Bitkin Coin (BTK) is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Bitkin Coin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Bitkin Coin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Bitkin Coin is a proven medium of commerce complementary to Bitcoin.
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. To explain it very simply, It's a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled. The most important problem that any payment network has to solve is double-spending. It is a fraudulent technique of spending the same amount twice. The traditional solution was a trusted third party - a central server - that kept records of the balances and transactions. However, this method always entailed an authority basically in control of your funds and with all your personal details on hand.In a decentralized network , every single participant needs to do this job which is even termed as POW. This is done via the Blockchain - a public ledger of all transaction that ever happened within the network, available to everyone. Therefore, everyone in the network can see everybody's account’s balance. The Cryptocurrency is also an alternative form of payment to cash, credit cards, and checks. The technology behind it allows you to send it directly to others without going through a 3rd party like a bank. This means you don’t have to use your social security or credit score as collateral and allows you to be reasonably pseudonymous. In other words, Crypto currencies are like virtual accounting systems. They keep a record of all transactions. The transactions are bundled into blocks, which are Crypto graphically signed (hence “Crypto”Currency) and the client doing the signing gets some number of units of virtual currency (and potentially transaction fees) as a reward for doing the work of calculating the cryptographic signature.
The definition of Cryptography involves creating written or generated codes that allow information to be kept secret. It is a method of protecting information and communications through the use of codes so that only those for whom the information is intended can read and process it. The pre-fix "crypt" means "hidden" or "vault" and the suffix "graphy" stands for "writing." Cryptography is also known as cryptology.
Cryptography also allows senders and receivers to authenticate each other through the use of key pairs. There are various types of algorithms for encryption, some common algorithms include:
1. Secret Key Cryptography (SKC): Here only one key is used for both encryption and decryption. This type of encryption is also referred to as symmetric encryption. 2. Public Key Cryptography (PKC): Here two keys are used. This type of encryption is also called asymmetric encryption. One key is the public key that anyone can access. The other key is the private key, and only the owner can access it. The sender encrypts the information using the receiver’s public key. The receiver decrypts the message using his/her private key. For nonrepudiation, the sender encrypts plain text using a private key, while the receiver uses the sender’s public key to decrypt it. Thus, the receiver knows who sent it. 3. Hash Functions: These are different from SKC and PKC. They use no key and are also called one-way encryption. Hash functions are mainly used to ensure that a file has remained unchanged.
The confidentiality and integrity protections offered by cryptographic protocols such as SSL/TLS can protect communications from malicious eavesdropping and tampering. Authenticity protections provide assurance that users are actually communicating with the systems as intended. For example, are you sending your online banking password to your bank or someone else?
It can also be used to protect data at rest. Data on a removable disk or in a database can be encrypted to prevent disclosure of sensitive data should the physical media be lost or stolen. In addition, it can also provide integrity protection of data at rest to detect malicious tampering.
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