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Crypto-Currency (Bitcoin (Use Blockchain :recycle: (BlockChain, store…
Crypto-Currency
Bitcoin
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Mining :red_flag:
Proof-of-work
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miners from around the world using their time and processing power to solve cryptographically hard puzzles
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Etherium
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Use Blockchain :recycle:
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ethereum nodes store the most recent state of each smart contract, in addition to all of the ether transactions to store data and transaction
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Ripple
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purpose of Ripple was to create a payment system that could be used by banks to transfer funds both domestically and internationally
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sending XRP from one wallet to another, it only takes a few seconds for the transaction to be confirmed. This makes Ripple a much better alternative to Bitcoin when it comes to the speed of transactions
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Bitcoin can only handle 7 transactions per second Ripple can process more than 1,500 per second
Mining Process
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- All Transactions go to the pool
- A (miner) user pickup the transaction
- Solve mathematical Problem (Validated hash function)
- Miners are reward with Coins
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