Sector/subsector: 


Crypto currencies are online or digital currency that use cryptography as a security feature. They exist on a platform called the blockchain. The blockchain is decentralized. This means that no single person is fully in charge.


Transcript:

[music]

TEXT ON SCREEN:
Stephanie Porfiris
The Knowledge Society

NARRATOR:
Hi I'm Stephanie Porfiris, a member of the Knowledge Society and I'm here to talk to you about crypto currencies and how they work.

Crypto currencies are online or digital currency that use cryptography as a security feature. They exist on a platform called the block chain. The block chain is decentralized. This means that no single person is fully in charge.

The block chain can be used to send transactions. Here's how a transaction works. First the user requests the transaction. Transactions can include content such as crypto currencies or smart contracts. Next, the request for transaction is sent to a network of nodes that is validating the algorithms. After verification the transaction is combined with other transactions to make a block which is added to the block chain. This completes the transaction.

There are many different types of crypto currency. The most famous being Bitcoin. Bitcoin was created in 2009 by a person or persons using the pseudonym Satoshi Nakamoto. Bitcoin it its inflection point in 2017. At its it was worth almost 18,000 American dollars. Once again crypto currencies are online or digital currencies that exist on a platform called the block chain.

TEXT ON SCREEN:
Ontario Canada
Where The World Is Going

Share on

Feedback: Was this page useful?

Talk to a business consultant


Request a conversation

Subscribe to our newsletter


Sign up now

Back to top