What is Blockchain?

Blockchain is the most important part of bitcoin's peer-to-peer electronic payment system. Bitcoin system uses Blockchain in order to record transactions. In order words, Blockchain is a decentralized public ledger of economic transactions which holds not only financial transactions but also all the things of value.

All the completed blocks (or transactions) are recorded and added in a sequential manner. All the users in the distributed network maintain a copy of the ledger in order to avoid a single point of failure and they are updated regularly.

What is mining?

Cryptocurrency mining is a process using which transactions of different kinds of cryptocurrency are verified and then added into the digital ledger.

Cryptocurrency mining mainly includes two things: adding new transactions into the blockchain and secondly launching a new currency.

In order to mine any bitcoin or altcoin, one needs to have high computational power and a specific software. It is similar to solving a puzzle. Whenever a user solves the puzzle, the user will discover a block, and a certain amount of bitcoins or altcoins will be rewarded to the user.

What are Airdrops?

Airdrop is a process in which the Cryptocurrency firms distribute cryptocurrency tokens to the wallets of the users in order to get attention and enhance adoption of new cryptocurrency.

There are mainly two types of Airdrops: Surprised and Announced.
A new Blockchain based startup will always announce the pre-sale of tokens via Airdrop. However, an already established firm will conduct surprised Airdrops.

Reasons for Conducting Airdrop

- To provide details about the New Cryptocurrency
- To reward all the loyal customers
- To Generate Leads
- To build a community for the new project

Since the last 2-3 years, Airdrops have gained a lot of attraction and it is the main marketing technique used by Startups to gain the attraction of users.

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What are bounties?

Bounties are simple jobs, tasks or projects which are mainly created by the coin developer. As soon as you complete the task, you will get the reward in the form of coin.

You may have a question, what kind of tasks I have to perform? You just have to perform very simple tasks such as promoting the new coin on twitter, facebook or Instagram, joining the telegram channel. Encouraging users to take part in ICO by posting in various forums such as reddit and Bitcointalk.

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