The basics for a new user

As a new user, you can get started with mdc coin without understanding the technical details. Once you've installed a mdccoin wallet on your computer or mobile phone, it will generate your first mdc coin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that mdc coin addresses should be used only once.

Balances - block chain

The block chain is a shared public ledger on which the entire mdc coin network relies. All confirmed transactions are included in the block chain. It allows mdc coin wallets to calculate their spendable balance so that new transactions can be verified thereby ensuring they're actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.

Transactions - private keys

A transaction is a transfer of value between mdc coin wallets that gets included in the block chain. mdc coin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast to the network and usually begin to be confirmed within 10-20 minutes, through a process called mining.