Cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Unlike the exchange of physical money in the reality of our world, cryptocurrency transfers exist purely as digital entries to an online database describing specific transactions. In the transfer of cryptocurrency, the transactions are recorded in a public ledger. Cryptocurrencies are generally not issued by any central authority; they are decentralized networks based on blockchain technology. This decentralized structure allows them to exist outside the control of governments and central authorities. They enable secure online payments without the use of third-party intermediaries, they are a virtual currency that uses cryptography for security and because of this, it is difficult to counterfeit because of this security feature.
Cryptocurrencies operate on a blockchain that records all transactions updated and held by currency holders. Mining is a process through which units o cryptocurrencies are created, it is a distributed consensus system that is used to confirm pending transactions by including them in the blockchain. It enforces a chronological order in the blockchain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. They can be stored and spent using cryptographic wallets.
A cryptocurrency transaction is a transfer of value between crypto wallets that gets included in the blockchain. The crypto wallets are known for a private key or seed which are peculiar to them, which is used to sign transactions, providing mathematical proof that they have come from the owner of the wallet. This seed also prevents the transaction from being altered by anybody once it has been issued. Cryptocurrency isn’t holding something tangible, but the ownership of a key that allows you to move a record or a unit of measure from one person to another. It is an electronic payment system based on cryptographic proof allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms. implemented to protect buyers.
Transactions have evolved all through the history of man, several means and methods of transactions have been adopted at different times and stages of history till this very day; From the Barter system which dates back to the Neolithic age, it is the exchange of material goods or services for other goods or services. It evolved with the rise of agricultural/livestock farming. Then, Coins made their first appearance from 680 to 560 BC, in contemporary Turkey. The use of coins became the new means of a transaction as barter posed difficulties for transactions sometimes, with certain transactions that included perishable goods. This resulted in the emergence of coins which were made of precious metals with a circular shape and were adopted as being the most practical means of transaction.
Coins were replaced by Paper money and banknotes because it was uncomfortable to carry coins in large quantities. Banknotes were first used in China in the 7th century, it was paper and didn’t weigh anything close to the coins which seemed easier to carry and ensured easier transactions. Every banknote was issued by a country’s authorities and from the 1970s they had to be backed by a certain amount of gold. Paper money and banknotes were supplemented by Bills of exchange and cheques, a document that guaranteed that the debtor would pay the creditor, or another person authorized to receive the money in the commercial document. Transactions went digital with the use of Cards, banks started to offer cards as a payment solution in 1958, as cards could be used to buy, withdraw, sell and transfer money. The first card was known as Visa. More advanced technologies were adopted in transactions with the advent of digital payments. Goods and services began to be sold through this new communication channel with the arrival of the Internet and the World Wide Web system in 1990. This new means of transaction offered the possibility of buying groceries from the comfort of your home via a computer and with the introduction of new technologies, it became possible to pay by mobile phone or digital watch. Now payments can be made through any establishment that accepts contactless payments, anywhere in the world. This is all done digitally, so your payments are more secure and convenient.
Digital transactions have been improved with the introduction of Cryptocurrencies. Wei Dai proposed the idea of creating a decentralized type of currency in 1998, which would be based on cryptography as a means of control. This resulted in the concept of Cryptocurrency. There were initial attempts to create a currency, which includes David Chaum’s DigiCash and eCash, but in 2009 Satoshi Nakamoto created the first cryptocurrency, called bitcoin. This gave rise to so many cryptocurrencies. Ever since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology. The conception of cryptocurrencies provided a new system for the control of money and transactions.
Initially, transactions will go through the system provided by the banking institution and these transactions use the centralized management system that is provided by the banking institution, the security of this transaction is monitored and validated by the bank. The central bank reserves the monopoly right to issue coins and banknotes for its area of circulation (a country or group of countries); it regulates the production of currency by banks through monetary policy. In this transaction, the value of the currency is decided using the exchange rate value. An exchange rate is a price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones.
With the change introduced by cryptocurrencies, the transaction now goes through a blockchain path. The blockchain ledger system is monitored and validated by the users involved and the ledger validation system uses a computer system. Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated using public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers. There are no physical bitcoins; only balances kept on a public ledger in the cloud. All Bitcoin transactions are verified by a massive amount of computing power. Every day, approximately $12 billion are transferred across the Bitcoin, Ethereum, and Litecoin blockchains, with millions of people using cryptocurrency for payments daily.
Cross-chain is an approach that facilitates blockchain interoperability building better scalability and inter-chain communications between different chains to exchange information and value. Also, it enhances blockchain intercommunication and enables asset swaps and transfers, which are essential to DeFi. The nature of transactions has further developed as the possibility of cross-chain transactions has been improved.
ClassZZ network which is powered by Te Waka protocol has made a remarkable effort which has booked them a permanent slot in the market share. ClassZZ network has proven to be a viable solution to the interoperability of blockchains, as a decentralized Cross-chain protocol for native tokens, it enables the boundless transfer of assets data and NFTs and facilitates seamless Crosschain transactions. The ClassZZ network is the first-ever public chain that supports smart contracts.
ClassZZ has made a major step into the future of Cross-chain and an improvement on the interoperability of blockchains, ClassZZ had provided a more Decentralized, Trustless, and Universal protocol, it is Trustless; as it enables native token to native token, no user deposits are needed, no mapped tokens involved. It is Universal; as just one protocol connects all smart contracts enabled blockchains, unlike Bridge protocols that connect only two blockchains at a time. It is Decentralized; as every part of the protocol is verified on a permissionless public chain, knowing that a network can be said to be permissionless if anyone can join and leave at any time.
ClassZZ has already supported cross-chain transactions of assets on ETH, HECO, BSC, OKChain, Gatechain, Polkadot, Solana, and other public chains. With our provision of seamless cross-chain transactions, decentralized exchanges (DEX) can now offer their users to trade tokens on other blockchains. ClassZZ network has also reduced the waiting time for withdrawals, as there is no more long withdrawal time when moving assets, it now takes only minutes for users to move assets in a quicker time as against the norm. It provides security facilitates the transfer of assets between blockchains as it is less vulnerable to attacks.
ClassZZ network have eradicated the challenges of interoperability, scalability, and inter-chain communications of blockchains and provided more secure and seamless Cross-chain transactions for users. Enhancing the interconnection of blockchain networks to enable the seamless transfer of assets, data, and even NFTs.
Max Supply: 1 Billion
Circulating Supply: 600 Million
More about CZZ
CZZ Explorer: https://scan.classzz.com/