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Cryptocurrency and India
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Cryptocurrency

  1. 1. 4/1/2018 Presented by:- Shrishty CSE Third year Presented To:- Mr. .Ramesh Kumar 1Slide- 01
  2. 2.  Introduction to Crypto Currency  Features of Crypto Currency  History  Normal currency versus Crypto Currency  List of Crypto Currencies  Use of Crypto Currency  Decentralized Currency  Block Chain  Crypto Currency Mining  Future of Crypto Currency  Conclusion 4/1/2018 22 •OVERVIEW
  3. 3.  A Crypto Currency is a Digital asset designed to work as a medium of exchange that uses Cryptography:- • To secure it’s transactions. • To control the creation of additional units.  Crypto Currency is a type of Digital Currency , Alternative Currency and Virtual Currency.  Fully Decentralized  Crypto Currency is produced digitally , stored digitally and transferred digitally. 4/1/2018 3
  4. 4.  Crypto Currency is a digital money , created from code.  Free of all government oversight. The crypto currency economy is monitored by a peer-to-peer internet protocol.  Crypto Currency is an encrypted string of data or a hash, encoded to signify one unit of currency.  Examples of Crypto currency:- Bit coin , Ethereum, Ripple , etc. 4/1/2018 4
  5. 5.  In 1998, Wei Dai Published a Description of “B-Money” , an anonymous , distributed electronic cash system.  Nick Szabo created “Bit Gold” Like bit- coin and other crypto currencies .  The first Crypto currency to capture the public imagination was Bit-coin , which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto.  Since then numerous Crypto currencies have been created. 4/1/2018 5
  6. 6. 4/1/2018 6
  7. 7. Flat or conventional Currency Crypto currency Type Real Virtual Intermediates yes No (peer to peer) Portability Yes(except heavy cash) Highly portable Durability moderate Highly durable Acceptance National Global(throughout the internet) Secure(cannot be counterfeited) moderate high Decentralized No(central bank control) Yes(controlled by complex math) Smart(Programmable) no yes 4/1/2018 7 •CONVENTIONAL CURRENCY V/S DIGITAL CURRENCY
  8. 8.  Fast , Safe and Cheap  Ease of use and highly portable  Untraceable(pseudo-anonymous transactions)  Transparent and neutral  Decentralized nature  Active involvement of users  Fewer risks of merchants  Freedom to transact 4/1/2018 8
  9. 9. 4/1/2018 9
  10. 10.  Bit coin- launched in 2009  Litecoin – launched in 2011  Ethereum (ETH)- launched in 2015  Dash- launched in 2014  Ripple (XRP) – launched in 2012  Monero (XMR)- launched in 2014 4/1/2018 10
  11. 11.  There is no control of anyone over this currency, nobody can manipulate it, nobody can govern it.  The first decentralized crypto currency , Bit coin , was created in 2009 by pseudonymous developer Satoshi Nakamoto.  In April 2011 , Name coin the first altcoin , was created to form a decentralized DNS to make internet censorship more difficult.  In October 2011 , Litecoin was released and became the first successful crypto currency to use scrypt as its hash function.  Ripple coin,(2011),was built on the same protocol as Bitcoin but services as a payment system- PayPal that supports any fiat currency , crypto currency , commodity. 4/1/2018 11
  12. 12.  Block chain  Time stamping  Mining  Wallets 4/1/2018 12
  13. 13.  A Block chain is a continuously growing list of records, called Blocks, which are linked and secured using cryptography.  Provides validity of crypto currency.  Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.  By design, Block chains are inherently resistant to modification of the data.  Highly secure and fault tolerance. 4/1/2018 13
  14. 14.  It works like a ledger and is shared by everyone.  All Bit coin transactions ,without exception ,are recorded here.  Once it is recorded , it cannot be reversed (to prevent the double- spending problem).  Everyone will have the same Block chain and therefore the access to the recorded history transactions is easy 4/1/2018 14
  15. 15. 4/1/2018 15 1. A wants to send money to B. 2. The transactions is represented online as a ‘block’. 3. The block is broadcast to Every party in the networks 4. Those in the network approve the transaction is valid 5.The block then can be added To the chain which provides An indelible and transparent Record of transactions. 6. The money moves from A to B.
