…

    1 minute read
  • What is a multi-signature wallet?

    When you send bitcoin, you aren’t really moving it between addresses. The bitcoin is essentially stored in a digital vault where it stays regardless of the owner. What you’re actually doing is changing the locks to fit the recipient(s)’s key…

    1 minute read