A Crypto currency is a digital asset developed using the technology of cryptography and decentralized/distributed database, which works as medium of exchange and controls the creation of additional units of the asset with extremely secure environment.

Since the launch of first Crypto Currency – Bitcoin in 2009, various cryptocurrencies have been created. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems.

As of present day, over a thousand cryptocurrency specifications exist; most are similar to the first fully implemented decentralized cryptocurrency, Bitcoin.

In this system the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners – members of the general public using their computers to help validate and timestamp transactions and then add them to the ledger in accordance with a particular timestamping scheme, known as CryptoNight, Blake, SHA-3, X11 etc, also referred as hashing algorithm.