78 Blockchain Glossary Terms for The Rest of Us
- 51% Attack: A potential attack on a blockchain network where a group of nodes controls more than 50% of the network’s computational power, which would allow them to manipulate the network.
- Address: A unique identifier for a blockchain account, used to send and receive cryptocurrency.
- Altcoin: Any cryptocurrency that is not Bitcoin.
- ASIC: An Application-Specific Integrated Circuit, designed specifically to perform a single function efficiently, often used for Bitcoin mining.
- Atomic Swap: A type of cryptocurrency transaction that allows two parties to exchange cryptocurrencies without the need for a trusted intermediary.
- Block: A group of transactions recorded on a blockchain at a specific point in time.
- Block Explorer: An online tool used to view transactions and blocks on a blockchain network.
- Block Height: The number of blocks that have been added to a blockchain since the first block was created.
- Block Reward: The amount of cryptocurrency given as a reward to miners for adding a block to the blockchain.
- Byzantine Fault Tolerance (BFT): A property of a blockchain network that ensures the network can continue to operate correctly even if some nodes are malfunctioning or malicious.
- Centralized: A system or network that is controlled by a central authority or entity.
- Cold Storage: A method of storing cryptocurrency offline, away from the internet, to protect it from hacking and theft.
- Consensus: The process by which a blockchain network agrees on the state of the ledger.
- Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates independently of a central bank.
- Decentralized: A system or network that is not controlled by a single entity or authority.
- Digital Signature: A cryptographic method of verifying the authenticity of a message or transaction.
- Distributed Ledger: A ledger of transactions that is replicated across a network of computers or nodes.
- Double Spending: The act of spending the same cryptocurrency twice, which is prevented by the use of a blockchain ledger.
- ERC-20: A technical standard used for smart contracts on the Ethereum blockchain.
- Fork: A change in the protocol of a blockchain that creates a new version of the network.
- Gas: The fee paid to execute transactions or smart contracts on the Ethereum blockchain.
- Genesis Block: The first block in a blockchain network.
- Hash: A digital fingerprint of a block’s contents, used to ensure the integrity of the blockchain.
- Hot Wallet: A type of cryptocurrency wallet that is connected to the internet, allowing for easy access but also increasing the risk of hacking.
- ICO: Initial Coin Offering, a type of fundraising using cryptocurrencies, often used by startups.
- Immutable: A characteristic of a blockchain network that prevents past transactions from being changed or deleted.
- Interoperability: The ability of different blockchain networks to communicate and interact with each other.
- Masternode: A type of node in a blockchain network that performs additional functions beyond transaction verification, often requiring a minimum amount of cryptocurrency as collateral.
- Merkle Tree: A data structure used to efficiently store and verify the contents of a blockchain.
- Mining: The process of adding new blocks to a blockchain network, typically done by specialized computers solving complex mathematical problems.
- Multi-Signature: A security feature that requires multiple parties to approve a transaction before it can be executed.
- Node: A computer connected to a blockchain network that validates and broadcasts transactions.
- Nonce: A random number generated during the mining process, used to create a block’s hash.
- Off-chain: Transactions that occur outside of the blockchain network. Off-chain solutions are often used to improve scalability and reduce transaction fees.
- Oracle: A third-party agent that can provide data to a smart contract on the blockchain.
- Peer-to-peer (P2P): A network where participants can interact with each other without intermediaries.
- Permissioned blockchain: A blockchain where access is restricted to certain users or groups.
- Permissionless blockchain: A blockchain where anyone can participate in the network without restrictions.
- Plasma: A framework that allows for the creation of side chains that are connected to a main blockchain. Plasma is designed to improve scalability.
- Private key: A secret key that is used to sign and validate transactions on the blockchain.
- Proof of Stake (PoS): A consensus algorithm where validators are selected based on the amount of cryptocurrency they hold or “stake” in the network.
- Proof of Work (PoW): A consensus algorithm where validators are selected based on the computational power they contribute to the network.
- Public key: A public key that is used to verify digital signatures and transactions on the blockchain.
- Smart contract: Self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code.
- Solidity: A programming language used to write smart contracts on the Ethereum blockchain.
- Soft fork: A change to the blockchain protocol that is backward compatible with older versions.
- Token: A digital asset that represents a unit of value or a utility on a blockchain network.
- Transaction fee: A fee paid by the user to have a transaction processed on the blockchain network.
- Turing complete: A system that is capable of performing any computation that can be performed by a Turing machine.
- Validator: A node on the blockchain network that is responsible for validating transactions and creating new blocks.
- Vanity address: A custom cryptocurrency address that has been created to include specific words or phrases.
- Wallet: Software used to store and manage cryptocurrency holdings, including the ability to send and receive transactions.
- Whitepaper: A document that outlines the technical details and specifications of a blockchain project.
- XRP Ledger: A decentralized payment network used for fast and low-cost transactions.
- Yield farming: The practice of using cryptocurrency holdings to earn rewards or incentives from decentralized finance (DeFi) protocols.
- Zero-knowledge proof: A cryptographic method that allows for the verification of a statement without revealing the statement itself.
- Oracles: A third-party service that provides off-chain data to a blockchain network, allowing for the execution of smart contracts that rely on real-world data.
- Peer-to-peer (P2P): A decentralized network where participants can interact with each other without intermediaries.
- Permissioned blockchain: A blockchain where access is restricted to certain users or groups.
- Permissionless blockchain: A blockchain where anyone can participate in the network without restrictions.
- Plasma: A framework that allows for the creation of side chains that are connected to a main blockchain. Plasma is designed to improve scalability.
- Private key: A secret key that is used to sign and validate transactions on the blockchain.
- Proof of Stake (PoS): A consensus algorithm where validators are selected based on the amount of cryptocurrency they hold or “stake” in the network.
- Proof of Work (PoW): A consensus algorithm where validators are selected based on the computational power they contribute to the network.
- Public key: A public key that is used to verify digital signatures and transactions on the blockchain.
- Smart contract: Self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code.
- Solidity: A programming language used to write smart contracts on the Ethereum blockchain.
- Soft fork: A change to the blockchain protocol that is backward compatible with older versions.
- Token: A digital asset that represents a unit of value or a utility on a blockchain network.
- Transaction fee: A fee paid by the user to have a transaction processed on the blockchain network.
- Turing complete: A system that is capable of performing any computation that can be performed by a Turing machine.
- Validator: A node on the blockchain network that is responsible for validating transactions and creating new blocks.
- Vanity address: A custom cryptocurrency address that has been created to include specific words or phrases.
- Wallet: Software used to store and manage cryptocurrency holdings, including the ability to send and receive transactions.
- Whitepaper: A document that outlines the technical details and specifications of a blockchain project.
- XRP Ledger: A decentralized payment network used for fast and low-cost transactions.
- Yield farming: The practice of using cryptocurrency holdings to earn rewards or incentives from decentralized finance (DeFi) protocols.
- Zero-knowledge proof: A cryptographic method that allows for the verification of a statement without revealing the statement itself.
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