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Start (Welcome to Teach Me About Crypto!
Say 'Explain Crypto'…
Start
Welcome to Teach Me About Crypto!
Say 'Explain Crypto' to continue, or say 'Background' to learn more about this skill
//Explain Crypto
Cryptocurrency is a decentralized digital currency where encryption is used to generate and verify the currency units.
Would you like to know how it works?
//Yes
Cryptocurrency is tracked through a distributed public ledger. "Coins” (which are just publicly agreed on records of ownership) are generated by “miners”. These miners run programs on specialized hardware made to solve proof-of-work puzzles. The work behind mining coins gives them value, while scarcity of coins and demand causes fluctuations. The currencies differ in how they are processed.
Would you like to learn about the top five cryptocurrencies as of today?
//Yes
The Top Five cryptocurrencies as of today are:
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Which coin would you like to learn more about?
//Bitcoin
Bitcoin serves as a digital gold standard in the whole cryptocurrency-industry, is used as a global means of payment and is the de-facto currency of cyber-crime like darknet markets or ransomware.
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//Ethereum
Ethereum is more a family of cryptocurrencies than a single currency. Its blockchain validates "states" rather than a set of accounts and balances. This means that Ethereum can not only process transactions but complex contracts and programs.
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//Ripple
Ripple has a native cryptocurrency – XRP – it is more about a network to process IOUs than the cryptocurrency itself. XRP, the currency, doesn‘t serve as a medium to store and exchange value, but more as a token to protect the network against spam.
Ripple Labs created every XRP-token and is distributes them on will.
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//Bitcoin Cash
Bitcoin forked when supporters could not agree on potential changes to the size of Bitcoin blocks. Bitcoin Cash supporters felt a larger block size could better serve the currency during its scaling process. On August 1, the bitcoin blockchain forked, and Bitcoin still uses 1 MB blocks, while the newly-formed Bitcoin Cash has 8 MB blocs.
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//Cardano
Cardano is a fully featured, smart-contract capable platform designed by teams of PhDs across multiple continents, offering fast transaction speeds, solid reliability, quantum computing resistance among other features.
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