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Category: Blockchain education

What is litecoin?

What is litecoin?

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What is litecoin? (Beginners guide) Litecoin (LTC) is a peer to peer cryptocurrency. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff, it was meant to be the silver to bitcoin’s gold. Litecoin was created by “Charlie Lee”, a former Google employee and also a former engineering director at coinbase. Litecoin is third largest cryptocurrency measured by market capitalization. Similarities between Bitcoin…

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What is ripple? (All you need to know)

What is ripple? (All you need to know)

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What is ripple? Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records. Is ripple like Bitcoin? In some ways yes, but there is a massive difference between ripple and Bitcoin. 1. Ripple is not a blockchain and does not require proof of work like Bitcoin. 2. Ripple is not mined, the company that founded ripple just picked…

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What is bitcoin mining?

What is bitcoin mining?

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The Bitcoin protocol stipulates that 21 million Bitcoin will exist at some point. What Bitcoin miners do is bring them out into the light, a few at a time. Bitcoin mining is performed by high powered computers that solve complex mathematical computations, these computations are impossible to solve by hand. When computers solve these computations, they add transactions to the blockchain and as a reward, they get a new Bitcoin. How does it work? What these computers are actually doing…

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What is an ICO?

What is an ICO?

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ICO stands for initial coin offering, An ICO is a way of raising funds for new cryptocurrencies. It means that someone(or people) offer investors some units of a new cryptocurrencies or crypto token in exchange for other cryptocurrencies like Bitcoin(BTC), ethereum (ETH), litecoin(LTC). Why should I be interested in an ICO? Many ICO’s have been very profitable for investors, with an ICO, you get a token, these tokens do not give you any sort of ownership of this new project,…

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What is ethereum?

What is ethereum?

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What is ethereum (ETH) (Beginner’s guide) Ethereum(ETH) like bitcoin runs on blockchain technology, but ethereum and bitcoin are very different. To really understand ethereum, you must understand how the internet works. These days our personal data, passwords & financial information are stored on cloud servers owned by big companies like google, facebook, we trust them to keep our data safe (or we have to trust them), but a hacker or government can gain access to those information, meaning they can…

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What is bitcoin(BTC) (Beginner’s guide)

What is bitcoin(BTC) (Beginner’s guide)

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What is bitcoin(BTC) (Beginner’s guide) In order for you to truly understand what bitcoin(BTC) is, am going to break it down as much as possible. Think of bitcoin as money except that 1.  Unlike money, bitcoin is not printed. 2.  Unlike money, bitcoin is not controlled by organisations(banks). 3.  Bitcoin is limited, this means that a time will come when bitcoin will reach its maximum amount ( 21 million). Who created bitcoin? Bitcoin was created by a software developer Satoshi…

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