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1.What is cryptocurrency?
Cryptocurrency is a digital asset that generates, stores, and manages data using cryptographic technology in a decentralized network. Unlike traditional assets, it operates without the control of central governments or banks and is managed through mutual verification of data by network participants. Cryptocurrency is mainly used as a means of transaction and value storage, with security maintained through blockchain technology. In the future, it is highly likely to be utilized as a ledger that guarantees the integrity and transparency of data in various businesses.
1.What is cryptocurrency?
Cryptocurrency is a digital asset that generates, stores, and manages data using cryptographic technology in a decentralized network. Unlike traditional assets, it operates without the control of central governments or banks and is managed through mutual verification of data by network participants. Cryptocurrency is mainly used as a means of transaction and value storage, with security maintained through blockchain technology. In the future, it is highly likely to be utilized as a ledger that guarantees the integrity and transparency of data in various businesses.
2.What is a cryptocurrency wallet? What is a cryptocurrency wallet address?
A cryptocurrency wallet refers to a software or hardware device that can securely store and manage your cryptocurrencies. Cryptocurrencies operate as a ledger, and a cryptocurrency wallet uses two main keys: a public key and a private key. These keys are created based on complex cryptographic techniques. The private key is unidirectional, meaning the person who has the private key can know both the private and public keys. The private key can be configured with any number between 1 and n-1, such as a PIN number or signature, and an encryption key is created by putting a cryptographically secure random bit into a hash algorithm. Therefore, the private key is a randomly chosen single number. The randomly generated private key shows the corresponding address. The person with the private key can receive or send cryptocurrencies to the corresponding address.
2.What is a cryptocurrency wallet? What is a cryptocurrency wallet address?
A cryptocurrency wallet refers to a software or hardware device that can securely store and manage your cryptocurrencies. Cryptocurrencies operate as a ledger, and a cryptocurrency wallet uses two main keys: a public key and a private key. These keys are created based on complex cryptographic techniques. The private key is unidirectional, meaning the person who has the private key can know both the private and public keys. The private key can be configured with any number between 1 and n-1, such as a PIN number or signature, and an encryption key is created by putting a cryptographically secure random bit into a hash algorithm. Therefore, the private key is a randomly chosen single number. The randomly generated private key shows the corresponding address. The person with the private key can receive or send cryptocurrencies to the corresponding address.
3.What are private keys and public keys?
Cryptocurrency wallets have two keys: the public key and the private key. The public key is an address that can receive crypto. Think of it like a bank account number that can be shared with others. On the other hand, the private key proves ownership of the cryptocurrency and is used to sign transactions. If this private key is exposed, you could lose your cryptocurrency, so it must be kept strictly confidential. It can be thought of as similar to the password for a bank account.
3.What are private keys and public keys?
Cryptocurrency wallets have two keys: the public key and the private key. The public key is an address that can receive crypto. Think of it like a bank account number that can be shared with others. On the other hand, the private key proves ownership of the cryptocurrency and is used to sign transactions. If this private key is exposed, you could lose your cryptocurrency, so it must be kept strictly confidential. It can be thought of as similar to the password for a bank account.
4. What is mining?
Mining refers to the process of verifying new transactions on a blockchain network and adding new blocks if the hash value of the transaction is correct. Miners participate in this network to confirm the validity of new transactions and receive rewards in return. In the cryptocurrency industry, mining is mainly conducted using the Proof of Work (PoW) method. The Proof of Work method involves solving complex mathematical calculations using computer power to find the hash value of a block header. Miners involved in mining verify the hash value found by other miners to determine its validity. Other methods include algorithms such as Proof of Stake (PoS) and Delegated Proof of Stake (DPoS)
4. What is mining?
Mining refers to the process of verifying new transactions on a blockchain network and adding new blocks if the hash value of the transaction is correct. Miners participate in this network to confirm the validity of new transactions and receive rewards in return. In the cryptocurrency industry, mining is mainly conducted using the Proof of Work (PoW) method. The Proof of Work method involves solving complex mathematical calculations using computer power to find the hash value of a block header. Miners involved in mining verify the hash value found by other miners to determine its validity. Other methods include algorithms such as Proof of Stake (PoS) and Delegated Proof of Stake (DPoS)
