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| MEMPOOL | cryptographic hashes produce a fixed-size and unique hash value from variable-size transaction input. the sha-256 computational algorithm is an example of a cryptographic hash. |
| BITCOIN | the ethereum virtual machine (evm) is a turing complete virtual machine that allows anyone to execute arbitrary evm byte code. every ethereum node runs on the evm to maintain consensus across the blockchain. |
| MINING POOL | 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. |
| ETHEREUM | a technical term for a collection of unconfirmed transactions stored by a node until they either expire or get included in the main chain. |
| SMART CONTRACTS | a group of miners who have decided to combine their computing power for mining. this allows rewards to be distributed more consistently between participants in the pool. |
| CRYPTOGRAPHIC HASH FUNCTION | a proof of work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. |
| PROOF-OF-WORK | a common term in cryptocurrency which means that the currency isn’t issued or regulated by a centralized authority, such as a bank or government. |
| DECENTRALIZED | bitcoin can refer to the protocol, network or the unit of currency. strictly, bitcoin with a capital “b” refers to the protocol & the network, whilst bitcoin with a lowercase “b” is the currency. bitcoin is the first decentralised, open source cryptocurrency that runs on a global peer to peer network, without the need for middlemen and a centralised issuer. |
| PROOF OF WORK | ethereum is a blockchain-based decentralised platform for apps that run smart contracts, and is aimed at solving issues associated with censorship, fraud and third party interference. |
| EVM | smart contracts encode business rules in a programmable language onto the blockchain and are enforced by the participants of the network. |
| |  |
| MEMPOOL | a technical term for a collection of unconfirmed transactions stored by a node until they either expire or get included in the main chain. |
| BITCOIN | bitcoin can refer to the protocol, network or the unit of currency. strictly, bitcoin with a capital “b” refers to the protocol & the network, whilst bitcoin with a lowercase “b” is the currency. bitcoin is the first decentralised, open source cryptocurrency that runs on a global peer to peer network, without the need for middlemen and a centralised issuer. |
| MINING POOL | a group of miners who have decided to combine their computing power for mining. this allows rewards to be distributed more consistently between participants in the pool. |
| ETHEREUM | ethereum is a blockchain-based decentralised platform for apps that run smart contracts, and is aimed at solving issues associated with censorship, fraud and third party interference. |
| SMART CONTRACTS | smart contracts encode business rules in a programmable language onto the blockchain and are enforced by the participants of the network. |
| CRYPTOGRAPHIC HASH FUNCTION | cryptographic hashes produce a fixed-size and unique hash value from variable-size transaction input. the sha-256 computational algorithm is an example of a cryptographic hash. |
| PROOF-OF-WORK | a proof of work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. |
| DECENTRALIZED | a common term in cryptocurrency which means that the currency isn’t issued or regulated by a centralized authority, such as a bank or government. |
| 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. |
| EVM | the ethereum virtual machine (evm) is a turing complete virtual machine that allows anyone to execute arbitrary evm byte code. every ethereum node runs on the evm to maintain consensus across the blockchain. |
