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Blockchain Dictionary

A Basic Dictionary Of Blockchain: 10 Terms You Should Know

A Basic Dictionary Of Blockchain: 10 Terms You Should Know

A basic dictionary of blockchain: 10 terms you should know Eleven Twitter accounts to stay up-to-date on blockchain For months now, blockchain has been a core topic of interest for online media outlets and social networks, sparking endless debates. This list of elevenTwitter accounts offering high-quality blockchain-related content will help you wade through the clutter. Blockchain is on everyones lips today. Already, many people are predicting that once it comes into widespread use, blockchain s impact on society will be equal to the one caused by Internet in the mid-1990s. Blockchains disruptive potential and its applications constitute a revolution that will affect the operation of industries as far apart as finance , news media and transport. But before going any further, what exactly is blockchain? It could be understood as an enormous digital logbook. Blockchain technology enables computers in different places to store updated information in a permanent form, with all the copies synchronized. It may be public, private or hybrid and it is unchangeable. The activity registered on blockchain cannot be changed or eliminated; it can only be added to, by consensus among the majority of the participants in the network. The public blockchains, such as Bitcoin and Ethereum, are pseudo-anonymous, but in other private or hybrid networks, the actors can be identified. Also, its decentralized, since it does not depend on any institution that regulates it. Also, blockchain is descentralized, since it is not regulated by any institution. Its a new technological paradigm, free of intermediaries, through which transactions of all kinds can be carried out. Once this is understood, its vital to have a basic notion of the 10 most common terms used when discussing blockchain. In the Continue reading >>

Blockchain Glossary For Beginners - Blockchain Basics - Blockchainhub

Blockchain Glossary For Beginners - Blockchain Basics - Blockchainhub

Altcoin is an abbreviation of Bitcoin alternative. Currently, the majority of altcoins are forks of Bitcoin with usually minor changes to the proof of work (POW) algorithm of the Bitcoin blockchain.The most prominent altcoin is Litecoin. Litecoin introduces changes to the original Bitcoin protocol such as decreased block generation time, increased maximum number of coins and different hashing algorithm An Application Specific Integrated Circuit is a silicon chip specifically designed to do a single task. In the case of Bitcoin, they are designed to process SHA-256 hashing problems to mine new bitcoins.ASICs are considered to be much more efficient than conventional hardware(CPUs, GPUs). Using a regular computer for Bitcoin mining is seen as unprofitable and only results in higher electricity bill is a cryptocurrency that runs on a (1) global peer to peer network, is (2) decentralised (no single entity can control it), its (3) open source (wallet & transaction verification), (4) bypassing middlemen or central authority, with (5) no issuer or acquirer, (6) anyone with a computer or smartphone can use it Shared, trusted, public ledger of transactions, that everyone can inspect but which no single user controls. It is a cryptographed, secure, tamper-resistant distributed database. It solves a complex mathematical problem to exist. A blockchain is a perfect place to store value, identities, agreements, property rights, credentials, etc. Once you put something like a Bitcoin into it, it will stay there forever. It is decentralized, disintermediated, cheap and censorship-resistant. Applications of Blockchain: Bitcoin (cryptocurrency), Namecoin (wants to replace the entire DNS system of the Internet), or Sia (adecentralized cloud storage), Ethereum (Turing complete Virtual Mac Continue reading >>

Openledger | The Cryptocurrency Dictionary

Openledger | The Cryptocurrency Dictionary

The smallest unit of bitcoin possible. There are 100 million satoshis in a single bitcoin. Anti-Money Laundering techniques are used to stop people converting illegally obtained funds, to appear as though they have been earned legally. AML mechanisms can be legal or technical in nature. Regulators frequently apply AML techniques to bitcoin exchanges. Cryptocurrency addresses are used to send or receive transactions on the network. An address usually presents itself as a string of alphanumeric characters. A name coined as the merger of the words bitcoin and alternative. These concern all coins that came after the initial release of the famous Bitcoin, the first decentralized cryptocurrency Application Specific Integrated Circuit (ASIC) A specific computer chip which has been created for the sole purpose of, for example, mine data blocks. The algorithm used to generate public and private keys. These keys are needed to support cryptocurrency transactions. Both sender and receiver have this key, and can send secure information. An acronym for Bitcoin Improvement Proposals which can be submitted by anyone who wants to improve the Bitcoin network. BIP148 is a User Activated Soft Fork (UASF) that was designed to cause the existing SegWit MASF deployment to cause activation in all existing SegWit capable node software (which currently is 80% of the network nodes) An acronym for bitcoin. A single unit of the bitcoin currency. Bitcoin can refer to the protocol, network or the unit of currency. Strictly, Bitcoin with a capital B refers to the protocol & the network, whilst bitcoin with a lowercase b is the currency. 100,000,000 satoshis. A unit of the decentralized, digital currency whichcan be traded for goods and services. Bitcoin also functions as a reserve currency for the al Continue reading >>

