PROOF-OF-WORK - SMART CONTRACT - LIGHT NODE - EXCHANGE RATE -

rspower (48)in #blockchain • 6 years ago


PROOF-OF-WORK	the exchange rate is based on two things; how it compares to a traditional currency, or how it stacks up against another type of cryptocurrency. cryptocurrency does not have this issue as it is digital. however, this is normally, money issued by the government, such as the dollar, will have a fluid exchange rate based on the country it is spent in. ^{Source + Source}
SMART CONTRACT	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}
LIGHT NODE	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}
EXCHANGE RATE	a computer on a blockchain network that (making use of the simplified payment verification (spv) mode), only verifies a limited number of transactions relevant to its dealings. ^{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}
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}
LIGHT NODE	a computer on a blockchain network that (making use of the simplified payment verification (spv) mode), only verifies a limited number of transactions relevant to its dealings. ^{Source + Source}
EXCHANGE RATE	the exchange rate is based on two things; how it compares to a traditional currency, or how it stacks up against another type of cryptocurrency. cryptocurrency does not have this issue as it is digital. however, this is normally, money issued by the government, such as the dollar, will have a fluid exchange rate based on the country it is spent in. ^{Source + Source}

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