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What are cryptocurrencies?

Cryptocurrencies are digital tokens based on blockchain technology i.e., decentralized transaction recording. This technology is largely based on the consensus of the majority of the participants that make up the network. Initially, the main method of verification was “Proof of Work” mechanism, thanks to which the verification of each block required a large amount of energy resources, so that no unit could interfere with the network without the consent of the rest of the participants.

The above-mentioned “Proof of Work” mechanism is related to the so-called Cryptocurrency Mining. Mining means taking part in the process of decentralized blockchain validation.

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