5. What is the halving?
The halving refers to an event where mining rewards are halved at regular intervals. Among cryptocurrencies, the most representative is Bitcoin, which verifies newly generated transactions by numerous nodes worldwide. Nodes verify the data to determine if the transaction is fraudulent, and if valid, they add a new block. Nodes participating in the cryptocurrency network contribute to its stability by helping to generate blocks. These nodes are rewarded with a certain amount of cryptocurrency for providing stability, a process known as mining. According to Bitcoin's design, the reward for Bitcoin is halved approximately every four years, and this halving event is called the halving. BTC MOBICK, a coin created by hard forking Bitcoin, also has a halving event similar to Bitcoin.
5. What is the halving?
The halving refers to an event where mining rewards are halved at regular intervals. Among cryptocurrencies, the most representative is Bitcoin, which verifies newly generated transactions by numerous nodes worldwide. Nodes verify the data to determine if the transaction is fraudulent, and if valid, they add a new block. Nodes participating in the cryptocurrency network contribute to its stability by helping to generate blocks. These nodes are rewarded with a certain amount of cryptocurrency for providing stability, a process known as mining. According to Bitcoin's design, the reward for Bitcoin is halved approximately every four years, and this halving event is called the halving. BTC MOBICK, a coin created by hard forking Bitcoin, also has a halving event similar to Bitcoin.
6. What is a node?
A node plays a role in transmitting, verifying, and storing information in a blockchain network. Simply put, it can be understood as a computer that participates in information verification. Each node copies and stores transaction information that is publicly available through the network. Since many nodes, not just one, participate in the network to copy and store data, the blockchain can manage data transparently.
6. What is a node?
A node plays a role in transmitting, verifying, and storing information in a blockchain network. Simply put, it can be understood as a computer that participates in information verification. Each node copies and stores transaction information that is publicly available through the network. Since many nodes, not just one, participate in the network to copy and store data, the blockchain can manage data transparently.
7. What is decentralization?
In cryptocurrency, decentralization refers to a state where data is managed by individual users or nodes rather than being controlled by a specific central authority or single entity. In a decentralized system, the operation and decision-making of the network are carried out by many participants. Therefore, decisions are not made or guaranteed by central institutions such as the government or banks. Decentralization prevents individual data censorship, and transactions and data that are publicly accessible increase the reliability of the ledger. Consequently, cryptocurrency can protect individual financial autonomy and privacy without the guarantee of central institutions.
7. What is decentralization?
In cryptocurrency, decentralization refers to a state where data is managed by individual users or nodes rather than being controlled by a specific central authority or single entity. In a decentralized system, the operation and decision-making of the network are carried out by many participants. Therefore, decisions are not made or guaranteed by central institutions such as the government or banks. Decentralization prevents individual data censorship, and transactions and data that are publicly accessible increase the reliability of the ledger. Consequently, cryptocurrency can protect individual financial autonomy and privacy without the guarantee of central institutions.
8. What is DeFi?
DeFi (Decentralized Finance) refers to a decentralized financial system. It aims to replace or complement traditional centralized financial systems by utilizing blockchain technology. DeFi operates through smart contracts and blockchain networks without intermediaries or guarantors. Due to the nature of blockchain, transactions are processed transparently. Anyone who can access the network without special permission can participate in DeFi platforms. Additionally, DeFi apps are interconnected, allowing for the creation of various financial services such as lending, deposits, and trading.
8. What is DeFi?
DeFi (Decentralized Finance) refers to a decentralized financial system. It aims to replace or complement traditional centralized financial systems by utilizing blockchain technology. DeFi operates through smart contracts and blockchain networks without intermediaries or guarantors. Due to the nature of blockchain, transactions are processed transparently. Anyone who can access the network without special permission can participate in DeFi platforms. Additionally, DeFi apps are interconnected, allowing for the creation of various financial services such as lending, deposits, and trading.
