What is a Cryptocurrency and How does it Work?

In the digital age cryptocurrencies are revolutionising the way we pay for goods and services. In order to replace cash any alternative system of paying for goods and services has to be able to perform the three basic functions that money does, namely:

. to act as a medium of exchange used in the purchase and sale of goods and services

. serve as an accounting unit to measure the value of goods and services, and

. act as a store of value that can be saved and spent at a future point in time. Digital cryptocurrencies do all of this efficiently and simply – and do so by using a long string of computer code which is protected by a personal key to guarantee

Digital cryptocurrencies do all of this efficiently and simply – and do so by using a long string of computer code which is protected by a personal key to guarantee both ownership and security. Cryptocurrencies offer a very and simple and clear method of transferring value from one person to another. Once the personal key code is entered the value can then be transferred to the payee. No middleman is required to verify the transaction, which means that transfers are swift, secure and inexpensive to use. In effect, it is an encrypted decentralised money system in which the ultimate supply of coins is fixed and remains independent of a central bank. The coins are created by computers performing number-crunching exercises, not dissimilar to trying to crack a password analysing every possible permutation one at a time. Each time a password is identified, a new coin is produced. The whole process is deliberately designed to resemble the challenges of mining for precious metals and the value of any individual coin is based on the value of the degree of difficulty needed to produce it. The coins have a supply cap and there is a set date when the cap is reached. This cap ensures the eventual value of a coin cannot be eroded by inflation and also means that digital cryptocurrencies have the potential to see their values rise, due to the fixed supply of coins and the ratio of value to availability. Cryptocurrency systems are also a very powerful tool to use for cross-border payments, allowing users to send and receive money anywhere in the world at any time. Understandably, they are also a popular and attractive option in countries where the central bank lacks credibility.

History of Cryptocurrency

1998, Wei Dai publishes a description of “b-money”, an anonymous, distributed electronic cash system. Shortly after, computer scientist and cryptographer Nick Szabo created Bit Gold. Like bitcoin and other cryptocurrencies that would follow, Bit Gold was an electronic currency system which obliged users to complete a proof of work function with solutions being cryptographically put together and published. The first decentralized cryptocurrency, bitcoin, was created in 2009 by Satoshi Nakamoto. Bitcoin used a cryptographic hash function ( SHA-256) as its proof-of-work scheme. In 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship difficult.In October of the same year, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256.

Peercoin was the first to use a proof-of-work/proof-of-stake hybrid.In 2014, the UK Treasury was commissioned to do a study of cryptocurrencies, and what role, if any, they can play in the UK economy.

General introduction to Greenshilling

Greenshilling is a consensus network that enables a new payment system and a completely digital money. It is the a peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Greenshilling is in effect cash for the Internet. Greenshilling is unique because it is directly linked to environmental projects that help to protect the planet – striving to establish and maintain a better, safer, and cleaner environment for all species that inhabit the earth. Greenshilling’s goal is to become globally recognised as THE ecological cryptocurrency that can even be mined through environmentally friendly activity. The project is being developed by a collaboration of leading specialised companies spanning the globe.This exciting new cryptocurrency is not owned by anyone or any entity, much like no one owns the technology behind email. Greenshilling is controlled by all Greenshilling users around the world.

While developers are improving the software, they can’t force a change in the Greenshilling protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Greenshilling can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus. It will be transparent through a public ledger and meet all necessary protocols to be listed on public exchanges.

How does Greenshilling Work

Greenshilling is a network that allows a new form of monetary payment and medium of exchange. The currency is a decentralized peer-to-peer technology with no central point of issuance. Greenshilling’s network uses a dispersed public ledger as an economic deterrence against points of failure. Users and miners make up this vast network. They secure and update the public ledger collectively. The Greenshilling protocol contains a digital distributed ledger. Greenshilling brings financial inclusion and a new economy to every region in this world. It also prevents money from being centralized into the hands of an elite few at the expense of the many. Greenshilling eliminates the need for trust in large organizations and governments. From a user perspective.Greenshilling is nothing more than a mobile app or computer program that provides a personal Greenshilling wallet and allows a user to send and receive Greenshillings by

using them This is how Greenshilling works for most users, much as most drivers do not know how an internal combustion engine works – they simply start the car and drive it.Behind the scenes, the Greenshilling network is sharing a public ledger, sometimes known as a Block Chain. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending Greenshillings from their own Greenshilling addresses. In addition, anyone can process transactions using computing power and earn a reward in Greenshillings for this service. This is often called “mining”.

Greenshilling Development

Greenshilling code has been developed through a collaboration of international Companies and developers to be the first Cryptocurrency to benefit the environment, an Eco-currency.

Greenshilling has been designed with trust in cryptography over central authorities.

Greenshilling is dependent on the public ledger or blockchain that underlies and structures the system.

Benefits of Greenshilling

• Payment Freedom

With Greenshilling it is possible to be able to send and receive money anywhere in the world at any time of the day or night. There are no concerns about crossing borders, rescheduling for bank holidays or any of the other limitations that can occur when transferring money in the old-fashioned way. Crucially, you are in direct control of your money with Greenshilling. There is no central authority figure in the Greenshilling network.

• Control and security

By allowing users to be in control of their own transactions helps to keep Greenshilling safe for the network. It is impossible for merchants to charge extra fees on anything without being noticed. Merchanst are obliged to stipulate fees before adding any charges. Payments via Greenshilling can be actioned and finalised without your personal information being tied to any transactions. And because all personal information is kept hidden from prying eyes, Greenshilling guarantees protection against identity theft. Greenshilling can and will be fully backed up and encrypted to ensure your money is safe and secure.

