Some Important Terminologies In The Cryptoworld #001
Hello crypto friends,
It is a wonderful opportunity to come before you all today to learn about some cryptocurrency terms.
I believe you are all doing perfectly fine and are enjoying your blogging excercise on steemit and are actively promoting steemit on twitter.
Today is another day and we shall be examining some cryptocurrency terms that can guide our way in the cryptoworld.
Please stay tuned as we begin:
ALTCOINS
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Altcoin is a cryptocurrency term that was gotten from the word alternative coin, and it can be explained to be any cryptocurrency other than bitcoin.
After bitcoin was introduced in 2008, other cryptocurrencies were developed and they all came with different purposes, uses.
Altcoins consists of various digital currencies and some of them includes STEEM, TRX, SBD, ETHEREUM etc
The above cryptocurrency posseses some different features from that of bitcoin, some vary from bitcoin in terms of transaction fees, transaction speed, blockchain technology, consensus mechanism etc.
Altcoins helps to solve different issue and provide alternative solution to some blockchain vulnerability, ripple for example helps to facilitate fast and low fee transaction across borders, Ethereum also introduced smart contract which gives developers the opportunity to build decentralized application on its blockchain.
Litecoin on the other hand was designed as lite version of bitcoin with a different hashing algorithm and faster block generation.
BLOCKCHAIN
Blockchain can be explained to be a distributed ledger that permits the maintainance of a database by multiple individuals without the interference of a central authority.
Blockchain technology is a technology that was created to back up the digital currencies such as bitcoin, ethereum etc but the blockchain technology has gone beyond that.
A blockchain can further be explained as a chain of blocks in which records of transaction are stored in every block it carries.
These blocks of transaction in a blockchain are linked together in a chronological manner, thus creating a chain of blocks.
A blockchain bases it's operation on a network of computers which is popularly known as nodes and they can be situated anywhere in the world.
The network integrity is often maintained by the nodes
To ensure a proper functioning of the blockchain, a consensus mechanism is employed and the most used mechanism are POW used by bitcoin, POS, Dpos etc.
CONCLUSION
Explained above are terms you must understand before you can grow in the cryptospace.
In our next meeting, we shall learn about some important terms in the cryptospace.
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