9. What is a smart contract?
A smart contract refers to a digital contract that automatically executes when predefined conditions are met, utilizing blockchain technology. Smart contracts allow for reliable agreements without intermediaries through a decentralized network. Because the code and terms of the smart contract are recorded on the blockchain, transparent contracts can be established. By executing automated processes, smart contracts can save the costs and time traditionally required for contract execution, and they have potential future applications in financial services, real estate transactions, supply chain management, digital identity, and more. It is anticipated that smart contracts will simplify global commerce, reduce intermediary costs, and bring about innovative changes in commercial transactions.
9. What is a smart contract?
A smart contract refers to a digital contract that automatically executes when predefined conditions are met, utilizing blockchain technology. Smart contracts allow for reliable agreements without intermediaries through a decentralized network. Because the code and terms of the smart contract are recorded on the blockchain, transparent contracts can be established. By executing automated processes, smart contracts can save the costs and time traditionally required for contract execution, and they have potential future applications in financial services, real estate transactions, supply chain management, digital identity, and more. It is anticipated that smart contracts will simplify global commerce, reduce intermediary costs, and bring about innovative changes in commercial transactions.
10. What is a private chain?
A private chain refers to a blockchain network that the general public cannot access, and the nodes that can participate in the network are limited. Since the nodes that can participate in a private chain are restricted to those that have been pre-approved, it is mainly managed and operated by specific organizations or groups. The limited accessibility of private chains enhances the security and privacy of the network. Therefore, companies where security is critical use private chains for specific purposes such as internal transactions, data management, and supply chain management. In BTC MOBICK's initial project, the mining power of BTC MOBICK was very weak, raising concerns that the Bitmobik ledger might be wiped out. To protect the ledger, BTC MOBICK project started in the form of a private chain. Later, as BTC MOBICK ecosystem gradually expanded and mining companies joined the ecosystem, BTC MOBICK will transition to a public chain. Since BTC MOBICK already has a market value, it is expected that when the private chain transitions to a public chain, miners will gather quickly, enabling the operation of a stable network.
10. What is a private chain?
A private chain refers to a blockchain network that the general public cannot access, and the nodes that can participate in the network are limited. Since the nodes that can participate in a private chain are restricted to those that have been pre-approved, it is mainly managed and operated by specific organizations or groups. The limited accessibility of private chains enhances the security and privacy of the network. Therefore, companies where security is critical use private chains for specific purposes such as internal transactions, data management, and supply chain management. In BTC MOBICK's initial project, the mining power of BTC MOBICK was very weak, raising concerns that the Bitmobik ledger might be wiped out. To protect the ledger, BTC MOBICK project started in the form of a private chain. Later, as BTC MOBICK ecosystem gradually expanded and mining companies joined the ecosystem, BTC MOBICK will transition to a public chain. Since BTC MOBICK already has a market value, it is expected that when the private chain transitions to a public chain, miners will gather quickly, enabling the operation of a stable network.
11. What is hash rate?
Hash rate is an important concept in Proof of Work (PoW) based cryptocurrency networks, referring to the number of hash calculations that can be performed per second. A hash is a fixed-length output value representing the randomness of data, and blockchain networks mainly use cryptographic hash functions. A high hash rate means that many miners are participating in the network, indicating that the network is stable. The higher the hash rate, the exponentially greater the computational power required to attack the network. As the hash rate increases, the difficulty of mining also increases, and if the difficulty becomes too high, the network automatically adjusts the block generation difficulty to maintain an appropriate level.
11. What is hash rate?
Hash rate is an important concept in Proof of Work (PoW) based cryptocurrency networks, referring to the number of hash calculations that can be performed per second. A hash is a fixed-length output value representing the randomness of data, and blockchain networks mainly use cryptographic hash functions. A high hash rate means that many miners are participating in the network, indicating that the network is stable. The higher the hash rate, the exponentially greater the computational power required to attack the network. As the hash rate increases, the difficulty of mining also increases, and if the difficulty becomes too high, the network automatically adjusts the block generation difficulty to maintain an appropriate level.
