ASYMMETRIC KEY ALGORITHM - SIDECHAIN - PROOF OF WORK - HOT WALLET -

megan.brown (48)in #blockchain • 6 years ago


ASYMMETRIC KEY ALGORITHM	these are used for “every day” transactions and should never hold large amounts of bitcoin, since their connectivity reduces their security. a bitcoin wallet that has an active connection to the internet. ^{Source + Source}
SIDECHAIN	public and private keys are needed to support cryptocurrency transactions. both sender and receiver have this key, and can send secure information. the algorithm used to generate public and private keys. ^{Source + Source}
PROOF OF WORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{Source + Source}
HOT WALLET	these can have their own unique features and can have bitcoins sent to and from them. these are theoretical, independent blockchains which are “two way pegged” to the bitcoin blockchain. ^{Source + Source}


ASYMMETRIC KEY ALGORITHM	public and private keys are needed to support cryptocurrency transactions. both sender and receiver have this key, and can send secure information. the algorithm used to generate public and private keys. ^{Source + Source}
SIDECHAIN	these can have their own unique features and can have bitcoins sent to and from them. these are theoretical, independent blockchains which are “two way pegged” to the bitcoin blockchain. ^{Source + Source}
PROOF OF WORK	the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. ^{Source + Source}
HOT WALLET	these are used for “every day” transactions and should never hold large amounts of bitcoin, since their connectivity reduces their security. a bitcoin wallet that has an active connection to the internet. ^{Source + Source}

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