The Blockchain, which is a public transaction database, functions as a distributed ledger. The Blockchain is by design inherently resistant to modification of any kind of data. It is an open distributed ledger that can record transactions between two or more parties efficiently and in a verifiable and permanent way, without the need of a trusted authority or a central server. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. With this being said, companies or governments cannot produce new units of cryptocurrency, making them inflation- and devaluation-proof
The block time is the average time it takes for the network to generate one extra block in the blockchain. By the time of block completion, the included data becomes verifiable. This is practically when the transaction takes place, so a shorter block time means faster transactions.
Bitcoin and it’s Blockchain were created in 2009, and was the first decentralized cryptocurrency to enter the market. Since then, numerous other cryptocurrencies and stable coins have been created and caused a paradigm shift in the current established world order.
Cryptocurrencies are digital assets, designed to work as a medium of exchange. In our vision it is the first new asset-class the world has ever seen in its modern history. Cryptography is hereby the “language” being used, to secure and verify all asset transactions, but also to control the creation of additional units. Cryptocurrencies, officially dubbed crypto-assets by the G20 countries in an official statement, are a type of digital currencies, alternative currencies and virtual currencies. Cryptocurrencies use electronic decentralized control for all it’s transactions, compared to the electronic central banking financial system. The decentralized control of each cryptocurrency works through revolutionizing “Blockchain technology” providing a wide variety of applications, appropriate for all kinds of sectors.
The cryptocurrency system is a framework of unwritten rules that meets all the following conditions:
Cryptocurrency is produced by the entire crypto-system collectively, at a rate which is defined when the system is created, and which is publicly known. This action is called mining. In centralized banking and economic systems, corporate boards or governments control the supply of currency by printing units of fiat money, exposing it to inflation and devaluation. The Blockchain technology, upon which cryptocurrencies are based was created by the group or individual known as “Satoshi Nakamoto”.