TRANSACTION FEE - BLOCK - SOFT FORK - MINING ALGORITHM -

rssniper (49)in #blockchain • 6 years ago


TRANSACTION FEE	the transaction fees add up to account for the block reward that a miner receives when he successfully processes a block. all cryptocurrency transactions involve a small transaction fee. ^{Source + Source}
BLOCK	they carry permanently recorded data on the blockchain network. blocks are packages of data. ^{Source + Source}
SOFT FORK	bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. ^{Source + Source}
MINING ALGORITHM	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. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}


TRANSACTION FEE	the transaction fees add up to account for the block reward that a miner receives when he successfully processes a block. all cryptocurrency transactions involve a small transaction fee. ^{Source + Source}
BLOCK	they carry permanently recorded data on the blockchain network. blocks are packages of data. ^{Source + Source}
SOFT FORK	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. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
MINING ALGORITHM	bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. ^{Source + Source}

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