A cryptocurrency is a medium of exchange like normal currencies such as USD, Rupee, Pounds, and Euros etc. but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography.
Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.
StakeCoin is one such cryptocurrency that is about to change the traditional transaction habits and transform them to digital behaviours.
Cryptography is a type of coded language where the information being transmitted reaches and can be read only by those whom it is intended. There are several techniques involved in cryptography. Some of these techniques are combining words & images, hiding messages in storage or transit through various means and microdots. Today’s world is centered around computers and internet. Hence, it doesn’t come as a surprise that messages are transmitted through processes called encryption (converting plain text into cyphertext) and decryption (converting coded or cyphertext into plain text). Those carrying out this process are known as cryptographers.
Cryptographic keys are difficult to break for an individual because he would need to try all combinations to reach at the right key. Using computers for the purpose, however, makes the task easier as computers are faster and multiple computers can be used. To prevent others from breaking the key, a variable length key can be used. Increasing the length of the key by one bit is a tedious task but worth the effort as it makes the job of breaking the key doubly hard.
Cryptography is the science of secret codes and encryption is the cryptographic process where data is scrambled using an algorithm such that it is decipherable only by the person who has the access key. Secret codes or ciphers are the methods to prevent one’s messages being intercepted or stolen.