PRIVATE KEY - SOFT FORK - DECENTRALIZED - SCRYPT -

ali.wood (49)in #blockchain • 7 years ago


PRIVATE KEY	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}
SOFT FORK	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
DECENTRALIZED	they act as passwords that are kept hidden from anyone but the owner of the address. a private key is a string of data that allows you to access the tokens in a specific wallet. ^{Source + Source}
SCRYPT	means that the currency isn’t issued or regulated by a centralized authority. such as a bank or government. a common term in cryptocurrency.^{Source + Source}


PRIVATE KEY	they act as passwords that are kept hidden from anyone but the owner of the address. a private key is a string of data that allows you to access the tokens in a specific wallet. ^{Source + Source}
SOFT FORK	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
DECENTRALIZED	means that the currency isn’t issued or regulated by a centralized authority. such as a bank or government. a common term in cryptocurrency.^{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}

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