Blockchain Sharing from CB Digital Transformation Office


The Presidential Office of Digital Transformation posted a post showing what the frequently heard terms about blockchain technology mean. In the post, the meanings of the terms such as ‘Crypto Mining’ and ‘Crypto Wallet’ were explained.

Recently of cryptocurrencies We all know that it has become quite popular. The fact that Bitcoin’s price has increased about 3 times in the last three months plays a big role in this popularity. However, behind all these cryptocurrencies, it is used in many different areas from sports to arts and certification processes. blockchain technology.

A digital notebook Working like blockchain software, it can be used to track all kinds of data. For this reason, the interest of companies and governments in technology has been increasing. In this context Digital Conversion Office of the President of Republic of TurkeyHe posted a post where he explained what terms we hear about blockchain meant often.

What do the terms we hear about blockchain mean?

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In the post from the CB Digital Transformation Office ‘Consensus Mechanisms’, ‘Crypto Mining’, ‘Crypto Money’ and ‘Crypto Wallet’ What the terms mean was explained. The terms and corresponding explanations are as follows:

Consensus Mechanisms

“They are mechanisms that allow transactions on the blockchain network to be verified and confirmed by a certain majority of participants. This ensures that information is recorded in an accurate, secure, and immutable manner. The most commonly used are proof-of-work and proof-of-stake mechanisms.”

Crypto Mining

“The solution of cryptographic mathematical problems by the participants in consensus mechanisms is all of the verification processes in blockchains. Since solving mathematical problems is difficult and takes time, these operations have been identified with mining.”

Crypto Money

“These are virtual currencies created for use as a payment tool in the blockchain network. The decentralized use is referred to as cryptocurrency because its use is secured by cryptographic mathematical operations. The ownership or exchange of any goods or services in the blockchain network, first of all defining it as a digital value, ie token provided with. “

Crypto Wallet

“It is the cryptographic cryptographic storage of reference information required to make transactions with crypto coins or digital values ​​(tokens) in the blockchain network. Open and private keys are used as reference information in transactions such as purchases, sales, investments. or the value unit is not kept. “

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