BITCOIN - LIGHTNING NETWORK - BLOCK REWARD - SOFT FORK -

rstracer (48)in #steem • 6 years ago


BITCOIN	verification of transactions on the blockchain generates new coins in the process, and the miner is rewarded by a portion of those. a form of incentive for the miner who successfully calculated the hash in a block during mining. ^{Source + Source}
LIGHTNING NETWORK	this protocol tries to solve the bitcoin scalability problem. the lightning network will allow bitcoin transactions to happen instantly, without worrying about block confirmation times. it's a decentralized network using smart contract functionality on the blockchain to enable instant payments across a network of participants. ^{Source + Source}
BLOCK REWARD	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
SOFT FORK	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. strictly, bitcoin with a capital “b” refers to the protocol & the network, whilst bitcoin with a lowercase “b” is the currency. bitcoin can refer to the protocol, network or the unit of currency. ^{Source + Source}


BITCOIN	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. strictly, bitcoin with a capital “b” refers to the protocol & the network, whilst bitcoin with a lowercase “b” is the currency. bitcoin can refer to the protocol, network or the unit of currency. ^{Source + Source}
LIGHTNING NETWORK	this protocol tries to solve the bitcoin scalability problem. the lightning network will allow bitcoin transactions to happen instantly, without worrying about block confirmation times. it's a decentralized network using smart contract functionality on the blockchain to enable instant payments across a network of participants. ^{Source + Source}
BLOCK REWARD	verification of transactions on the blockchain generates new coins in the process, and the miner is rewarded by a portion of those. a form of incentive for the miner who successfully calculated the hash in a block during mining. ^{Source + Source}
SOFT FORK	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}

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