FORK - SMART CONTRACTS - MINER - SMART CONTRACT -

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


FORK	it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. a split in the blockchain where there are temporarily two different blockchains which miners can work on. (this change is called a “hard fork”.) these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. ^{Source + Source}
SMART CONTRACTS	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}
MINER	smart contracts encode business rules ( that are enforced by the participants of the network) in a programmable language onto the blockchain.^{Source + Source}
SMART CONTRACT	a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. a miner has the right to add a so-called coinbase transaction that gives him a specific number of bitcoins. a miner can build a block and add it to the blockchain. ^{Source + Source}


FORK	it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. a split in the blockchain where there are temporarily two different blockchains which miners can work on. (this change is called a “hard fork”.) these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. ^{Source + Source}
SMART CONTRACTS	smart contracts encode business rules ( that are enforced by the participants of the network) in a programmable language onto the blockchain.^{Source + Source}
MINER	a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. a miner has the right to add a so-called coinbase transaction that gives him a specific number of bitcoins. a miner can build a block and add it to the blockchain. ^{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}

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