A peer-to-peer (P2P) digital economic system in which digital money that is protected by encryption is often employed as a means of exchange. These systems are entirely impervious to fraud and counterfeiting due to the use of cryptographic algorithms. The first cryptocurrency ever was released in 2009 under the pseudonym Satoshi Nakamoto. In order to eliminate the need for middlemen like banks or governmental organizations in digital financial transactions, Nakamoto set out to develop a unique electronic payment system. The decentralized framework used by the majority of cryptocurrency systems is collectively upheld by a distributed network of computers. A node is a computer (or other device) that connects to the network. Any physical object that is connected to a network and has the ability to transmit, receive and forward data is referred to as a node. Each node is assigned a category based on the tasks it completes for the system. Systems that employ cryptocurrency are seen as decentralized because they don't rely on a single central authority. The issuance and management of cryptocurrency units are based on pre-programmed algorithms and mathematical proofs, and network nodes are widely dispersed throughout the globe. But because each cryptocurrency operates in a unique way, there are different levels of decentralization. In other words, depending on the network architecture and the distribution of nodes, some cryptocurrencies may be regarded as being more decentralized than others. The majority of cryptocurrency systems are based on what is known as a blockchain, which is essentially an expanding list of data that is very hard to change. In the context of cryptocurrencies, a blockchain is responsible for maintaining a permanent record of all confirmed transactions (and accompanying data), all of which are encrypted by cryptography. A blockchain is composed of a linear chain of blocks, as its name suggests. Every cryptocurrency, in general, operates on top of a blockchain that follows a predetermined set of guidelines (i.e., an underlying protocol).