PRIVATE KEY - MINING ALGORITHM - PEER TO PEER - NODE - ASYMMETRIC KEY ALGORITHM - LIGHT NODE - DIGITAL SIGNATURE - TRANSACTION BLOCK - DECENTRALIZED - FORK -

in #blockchain6 years ago


PRIVATE KEY the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt.
MINING ALGORITHM a common term in cryptocurrency which means that the currency isn’t issued or regulated by a centralized authority, such as a bank or government.
PEER TO PEER a copy of the ledger operated by a participant of the blockchain network. a node is essentially a computer connected to cryptocurrency network. a node supports the network through validation and relaying of transactions while receiving a copy of the full blockchain itself.
NODE peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. participants of a p2p network deal directly with each other through a single mediation point.
ASYMMETRIC KEY ALGORITHM forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. a split in the blockchain where there are temporarily two different blockchains which miners can work on. these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. this deliberate change is called a “hard fork”. it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin.
LIGHT NODE a collection of transactions gathered into a block that can then be hashed and added to the blockchain.
DIGITAL SIGNATURE a computer on a blockchain network that only verifies a limited number of transactions relevant to its dealings, making use of the simplified payment verification (spv) mode.
TRANSACTION BLOCK the algorithm used to generate public and private keys. these keys are needed to support cryptocurrency transactions. both sender and receiver have this key, and can send secure information.
DECENTRALIZED a digital code generated by public key encryption that is attached to an electronically transmitted document to verify its contents and the sender’s identity.
FORK a private key is a string of data that allows you to access the tokens in a specific wallet. they act as passwords that are kept hidden from anyone but the owner of the address.


PRIVATE KEY a private key is a string of data that allows you to access the tokens in a specific wallet. they act as passwords that are kept hidden from anyone but the owner of the address.
MINING ALGORITHM the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt.
PEER TO PEER peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. participants of a p2p network deal directly with each other through a single mediation point.
NODE a copy of the ledger operated by a participant of the blockchain network. a node is essentially a computer connected to cryptocurrency network. a node supports the network through validation and relaying of transactions while receiving a copy of the full blockchain itself.
ASYMMETRIC KEY ALGORITHM the algorithm used to generate public and private keys. these keys are needed to support cryptocurrency transactions. both sender and receiver have this key, and can send secure information.
LIGHT NODE a computer on a blockchain network that only verifies a limited number of transactions relevant to its dealings, making use of the simplified payment verification (spv) mode.
DIGITAL SIGNATURE a digital code generated by public key encryption that is attached to an electronically transmitted document to verify its contents and the sender’s identity.
TRANSACTION BLOCK a collection of transactions gathered into a block that can then be hashed and added to the blockchain.
DECENTRALIZED a common term in cryptocurrency which means that the currency isn’t issued or regulated by a centralized authority, such as a bank or government.
FORK forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. a split in the blockchain where there are temporarily two different blockchains which miners can work on. these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. this deliberate change is called a “hard fork”. it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin.
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