A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
Blockchain can be seen as consisting of several layers:
- Infrastructure (hardware)
- Networking (node discovery, information propagation and verification)
- Consensus (proof of work, proof of stake)
- Data (blocks, transactions)
- Application (smart contracts/decentralized applications, if applicable)
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