Supervision of community cryptocurrency -Part 1


Si Gyeongmin

Sep 22, 2021

According to the usual definition, cryptocurrency is "digital or virtual currency protected by encryption technology". Because of the use of encryption technology, it is "almost impossible to be forged." The manufacture of cryptocurrency is usually decentralized because it is "based on blockchain technology- a mandatory distributed ledger." "Cryptocurrency" is created by a completely different computer network, which aims to replace legal currency as a payment tool and realize the purpose of convenient transactions around the world. Like a legal currency, their values fluctuate with the total demand and supply.

The most famous cryptocurrency is Bitcoin. Goldman Sachs succinctly described it as being conceived in 2008 and launched by an unidentified programmer in the following year. Based on mathematical proofs, "miners" all over the world can use software programs to produce cryptocurrencies following mathematical formulas.

Because the total amount is limited, as the number of Bitcoins in circulation increases, mining becomes more and more difficult. Bitcoin can be traded, and it can also be used to buy goods and services. All Bitcoin transactions are recorded in the "blockchain", and the blockchain is a transparent ledger for every Bitcoin transaction maintained by miners.


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