12. What is P2P?
P2P (Peer-to-Peer) refers to a method where individual participants within a network directly exchange data or conduct transactions with each other. P2P involves direct transactions between individuals without going through centralized servers or institutions. Being decentralized, it helps protect participants' personal information as no specific institution or individual controls the network. Users can directly trade with other users on the network, benefiting from secure transactions without the need for guarantees or authentication from central institutions. P2P exchanges provide platforms where users can directly buy and sell cryptocurrencies, reducing transaction fees and increasing transparency. This approach overcomes the limitations of traditional financial systems and contributes to greater financial freedom for individuals.
12. What is P2P?
P2P (Peer-to-Peer) refers to a method where individual participants within a network directly exchange data or conduct transactions with each other. P2P involves direct transactions between individuals without going through centralized servers or institutions. Being decentralized, it helps protect participants' personal information as no specific institution or individual controls the network. Users can directly trade with other users on the network, benefiting from secure transactions without the need for guarantees or authentication from central institutions. P2P exchanges provide platforms where users can directly buy and sell cryptocurrencies, reducing transaction fees and increasing transparency. This approach overcomes the limitations of traditional financial systems and contributes to greater financial freedom for individuals.
13. What is a lock-up?
A lock-up refers to the practice of locking certain cryptocurrencies or tokens so that they cannot be sold or traded for a specified period. This helps prevent a large influx of newly distributed cryptocurrencies or tokens from being sold off immediately in the market during the early stages of a new cryptocurrency project. The lock-up is implemented to prevent a sudden increase in supply and to maintain price stability. Additionally, the lock-up encourages early investors to remain involved in and contribute to the project. Once the lock-up period ends, the locked-up amount can be freely traded, and this is known as the lock-up release.
13. What is a lock-up?
A lock-up refers to the practice of locking certain cryptocurrencies or tokens so that they cannot be sold or traded for a specified period. This helps prevent a large influx of newly distributed cryptocurrencies or tokens from being sold off immediately in the market during the early stages of a new cryptocurrency project. The lock-up is implemented to prevent a sudden increase in supply and to maintain price stability. Additionally, the lock-up encourages early investors to remain involved in and contribute to the project. Once the lock-up period ends, the locked-up amount can be freely traded, and this is known as the lock-up release.
14. What is staking?
Staking refers to the process of depositing your cryptocurrency into a blockchain network and receiving rewards in return. Staking is primarily used in blockchains that employ Proof of Stake (PoS) or other consensus algorithms. Users lock their cryptocurrency for a certain period and participate in a staking contract. The staked assets are used in the network’s validation and consensus processes. Users who participate in staking receive rewards in proportion to the amount of assets they have staked. Staking enhances the network’s security by giving participants an economic interest in its success. It is a mechanism that contributes to the security and operation of the cryptocurrency network while providing income to holders.
14. What is staking?
Staking refers to the process of depositing your cryptocurrency into a blockchain network and receiving rewards in return. Staking is primarily used in blockchains that employ Proof of Stake (PoS) or other consensus algorithms. Users lock their cryptocurrency for a certain period and participate in a staking contract. The staked assets are used in the network’s validation and consensus processes. Users who participate in staking receive rewards in proportion to the amount of assets they have staked. Staking enhances the network’s security by giving participants an economic interest in its success. It is a mechanism that contributes to the security and operation of the cryptocurrency network while providing income to holders.
15. What is a token?
A token is a type of digital asset issued on a blockchain network for specific purposes or functions, primarily through smart contracts. Tokens include utility tokens, which are used within specific platforms or services; security tokens, which represent ownership; and payment tokens, which are used as a means of payment for goods or services.
15. What is a token?
A token is a type of digital asset issued on a blockchain network for specific purposes or functions, primarily through smart contracts. Tokens include utility tokens, which are used within specific platforms or services; security tokens, which represent ownership; and payment tokens, which are used as a means of payment for goods or services.
