Explore Task Written response

Explore – Impact of Computing InnovationsWritten Response Submission Template

Please see Assessment Overview and Performance Task Directions for Student for the task directions and recommended word counts.

Computational Artifact

2a)

FORMTEXT My Computing Innovation is cryptocurrency which is basically a digitalized form of money. It works by a person giving money to a money transmitter, which in turn digitalizes the amount and sends it to a money exchanger which converts the amount into Cryptocurrency. The amount is then sent to another person who purchases goods and services with it or converts it into physical money through a money exchanger.

The whole process is encrypted using cryptography to ensure security.(Cryptocurrency Facts)2b)

FORMTEXT I used Canva to create my Artifact. I gathered relevant images using Canva’s picture library and an online search. To better understand my Artifact, I used captions underneath the images and implemented the pictures in a flowchart.

© 2019 CryptoCurrency Facts”How Does Cryptocurrency Work? (for Beginners)”,Cryptocurrency Facts

Computing Innovation

2c)

FORMTEXT One benefit of Cryptocurrency would be its recognition at universal level.

Since exchange rates,transaction charges and interest rates do not apply to Cryptocurrecy, it makes it easier to use across borders. This could potentially save considerable amounts of money otherwise spent on exchange rates.(Huffpost)

A negstive effect of Cryptocurrency would be its greatest strength; its security (Forbes). Since Cryptocurrency can be used anywhere and is virtually untraceable, it has become the currency of choice for criminals who operate on the Dark Web. This is where illegal transactions happen.

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Cryptographic forms of money can without much of a stretch be utilized to purchase from these sites. This, thus, expels cash from the public’s pockets and places them in that of the lawbreakers. The issue is, this cash would ordinarily have a limited sum. Yet, since the digital money esteems continue expanding, these sums can practically end up unending as an ever increasing number of clients dig into them. This could potentially have a drastic effect on the global economy as the value of the dollar would fluctuate a lot.2d)

FORMTEXT Every single affirmed exchange from the beginning of a cryptographic money’s creation are put away in a public ledger. A public ledger is “a chain of blocks on which a transaction is recorded”(Investopedia).The identities of the coin proprietors are scrambled, and the framework utilizes other cryptographic systems to guarantee the authenticity of record keeping. The record guarantees that relating “digital wallets” can ascertain a precise spendable balance. Additionally, new exchanges can be checked to guarantee that every exchange utilizes just coins at present possessed by the spender. Bitcoin considers this open record a”transaction blockchain.”

Cryptocurrrency operates by taking a digital value of money, then running it through a money exchanger, which converts the amount into Cryptocurrency.An exchange of funds between two digital wallets is known as a transaction. That exchange gets submitted to a public ledger and anticipates affirmation. Wallets utilize a scrambled electronic mark when an exchange is made. The mark is an encoded bit of information called a cryptographic mark and it gives a scientific verification that the exchange originated from the proprietor of the wallet.

A privacy concern would be that due to the public nature of Bitcoin Blockchain, it would be possible to discern users based on usage patterns of certain addresses and transactions. In addition, IP addresses can be leaked during transactions.

References

2e)

FORMTEXT [1] © 2019 CryptoCurrency Facts”How Does Cryptocurrency Work? (for Beginners)”,Cryptocurrency Facts

[2] Rosic, Amir”7 Incredible Benefits Of Cryptocurrency”,Huffpost, 11/23/2016 09:48 am

[3] Disparte,Dante “Beware Of Crypto Risks – 10 Risks To Watch”, Forbes,Jul 21, 2018, 05:34pm,

[4] Shobit,Seth, “What is a Cryptocurrency Public Ledger?”, Investopedia, Apr 25, 2018 ,