The prospects of development of cryptocurrency are investigated

Next scientific seminar of department №4 was held at the Institute of Information Technology of ANAS. An employee of the Department Cemil Gurbanzade presented the report “Current state of the Cryptocurrency, development perspectives and methods for ”Mining” process”.

Gurbanzade said that in the modern era, cryptocurrency, called the "Gold of the Internet", is a type of digital currency and an electronic payment network. According to him, the first crypto-currency model was created in 2009 under the name "Bitcoin" (BTK). At present, there are hundreds of cryptcurrency called "altcoin".

Speaking about the advantages of the crypto currencies, the reporter noted that they are fast and safe, easy to use, and low on inflation, and are not controlled by a single center. The speaker also spoke about the many advantages of the Blokchain technology today. He said that this technology is not only applied in the field of crypto-currency. Also, it is possible to keep here information on various spheres of social life - loans, property rights, traffic rules, and marriage information.

Gurbanzada stressed that the cryptocurrency has several types “Ripple”, “Dash”, “Cardano”, “Litecoin” and so on. He also spoke about software such as "Diablo", "Easy Miner", "Bitminer" for processing bitcoin.

Later, the reporter showed some examples of "farms" producing bitcoins, different types of video cards, some algorithms for the dressing process, and comparative analysis of the electricity used in the processing of bitcoins.

Discussions were held around the report and questions were answered.

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