• Transparency of Information

To ensure transparency, all finalised transactions are available for everyone to see with the caveat that all personal information remains hidden of course. Your public address is viewable, however, your detailed personal information is not tied to this. Anyone can verify transactions at any time. Because of its strong cryptographically secure base Greenshilling protocol cannot be manipulated, adjusted or amended by any person, organisation or government.

• Extremely affordable – very low fees

Fees are attractively small within Greenshilling payments and remember, they all go towards environmentally-friendly activity. Digital currency exchanges help merchants process transactions by converting Greenshilling into fiat currency. Such services generally utilise lower fees than credit cards and online payment systems such as PayPal.

• Fewer risks for merchants

There are many advantages for merchants, not least of which is the knowledge that they are protected from any potential losses that might occur from fraud due to the fact that Greenshilling transactions are secre, cannot be reversed and do not carry personal information. With Greenshilling merchants are able to conduct safe business even where crime or fraud rates may be high because it is almost impossible to cheat or con anyone using Greenshilling because of the public ledger.

Potential Disadvantages

• Lack of awareness and understanding

At the moment many people remain unaware of digital cryptocurrencies (including Greenshilling) and how they work. People will need to be educated about Greenshilling in order to apply it to their lives. Therefore, networking is an absolute must to help spread the word on the many advantages of Greenshilling. Businesses are already accepting Greenshilling because of its advantages but at the moment that list is comparatively small when compared to physical currencies.

• Risk and volatility

Potentially, Greenshilling could have some volatility, due primarily to the fact that there is a limited amount of coins and the demand for those coins is rising with each passing day. However, it is anticipated that this volatility will decrease and as more and more businesses, medias and trading centres begin accepting Greenshilling, its price will eventually settle. Currently, Greenshilling price moves every day which means speculation can occur and, as with any exchange, there are potential losses as well as potential profits

• Still developing

Greenshilling is still in its infancy and carries some incomplete features that are in development. These new features, tools, and services are currently being improved to ensure the digital currency’s security and enhance accessibility. Because Greenshilling is just starting out, the currency needs growth before reaching its full potential. It will need to iron out any teething problems in the same way currency in its infancy would need to.

Why use Greenshilling?

Many internet-based enterprises and portals already accept and use Greenshilling as their primary means of exchange. But as Green shilling develops it will become more widely accepted in the high street. Greenshilling transcends cross-border trade and currency restrictions, helping to put the power back into the hands of retailers and consumers, allowing them to shop and sell to people across the globe at their discretion. Transaction fees go towards helping the environment – the significance and benefits of promoting awareness of and combatting this worldwide problem cannot be overstated.

Greenshilling:

• Removes Currency Problems.

• Removes Exchange Problems.

• Allows World-Wide Commerce.

• Maintains Security.

• Lowers Risk.

• Maintains Privacy.

• Removes credit card hassles and charges.

• Does away with expensive bank charges and processing costs.

• Removes charge-back problems.

Is Greenshilling used by people?

Yes. There is are a growing number of businesses and individuals using Greenshilling. These includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services. There are new portals for shopping and gaming that accept Greenshilling as currency, it can also even be used to establish your own business.

Trust in Greenshilling

Much of the trust in Greenshilling comes from the fact that it requires no trust at all. Greenshilling is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Greenshilling works.

All transactions and Greenshillings issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking.

No organization or individual can control Greenshilling, and the network remains secure even if not all of its users can be trusted.

Making money with Greenshilling?

You should never expect to get rich with Greenshilling or any emerging technology. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.

Greenshilling is innovative which offers business opportunities. Any bisiness opportunity includes risk. As with everything in life, there are no guarantees. Investing time and resources on anything related to Greenshilling requires entrepreneurship.

There are various ways to make money with Greenshilling such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.

Fully virtual and immaterial

Greenshilling is as virtual as the credit cards and online banking networks people use everyday.

Greenshilling can be used to pay online and in physical stores just like any other form of money. Greenshilling payments can also be made with a mobile phone. Greenshilling balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody.

In other words, Greenshilling users have exclusive control over their funds and Greenshillings cannot vanish just because they are virtual.

Anonymity

Greenshilling is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. Greenshilling is not anonymous and cannot offer the same level of privacy as cash. The use of Greenshilling leaves extensive public records. Mechanisms exist to protect users privacy.

There is still work to be done before these features are used correctly by most Greenshilling users. Concerns have been raised that private transactions could be used for illegal purposes but it is worth noting that Greenshilling will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Greenshilling cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. In addition, Greenshilling is designed to prevent a large range of financial crimes.

What happens when Greenshilling are lost?

When a user loses his wallet, it has the effect of removing money out of circulation.

Lost Greenshillings still remain in the public ledger, just like any other Greenshillings. Lost Greenshillings remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again.

Because of the law of supply and demand, when fewer Greenshillings are available, the ones that are left will be in higher demand and increase in value to compensate.

Greenshilling scale

The Greenshilling network can already process a much higher number of transactions per second than it does today. It is not currently ready to scale to the level of major credit card networks.

Work is underway to ensure that predicted future volumes can be met and future requirements are well known.

Since inception, every aspect of the Greenshilling network has been in a continuous process of maturation, optimization, and specialization and it should be expected to remain that way for years to come due to the innovative nature of technology and cryptocurrency.