Cryptocurrency & Blockchain Technology: Types, Mechanisms, Security Threats & Major Hacking Incidents

Abstract

This research paper provides a comprehensive examination of cryptocurrency and blockchain technology two of the most transformative innovations of the 21st century. We explore the foundational principles of distributed ledger technology, the diverse taxonomy of cryptocurrencies, consensus mechanisms, smart contracts, and decentralised finance (DeFi). Additionally, this paper investigates the security landscape of the crypto ecosystem, cataloguing major hacking incidents, attack vectors, and mitigation strategies. The paper concludes with an outlook on future developments and regulatory trends.