To realize digital cash, you require a payment network with accounts, balances and transactions. One problem that every payment network has to solve, is to prevent that one entity spends the same amount twice. This is usually done by a central server who keeps record of the balances. CORUSBLOCK runs within a decetralized network. There is no central server. Every entity within the network is required to do this job. Any peer in the network needs to have a list with all transactions, to check whether future transactions are valid. This is a so-called peer-to-peer network.
CORUSBLOCK is a so-called cryptocurrency institution. Today, cryptocurrencies have become a global phenomenon known to most people. Still somehow not understood by most people, banks, governments and many companies are aware of its importance.
In the upcoming years, we will watch national governments take rapid steps towards instituting a cashless society where people transact using centralized digital currencies. At the same time, the decentralized cryptocurrencies, that some even view as harder money, will see increased use from all sectors.
If you strip all the surroundings of cryptocurrencies and reduce it to a simple definition, you will see it is just limited entries in a database no one can change without fulfilling specific conditions. This may seem very ordinary, but this is exactly how you can define a currency.
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