Cryptocurrencies have entered the mainstream for a while now, buoyed by a mix of controversy, investor interest, and, well, ramblings by influential personalities (read: Elon Musk).
But what exactly are cryptocurrencies, and why are they so popular here in Asia?
Tech Wire Asia explores.
Cryptocurrencies: The science explained
Cryptocurrencies are essentially digital or virtual currencies secured by cryptography, which is a class of security techniques that encrypts data to ensure only the receiver and the sender receive them.
While not impossible, cryptography-secured information can be exceedingly difficult to “hack” into or be tampered with. This thus makes cryptocurrencies almost impossible to counterfeit or double-spend and hence are seen as secure.
This security feature of cryptocurrencies is primarily based on the nature of the technology powering them — blockchain.
Popular cryptocurrencies such as Bitcoin (BTC) are…