FREQUENTLY ASKED QUESTIONS
What is Stohn Coin?
Stohn Coin is a decentralized digital currency, often referred to as a cryptocurrency, that was created in 2021. It is based on a peer-to-peer network where users can send and receive payments without the need for an intermediary such as a bank or payment processor.
Stohn Coin operates on a decentralized ledger called the blockchain, which records all transactions made on the network. This ledger is maintained by a network of nodes that work together to validate and verify transactions.
Unlike traditional currencies, Stohn Coin has a limited supply, with a maximum of 40 million Stohn Coin that can ever be created.
What do you mean by “decentralized”?
Decentralization refers to the distribution of power, control, or decision-making away from a single central authority or entity, such as a government, corporation, or organization, and towards a network of individuals or nodes that work together to maintain a system. In the case of Stohn Coin, it is decentralized because it operates on a peer-to-peer network where users can send and receive payments directly without the need for a central authority or intermediary such as a bank or government.
This means that Stohn Coin is not controlled by any single entity, but rather by a distributed network of nodes that work together to maintain the system’s integrity, security, and operation. This decentralization provides several benefits, including greater transparency, security, and privacy, as well as the potential for greater innovation and competition in the financial sector. However, it also comes with certain challenges, such as the need for consensus among network participants and the potential for regulatory uncertainty.
What do you mean by “cryptocurrency”?
Cryptocurrency is a digital or virtual currency that uses cryptography to secure and verify transactions and to control the creation of new units. Cryptocurrencies operate independently of central banks and are based on decentralized ledger technology, such as the blockchain, which records and maintains all transactions made on the network.
Cryptography, which involves the use of complex mathematical algorithms, is used to ensure the security and integrity of transactions, as well as to control the creation of new units of the cryptocurrency.
Cryptocurrencies such as Stohn Coin, and others, are designed to be decentralized, meaning that they are not controlled by any central authority or government. Instead, they operate on a peer-to-peer network of nodes that work together to validate and verify transactions.
Cryptocurrencies have gained popularity due to their potential to offer greater security, privacy, and control over one’s finances, as well as their potential to provide a more transparent and efficient financial system. However, they have also faced challenges, including regulatory uncertainty, price volatility, and concerns around their potential use for illegal activities.
So who owns or runs Stohn?
Nobody owns Stohn. Stohn was created by developers who released the software however the community decides the future of the Stohn coin. The community consists of miners, exchanges, payment processors, and end-users.
Is Stohn Coin anonymous?
Stohn Coin is not completely anonymous, but it can offer a certain degree of privacy and pseudonymity.
All Stohn Coin transactions are recorded on the blockchain, which is a public ledger that can be viewed by anyone. Each transaction on the blockchain is identified by a unique address, which is a string of characters that represents a user’s Bitcoin wallet. While the wallet address itself does not contain personal identifying information, it can be traced back to its owner through various means.