  16. 16.  Crypto currencies uses various time stamping schemes to avoid the need for a trusted third party to timestamp transactions added to the block chain ledger.  Proof-of-work schemes :- The first time stamping scheme invented was the proof-of-work scheme. SHA-256 and scrypt are Proof-of-work algorithm.  Proof-of-stake and combined schemes :- Some crypto currencies use a combined proof-of-work/proof-of-stake scheme. The proof-of-stake is a method of securing a crypto currency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. 4/1/2018 16
  17. 17.  Mining is the process by which a computer solves a complex math problem in the hopes of uncovering a new crypto coin.  Crypto Currency algorithms are used to mine coins .There are two different algorithms that are used for almost all the coins that is in existence today , which is the SHA-256 and Scrypt algorithms .  Anyone can mine with their computer’s processor, more advanced graphics cards (GPUs or ‘gaming cards’),and specialized hardware(ASIC systems). 4/1/2018 17
  18. 18.  Crypto Currency obtained from mining or purchased can be stored in an “e-wallet” in one of two ways: 1. Locally on your computer 2. Online  E-wallets use private and public keys (cryptography) to secure and transfer your coins.  Crypto Currency are traded by sending from your wallet to the “address” of the recipient’s wallet .Or by scanning a QR code that corresponds to the recipient’s wallet. 4/1/2018 18
  19. 19.  Bit coin is a crypto currency and worldwide payment system.  It is the first decentralized digital currency.  Peer-to-Peer technology and no central authority or banks or intermediately.  Open-Source , design is public , nobody owns controls of Bit coin.  21 million Bit coins are issued .  Each unit of Bit coin is called Satoshi.  The value of Bit coin is determined by the “Laws of supply and Demand”. 4/1/2018 19
  20. 20. 4/1/2018 20 Protocol: sending BTC 1. Craft a transaction. 2. Give it to your Computer. Protocol :participating On valid transactions: 1. Update ledger. 2. Pass the transaction
  21. 21.  Bit coin makes heavy use of the cryptographic hash function SHA256, which stands for secure hash algorithm 256-bit.  The SHA algorithms were originally developed by the NSA. 4/1/2018 21
  22. 22.  Yes , depending on what you are doing with it.  The RBI says that it has not given license/authorization to any entity/company to operate such schemes with bit coin or any Crypto Currencies.  On 13th August , 2017 Nepal declared BTC as illegal.  China prohibited financial institutions from handling Crypto Currencies.  Bangladesh Outlawed Bit coin. 4/1/2018 22
  23. 23. 4/1/2018 23
  24. 24.  Find a good Bit coin wallet.  Choose the right Bit coin trader.  Select your payment method.  Buy some Bit coin and store them in your wallet.  Get ready to use it. 4/1/2018 24
  25. 25.  More than 40 years of data retention.  Compatible with many supporting hardware.  No separate card reader is required is required to access our card.  Reusability of our card is unlimited.  External complexities are less. 4/1/2018 25
  26. 26.  www.btc-e.com and bitstamp.com  You can send the currency from your wallet to the exchange ,convert it to whatever currency you desire (USD , Euro , or Ruble).  You can send it to your bank account through a wire transfer. 4/1/2018 26
  27. 27. 4/1/2018 27 Crypto Currency market capitalizations as of 27 January 2018, in billions of US dollars.
  28. 28.  Hackers. Crypto currencies are targets for highly sophisticated hackers ,who have been able to breach advanced security systems.  Fewer protections. If you trust someone else to hold your crypto currencies and something goes wrong , that company may not offer you the kind of help you expect from a bank or debit card provider.  Cost. Crypto currencies can cost consumers much more to use than credit cards or even regular cash, often due to price volatility. 4/1/2018 28
  29. 29.  More retailers will begin to accept BTC.  Used in international trading to avoid currency exchanges.  Become as common as credit cards.  Less volatility in hard currency value.  Reduces the limitations of crypto currency presently face. 4/1/2018 29
  30. 30.  Recently a digital currency has been announced by the name ‘laxmicoin’. 4/1/2018 30 Indian Telecomm company Reliance JIO will be launching new crypto currency very soon.
  31. 31.  Crypto Currency is an impressive technical achievement, but it remains a monetary experiment.  Even if Crypto Currencies survive , they may not fully displace flat currencies.  As I have tried to show in this presentation , they provide an interesting new perspective from which to view economic questions surrounding currency governance , the characteristics of money , the political economy of financial intermediaries , and the nature of currency competition. 4/1/2018 31
  32. 32.  https://en.wikipedia.org/wiki/Cryptocurrency  https://www.investopedia.com/terms/c/crypt ocurrency.asp  https://www.youtube.com/watch?v=S_PIKIee HoY&t=143s 4/1/2018 32
  33. 33. 4/1/2018 33

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