Merriam-webster Dictionary Adds Cryptocurrency, Blockchain, And Initial Coin Offering

Merriam-webster Dictionary Adds Cryptocurrency, Blockchain, And Initial Coin Offering

Merriam-Webster Dictionary Adds Cryptocurrency, Blockchain, and Initial Coin Offering The changing language landscape has seen the worlds longest running dictionary stepping into the cryptocurrency world with the addition of crypto-related words. In an announcement , Merriam-Webster said that it had added words such as cryptocurrency, initial coin offering (ICO), and blockchain to its list of 850 new words and definitions atMerriam-Webster.com. With the way we use words constantly changing, the dictionary is aiming to clarify the sometimes perplexing domain of digital financial exchanges. The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition ofcryptocurrencyas well as an entry forinitial coin offering, which refers to the first sale ofBitcoin-like digital currency. Keeping records of financial transactions in a digital database as part of a publicly accessible network usesblockchaintechnology. Merriam-Webster define cryptocurrency as any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies oncryptographyto prevent counterfeiting and fraudulent transactions. The word blockchain is described as a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network. However, at the time of publishing the definition for initial coin offering was not available. With interest in the cryptocurrency market continuing to rise this makes for a notable move by Merriam-Webster, which first ad Continue reading >>

Merriam-webster Dictionary Adds 'blockchain,' 'cryptocurrency' - Cnet

Merriam-webster Dictionary Adds 'blockchain,' 'cryptocurrency' - Cnet

Merriam-Webster has added 850 new terms to its site, including trendy words like " kombucha " and " life hack ." Acknowledging a hot topic in tech and finance circles, the dictionary maker also created entries for "cryptocurrency," " blockchain " and "initial coin offering" ("the first sale of bitcoin-like digital currency," Merriam-Webster explains). It also welcomed "unicorn," the term venture capitalists use to refer to a startup valued at $1 billion or more. Blockchain is the technology behind bitcoin , a digital currency (aka cryptocurrency) that's seen its fair share of fluctuations in value over the last year. It works this way: Certain online transactions create or build blockchains, ever-growing sets of data blocks that act as a kind of ledger. Instead of storing information on a central computer, blockchains distribute it across a group of computers. And it's not just for finance. Blockchain can be used for a variety of purposes, from ensuring that food ordered online is legit to making sure a prescription drug isn't counterfeit . Blockchain Decoded : Get a closer look at the tech powering bitcoin -- and soon, too, a myriad of services that will change your life. 'Alexa, be more human' : Inside Amazon's effort to make its voice assistant smarter, chattier and more like you. Continue reading >>

Cryptocurrency Dictionary, Crypto Made Simple - Decryptionary

Cryptocurrency Dictionary, Crypto Made Simple - Decryptionary

The Simplest Cryptocurrency & Blockchain Dictionary Need a search suggestion? Please visit this cryptocurrency word list . Crypto-is short for cryptography, a computer technology used for securing and hiding information among other things. Currencymeans money currently in use. Cryptocurrency is an electronic money created with technology controlling its creation and protecting transactions, while hiding the identities of its users. Instead of trusting a bank with your money, users send money directly to each other while simultaneously recording their transactions. With so many records being maintained, transactions become efficient, permanent, secure and transparent. Bitcoin is the first digital cash created in 2009. It was made by an unknown person or group who went by the name, Satoshi Nakamoto. Bitcoin is unique because it does not rely on government/bank created money. In addition, transactions occur directly between pseudonymous people (their real names are not known), meaning there are no banks or middlemen. Each transaction is recorded on a digital record kept by many people across the world known as the blockchain.Because there are so many copies being simultaneously maintained, the banking data is very safe and virtually impossible to manipulate. Blockchain is technology for creating permanent, secure digital recordings that dont rely on any single person or group. Blockchains can record any information, though the first example was created to record bitcoin transactions. Imagine the blockchain as a book of records. Each page in that book, is a block, and can record anything. Blocks are created one after the other, chained to each other creating what we know as the blockchain. Multiple blockchain records are maintained simultaneously by a large group of unrela Continue reading >>

