What is ANG
Tokens
1. What is ang?
Cryptocurrency is a type of digital currency that enables transactions without the need for a third party, such as a bank. Here is a basic introduction to cryptocurrency:
Digital and Decentralised: Cryptocurrencies are digital, not physical. They do not rely on banks or third parties to process transactions; instead, transactions occur directly between users through a peer-to-peer network.
Blockchain Technology: Cryptocurrencies use blockchain technology to record and verify transactions. Blockchain is a distributed database that ensures the security and immutability of transactions through encryption and consensus mechanisms.
Private Keys and Encryption: Each cryptocurrency owner possesses a private key, which is used to decrypt and manage their cryptocurrency. Transaction information is encrypted, and only the owner can decrypt it.
Smart Contracts: Some cryptocurrencies, such as Ethereum and NEO, use smart contracts to automatically execute transactions under specific conditions. Smart contracts are programs stored on the blockchain that execute automatically when preset conditions are met.
Application Scenarios: Cryptocurrencies can serve not just as digital currencies but also for building applications on the blockchain (dApps). Ethereum and NEO are classic examples in this regard.
Transaction Validation: Cryptocurrency transactions are validated by nodes within the blockchain network. These nodes use computational functions to process transactions and ensure their validity through consensus mechanisms.
Miners and Mining: In certain cryptocurrencies, such as Bitcoin, miners validate transactions and create new blocks by solving complex mathematical problems. As a reward, miners may receive a small amount of cryptocurrency.
In summary, cryptocurrency is a digital currency based on blockchain technology, characterised by decentralisation, security, and transparency. It can serve as a digital currency and facilitate various applications and smart contracts.
2. Who created ang?
The creation of cryptocurrency is typically attributed to Satoshi Nakamoto, who published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” on October 31, 2008, proposing the concept of Bitcoin for the first time. However, the idea of digital currency was first mentioned in the 1980s, with David Chaum launching a digital currency called “eCash” through his company DigiCash in the 1990s, which positively influenced the evolution of cryptocurrencies. Satoshi Nakamoto's true identity remains one of the biggest mysteries in the cryptocurrency sphere to this day.
3. Which venture capitalists invested in ang?
Here are some venture capital companies and funds that have invested in the cryptocurrency and Web3 sectors:
a16z: The cryptocurrency venture capital fund of Andreessen Horowitz, which has raised $2.2 billion and plans to raise an additional $3.5 billion for a new cryptocurrency fund.
Electric Capital: Raised $1 billion for its two funds, investing in cryptocurrency startups, with one fund focused on equity and tokens, and the other solely on token purchases.
Bridgewater Associates: Plans to support an external cryptocurrency investment fund to enter the crypto space.
Ark Invest: Applied to launch a venture fund “ARK Venture Fund”, investing in companies involved in disruptive innovation, including those related to cryptocurrency and blockchain technology.
Dragonfly Capital: Raised $500 million for the new fund Dragonfly Ventures III Feeder Fund, focusing on NFTs, DeFi, Ethereum Layer 2 solutions, etc.
Infinity Ventures Crypto: Raised $70 million for its first fund, investing in Web3 startups in Asia and America.
Hack VC: Launched a new $200 million fund focusing on early-stage investments in cryptocurrency, Web3, and blockchain startups.
Sequoia Capital: Introduced a cryptocurrency investment fund sized at $500-$600 million and confirmed a $900-$950 million ecosystem sub-fund and a $3.2-$3.5 billion expansion sub-fund.
776 Management: Raised $500 million for two new funds focusing on the cryptocurrency industry.
Brevan Howard: Invested $250 million through its BH Digital division in the cryptocurrency space.
These venture capital firms and funds have made substantial investments in the cryptocurrency and Web3 sectors, covering seed, pre-seed, and growth stage projects.
4. How does ang work?
The functioning of cryptocurrencies is based on blockchain technology, which is a decentralised, transparent, and immutable digital ledger. Here are the key points on how cryptocurrencies work:
Blockchain Fundamentals: Blockchain is a distributed ledger that records all cryptocurrency transactions. It consists of multiple “blocks,” with each block containing a set of transactions, connected to the previous block via encryption algorithms, forming a chain.
Transaction Process: When you want to send cryptocurrency, you need to input the recipient's wallet address and the amount of cryptocurrency you wish to send. The transaction is submitted to the network and validated through consensus algorithms (such as Proof of Work or Proof of Stake).
Consensus Algorithms: Consensus algorithms ensure the validity and security of transactions. For instance, Proof of Work (PoW) requires miners to use computers to solve complex mathematical problems to validate transactions and create new blocks.
Miners and Validators: Miners and validators are key participants in the blockchain network. Miners validate transactions and create new blocks by solving mathematical problems, while validators verify transactions and create blocks in Proof of Stake networks.
Cryptocurrency Nodes: Cryptocurrency nodes are computers within the blockchain network that store copies of the blockchain, validate and record new transactions, and ensure the network's security.
Anonymity: Cryptocurrencies protect user anonymity by using unique public wallet addresses. Although all transactions are public, no one can identify the initiator and recipient of a transaction.
Decentralisation: Blockchain technology enables the decentralisation of cryptocurrency networks, mitigating the centralisation risks faced by traditional banking institutions, such as data breaches and human error.
In conclusion, the operation of cryptocurrencies relies on the collaboration of blockchain technology, consensus algorithms, miners and validators, and cryptocurrency nodes to ensure the security, transparency, and anonymity of transactions.