16. What is an NFT?
An NFT (Non-Fungible Token) is a token that represents a unique and irreplaceable digital asset. Unlike many tokens that are identical and interchangeable, each NFT has a distinct and unique value. Due to its uniqueness, an NFT cannot be replaced by another token and is primarily used to guarantee the rarity and ownership of digital assets. NFTs are utilized to prove and verify the authenticity of unique ownership in music, art, videos, game items, and more.
16. What is an NFT?
An NFT (Non-Fungible Token) is a token that represents a unique and irreplaceable digital asset. Unlike many tokens that are identical and interchangeable, each NFT has a distinct and unique value. Due to its uniqueness, an NFT cannot be replaced by another token and is primarily used to guarantee the rarity and ownership of digital assets. NFTs are utilized to prove and verify the authenticity of unique ownership in music, art, videos, game items, and more.
17. What is identity verification, SBT?
Identity verification, SBT refers to a blockchain used for identity verification in the digital world. It is commonly known as a Soulbound Token (SBT). A Soulbound Token is a unique, non-fungible token similar to an NFT, but unlike NFTs, it cannot be transferred or traded. The identity verification blockchain can authenticate a person's identity through their wallet, and it can represent individuals, organizations, attributes, achievements, statuses, and more. Digital identity is considered an essential technology for verifying ownership and authenticity in the digital world.
17. What is identity verification, SBT?
Identity verification, SBT refers to a blockchain used for identity verification in the digital world. It is commonly known as a Soulbound Token (SBT). A Soulbound Token is a unique, non-fungible token similar to an NFT, but unlike NFTs, it cannot be transferred or traded. The identity verification blockchain can authenticate a person's identity through their wallet, and it can represent individuals, organizations, attributes, achievements, statuses, and more. Digital identity is considered an essential technology for verifying ownership and authenticity in the digital world.
18. What is Web 3.0?
Web 3.0 refers to the next generation of internet evolution, combining decentralized, blockchain technology, artificial intelligence, and the Internet of Things (IoT) to provide a user-centric network. In Web 3.0, data is managed and services are provided using a decentralized network, without relying on central servers or databases. Users have full ownership of their data and can control how their data is used. This ensures the protection of personal information and transparent data usage. In the world of Web 3.0, users can directly own and trade assets without intermediaries. Contracts are automated through smart contracts, allowing users to prevent data leaks and misuse.
18. What is Web 3.0?
Web 3.0 refers to the next generation of internet evolution, combining decentralized, blockchain technology, artificial intelligence, and the Internet of Things (IoT) to provide a user-centric network. In Web 3.0, data is managed and services are provided using a decentralized network, without relying on central servers or databases. Users have full ownership of their data and can control how their data is used. This ensures the protection of personal information and transparent data usage. In the world of Web 3.0, users can directly own and trade assets without intermediaries. Contracts are automated through smart contracts, allowing users to prevent data leaks and misuse.
19. What is the metaverse?
The metaverse is a digital space created using virtual reality and augmented reality technologies, where users can interact and share experiences within the metaverse. As the next evolution of the internet progresses, the boundaries between the real and digital worlds will blur in the metaverse. In the metaverse, various activities such as business, education, gaming, and social interactions are possible. Cryptocurrencies are one of the essential infrastructures for contracts and payments within the metaverse.
19. What is the metaverse?
The metaverse is a digital space created using virtual reality and augmented reality technologies, where users can interact and share experiences within the metaverse. As the next evolution of the internet progresses, the boundaries between the real and digital worlds will blur in the metaverse. In the metaverse, various activities such as business, education, gaming, and social interactions are possible. Cryptocurrencies are one of the essential infrastructures for contracts and payments within the metaverse.
20. What is Layer 2?
Layer 2 refers to supplementary protocols or frameworks built on top of an existing blockchain to expand its performance and improve its speed. Layer 2 primarily increases the transaction processing capacity of the blockchain, alleviates network congestion, and reduces transaction fees, thereby enhancing the network's overall performance. It also allows for the efficient deployment of various applications on the blockchain.
