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| DISTRIBUTED DENIAL OF SERVICE (DDOS) | scrypt is a type of cryptographic algorithm and is used by litecoin. compared to sha256, this is quicker as it does not use up as much processing time. |
| BTC | an acronym for bitcoin. a single unit of the bitcoin currency. |
| SCRYPT | a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. |
| DAPP | a wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins. |
| PEER-TO-PEER NETWORK (P2P) | a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. a miner can build a block and add it to the blockchain. as an incentive, he has the right to add a so-called coinbase transaction that gives him a specific number of bitcoins. |
| DESKTOP WALLET | a very dangerous threat for cryptocurrency users. often this comes with a severe attack on the network, creating an army of ‘zombie’ computers who simultaneously flood a targeted website or network with requests. this can cause a sustained downtime on said network or even make them crash completely. |
| BLOCK EXPLORER | bitcoins have a finite supply, which makes them a scarce digital commodity. the total amount of bitcoins that will ever be issued is 21 million. the number of bitcoins generated per block is decreased 50% every four years. this is called “halving.” the final halving will take place in the year 2140. |
| HALVING | any computer network where two or more computers are connected and share resources without going through a separate server. these networks can become massive, allowing for things like file-sharing or cryptocurrency. |
| MINER | a decentralised application (dapp) is an application that is open source, operates autonomously, has its data stored on a blockchain, incentivised in the form of cryptographic tokens and operates on a protocol that shows proof of value. |
| PROOF OF WORK | block explorer is an online tool to view all transactions, past and current, on the blockchain. they provide useful information such as network hash rate and transaction growth. |
| |  |
| DISTRIBUTED DENIAL OF SERVICE (DDOS) | a very dangerous threat for cryptocurrency users. often this comes with a severe attack on the network, creating an army of ‘zombie’ computers who simultaneously flood a targeted website or network with requests. this can cause a sustained downtime on said network or even make them crash completely. |
| BTC | an acronym for bitcoin. a single unit of the bitcoin currency. |
| SCRYPT | scrypt is a type of cryptographic algorithm and is used by litecoin. compared to sha256, this is quicker as it does not use up as much processing time. |
| DAPP | a decentralised application (dapp) is an application that is open source, operates autonomously, has its data stored on a blockchain, incentivised in the form of cryptographic tokens and operates on a protocol that shows proof of value. |
| PEER-TO-PEER NETWORK (P2P) | any computer network where two or more computers are connected and share resources without going through a separate server. these networks can become massive, allowing for things like file-sharing or cryptocurrency. |
| DESKTOP WALLET | a wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins. |
| BLOCK EXPLORER | block explorer is an online tool to view all transactions, past and current, on the blockchain. they provide useful information such as network hash rate and transaction growth. |
| HALVING | bitcoins have a finite supply, which makes them a scarce digital commodity. the total amount of bitcoins that will ever be issued is 21 million. the number of bitcoins generated per block is decreased 50% every four years. this is called “halving.” the final halving will take place in the year 2140. |
| MINER | a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. a miner can build a block and add it to the blockchain. as an incentive, he has the right to add a so-called coinbase transaction that gives him a specific number of bitcoins. |
| PROOF OF WORK | a consensus distribution algorithm that requires an active role in mining data blocks, often consuming resources, such as electricity. the more ‘work’ you do or the more computational power you provide, the more coins you are rewarded with. |
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