Search Well-known Blockchain Terminology Here

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A

Address (Wallet Address)

The Address wallet is used for sending and receiving transactions on a blockchain network. An address is an alphanumeric character string, that can be represented as a scannable QR code.

Airdrop

Airdrop is a token distribution method that is used for sending cryptocurrency or tokens to the wallet addresses. Airdrops are utilized for marketing purposes in exchange for simple tasks like reshapes, referrals, or app downloads.

Air-gapping

Air-gapping is a method for securing computers in which the device does not connect to the internet or any other open networks.

Altcoin

Altcoin is any digital currency alternative to Bitcoin. Many of the altcoins are forks of Bitcoin with any other minor changes for example - Litecoin.

AML (Anti-Money Laundering)

AML is a collection of international laws that enacted for diminishing the potential for criminal organizations or individuals for laundering money using cryptocurrencies.

API (Application Programming Interface)

API is a software intermediary that permits two different applications for communicating with one another.

ASIC (Application Specific Integrated Circuit)

ASICs are silicon chips that are designed for doing a specific task. ASIC utilized for minimizing cryptocurrencies and will perform a calculation for finding values that will provide a perfect solution when it will be placed into a hashing algorithm.

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Accidental Fork

An Accidental fork happens when two or more miners chose the block simultaneously. After that one chain from the two becomes longer than the other one. Also, the whole network abandons the blocks that are not involved in the long chain. These blocks are called orphaned blocks.

Agreement Ledger

Agreement ledger is considered as a distributed ledger where two or more parties utilizes it for negotiating and reaching an agreement.

Attestation Ledgers

Attestation ledgers are the area units that are distributed ledgers that provide a sturdy record of agreements, statements, commitments and giving proof that all these agreements statements and commitments were created.

B

Bitcoin

Bitcoin is the first cryptocurrency that is based on the Proof of Work Blockchain. It was created in 2009 by Santoshi Nakomoto who was a pseudonym for an individual whose real identity is still unknown. The concept of cryptocurrency was mentioned in a white paper that was titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”

Blockchain

A consensus digital ledger is comprised of unchangeable, digitally recorded data in packages called blocks. Every block is changed for the next block utilized a cryptographic signature. This allows blockchains for acting like a ledger that can be shared with and accessed by anyone with the approximate permissions. 

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Block Height

Blockchain Height is the number of heights that are joined in the Blockchain. You can measure the block height by measuring the total amount of data that is present in the blockchain.

Block Reward

The reward is given for a miner after it has successfully hashed a transaction block. Block reward is a mixture of coins and transaction fees. The whole composition depends on the policy utilized by the cryptocurrency in the question and all of the coins have already been successfully mined. The existing block reward for the Bitcoin network is 12.5 bitcoins/block.

Bounty/ Bug Bounty

A reward that is paid for the completion of a provided task. Different tasks include finding out code vulnerabilities, creating content, design work, research, translations and social impact and more.

Blockchain Explorer

The Blockchain explorer is a type of tool that is used for checking the past or current transactions on a blockchain. It offers you with more details like transaction growth and network hash rate. By understanding the blockchain explorer, you can improve your knowledge about the blockchain definitions.

Block

A block contains all the records of the digital transactions. Once the block is written into the chain of records then it will not get deleted or altered.

Block Ciphers

It is a method of encrypting text in which an algorithm and cryptographic keys are applied ta a data block at one time as the group instead of one bit at the same time.

C

Client

It is a software that accesses a blockchain using a local computer and helps to process transactions. A client includes a cryptocurrency software wallet.

Coin

A coin or altcoin is a representation of digital asset value that is usually generated using their independent blockchain.

Cold Wallet / Cold Storage

The Cold wallet is an offline wallet that was never connected with the internet. These are the wallets that protect cryptocurrencies from getting hacked on the online platforms.

Confirmation / Block Confirmation

A confirmation can be defined as the network that has verified the blockchain transactions. This happens using a process that is called mining in a Proof of Work system for example Bitcoin. After the transaction gets confirmed it cannot be reversed or double spent.

Consensus

The Consensus is the process that is used by a group having peers that are responsible for maintaining distributed ledger use.

Cryptocurrency

Cryptocurrency is a digital currency that is based on the mathematic and utilizes the encryption techniques for regulating the creation of units of currency and verifying the fund transfer.

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Cryptography

It is a method of secure communication using the code. Symmetric-key cryptography that is used by different blockchain networks for the transfer of cryptocurrencies.

Central ledger

A ledger that is maintained by the central agency.

Chain Linking

Chain linking is the process of connecting two blockchains so that the transactions in between the chain could take place.

Consortium Blockchain

A Consortium blockchain is a type of blockchain where a preselected collection of nodes handles the consensus process. also, it is called by the name of the permission blockchain network that can be a hybrid model that is built between the trusted entity model of private blockchains and low trustable provided by the public blockchain.

Cryptoanalysis

Cryptanalysis can be defined as the thesis of methods for knowing the meaning of the encrypted detail and that too without accessing the secret details.

Cryptojacking

Cryptojacking is considered as the secret use of the device for mining the cryptocurrency.

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