Blockchain - Wiktionary

Blockchain - Wiktionary

block + chain , from earlier block chain. In the 2008 Bitcoin paper block and chain are used separately; the concept is referred to as chain of hash-based proof-of-work or chain of digital signatures [1] . A shared record of past transactions in a cryptocurrency network. [from 2010s] 2014, Michael R. Miller, The Ultimate Guide to Bitcoin, Que Publishing ( ISBN ), page 93 By the way, mobile wallets differ from most software wallets in that they don't download the entire Bitcoin blockchain with every transaction. (Many software wallets do, interestingly.) Because the blockchain is a file several gigabytes in size, this would eat up a ton of mobile bandwidth and probably cause your mobile provider to either enact overage charges or just plain cancel your account. In addition, your mobile phone probably doesn't have enough onboard storage to host the entire [] 2014, Pedro Franco, Understanding Bitcoin: Cryptography, Engineering and Economics, John Wiley & Sons ( ISBN ), page 95 [] blockchain is arguably the most important innovation introduced by Bitcoin. It is the missing link that makes distributed peer-to-peer digital currencies possible. The blockchain is in essence a distributed database holding all the Bitcoin transactions since the beginning (January 3, 2009) and a method to secure this database. The blockchain keeps a secure list of all the transactions. However, there are relevant questions, such as whether a particular transaction output is spendable, that [] Continue reading >>

Blockchain Dictionary

Blockchain Dictionary

An in-depth list of the most common terms used in blockchain space As mentioned in previous articles and tweets , Im very bullish on the future of blockchain tech. With that being said, the hardest part for me to wrap my head around is how we progress from a small subset of the population thats even aware of this technology to achieving wide-scale adoption. Yesterday, Fred Ehrsam posted the answer : The biggest bottleneck to solving scalability is the number of people working on the problem. To do my part in helping solve the awareness and scalability problem, Ive complied a dictionary of the terminology most commonly used in the blockchain space (with the help of Wikipedia , GitHub , Blockchain Hub , Blockchain Technologies , and TechTarget ). I hope this serves as a valuable resource for those interested in learning and contributing to the blockchain revolution. Addresses (Cryptocurrency addresses) are used to receive and send transactions on the network. An address is a string of alphanumeric characters, but can also be represented as a scannable QR code. Agreement ledgers are distributed ledgers used by two or more parties to negotiate and reach agreement. Altcoin is an abbreviation of Bitcoin alternative. Currently, the majority of altcoins are forks of Bitcoin with usually minor changes to the proof of work (POW) algorithm of the Bitcoin blockchain. The most prominent altcoin is Litecoin. Litecoin introduces changes to the original Bitcoin protocol such as decreased block generation time, increased maximum number of coins and different hashing algorithm Attestation Ledgers are distributed ledgers that provide a durable record of agreements, commitments or statements, providing evidence (attestation) that these agreements, commitments or statements were made. ASIC Continue reading >>

Blockchain | Definition Of Blockchain In English By Oxford Dictionaries

Blockchain | Definition Of Blockchain In English By Oxford Dictionaries

A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network. we can actually have a look at the blockchain and see evidence of what's going on All Bitcoin and other cryptocurrency transactions are publicly listed in the blockchain. Cheating by forging records in the blockchain of namecoin is going to be exceedingly difficult because of merged mining. Although the odds of a temporary confirmation not being confirmed on the Blockchain are minuscule, Litecoin eliminates the problem entirely. There is a small window where transaction IDs can be 'renamed' before being confirmed in the blockchain. The transaction must receive a number of confirmations from other users who've located the transfer on the Bitcoin's master ledger, the Blockchain The blockchain is managed by a decentralized network that verifies and puts a time-stamp on payments. Bitcoin's blockchain, a public ledger that record transactions, holds much potential for other kinds of cryptographic verification rather than just transferring bitcoins, he said. The blockchain tracks only pseudonymous Bitcoin addresses, not users' real names or other identifying details. Due to a lack of custom software tools to analyze the blockchain, tracing a chain of transactions can be like following a set of muddy footprints in the rain. Every transaction they make is recorded in a ledger called the blockchain, held by every currency owner, and each time a transaction is made, the ledger is updated. Continue reading >>

