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Fork — a change of the Bitcoin protocol that is not backwards-compatible. A blockchain fork occurs when nodes running the new version of the protocol create a separate blockchain incompatible with the older software. FUD - Fear, Uncertainty and Doubt - Rumors and misinformation that can have an affect on a stock or a crypto that causes people to sell their holdings.
Sometimes distributed deliberately to cause confusion and lend an advantage to those who start the spread of information. Full Node - A full node checks transactions and blocks to see whether they comply with the consensus rules that have been installed before forwarding to other full nodes and miners to include in the blockchain. Gas Ethereum - When Ether is used to pay for transactions. While in Bitcoin each transaction costs more or less the same, in Ethereum, the transaction fee is dependent on the amount of computing needed for the full transaction.
The function will stop, or return an error when it has run out of gas. Genesis block — the original very first block in the blockchain. Halving: Bitcoins have a finite supply, which makes them scarce. The total amount that will ever be issued is 21 million. This mechanism ensures a finite amount of coins are created for a crypto currency. The actual time span is not 4 years, but rather the amount of time taken to mine blocks.
Hard Fork - A complete change to the protocol used for a particular cryptocurrency. It is a complete divergence from the previous software version of the Blockchain for a cryptocurrency, and nodes running previous versions will no longer be accepted by the newest version. Hardware Wallet - Physical hardware device designed to secure Bitcoins offline.
The values returned by a hash function are called hash values, hash codes, digests, or simply hashes. Hash: A hash is a mathematical process that converts inputted data into a fixed length string, usually 32 characters. Not all hashes will be accepted.
Even the slightest modification of the original input data would result in a completely different hash. The hash is created by the computers trying to find a suitable hash out of hundreds of thousands. Once a hash is created, it is then stored at the end of the blockchain. The computer that is responsible for submitting a working hash is allocated a reward in the form of bitcoin. A cryptographic hash is a mathematical function that takes a file and produces a relatively short code that can be used to identify that file.
A hash has a couple of key properties: It is unique. Only a particular file can produce a particular hash, and two different files will never produce the same hash. It cannot be reversed. Hashing is used to prove that a set of data has not been tampered with. It is what makes bitcoin mining possible. Hash Rate - The number of hashes computations that can be performed by a bitcoin miner in a given period of time usually a second.
The higher the hashrate, the better the odds of receiving the block reward. The hash rate is the measuring unit of the processing power of the wholt Bitcoin network. The network must make difficult mathematical operations for the purpose of security.
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The Bitcoin network must make intensive mathematical operations for security purposes. Hierarchical Deterministic - A hierarchical deterministic wallet is a system of deriving keys from a single starting point known as a seed. The seed allows a user to easily back up and restore a wallet without needing any other information and can allow the creation of unlimited public addresses without the knowledge of the private key. KYC guidelines mandate that financial institutions must vet potential clients to ensure that they are legitimate and can verify their identities.
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Ledger - A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.
The ledger is a permanent summary of all amounts entered in supporting journals which list individual transactions by date. Message Ethereum - Apart from transactions, accounts can also send messages that can for example consist of a request to run a given piece of code. Contract accounts can thus send each other messages to run their contract code. Miner - 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. The term references an analogy of gold miners who dig gold out of the ground and thus "discover" new gold that can be used to create new coins with a similar kind of discovery occurring with a successful hash to create new Bitcoins.
Mining - Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. As a reward for their services, Bitcoin miners can collect transaction fees for the transactions they confirm, along with newly created bitcoins. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done.
Not all Bitcoin users do Bitcoin mining, and it is not an easy way to make money. Multi-Signature: It is also knows as a multi-sig.
A bitcoin transaction that requires signatures from multiple parties before it can be executed. A contracted term for Multi-signature addresses which allow multiple users to partially seed an address with a public key. The ability to access funds from such an address requires multiple signers to access the account. As a result, multisig addresses are much more resilient to theft. Node — Refers to a computer running a full-client blockchain. It serves to share blocks and transactions across the network using the client-to-client infrastructure.
