So much has been said and written about Bitcoin, Blockchain technology and cryptography that you’d be excused into thinking the whole world fully understands these concepts. However, they are tricky and the fact is, they aren’t widely used in today’s digital landscape. But they have the potential to disrupt, and that’s why we at Webgains think it’s important to have a rudimentary understanding of the concepts. So let’s start with a basic glossary of terms that you will often hear in discussions on this new frontier of digital technology:
- Blockchain is the name for a form of technology
- Decentralization is essentially dispersing a function or power from a central company or authority to the individual, or multiple individuals
- Cryptography is the practice or technique of communication in a private or coded manner
- Bitcoin is a form of digital currency, sometimes referred to as a crypto-currency
- Mining is computer process used to create new crypto-currencies.
- Ethereum is the open-software platform based on blockchain technology. This software enables developers to build and distribute decentralised, blockchain applications, which could be used for a number of industries or purposes.
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