E-Cedi
E-cedi is a digital form of money that can be used to buy things online. It is like the money you have in your piggy bank, but instead of real coins and bills, it is stored in a special computer program called a "wallet".
When you want to use e-cedi, you need to have a special code called a "private key" that is like the secret password to your wallet. This private key keeps your e-cedi safe and makes sure that only you can use it.
When you want to buy something online using e-cedi, you tell the computer program to send some of your e-cedi to the person or company you are buying from. The program then verifies that you have enough e-cedi in your wallet and that you are the one sending it.
E-cedi is different from regular money because it is not controlled by a government or a bank. This means that it is not printed on paper or minted as coins like normal money. Instead, it exists only in the digital world and is created through a process called "mining".
Mining is like solving a very difficult puzzle on a computer. Miners use powerful computers to try and find the solution to this puzzle. Once the puzzle is solved, new e-cedi is created and added to the digital money system. This makes mining a bit like finding treasure!
The people who mine e-cedi are also responsible for making sure that all transactions with e-cedi are recorded in a special digital ledger called a "blockchain". The blockchain is like a big notebook that keeps track of who has how much e-cedi. This helps to prevent fraud and ensures that everyone can trust the e-cedi system.
In summary, e-cedi is a special type of digital money that you can use to buy things online. It is stored in a computer program called a wallet and is protected by a private key. E-cedi is created through a process called mining and transactions are recorded in a blockchain.
When you want to use e-cedi, you need to have a special code called a "private key" that is like the secret password to your wallet. This private key keeps your e-cedi safe and makes sure that only you can use it.
When you want to buy something online using e-cedi, you tell the computer program to send some of your e-cedi to the person or company you are buying from. The program then verifies that you have enough e-cedi in your wallet and that you are the one sending it.
E-cedi is different from regular money because it is not controlled by a government or a bank. This means that it is not printed on paper or minted as coins like normal money. Instead, it exists only in the digital world and is created through a process called "mining".
Mining is like solving a very difficult puzzle on a computer. Miners use powerful computers to try and find the solution to this puzzle. Once the puzzle is solved, new e-cedi is created and added to the digital money system. This makes mining a bit like finding treasure!
The people who mine e-cedi are also responsible for making sure that all transactions with e-cedi are recorded in a special digital ledger called a "blockchain". The blockchain is like a big notebook that keeps track of who has how much e-cedi. This helps to prevent fraud and ensures that everyone can trust the e-cedi system.
In summary, e-cedi is a special type of digital money that you can use to buy things online. It is stored in a computer program called a wallet and is protected by a private key. E-cedi is created through a process called mining and transactions are recorded in a blockchain.