How Does Crypto-technology Work ?
If truth be told, in order to understand this, one needs to have knowledge of advanced mathematics and computer science . But if you want to start investment or trading, then basic knowledge would suffice . Let us take the example of Bitcoins There is one public account in digital form, of all the bitcoin transactions this is called a 'ledger' . A copy of this ledger exists on all the systems that are a part of the Bitcoin network Those that run this system are called 'Miners' The job of the miners is to verify transactions Say, A has to transfer 2 Bitcoins to B's account Miners will have to confirm whether A actually does have 2 Bitcoins in his account or not To complete the transaction, miners will have to solve a complicated mathematical equation You might have studied about variables back in school. Every Bitcoin transaction has a unique variable The job of the miners is to calculate it It's not that they sit with a pen or paper to solve the equation...


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