The words defined here belong to the article “What is BlockChain Technology? An Analysis”.
Bitcoin is the first decentralised, open source cryptocurrency that runs on a global peer to peer network, without the need for middlemen and a centralised issuer.
Blocks are packages of data that carry permanently recorded data on the blockchain network.
A blockchain is a shared ledger where transactions are permanently recorded by appending blocks. The blockchain serves as a historical record of all transactions that ever occurred, from the genesis block to the latest block, hence the name blockchain
A form of incentive for the miner who successfully calculated the hash in a block during mining. Verification of transactions on the blockchain generates new coins in the process, and the miner is rewarded a portion of those.
A ledger maintained by a central agency.
Consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that the ledgers are exact copies of each other.
Also known as tokens, cryptocurrencies are representations of digital assets.
Distributed ledgers are ledgers in which data is stored across a network of decentralized nodes. A distributed ledger does not have to have its own currency and may be permissioned and private.
A type of network where processing power and data are spread over the nodes rather than having a centralised data centre
A digital code generated by public key encryption that is attached to an electronically transmitted document to verify its contents and the sender’s identity.
Ethereum is a blockchain-based decentralised platform for apps that run smart contracts, and is aimed at solving issues associated with censorship, fraud and third party interference.
A hash function is any function that can be used to map data of arbitrary size to data of fixed size. The values returned by a hash function are called hash values, hash codes, digests, or simply hashes.
Mining is the act of validating blockchain transactions. The necessity of validation warrants an incentive for the miners, usually in the form of coins. In this cryptocurrency boom, mining can be a lucrative business when done properly. By choosing the most efficient and suitable hardware and mining target, mining can produce a stable form of passive income.
A copy of the ledger operated by a participant of the blockchain network.
Peer to Peer
Peer to Peer (P2P) refers to the decentralized interactions between two parties or more in a highly-interconnected network. Participants of a P2P network deal directly with each other through a single mediation point.
Proof of Stake
A consensus distribution algorithm that rewards earnings based on the number of coins you own or hold. The more you invest in the coin, the more you gain by mining with this protocol.
Proof of Work
A consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. The more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with.
Smart contracts encode business rules in a programmable language onto the blockchain and are enforced by the participants of the network.
All cryptocurrency transactions involve a small transaction fee. These transaction fees add up to account for the block reward that a miner receives when he successfully processes a block.
How Kerala’s IT Sector Braces To Fight COVID-19?
In India and around the world, the impact of the coronavirus pandemic is evident across all sectors of the economy. With COVID-19 spreading rapidly around the world, the pandemic has not only affected the lives of hundreds of thousands of people but also demonstrated a growing impact on the global economy. From companies chalking out […]
How a DevOps Approach Helps To Meet Deadlines Every Time ?
Missing a deadline never feels good! Despite designing perfect workflows from start to finish, we often found our teams chasing deadlines until the very last moment. This upsetting trend led us to a quest to find out what obstacles prevented our teams from getting work over the finish line in time. The biggest factors contributing […]
Can You Fuel The Next Wave of Business Growth During a Pandemic?
Pandemics and economic recessions are known to create disruptive effects on global economies and businesses. For e.g, the Black Death was a devastating bubonic plague that arrived in Europe during 1347. The catastrophe resulted in the collapse of the feudal system in Europe while replacing it with a more modern employment contract. Covid-19 pandemic has […]