How does Xeyra Coin work?

This question can be a bit confusing at first. Here's a simplified explanation:

Getting Started for New Users

If you're new to Xeyra Coin, you can get started without needing to understand all the technical details. Once you install a wallet on your computer or smartphone, it will automatically generate your first Xeyra address. You can create more addresses whenever needed. You can share these addresses with others to receive Xeyra Coins, or you can send coins to others. It works similarly to email, except that each Xeyra address should be used for a single transaction.

Balances – Blockchain Technology

Xeyra is based on a blockchain, which is a public and shared ledger system. All confirmed transactions are recorded on this blockchain. This means that Xeyra wallets calculate their balance based on the blockchain. New transactions can only take place if the Xeyra Coins actually belong to the sender. Cryptography ensures the integrity and sequence of the blockchain.

Transactions – Private Keys

A Xeyra transaction is the transfer of coins between wallets, recorded in the blockchain. Every Xeyra wallet contains a private key (or "Seed"), which is used to sign transactions. This key provides mathematical proof that the transaction originates from the wallet owner. The signature also ensures that once a transaction is sent, it cannot be modified. Transactions are broadcast across the network, and confirmation begins within 10-20 minutes through the mining process.

Processing – Mining

Mining is the system used to confirm transactions by adding them to the blockchain. It ensures that transactions are chronologically ordered, keeps the network neutral, and ensures that all involved computers have the same version of the blockchain. Before a transaction is confirmed, it must be included in a block that meets strict cryptographic rules verified by the network. These rules prevent changes to previous blocks, as altering them would make all subsequent blocks invalid. Mining is also a competition where miners race to add new blocks to the blockchain. This way, no one can easily add blocks or alter the blockchain.

Digging Deeper

This is just an overview of Xeyra Coin. If you'd like to dive deeper, you can read the original paper that outlines Xeyra's design.