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| MULTI SIGNATURE TRANSACTION | a bitcoin transaction which requires signatures from multiple parties to authorize the sending of bitcoins. this has the potential to improve consumer protection. |
| PROOF- OF- STAKE (POS) | also known as tokens, cryptocurrencies are representations of digital assets. |
| TESTNET | a private key is a string of data that allows you to access the tokens in a specific wallet. they act as passwords that are kept hidden from anyone but the owner of the address. |
| CRYPTOCURRENCY | a form of incentive for the miner who successfully calculated the hash in a block during mining. verification of transactions on the blockchain generates new coins in the process, and the miner is rewarded a portion of those. |
| DESKTOP WALLET | the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. |
| MINING ALGORITHM | 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. |
| BITCOIN | a wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins. |
| BLOCK REWARD | a test blockchain used by developers to prevent expending assets on the main chain. |
| 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. |
| PRIVATE KEY | concept states that a person can mine or validate block transactions according to how many coins he or she holds. this means that the more bitcoin or altcoin owned by a miner, the more mining power he or she has. |
| |  |
| MULTI SIGNATURE TRANSACTION | a bitcoin transaction which requires signatures from multiple parties to authorize the sending of bitcoins. this has the potential to improve consumer protection. |
| PROOF- OF- STAKE (POS) | concept states that a person can mine or validate block transactions according to how many coins he or she holds. this means that the more bitcoin or altcoin owned by a miner, the more mining power he or she has. |
| TESTNET | a test blockchain used by developers to prevent expending assets on the main chain. |
| CRYPTOCURRENCY | also known as tokens, cryptocurrencies are representations of digital assets. |
| DESKTOP WALLET | a wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins. |
| MINING ALGORITHM | the algorithm used by a cryptocurrency to sign transactions, these vary across different cryptocurrencies. bitcoin’s mining algorithm is sha256, whilst litecoin & dogecoin’s are scrypt. |
| 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. |
| BLOCK REWARD | a form of incentive for the miner who successfully calculated the hash in a block during mining. verification of transactions on the blockchain generates new coins in the process, and the miner is rewarded a portion of those. |
| 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. |
| PRIVATE KEY | a private key is a string of data that allows you to access the tokens in a specific wallet. they act as passwords that are kept hidden from anyone but the owner of the address. |
