| |
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. |
The agreement of our Team: The following authors decided to create a Team in order to collaborate and share formats and content in our posts. Any copy of content between this Team does not constitute a plagiarism.