Cryptocurrency

Real value in a virtual world....

Date:
  • Register
Bitcoin   Cryptocurrency
crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.
 
When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
 
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created
 

Cryptocurrency

What is Cryptocurrency
A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature.

Monetary Properties

  • Controlled supply: All cryptocurrencies control the supply of the token by a schedule written in the code. No debt but bearer: Cryptocurrencies don‘t represent debts. They just represent themselves. They are money as hard as coins of gold.
 
 Currency
 

Transactional Properties
Irreversible: After confirmation, a transaction can‘t be reversed.

  • Pseudonymous: You receive Bitcoins on so-called addresses, which are randomly generated.
  • Fast and global: Transactions are indifferent of physical location.
  • Secure: Only the owner of the private key can send cryptocurrency.
  • Permissionless: It‘s just a software that everybody can download for free. No one can prevent you.

How Does Cryptocurrency Work?

Cryptocurrency uses blockchain technology. Blockchain data is secured through cryptography. Each participant has their own private key that is assigned to the transactions and it acts as a digital signature. If a record is altered, the digital signature will become invalid and the network will come to know that something has happened. Blockchain stores transaction information across vast networks of computers that continuously check and verify information with each other.

Cryptocurrencies Examples

  • Bitcoin
  • Ethereum
  • Litecoin
  • Monero
  • Ripple
  • Dogecoin
  • Zcash
  • IOTA
  • NEM

Benefits

  • Can transfer funds without the need of bank or any other finance company.
  • Minimal processing fees.
  • Cryptocurrencies are digital. Hence cannot be counterfeited.
  • Immediate settlement.
  • Cryptocurrency makes international trade more accessible by removing barriers.
 

Professional Services

Latest-News

Crypto Currency

Sumphero.com now have a leading role in the use and development of Crypto currencies in a number of Corporate environments and offers simple advice for individual users at a technical level.


On-Line Developments

Sumphero has begun to work closely with Southern Star and the 8 Acres Group to bring you a new range of web based technology solutions.


Sumphero has just launched another online shop and dedicated payment gateway for the world famous Sesderma and Mediderma skin products.



Mission

To help our customers make the best use of their technology in the support of their key business objectives, to provide leadership in technology and its application. “Computers are complicated; your experience with them doesn't have to be”.