20. What is Layer 2?
Layer 2 refers to supplementary protocols or frameworks built on top of an existing blockchain to expand its performance and improve its speed. Layer 2 primarily increases the transaction processing capacity of the blockchain, alleviates network congestion, and reduces transaction fees, thereby enhancing the network's overall performance. It also allows for the efficient deployment of various applications on the blockchain.
21. What is the currency phenomenon?
In BTC MOBICK, the currency phenomenon refers to the process where something that had only subjective value gains objective value as a group of people assign value to it. Early Bitcoin was just digital fragments, but as people began to assign value to it, the currency phenomenon emerged. BTC MOBICK is recreating Bitcoin's currency phenomenon. The currency phenomenon experiment of BTC MOBICK started with the assumption that "currency is a sunk cost phenomenon." While considering sunk costs is an irrational choice economically, the assumption was made that Bitcoin's currency phenomenon could be recreated because, socially, many people take sunk costs into account.
21. What is the currency phenomenon?
In BTC MOBICK, the currency phenomenon refers to the process where something that had only subjective value gains objective value as a group of people assign value to it. Early Bitcoin was just digital fragments, but as people began to assign value to it, the currency phenomenon emerged. BTC MOBICK is recreating Bitcoin's currency phenomenon. The currency phenomenon experiment of BTC MOBICK started with the assumption that "currency is a sunk cost phenomenon." While considering sunk costs is an irrational choice economically, the assumption was made that Bitcoin's currency phenomenon could be recreated because, socially, many people take sunk costs into account.
22. What is the Whale Hunting Project?
The Whale Hunting Project is a part of BTC MOBICK project aimed at reducing the risk of lost coins within the Bitcoin ecosystem. If a user with a Bitcoin address that had no activity before BTC MOBICK's hard fork creates a new transaction, the owner of that Bitcoin address has the right to claim BTC MOBICK. This project seeks to reduce uncertainty in the blockchain industry by encouraging the movement of coins from Bitcoin addresses that have been inactive for over 10 years. Details such as the claim targets and claim periods for the Whale Hunting Project will be decided through discussions within BTC MOBICK ecosystem.
22. What is the Whale Hunting Project?
The Whale Hunting Project is a part of BTC MOBICK project aimed at reducing the risk of lost coins within the Bitcoin ecosystem. If a user with a Bitcoin address that had no activity before BTC MOBICK's hard fork creates a new transaction, the owner of that Bitcoin address has the right to claim BTC MOBICK. This project seeks to reduce uncertainty in the blockchain industry by encouraging the movement of coins from Bitcoin addresses that have been inactive for over 10 years. Details such as the claim targets and claim periods for the Whale Hunting Project will be decided through discussions within BTC MOBICK ecosystem.
23. What is the Todaktodak Project?
The Todaktodak Project is a part of BTC MOBICK project, which aims to provide 1MO to mothers who give birth to children in South Korea starting in 2024. The Todaktodak Project aims to contribute to solving the low birth rate problem and expand the ecosystem's participants. BTC MOBICK will be given to mothers for free, and the amount provided will decrease each year. Therefore, mothers who participate in the Todaktodak Project in 2024 will receive 1MO, while those who participate in 2025 will receive 0.5MO, and those who participate in 2026 will receive 0.25MO, with the amount of BTC MOBICK provided halving each year.
23. What is the Todaktodak Project?
The Todaktodak Project is a part of BTC MOBICK project, which aims to provide 1MO to mothers who give birth to children in South Korea starting in 2024. The Todaktodak Project aims to contribute to solving the low birth rate problem and expand the ecosystem's participants. BTC MOBICK will be given to mothers for free, and the amount provided will decrease each year. Therefore, mothers who participate in the Todaktodak Project in 2024 will receive 1MO, while those who participate in 2025 will receive 0.5MO, and those who participate in 2026 will receive 0.25MO, with the amount of BTC MOBICK provided halving each year.