Cryptocurrency is a separate peer-to-peer decentralized virtualized format which is based on the principles of cryptography to secure the network and verify transactions.Most cryptocurrencies use a Distributed Database as the backbone of their system, called the Blockchain.Introduced in 2009, bitcoin became the first successful decentralized cryptocurrency.Due to the open nature of its software, many developers were allowed to experiment with its code and modify it (forking). Since then, many new cryptocurrencies have been created in which efforts have been made to improve or even add features such as faster transactions and greater anonymity. The main feature of cryptocurrency is its decentralized character and through it its resilience to any form of control and intervention. Since the release of bitcoin in 2009, more than 6,000 cryptocurrencies have been created and some of them are based on the same system that Bitcoin uses.
What is the definition of mining?
Because bitcoin is decentralized, it needs the contribution of random computers from all over the world to confirm the transactions that take place worldwide. This process requires a huge amount of computing power. New bitcoins are issued every ten minutes which are given as a reward to those who contribute to the confirmation of transactions, depending on the contribution of each. Those who confirm transactions in order to receive a reward are called miners and the mining process, respectively. Each transaction made with Bitcoin goes through a validation check and then placed in a block along with other completed transactions. Each block that is created has a direct relation with the immediately preceding one and with all the other blocks. This creates a block chain. The relationship of each new block to the previous ones is determined by a mathematical algorithm, which, however, is difficult to create. Each time a new block is created, a number of new Bitcoin are automatically created and distributed to those who will have solved the algorithm according to everyone's contribution, a process called Mining.
Cryptocurrency in the application world
As cryptocurrency became popular more and more mobile applications are developing on this subject. Many applications are implemented for mining, many as wallets of this digital currency and many others for trading these coins. One of the most interesting parts is that many applications created their own cryptocurrencies and forced their users to mine coins in order to use them in the app. This practice is a totally new concept and it is sure that these apps belong to a different and new application category. The difficult part of mining is that due to the huge value of the famous cryptocurrencies, the procedure to get famous coins from mining is very difficult and the power that you need is almost the same price that you can buy directly from the market. On the other hand, unknown cryptocurrency coins are much easier to mine and are sure that you're gonna have a great amount of these faster and cheaper but nobody guarantees that you will get value from them.
How could coopz go through the new trend?
coopz is an dating app that always tries to predict the future and what the users will need. As you know we bring new and innovative features almost every week and we try to be unique and provide unique products via the technological research that our team is making. I'm sure that coopz couldn't ignore this cryptocurrency development and revolution! coopz could be used as a mining application and win by using it not only new friends but coins also! A coopz coin could be revolutionary because the users could mine coopz coins that they could use to buy features and other privileges from the app. This could be a huge advantage for the users because once the coopz coin will be valuable, the users will use features of premium by exchanging the coopz coins instead of paying with traditional money.Also another plus that you could get is the high possibility of winning a lot of coopz coins in the future and the advantage to use them generally in the market. As coopz get bigger and bigger the possibility of getting value will rise day by day and hour by hour as the community is growing the coin will grow with them and the dream of a powerful coin could be true
Cryptocurrency is a huge chapter from the present and a huge chapter from the future. coopz has already plans for it and is sure that will participate soon. Stay tuned because coopz blog will update you regarding this topic and other interesting subjects very soon