CryptoURANUS Economics: Cryptography: Defined in CryptoCurrency

CryptoCurrencies


Sunday, August 5, 2018

Cryptography: Defined in CryptoCurrency

Cryptography: Defined in CryptoCurrency


Cryptography defined as the study of making ordinary information unreadable.


The purposes of cryptography can include:

  • Proving that the sender actually sent the message.
  • Keeping information confidential until an approved identity is provided.
  • Preventing theft and alteration.
There are many types of cryptography including hiding words in images, using micro dots and computer programs. 

With cryptocurrencies, we hide money and the people who sent them in a scrambled, unreadable form.

The information can be unlocked and made readable using a code also known as a key. The key is made up of a string of letters and numbers.

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