small presentation on crypto currency

1. crypto currency

2. Contents
Introduction
History
Mining
Future
Conclusion

3.  Introduction
A crypto currency is a medium of exchanging
money like normal currency such as USD but
designed for the purpose of exchanging digital
information through process made possible by
certain principle cryptography
Fully decentralized

4.  History
Digicash in 1983 David chaum invented binding
formula which is extension of RSA algorithm still
used in web security
In 1998 wei dei published a description of “b-
money” an anonymous distributed electronic
cash system
Nick szabo created “bit gold” was an electric
currency system which is request user to
complete a proof of work function with a
solution being cryptographically put together.

5.  Decentralized
The first decentralized crypto currency bit coin
was created in 2009 by pseudonym developer
Satoshi Nakamoto
in April 2011 Namecoin the first Altcoin was
created to from a decentralized DNS to make
internet censorship more difficult
in October 2011, Lit coin was released and
became the first successful crypto currency to
use script as its hash function

6.  Normal currencies or crypto currencies
For the normal currency government control the values of
currency
But the crypto currencies are fully decentralized
Low transaction fee to transfer money all over the world. The
fee is same independent of distance country, border
Most crypto currencies are produced control by an algorithm
that no single person or company can change

7.  Major crypto coin
1. Bit coin 11. NXT
2. Lit coin 12. Nova coin
3. Peer coin 13. freicoin
4. Namecoin 14. Anon coin
5. Mega coin 15. Teracoin
6. Quark coin 16. Cryptogenic bullion
7. Protospheres 17. Infinite coin
8. World coin 18. Zeta coin
9. Prime coin 19. BBQ coin
10. Feather coin 20. Stable coin

8.  Bit coin-BTC
peer to peer technology and no central authority
or banks
Transaction fees are lower
Managing transaction and issuing bit coin is
carried out collectively by the network
open source design is public, nobody owns the
control of bit coin
21 million bit coin to be issued

10.  Crypto currency mining
Mining is the process by computer solves
complex math's problem in the hopes of
uncovering crypto coin
Crypto currency algorithm are used to mine coins
there are two different algorithms that are used
for almost all the coins that is existence today
which is SHA-256 and script algorithms
anyone can mine with their computer processor
more advance graphic card.

11.  CPU Mining
Was the original way to do it was initially solo
mining and you got all of block or none of it
slow compare today’s standard

12.  Block chain
A block chain is transaction database shared by
all nodes participating in system based on bit
coin protocol
It works like a ledger and shared by anyone
All bit coin transactions without exception are
recorded here
once its recorded it can not be reversed (to
prevent double splendid transaction)

13.  E-wallet
Bit coin obtained from mining or purchasing can
be stored in “E-wallet”
E-wallet use private and public keys to secure
transfer of your coin
Ledger NANO S – for all platform
Electrum – Mac, Linux , windows
Mycelium – Android
Bread wallet – IOS

14.  Security
Difficulty in finding hash set intersecting task
done by miners
51% attack
A minor who has mining power more then 51%
of the network can control global block chain
ledger and generate an alternative block chain,
the attacker could reverse the transaction or
block other transaction

15.  converting normal currencies
www.btc-e.com and bitstamp.com
You can send currency from your wallet to the
exchange convert it to whatever currency you
desire(USD, Euro, rubble )
You can send it to bank threw a wire transfer
China has banned financial institution for
handling bit coins

16.  Future
More retailers will begin to accept bit coin
used in international trading to avoid currency
exchange
Become as common place as credit cards
Less volatility in hard currency value
Reduce the limitation of crypto currency current
face

17.  Conclusion
Crypto currency is an impressive technical
achievement but it remains a monetary
experiment . Even if crypto currencies survive
they may not fully displace fiat currencies
We should use crypto currencies since it is step
in right direction for global trade where everyone
can be involved
To neglect the idea of crypto currencies on a
decentralized network today is neglecting idea of
internet in early back in nineties

18.  References
https://www.buybitcoinworldwide.com/mining/pools/
https://www.wikipedia.org/cryptocurrencies

19. Thank you