Crypto Currency

Cryptocurrency Notes 1

Introduction

Few Examples of Cryptocurrency : BITCOIN, ETHEREUM, TETHER, BNB COIN ,CHAINLINK , DOGECOIN.
Any form of currency that exists digitally or virtually and uses cryptography to secure transactions.
Don't have a central issuing or regulating authority.
Use a decentralized system to record transactions and issue new units.
Many different types of cryptocurrencies. Some are simply currencies while others can be considered platforms.

Document released by devs that explains the tech and purpose of the project.

Should define the following properties :

Traditional Currency issued by a central authority.

Fiat currency gives central banks great control over the economy because they can control circulation.

Corrupt govs or poor monetary policy can cause hyperinflation and devalue currencies.

FOR EG : IN 2018, Venuzuela experienced a 65k % inflation rate YOY.

Most Modern programming languages are turing complete. ( Python, c++, javascript ).
To be turing complete a language needs to be able to anything a turing machine can do.
TURING MACHINE REQUIREMENTS.
- must be able to perform conditional branching.
  - if, else
- can express any possible program.
  - loops, recursion etc.
- cannot predict or prove the final state of a turing complete language.

BITCOIN IS TURING INCOMPLETE.

ETHEREUM IS TURING COMPLETE.

Does not only provide decentralized finance. It is considered a decentralized development platform.

Allows development of usage of decentralized apps with the use of the native Ether token.

Has a programming language called solidity that allows you to write code ( smart contracts ) that are hosted on the blockchain.

Smart contracts allow for programs / applications that implement voting, games, exchanges and must more to be decentralized.

Ethereum's goal is to decentralize the internet. Not just finance.