5.2 digital currency

Question 1

what is a digital currency

Answer 1

• one that only exists electronically

Question 2

what is blockchain

Answer 2

• digital ledger
• time-stamped series of records
• that cannot be altered

Question 3

process of blockchain

Answer 3

• whenever new transaction takes place, new block created
• contains data, hash value, previous hash value

Question 4

what is a hash value

Answer 4

• unique value, unique to each block
• generated by an algorithm
• includes timestamp

Question 5

what is the first block in a blockchain called

Answer 5

• genesis block