KYC - BITCOIN NETWORK - SEGWIT2X - SOFTFORK - TRANSACTION BLOCK - SATOSHI - INITIAL COIN OFFERING (ICO) - POOL - FORK - CONSENSUS -

ali.wood (49)in #cryptocurrency • 7 years ago


KYC	a collection of mining clients which collectively mine a block, and then split the reward between them. mining pools are a useful way to increase your probability of successfully mining a block as the difficulty rises.
BITCOIN NETWORK	also knows as the 'the new york agreement' is proposed as a way to end bitcoin’s ‘scaling debate’ and was said to be a compromise between the two sides of the debate — those who want to achieve scaling through segregated witness (segwit) and those who prefer to scale by increasing the block size. it consists of two sequential phases — to activate segwit using bip 91 (making it compatible with the uasf) and then to hard fork the base block size to 2 mb ninety days later.
SEGWIT2X	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.
SOFTFORK	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.
TRANSACTION BLOCK	happens when someone offers investors some units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like bitcoin or ethereum.
SATOSHI	a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. this kind of fork requires only a majority of the miners upgrading to enforce the new rules
INITIAL COIN OFFERING (ICO)	know your client/customer rules force financial institutions to vet the people they are doing business with, ensuring that they are legitimate.
POOL	the smallest unit of bitcoin possible. there are 100 million satoshis in a single bitcoin.
FORK	the decentralized, peer-to- peer network which maintains the blockchain. this is what processes all bitcoin transactions.
CONSENSUS	a collection of transactions gathered into a block that can then be hashed and added to the blockchain.


KYC	know your client/customer rules force financial institutions to vet the people they are doing business with, ensuring that they are legitimate.
BITCOIN NETWORK	the decentralized, peer-to- peer network which maintains the blockchain. this is what processes all bitcoin transactions.
SEGWIT2X	also knows as the 'the new york agreement' is proposed as a way to end bitcoin’s ‘scaling debate’ and was said to be a compromise between the two sides of the debate — those who want to achieve scaling through segregated witness (segwit) and those who prefer to scale by increasing the block size. it consists of two sequential phases — to activate segwit using bip 91 (making it compatible with the uasf) and then to hard fork the base block size to 2 mb ninety days later.
SOFTFORK	a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. this kind of fork requires only a majority of the miners upgrading to enforce the new rules
TRANSACTION BLOCK	a collection of transactions gathered into a block that can then be hashed and added to the blockchain.
SATOSHI	the smallest unit of bitcoin possible. there are 100 million satoshis in a single bitcoin.
INITIAL COIN OFFERING (ICO)	happens when someone offers investors some units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like bitcoin or ethereum.
POOL	a collection of mining clients which collectively mine a block, and then split the reward between them. mining pools are a useful way to increase your probability of successfully mining a block as the difficulty rises.
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.
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.