1. Cryptocurrencies and Blockchain
Cryptocurrencies are digital currencies that use cryptographic techniques to secure transactions and control the creation of new units. They operate on a technology known as blockchain. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger.
2. Proof of Work (PoW)
Proof of Work (PoW) is one of the original consensus mechanisms in a blockchain network. It's used to confirm transactions and add new blocks to the chain. Here's how it works:
