LIGHT NODE - HASH - SOFTFORK - HYBRID POS/POW -

madison.gagnon (38)in #blockchain • 6 years ago


LIGHT NODE	a computer on a blockchain network that (making use of the simplified payment verification (spv) mode), only verifies a limited number of transactions relevant to its dealings. ^{Source + Source}
HASH	since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. this kind of fork requires only a majority of the miners upgrading to enforce the new rules^{Source + Source}
SOFTFORK	this is a random and complex mathematical formula used in the verification of blocks of transaction data in the process known as mining. this is used for confirming coin transactions. the act of performing a hash function on the output data. ^{Source + Source}
HYBRID POS/POW	in this method, a balance between miners and voters (holders) may be achieved, creating a system of community-based governance by both insiders (holders) and outsiders (miners). a hybrid pos/pow allows for both proof of stake and proof of work as consensus distribution algorithms on the network. ^{Source + Source}


LIGHT NODE	a computer on a blockchain network that (making use of the simplified payment verification (spv) mode), only verifies a limited number of transactions relevant to its dealings. ^{Source + Source}
HASH	this is a random and complex mathematical formula used in the verification of blocks of transaction data in the process known as mining. this is used for confirming coin transactions. the act of performing a hash function on the output data. ^{Source + Source}
SOFTFORK	since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. this kind of fork requires only a majority of the miners upgrading to enforce the new rules^{Source + Source}
HYBRID POS/POW	in this method, a balance between miners and voters (holders) may be achieved, creating a system of community-based governance by both insiders (holders) and outsiders (miners). a hybrid pos/pow allows for both proof of stake and proof of work as consensus distribution algorithms on the network. ^{Source + Source}

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