HASH - SMART CONTRACT - TRANSACTION BLOCK - PROOF-OF-WORK -

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


HASH	a proof of work is a piece of data which is easy for others to verify and which satisfies certain requirements. is difficult (costly, time-consuming) to produce.^{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}
TRANSACTION BLOCK	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}
PROOF-OF-WORK	gathered into a block, it's a collection of transactions that can then be added and hashed to the blockchain.^{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}
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}
TRANSACTION BLOCK	gathered into a block, it's a collection of transactions that can then be added and hashed to the blockchain.^{Source + Source}
PROOF-OF-WORK	a proof of work is a piece of data which is easy for others to verify and which satisfies certain requirements. is difficult (costly, time-consuming) to produce.^{Source + Source}

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