Blockchain Basic Dictionary

Posted:13.11.2018, 21:36

Are you new to blockchain? Someone who has heard of it and is now allotting some time to learn it and know how it works? This might just help you! Here is a list of some words that may help you give definition to words that confuses you in your journey to grasp the idea of the blockchain technology!

Blockchain
Shared public ledger that everyone can verify but no single person controls. It is cryptographed, secured, and cannot be tampered.

Cloud Mining
Classical cryptocurrency mining requires huge investments in hardware and electricity.

Consortium blockchains
A consortium blockchain is a blockchain where the consensus process is controlled by a pre-selected set of nodes; for example, one might imagine a consortium of 15 financial institutions, each of which operates a node and of which ten must sign every block for the block to be valid.

Cryptojacking
Cryptojacking is referred as a secret use of a device to mine cryptocurrency.

dApp or Decentralised Applications
Games or applications that function through a blockchain technology. Some examples are Cryptokitties, Cryptodice and Ethermon. There are lots of sites that offer a list of dApps just like Dappsite.

Digital Signature
Private keys are used for signing transactions. Each time a transaction is sent over the blockchain it gets signed by the user’s private key. The signed transaction is broadcasted over the network together with the corresponding public key. Each miner is able to verify the signature by verifying the signature with the public key.

Ethereum
Ethereum is an open software platform based on blockchain technology that enables developers to write smart contracts and build and deploy decentralized applications(Dapps). The native token of the blockchain is called Ether which is used to pay for transaction fees, miner rewards and other services on the network.

Fork
The creation of an ongoing alternative version of the blockchain, by creating two blocks simultaneously on different parts of the network.

Genesis block
The very first block in the blockchain.

Mining (Bitcoin)
Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. This ledger of past transactions is called the blockchain as it is a chain of blocks.

Node (Full Node)
Any computer that connects to the blockchain network is called a node. Nodes that fully enforce all of the rules of the blockchain (i.e., Bitcoin) are called full nodes.

Satoshi
The smallest unit of Bitcoin, equal to 0.00000001 BTC

Wallet
is a file that contains a collection of private keys and communicates with the corresponding blockchain. Wallets contain keys, not coins. Wallets require backups for security reasons.

For more blockchain-related words with
their definition, you may visit our source https://blockchainhub.net/blockchain-glossary/.

**Moderator**

Paulsanders, Thanks for the information! We usually do not allow links like this, but I will leave this one as it is a blockchain site and not another gambling site.

Posted:14.11.2018, 12:18

Thanks for this!!!!!!

Posted:16.11.2018, 01:32

Posted:16.11.2018, 01:35