BIP - SMART CONTRACT - SCRYPT - HARD FORK -

matthew.davis (49)in #bitcoin • 6 years ago


BIP	can be submitted by anyone who wants to improve the bitcoin network. an acronym for “bitcoin improvement proposals”. ^{Source + Source}
SMART CONTRACT	compared to sha256, this is quicker as it does not use up as much processing time. scrypt is a type of cryptographic algorithm and is used by litecoin. ^{Source + Source}
SCRYPT	a smart contract can be used to define certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights. once signed it can never be altered. a two way smart contract is an unalterable agreement stored on the blockchain that has specific logic operations akin to a real world contract. ^{Source + Source}
HARD FORK	a type of fork that requires all nodes and users to upgrade to the latest version of the protocol software and that renders previously invalid transactions valid, and vice versa. ^{Source + Source}


BIP	can be submitted by anyone who wants to improve the bitcoin network. an acronym for “bitcoin improvement proposals”. ^{Source + Source}
SMART CONTRACT	a smart contract can be used to define certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights. once signed it can never be altered. a two way smart contract is an unalterable agreement stored on the blockchain that has specific logic operations akin to a real world contract. ^{Source + Source}
SCRYPT	compared to sha256, this is quicker as it does not use up as much processing time. scrypt is a type of cryptographic algorithm and is used by litecoin. ^{Source + Source}
HARD FORK	a type of fork that requires all nodes and users to upgrade to the latest version of the protocol software and that renders previously invalid transactions valid, and vice versa. ^{Source + Source}

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