An understanding of blockchain encryption methods is fundamental to understanding how blockchain works, how security is maintained, and how users interact with other users in a decentralized environment. Continue reading Eden Labs – The importance of cryptography in blockchain
A cryptocurrency or digital currency is essentially virtual funding managed by sophisticated encryption methods, collectively known as cryptography. It first manifested back in 2009 in the form of bitcoin and subsequently, there have been hundreds more that have followed. While the number of users of Bitcoin has been growing rapidly since its inception, it really became a subject of immense media scrutiny in April of 2013 when it reached a record peak of $266 per coin which was a 10-fold expansion from a previous couple of months. At its peak, Bitcoin retained a market value of up to $2 billion but subsequently sustained a 50% plunge which was more or less the spark to an intense and ongoing debate regarding the idea of a cryptocurrency future in general. Will we one day make the leap from the use of tangible fiscal currencies to virtual currencies that will be traded entirely over the internet? If so, what should we expect? The key factor to look at here is Bitcoin.