Presidential Digital Transformation Office Shared Cryptocurrency Definition

Cryptocurrencies, which have been the focus of attention in the recent period, have been subject to legal regulations in Turkey, as in many countries.

Presidential Digital Transformation Office shared the definition of cryptocurrency. Recently, the rapidly growing cryptocurrencies, which attracted the attention of many investors around the world, were subject to legal regulations in Turkey, as in many countries. In the statements made by the authorized names recently, it was given the message that there will be clear regulations for cryptocurrencies. The Presidential Digital Transformation Office has recently included a few new terms in its glossary for cryptocurrency and blockchain technology. In the statement made on Twitter, following were noted; "We continue to process the terms you often hear about blockchain." According to this statement, the term cryptocurrency is "virtual currencies created for use as a payment tool in the blockchain network. Since its decentralized use is secured by cryptographic mathematical operations, it is referred to as cryptocurrency. Ownership or exchange of any goods or services in the blockchain network is primarily achieved by defining it as a digital value, ie token. " It was defined as. While the word "virtual" is frequently criticized by the crypto community, the definition of "digital currency" is preferred instead. Crypto wallet: It is the cryptographically encrypted storage of reference information required to make transactions with cryptocurrencies or digital values ​​on the blockchain network. Public and private keys are used as reference information in transactions such as buying, selling and investment. Although the name of the wallet is given, no currency or unit of value is kept on it. Crypto mining: All of the verification processes in blockchains where cryptographic math problems are solved by the participants in consensus mechanisms. Since solving mathematical problems is difficult and takes time, these operations have been identified with mining. Reconciliation mechanisms: Mechanisms that enable transactions on the blockchain network to be verified and approved by a certain majority of participants. In this way, it is ensured that the information is recorded in an accurate, secure and unchangeable manner. The most commonly used ones; proof of work and proof of stake mechanisms.