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| ETHER | a specific computer chip which has been created for the sole purpose of, for example, mine data blocks. |
| SHA-256 | the act of performing a hash function on the output data. this is used for confirming coin transactions. this is a random and complex mathematical formula used in the verification of blocks of transaction data in the process known as mining. |
| DETERMINISTIC WALLET | sha-256 is a cryptographic algorithm used by cryptocurrencies such as bitcoin. however, it uses a lot of computing power and processing time, forcing miners to form mining pools to capture gains. |
| HASH | user activated soft fork. it’s a mechanism where the activation time of a soft fork occurs on a specified date enforced by full nodes, a concept sometimes referred to as the economic majority. the uasf concept was combined with segwit activation in the bip148 proposal which became active on 1st august 2017. |
| SATOSHI NAKAMOTO | the mysterious creator of bitcoin. is a person or group of people who created the bitcoin protocol and reference software, bitcoin core (formerly known as bitcoin-qt). in 2008, nakamoto published a paper on the cryptography mailing list at metzdowd.com describing the bitcoin digital currency. in 2009, they released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency, called bitcoins. |
| KYC | a wallet based on a system of deriving multiple keys from a single starting point known as a seed. this seed is all that is needed to restore a wallet if it is lost and can allow the creation of public addresses without the knowledge of the private key. |
| USAF | know your client/customer rules force financial institutions to vet the people they are doing business with, ensuring that they are legitimate. |
| SOFT FORK | is the native token of the ethereum blockchain which is used to pay for transaction fees, miner rewards and other services on the network. |
| CONSENSUS | a soft fork differs from a hard fork in that only previously valid transactions are made invalid. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. 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. |
| APPLICATION SPECIFIC INTEGRATED CIRCUIT (ASIC) | consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that the ledgers are exact copies of each other. |
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| ETHER | is the native token of the ethereum blockchain which is used to pay for transaction fees, miner rewards and other services on the network. |
| SHA-256 | sha-256 is a cryptographic algorithm used by cryptocurrencies such as bitcoin. however, it uses a lot of computing power and processing time, forcing miners to form mining pools to capture gains. |
| DETERMINISTIC WALLET | a wallet based on a system of deriving multiple keys from a single starting point known as a seed. this seed is all that is needed to restore a wallet if it is lost and can allow the creation of public addresses without the knowledge of the private key. |
| HASH | the act of performing a hash function on the output data. this is used for confirming coin transactions. this is a random and complex mathematical formula used in the verification of blocks of transaction data in the process known as mining. |
| SATOSHI NAKAMOTO | the mysterious creator of bitcoin. is a person or group of people who created the bitcoin protocol and reference software, bitcoin core (formerly known as bitcoin-qt). in 2008, nakamoto published a paper on the cryptography mailing list at metzdowd.com describing the bitcoin digital currency. in 2009, they released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency, called bitcoins. |
| KYC | know your client/customer rules force financial institutions to vet the people they are doing business with, ensuring that they are legitimate. |
| USAF | user activated soft fork. it’s a mechanism where the activation time of a soft fork occurs on a specified date enforced by full nodes, a concept sometimes referred to as the economic majority. the uasf concept was combined with segwit activation in the bip148 proposal which became active on 1st august 2017. |
| SOFT FORK | a soft fork differs from a hard fork in that only previously valid transactions are made invalid. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. 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. |
| CONSENSUS | consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that the ledgers are exact copies of each other. |
| APPLICATION SPECIFIC INTEGRATED CIRCUIT (ASIC) | a specific computer chip which has been created for the sole purpose of, for example, mine data blocks. |
