All who are interested in Blockchain come across the same common Blockchain terminologies. To some folks, they knew the significance of these terms. But to others, some terminologies are not consistently comprehended nicely. We’re creating this Blockchain Index to help explain briefly a number of the significant languages in Blockchain.
Address is a string of alphanumeric characters that may also be represented as a scannable Quick Response Code (QR).
An agreement ledger is a ledger used by parties to negotiate and come to an arrangement.
Attestation Ledger is a distributed ledger that provides a lasting record of commitments, agreements or statements, giving evidence that these obligations, agreements or statements were made.
Bitcoin is frequently used to refer to the whole ecosystem. Bitcoin is the common way of referencing Bitcoin when talking about it in general terms.
bitcoin refers to particular technologies that are used by Bitcoin’s ledger. Money itself is one of the technologies.
A Blockchain is a distributed database that maintains a continuously-growing list of records shielded from revision and tampering.
Block height is the variety of blocks. For example, Height 0 is the first block.
Verification is the verification of the Blockchain transaction by the network. This happens through a process known as mining. A confirmed trade is unable to be reversed.
Consensus Procedure is a procedure used by a group of peers accountable for keeping a distributed lender to reach consensus on the contents of the ledger.
Cryptocurrency is a digital currency which uses encryption techniques authenticate the transfer of funds, operating alone of a central bank and to control the generation of units of money.
A digital identity is an online or networked identity adopted in cyberspace an individual, electronic device or by an organization.
Ledger that is distributed is a type of database that’s spread across nations, institutions or many websites.
Difficulty refers to how difficult is it to authenticate blocks in a Blockchain network.
This really is the first block in a Blockchain.
Bitcoins have limited supply and scarce commodity that was digital. Add up to 21 million. Half reduces every four years, the number of bitcoins created per block. This is referred to as halving.
Litecoin is a peer-to-peer cryptocurrency that enables instant price payments to anyone on earth. It is an open source, a world-wide payment network that’s entirely decentralized.
Mining is a method by which trades are authenticated and added to a Blockchain.
Peer to peer (P2P)
Peer-to-peer is the decentralized interactions that happen between a couple of parties in a very connected network. Peer to peer participants cope directly with each other via one mediation point.
This is somebody who is able to get the ledger: read records or add records.
A currency provided by a private firm or individual, generally secured against uninsured assets.
A chain of data that reveal a person has access to bitcoin wallet. Basically, private keys are thought of as password.
Payment networks created on distributed ledgers that permit any money to a transport.
This is really a ledger that doesn’t need a native currency to operate.
A safe online service which simplifies the receiving and sending for both experienced and new users of Bitcoins.
Feel free to add if you have any, one in the comment box bellow. Or contact firstname.lastname@example.org to suggest a term.