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| MINING ALGORITHM | an exchange in which traders make deals with each other directly, rather than relying on a central exchange to mediate between them |
| DAO | this refers to how easily a data block of transaction information can be mined successfully. |
| MULTI-SIGNATURE | multi-signature addresses provide an added layer of security by requiring more than one key to authorize a transaction. |
| BLOCK EXPLORER | decentralised autonomous organizations can be thought of as corporations that run without any human intervention and surrender all forms of control to an incorruptible set of business rules. a theoretical company that could exist in the cloud and carry out business according to preset algorithms, needing no human management. also known as “dacs” |
| OTC EXCHANGE | the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. |
| BIP | a place where buyers and sellers can trade bitcoins or other cryptocurrencies. |
| DIFFICULTY | a service that mixes your bitcoins with someone else’s, sending you back bitcoins with different inputs and outputs from the ones that you sent to it. a mixing service (also known as a tumbler) preserves your privacy because it stops people tracing a particular bitcoin to you. it also has the potential to be used for money laundering. |
| EXCHANGE | an acronym for “bitcoin improvement proposals” which can be submitted by anyone who wants to improve the bitcoin network. |
| MIXING SERVICE | a test blockchain used by developers to prevent expending assets on the main chain. |
| TESTNET | block explorer is an online tool to view all transactions, past and current, on the blockchain. they provide useful information such as network hash rate and transaction growth. |
|  |
| MINING ALGORITHM | the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. |
| DAO | decentralised autonomous organizations can be thought of as corporations that run without any human intervention and surrender all forms of control to an incorruptible set of business rules. a theoretical company that could exist in the cloud and carry out business according to preset algorithms, needing no human management. also known as “dacs” |
| MULTI-SIGNATURE | multi-signature addresses provide an added layer of security by requiring more than one key to authorize a transaction. |
| BLOCK EXPLORER | block explorer is an online tool to view all transactions, past and current, on the blockchain. they provide useful information such as network hash rate and transaction growth. |
| OTC EXCHANGE | an exchange in which traders make deals with each other directly, rather than relying on a central exchange to mediate between them |
| BIP | an acronym for “bitcoin improvement proposals” which can be submitted by anyone who wants to improve the bitcoin network. |
| DIFFICULTY | this refers to how easily a data block of transaction information can be mined successfully. |
| EXCHANGE | a place where buyers and sellers can trade bitcoins or other cryptocurrencies. |
| MIXING SERVICE | a service that mixes your bitcoins with someone else’s, sending you back bitcoins with different inputs and outputs from the ones that you sent to it. a mixing service (also known as a tumbler) preserves your privacy because it stops people tracing a particular bitcoin to you. it also has the potential to be used for money laundering. |
| TESTNET | a test blockchain used by developers to prevent expending assets on the main chain. |
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