Online Wallet - Also known as a Web Wallet, a Wallet that can be accessed on the web from any device connected to the Internet. Open-Source Software - Software whose code is made publicly available and that is free to distribute.
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Bitcoin is an open source project and arguably the first open source money. This will help to study, change, and distribute the software to anyone and for any purpose. Open-source software may be developed in a collaborative public manner from multiple independent sources, generating an increasingly more diverse scope of design perspective than any one company would be capable of developing and sustaining long term.
Open-source software is the most prominent example of open-source development. P2P - Peer-to-peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Bitcoin, the network is built in such a way that each user is broadcasting the transactions of other users. And, crucially, no bank is required as a third party.
Paper Wallet: Some people prefer to store their Bitcoin in the paper wallet — a form of cold storage — in order to improve security. The term simply refers to a printed sheet of paper that holds a number of public bitcoin addresses and corresponding private keys. Pool - A collection of mining clients which collectively mine a block, and then split the reward between them. Mining pools are a useful way to increase your probability of successfully mining a block as the difficulty rises.
Private Key - A private key is a secret piece of data that proves your right to spend bitcoins from a specific wallet through a cryptographic signature. Your private key s are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin wallet. Proof-of-Stake - An alternative to the proof-of-work system, in which your existing stake in a cryptocurrency the amount of that currency that you hold is used to calculate the amount of that currency that you can mine.
Proof-of-Work - A system that ties mining capability to computational power. Blocks must be hashed, which is in itself an easy computational process, but an additional variable is added to the hashing process to make it more difficult. When a block is successfully hashed, the hashing must have taken some time and computational effort. Thus, a hashed block is considered proof of work. The proof-of-work POW system or protocol, or function is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer.
The concept may have been first presented by Cynthia Dwork and Moni Naor in a journal article. An early example of the proof-of-work system used to give value to a currency is the Shell Money of the Solomon Islands. Proof of work and proof of stake are 2 algorithms for reaching consensus across a blockchain - To ensure the safety, security, incorruptibility and anonymity of cryptocurrencies being traded without the need for a centralized database or bank, there needs to be a way prove your work PoW or prove that you have a stake PoS. Public Key: The public key is a string of digits and letters your bitcoin address.
When hashed with a corresponding string known as a private key it digitally signs and online communication. Public-key encryption - In public-key encryption schemes, the encryption key is published for anyone to use and encrypt messages. However, only the receiving party has access to the decryption key that enables messages to be read. QR Code - A QR code is a machine-readable optical label that contains information about the item to which it is attached.
Similar to a barcode, QR codes consist of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a smartphone camera. The digital data is then extracted from the patterns that are present in both horizontal and vertical components of the image.
A QR Code is a digital representation of a bitcoin public or private key. It is a two-dimensional block image containing a black-and-white pattern representing a sequence of data. The images are scannable and are often used to encode bitcoin addresses.
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Reward - An amount included in each block as a reward to the miner for finding the proof-of-work, thus validating and securing the network. The reward is halved every once in a while to eventually reach 0 when the limit of 21million bitcoins are in circulation. Satoshi — the smallest sub-unit of a bitcoin currently available 0. A satoshi and represents one one-hundred millionth ,, of a Bitcoin.
Satoshi Nakamoto - Satoshi Nakamoto is the name used by the unknown person s who designed bitcoin and created its original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double spending problem for digital currency. They were active in the development of bitcoin up until December Segwit Segregated Witness - an improvement to the core way Bitcoin handles transactions in order to make the Bitcoin network approve more transactions with each block.
SEPA was designed as a European Union payment integration agreement that would make it easier to transfer funds between nations in Euros. Simplified Payment Verification SPV - As noted in Satoshi Nakamoto's whitepaper, it is possible to verify bitcoin payments without running a full network node. With simplified Payment Verification SPV , a user only needs a copy of the block headers of the longest chain, which are available by querying network nodes until it is apparent that the longest chain has been obtained thereby enabling quick access to the Bitcoin network.