The primary purpose of cryptocurrency, a digital currency, was to create ‘One World-One Currency’, said the Tamil Nadu Crypto Club Members Association on Wednesday.
At a press meet held to promote awareness of digital currency, the members said cryptocurrency worked on advanced technology called ‘BlockChain Technology’ in which all information was encrypted in a cryptographic software language in every chain of blocks in a decentralised public ledger system.
Hackers would not be able to hack information in the technology as the encrypted information cannot be edited or deleted.
‘Safe and secure’
Cryptocurrency functioned in a safe and secure manner and also with the highest transparency. No third-party intervention was possible.
Any individual from any part of the world could send money anywhere without service charge. In the future, investment in cryptocurrency would supersede investment in gold, land and mutual funds, said C. Kandasamy, member of the Tamil Nadu Crypto Club Members Association.
