Some terms you'd come across as you scale through your learning

Some terms you'd come across as you scale through your learning

Fork


An act of blockchain software update which leads to splitting of a blockchain into two or more valid blockchains. There are three common types of forks in blockchain, namely, hard fork, soft fork, temporary/accidental fork.

Hard Fork

Alters the blockchain data in a public blockchain. Requires all nodes in a network to upgrade and agree on the new version.

Soft Fork

Does not force nodes and miners to choose between the old or the new network. Old nodes can participate on the new network without upgrading.

Accidental Block

This happens when two miners find a block almost simultaneously.

 

P2P

P2P is an abbreviation of Peer-to-Peer. Peer-to-Peer refers to a decentralised platform where all nodes or participants are directly connected to one another without any intermediary. 

 

Node

A node is a small server that stores, updates and broadcasts a full copy of the blockchain. If no nodes are online, a blockchain is offline and can't be updated or used. 

 

Hashing

Hashing is the procedure of a miner repeatedly inserting a random string of digits into a hashing formulae until he finds a desirable result. 

 

Smart Contract

Smart contract is a digital contract programmed on the blockchain. It is also known as digital contract/ crypto contract, it was first put forward by Nick Szabo in 1994. The contract executes fully automatic without any third party interference. It is specifically designed to host smart contract; once deployed on a blockchain, it cannot be changed or moved but it is publicly available for anyone to read or use. 

 

Satoshi

A satoshi is the smallest decimal entity of a given cryptocurrency. For examplle, the smallest recordable unit of a Bitcoin is 0.00000001 BTC. 

 

dApp

dApp stands for decentralized application. This could be any smart contract deployed on the Ethereun blockchain, as they all operate autonomous (decentralized). An example of a dApp is CryptoKitties. 

 

Mining

Mining refeers to the verification of transaction on a blockchain network, in which transactions are added as entries into the blockchain ledger. 

 

Cryptocurrency

This is a digital currency that is secured by cryptography, to work as a medium of exchange within a peer-2-peer system. 

 

 

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