Vocabulary Bitcoin
A permanent divergence in the block chain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. Computer software which is designed to repeatedly calculate hashes with the intention to create a successful block and earn coins from transaction fees and new coins created with the block itself. If more than half the computer power or mining hash rate on a network is run by a single person or a single group of people, then a 51% attack is in operation.
Accounting Token
It is decentralized and operates on a distributed ledger technology called a blockchain. Formally speaking, a ‘protocol’ is a set of rules governing how a process is carried out. This concept is used throughout public blockchain networks and web3 to refer to the way smart contracts execute their functionality in the same way https://www.tokenexus.com/ regardless of the user. The products or services built on top of smart contracts are often referred to as ‘protocols’ by extension. In computing, a ‘client’ is a software that runs or accesses a program made available by a remote computer. A type of database which spreads across multiple sites, countries, or institutions.
Decentralized Marketplace
The end-node in a certificate chain; in the payment protocol, it is the certificate belonging to the receiver of satoshis. A pubkey script that provides n number of pubkeys and requires the corresponding signature script provide m minimum number signatures corresponding to the provided pubkeys. Part of a transaction which indicates the earliest time or earliest block when that transaction may be added to the block chain. Synchronizing the block chain by downloading block headers before downloading the full blocks.
Market Maker, Market Taker
- A digital commodity that is scarce, electronically transferable, and intangible with a market value.
- Each time Bitcoin hashes a block, it increments a nonce within the block which it is trying verify.
- Normie is short for Normal Person who doesn’t yet fully understand bitcoin or the implications of an open and transparent monetary system that is outside of the control of any single entity.
- This means they are purchased directly from miners who mined the bitcoin directly.
- Proof of Work is a piece of data that is difficult to produce but easy to verify that it has been solved correctly.
- This way, a Google Doc creates a decentralized distribution chain where everyone has simultaneous access to the document.
Currently a number of legacy finance companies are trying to launch a Bitcoin ETF to allow investors to gain access to bitcoin price exposure without having to hodl their own bitcoin. Dollar Cost Average is a strategy in which an investor purchases a fixed dollar amount of an asset over a period of time. DCA is a common way for investors to mitigate the risk of bitcoin’s volatility.
thoughts on “51 Cryptocurrency Glossary: Dictionary of Cryptocurrency and Bitcoin Terms”
- Complete transactions in their binary format; often represented using hexadecimal.
- This makes them more secure since they are less vulnerable to hacking and cyber-attacks.
- The hack caused an Ethereum hard-fork which lead to the creation of Ethereum Classic.
- A Bitcoin Address is where you send/receive bitcoin payments to/from.
- A collection of transactions on a blockchain network, gathered into a set or a block that can then be hashed and added to the blockchain.
E.g. “I was learning about the Bitcoin protocol today.”bitcoin – without capitalization, is used to describe bitcoins as a unit of account. E.g. “I sent ten bitcoins today.”; it is also often abbreviated BTC or XBT. The Zero Address is an address on the Ethereum network that is the recipient of a special transaction used to register the creation of a new smart contract on the network. The programming language Bitcoin Vocabulary developers use to write smart contracts on the Ethereum network. The Ethereum network is working on a series of technical upgrades that will allow massive increases in transaction throughput, amongst other things. The plan that outlined these changes was originally referred to as ‘Serenity’, although that name has become less popular, in favor of specific descriptions of the upgrades themselves.
Financial Action Task Force (FATF)
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