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Blockchain Dictionary

What  is Blockchain, Hash, Smart  Contract, Fork, Digital Ledger...!!!

what is Bitcoin Address, Digital Currency, ICO, Hash, Node

Address : A string of alphanumeric characters representing where an individual sends, receives and stores cryptocurrency.

Agreement Ledger : A specialized distributed ledger used between parties involved in a specific transaction or set of transactions.

Altcoin : Cryptocurrency other than bitcoin.

ASIC Mining : Application Specific Integrated Circuit (ASIC) is a technique for mining cryptocurrency. This technology uses integrated circuits that are specifically customised for mining process, which allows mining faster than regular, non-specialized computer circuits.

Blockchain : Technology used for storing transaction information which is mathematically interdependent, thus making it impossible to change or falsify the records.

Block : A Block is a file where data related to the Bitcoin network is permanently recorded. It's kind of ledger or record book that records some or all of the Bitcoin transactions which are permanent and once written, cannot be altered or removed.

Block Height : The number of blocks between a block and the genesis block. Block Height is unique to any given block in the blockchain. Genesis block has a block height of 0 and there after followed by Block height of 1 and so on.

Block Reward : Reward given to a miner that has completed the work in maintaining a block. The reward typically comes in form of Blocks.

Chain Linking : The process of connecting two blockchains together to allow transactions between them.

Collective Mining : The collaboration between two or more parties for dedicating computing power to mine the cryptocurrency.

Confirmation : A transaction receives a confirmation when its integrity been verified by the network. A confirmed transaction is authentic and information is not compromised. Transactions can be confirmed more than once. A transaction with more than 6 Confirmations is said to be irreversible transaction. More number of confirmations means higher the level of authenticity.

Cryptocurrency : A financial currency that is encoded in long blocks of alpha-numeric code.

Encryption : The process of converting normal/understandable text into encrypted text. which appears as long string of letters, numbers & symbols.

Decryption : The process of converting text that has been encrypted into normal/undersatndable text.

Distributed Ledger : A record of sychronized data that is spread across multiple networks.

Double Spend : A technique used to spend the same units of cryptocurrency in two different transactions simultaneously, to fool the block chain.

Fork : The permanent divergence of two different versions of a blockchain. Forks are created to resolve problemsthat arise in an existing blockchain or when new rules or policies are developed.

Genesis Block : The first block of a blockchain. Genesis block will not have any reference to a previous block.

Halving : The reduction of minable reward after some certain number of blocks are mined.

Hash : A sequence of letters and numbers produced from inserting an input string intoa hash function. Every block has its own unique hash.

Hashrate : Refers to speed at which a computer can solve a hashcash puzzle.

Light Node : A computer on a blockchain that confirms a limited number of transactions.

Mining : The work done by computers to add cryptocurrency to a blockchain and also validate its existing data.

Multisig : cryptocurrency address can be multisig when more than one signature is rAquired to approve a transaction involving it.

Node : A computer connected to the network of cryptocurrency.

Proof of Work :

Signature : A mathematical process that can be used to prove someones ownership of cryptocurrency or a digital wallet.

Smart Contract : A contract that is stored on a block chain in the form of a computerized transaction protocol. Smart contracts use computers to verify, validate & enforce contractual agreements.

Target : A number used to set the difficulty level of finding the hash of the next block.

51% Attack : A scenario where a majority of the computing power on a network is controlled by a single party. In this case, the single party will have total control over the network, allowing it to halt mining, prevent & reverse transactions.