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Cryptocurrencies

A Brief Introduction

Simion Sergiu
Huzum George
Teclici Radu
Cryptocurrency: What?
It is a Digital Currency that uses cryptology for security

Decentralized Not issued by any central authority Trust based on


peer-to-peer consensus

Anonymous (More or less) Transactions are not tied to your identity

Bitcoin is the first and most popular


cryptocurrency, created in 2009
Why? For Businesses
No (or low) transaction fees
compared to credit cards!

coinpayments.net
moolah.io

Built in customer base of


cryptocurrency enthusiasts

Source: coindesk.com
Why? For Users
FUN
Community
Mining
Currency trading
Maybe get rich!

Distrust of government surveillance,


currency manipulation
Cryptocurrency: Which?

Bitcoin Biggest
Most valuable

Ethereum Second biggest (arguably)


Developers loves it more

Dogecoin Silliest
Has the Best community
Not All Coins Are Equal

Source:
coinmarketcap.com
Developments - Mining
Old School - By mining it using SHA-256. Recommended to use ASICs systems.
( Application-specific integrated circuit )
SHA-256 - Bitcoin

Next Generation - By making algorithm more memory intensive.


( Focusing more on RAM usage )
Scrypt - Litecoin, Dogecoin

Other algorithms
Scrypt-N, X11, X13 - Vertcoin, Darkcoin, CloakCoin
(Focusing on Ajustable RAM usage)
More Developments
Proof of Stake (PoS) - Earn coins by holding them (like interest)
Pandacoin (PND), Reddcoin, Bottlecaps

Improved anonymity
Darkcoin, Monero, AnonCoin

Outside the Box!


Colored Coins - Create your own currency on the Bitcoin network

Mastercoin, Bitshares, Counterparty - Financial derivatives, savings wallets,


decentralized exchange

Ethereum - Framework and programming language for creating


cryptocurrencies
What is a HASH function?

In the abstract, a hash function is a mathematical


process that takes input data of any size, performs an
operation on it, and returns output data of a fixed size.

• It produces a unique output (or hash).


• It is a one-way function.
What is Blockchain ?

• A blockchain facilitates secure online


transactions.

• By storing data across its network, the


blockchain eliminates the risks that come
with data being held centrally.

• Blockchain technology can be integrated


into multiple areas.
How to Mine Coins.
How to Mine Coins
CPU
Mining

Want to try, then Download:


sourceforge.net/projects/cpuminer
How to Mine Coins

GPU Mining

Download:
Mac Miner
cgminer & more
Buying and selling to earn more
Cryptocurrency
Exchanges

Mintpal
Cryptsy
Bittrex & more
Bibliography:
• https://bravenewcoin.com/
• https://www.cryptocompare.com/coins/guides/what-is-scrypt/
• https://en.wikipedia.org/wiki/Blockchain
• https://www.coindesk.com/bitcoin-hash-functions-explained/
• https://coinsutra.com/bitcoin-hash/
• https://www.bitcoinmining.com/bitcoin-mining-hardware/
• https://www.cryptocompare.com/mining/guides/what-is-scrypt-n/
• https://blockgeeks.com/guides/ethereum/
• https://blockgeeks.com/guides/what-is-cryptocurrency/
• https://coinmarketcap.com/
• https://www.youtube.com/watch?v=WnEYakUxsHU - Blockchain | Alex Tapscott
• https://www.youtube.com/watch?v=RplnSVTzvnU - Blockchain | Bettina Warburg
• https://www.youtube.com/watch?v=kubGCSj5y3k - Bitcoin: How Cryptocurrencies Work