Blockchain Glossary

Algorithm

Algorithm

August 10th, 2021   |   Updated on March 11th, 2022

Cryptocurrency is a digital currency in which encryption is used for the regulation and generation of units of currency.

Cryptocurrency uses cryptography for security and block chain technology to record transactions.

This mechanism from adding to the chain of records to validating transactions in its entirety is referenced as a blockchain algorithm.

Blockchain developers are working on ensuring that each individual controls their own algorithms and personal data related to identity.