Oxford Dictionaries Adds New Definitions For 'blockchain' And 'miner'

Oxford Dictionaries Adds New Definitions For 'blockchain' And 'miner'

Aug 27, 2015 at 20:25 UTC|UpdatedAug 28, 2015 at 17:00 UTC OxfordDictionaries.com, the online language resource owned by the Oxford University Press, has added new cryptocurrency-related definitions. The site outlined its latest additions in a new blog post , a list that also included "hangry", "butt-dial", "Redditor", "rage-quit" and "bants", among others. A "blockchain", according to the site , is a noun defined as: "A digital ledger in which transactions made in bitcoinor another cryptocurrency are recordedchronologically and publicly." The resource added new definitions for terms related to bitcoin mining as well, according to Katherine Connor Martin, head of US dictionaries for the Oxford University Press. The updated definitionfor the noun " miner " includes: "A person who obtains units of a cryptocurrency by running computer processes to solvespecific mathematical problems." The verb " mine " has a new section as well: "[To] obtain units of (a cryptocurrency) by running a computer process to solve specificmathematical problems." The inclusionscomeroughly two years after the site added "bitcoin" to its list of definitions. OxfordDictionaries.com is distinct from the Oxford English Dictionary. According to its publisher, whereas the site "focuses on the current language and practical usage", the Oxford English Dictionary is aimed at portraying "how words and meanings have changed over time". The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Continue reading >>

Blockchain, Cryptocurrency, And Ico Make Their Way Into Websters Dictionary

Blockchain, Cryptocurrency, And Ico Make Their Way Into Websters Dictionary

The crypto craze is spreading like wildfire, and it doesnt seem like its going stop anytime soon. The Merriam Webster dictionary , which is Americas most trusted online dictionary for the Queens language, has caught the crypto-fever. The highly reputable dictionary for English word definitions, pronunciation and meanings have added cryptocurrency, initial coin offerings and blockchain to its database of English words. For some, anything that doesnt have its word and meaning in the dictionary is non-existent. Blockchain technology , cryptocurrency , and initial coin offering (ICO) have officially entered into the dictionary. The English language is one of the most dynamic languages in the world, with new words added to the dictionary regularly. On March 5, 2018, Merriam Webster stated in a press release that it had updated its dictionary, adding 850 new words, phrases and new meanings for existing words; including cryptocurrency, blockchain and initial coin offering. The language doesnt take a vacation, and neither does the dictionary. The words we use are constantly changing in big ways and small, and were here to record those changes. Emily Brewster, an associate editor at Merriam Webster, said, In order for a word to be added to the dictionary, it must have a widespread, sustained and meaningful use. These new words have been added to the dictionary because they have become established members of the English language and are terms people are likely to encounter. The Merriam Webster dictionary defines cryptocurrency as any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent Continue reading >>

Cryptocurrency, Ico And Blockchain Officially Added To The Dictionary

Cryptocurrency, Ico And Blockchain Officially Added To The Dictionary

Cryptocurrency, ICO and Blockchain Officially Added to the Dictionary Besides helping language learners, students and everyone else find the exact definitions of words, dictionaries also sometimes serve as time capsules that reveal what new ideas become important part of human society at what times. With roots in the anarchist and cyberpunk sub-cultures, many bitcoin advocates may feel the scene doesnt need anyones seal of approval but its still nice to get such recognition and validation. Also Read: How the Marshall Islands Sovereign Cryptocurrency Came About Merriam-Webster, the prestigious American dictionary founded in 1831 and today owned by the even more prestigious Encyclopdia Britannica, now officially contains the words Cryptocurrency, ICO, and Blockchain. The publication has announced it expanded its coverage of the emerging crypto ecosystem when it added a total of 850 terms from different fields that have recently become staples of modern English such as mansplain, life hack and kombucha. The Merriam-Webster announcement explained that: The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of Bitcoin-like digital currency. Keeping records of financial transactions in a digital database as part of a publicly accessible network uses blockchain technology. Cryptocurrency Predates Bitcoin by 18 Years? The dictionary now defines cryptocurrency as any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and th Continue reading >>

