Topic 5.2 - Digital currency
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4 Terms
What is the difference between digital currency and cryptocurrency
Digital currency is the term for a currency which only exists in a digital format while cryptocurrency is a digital currency which is decentralised and and
How does cryptocurrency work
It uses cryptography to track transactions and addresses problems with the centralisation of normal currencies. They work with a blockchain network making htem more secure
What is a blockchain
A decentralised database where many things are stored and uses interconnected computers but not a server. When a change takes place all the computers in the network must give consent creating more security
How is a blockchain constructed
When a new transaction takes place a new block is created. This contains data-such as the name of the sender and recipient, the amount of money, a hash value(A unique value made by an algorithm which acts like a fingerprint), and the previous hash value which points to the previous block
Note 
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