What is Cryptocurrency?

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Author
ivan-kayima
24 Nov 2021

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Cryptocurrency is essentially digital money. However, unlike regular fiat currency (such as Dollars, Pounds, etc.), it decentralized, meaning it isn’t backed or regulated by a central authority, such as a bank, government, or country.

There are other differences between crypto-assets and other kinds of money. For a start, cryptocurrencies don’t exist in a physical format – there are no coins or bills that you can use; they are all digital. Similarly, they’re not backed on another asset such as gold, and it’s not stored in a bank or financial institution, but neither is the majority of fiat currencies to be completely honest.

So, cryptocurrencies are digital, decentralised currencies that are based on blockchain technology. Although cryptocurrencies such as Bitcoin and Ethereum are some of the most well-known, there are actually more than 4,000 in existence. 

There are many more use cases for blockchain technology, one of the more exciting ones is the combination of Cloud technology and blockchain. This is currently what Cudos is building.
The Cudos Network is a layer one blockchain and layer two computation and oracle network designed to ensure decentralised, permissionless access to high-performance computing power at scale and enable scaling of computing resources to 100,000’s of nodes. 

Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.


To find out more please visit: Website, Twitter, Telegram, YouTube, Discord, Medium

 


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