"cryptocurrency," "blockchain" And "ico" Make Their Merriam-webster Dictionary Debut

Merriam-Webster (@MerriamWebster) March 5, 2018 Interestingly for cryptocurrency enthusiasts, out of all 850 new words and phrases such as "dumpster fire," glamping, welp, and "life hack," the Bitcoin logo took center stage on both Merriam-Websters main tweet and its website announcement about the new dictionary entries. The website also features this statement just above the words "'Cryptocurrency' is now in the dictionary" and the Bitcoin logo: The language doesn't take a vacation, and neither does the dictionary. The words we use are constantly changing in big ways and small, and we're here to record those changes. Each word has taken its own path in its own time to become part of our language to be used frequently enough by some in order to be placed in a reference for all. If you're likely to encounter a word in the wild, whether in the news, a restaurant menu, a tech update or a Twitter meme, that word belongs in the dictionary. Emily Brewster, associate editor at Merriam-Webster, stated, In order for a word to be added to the dictionary it must have widespread, sustained and meaningful use. These new words have been added to the dictionary because they have become established members of the English language and are terms people are likely to encounter. The addition to the Merriam-Webster dictionary of the words cryptocurrency, blockchain and ICO seem to fit those criteria well. cryptocurrency noun cryptocurrency \ krip-t-kr-n(t)-s , -k-rn(t)-s \ : any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions. First Known Use: 1990 b Continue reading >>

Webster's Dictionary Adds 'cryptocurrency' And 'initial Coin Offering'

Webster's Dictionary Adds 'cryptocurrency' And 'initial Coin Offering'

Webster's Dictionary Adds 'Cryptocurrency' and 'Initial Coin Offering' Mar 5, 2018 at 17:40 UTC|UpdatedMar 5, 2018 at 17:42 UTC One of the world's most established dictionaries has gotten a cryptocurrency update. Merriam-Webster announced Monday that it has added terms such as "cryptocurrency," "blockchain" and "initial coin offerings" to its word lists as of this month. The additions came amid more than 800 new entries. In unveiling the move, the company said that it aims to help clarify the "sometimes perplexing domain of digital financial exchanges," striving to use examples as a guiding point. "The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of Bitcoin-like digital currency," Merriam-Webster wrote. " Cryptocurrency " is defined as "any form of currency that only exists digitally, that usually has no central issuing or regulating authority," going on to note that the system records transactions and used cryptography to prevent counterfeit or fraudulent transactions. Similarly, the term " blockchain " notes that it is a digital database used within a decentralized network. However, unlike the other two terms, " initial coin offering " does not have a working page as of press time. The additions are notable, coming nearly two years after " bitcoin " was first added to the dictionary. Indeed, the listings point to the increasing profile of such words in the public lexicon, though it remains to be seen if terms like " mining " receive a cryptocurrency-themed update in the future. The leader in blockchain news, CoinDesk is a media outlet that strives for the hig Continue reading >>

21 Terms To Understand Cryptocurrency

21 Terms To Understand Cryptocurrency

Founder @ Coinstack Investment app. Blockchain enthousiast and early investor in Bitcoin, Ethereum and ZCash We want to inform our users so they can become the best traders they can be. That is why we wrote this article explaining all the terms you need to know to understand cryptocurrency. A 51% attack is a situation where more than half of the computing power on a network is operated by a single individual or concentrated group, which gives them complete and total control over a network. Things that an entity with 51% of the computing power can do include, but are not limited to: ASIC mining is a crafty method of mining various coins at a much faster rate than any normal desktop or laptop might allow. Essentially what an ASIC, or Application Specific Integrated Circuit is, is a chip specifically created to execute one task. Enter ASIC mining. An example of one such model is an ASIC miner created to ONLY process SHA-256, which is the problem offered by the Bitcoin blockchain to mine new coins. There are also ASICs for scrypt which specifically solves the mathematical code in relation to altcoins such as Litecoin. Though, in recent years there has been a good amount of dialogue surrounding the longevity of mining this way and weve even seen coins making it so that its impossible to mine with an ASIC. A blockchain is a data system that allows for the creation of a digital ledger of transactions on a non-centralized network. Cryptography is the main operator that allows for users to engage with the ledger without the need for any central figurehead. In laymans terms, this means that people and computers all over work together to create a network instead of a network being made by one single person or company. This network is enabled and protected through cryptography! We Continue reading >>

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