What is cryptography?

Simply put, cryptography is the science and art of using mathematics to hide and reveal things. Specifically, it is the tool used by the systems that support cryptocurrencies to be able to verify the authenticity of transfers of money without it being necessary to reveal the identity of the people who are part of the transaction.

14 que es la criptografia

This authenticity is verified by means of cryptographic signatures, which use private codes stored in the wallets (private keys) to sign transactions when it is required to transfer their content (payments).

This tool also makes it possible for participants running a cryptocurrency protocol to update their registry securely, since the creators of new mined blocks (the equivalent of “new pages of a registry”) need to calculate a “cryptographic hash” by investing a considerable amount of energy and time to provide a “proof of work” (POW).

The cryptocurrencies get their name because cryptography is the fundamental element that enables their operation and reliability, thus replacing the trust in a centralized authority required by other forms of money.

Given the immense potential of cryptography, those mentioned are just some of the uses that can be given to its application in cryptocurrencies and in general.

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External transactions or shipments in Ccoins can be easily verified by a block explorer, this of course depends on the network being used and the currency being used.

This is because the Bitcoin encryption protocol and its block verification process is designed to have a certain level of difficulty and take approximately 10 minutes to complete each verification.

Of course, despite not having their own blockchain or being anchored to any physical asset, they operate using the blockchain of some cryptocurrency, which means that they also have the same level of security as that currency.

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