GENESIS BLOCK - NODE - HARD FORK - SEGWIT2X -

in #money • 6 years ago


GENESIS BLOCK
refers to the 1st or first few blocks of a blockchain.Source + Source
NODE
a node supports the network through validation and relaying of transactions while receiving a copy of the full blockchain itself. a node is essentially a computer connected to cryptocurrency network. a copy of the ledger operated by a participant of the blockchain network. Source + Source
HARD FORK
a type of fork that requires all nodes and users to upgrade to the latest version of the protocol software and that renders previously invalid transactions valid, and vice versa. Source + Source
SEGWIT2X
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. 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. also knows as the 'the new york agreement'. Source + Source


GENESIS BLOCK
refers to the 1st or first few blocks of a blockchain.Source + Source
NODE
a node supports the network through validation and relaying of transactions while receiving a copy of the full blockchain itself. a node is essentially a computer connected to cryptocurrency network. a copy of the ledger operated by a participant of the blockchain network. Source + Source
HARD FORK
a type of fork that requires all nodes and users to upgrade to the latest version of the protocol software and that renders previously invalid transactions valid, and vice versa. Source + Source
SEGWIT2X
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. 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. also knows as the 'the new york agreement'. Source + Source

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