Show notes
Is a sustainable blockchain possible? We talk about what is the blockchain and whether it is energy intensive.
Cryptocurrency or crypto is a digital currency that has been designed to work as a medium of exchange or “currency” through a computer network. The main advantage of this medium of exchange is that it does not rely on any central authority like the government, banks, or other financial organisations, for its maintenance.
It is essentially a highly decentralized system that does not need traditional intermediaries to verify that parties undertaking a transaction have the money they claim to have. So, when funds are transferred between entities, there are safeguards within the system to ensure that transactions are what they claim to be.
Individuals own coins and the records of this ownership are stored in a digital ledger. This ledger is essentially a computerized database in which not only transaction records are secured, using very strong cryptography (a method of protecting information and communications by using codes), but the transfer of coin ownership is verified.
Sources: https://www.statista.com/statistics/863917/number-crypto-coins-tokens/
https://news.yale.edu/2022/06/29/blockchain-not-just-bitcoin-it-can-secure-and-store-genomes-too
https://ccaf.io/cbeci/index
https://www.sciencedirect.com/science/article/pii/S2542435122000861
https://www.euronews.com/next/2022/09/15/the-ethereum-merge-has-big-implications-for-crypto-mining-and-bitcoin-what-to-know/
https://ccaf.io/cbeci/index
https://unctad.org/news/how-blockchain-can-power-sustainable-development
Please subscribe to the You Tube Channel for more on science, history and nature and please do check out the website and follow on social media: Twitter // Instagram // Facebook // Reddit
Cryptocurrency or crypto is a digital currency that has been designed to work as a medium of exchange or “currency” through a computer network. The main advantage of this medium of exchange is that it does not rely on any central authority like the government, banks, or other financial organisations, for its maintenance.
It is essentially a highly decentralized system that does not need traditional intermediaries to verify that parties undertaking a transaction have the money they claim to have. So, when funds are transferred between entities, there are safeguards within the system to ensure that transactions are what they claim to be.
Individuals own coins and the records of this ownership are stored in a digital ledger. This ledger is essentially a computerized database in which not only transaction records are secured, using very strong cryptography (a method of protecting information and communications by using codes), but the transfer of coin ownership is verified.
Sources: https://www.statista.com/statistics/863917/number-crypto-coins-tokens/
https://news.yale.edu/2022/06/29/blockchain-not-just-bitcoin-it-can-secure-and-store-genomes-too
https://ccaf.io/cbeci/index
https://www.sciencedirect.com/science/article/pii/S2542435122000861
https://www.euronews.com/next/2022/09/15/the-ethereum-merge-has-big-implications-for-crypto-mining-and-bitcoin-what-to-know/
https://ccaf.io/cbeci/index
https://unctad.org/news/how-blockchain-can-power-sustainable-development
Please subscribe to the You Tube Channel for more on science, history and nature and please do check out the website and follow on social media: Twitter // Instagram // Facebook // Reddit