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Cryptocurrency Glossary

bitcoin

• 51% Attack

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• When over half of the computing power of an organization is controlled by one individual or a small close group of individuals, which gives them absolute rule over the organization

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• Address

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• A bitcoin address is identical to the bitcoin owner's home address, and is visualized as a combination of alphanumeric characters (ex: 2MSSF76hs0k2aDT7f5s3KadFS34U)

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• Altcoin

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• Bitcoin owners refer to any other coins that are not bitcoin as "Altcoin"

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• ASIC / ASIC Miner

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• Stands for Application Specific Integrated Circuit, and is a process by which coins are mined and at a quicker rate than with a normal desktop or laptop, and done so with a chip

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• Blockchain

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• A data system on a digital platform used to make a ledger of transactions, specifically on de-centralized networks

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• It is enabled and protected via cryptography 

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• B

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• Pages in a transaction ledger with information that cannot be altered, and is permanently stored

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• Block Height

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• The amount of blocks stacked before the first beginning block on the chain. The beginning block always begins at zero

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• The amount of blocks in a chain corresponds to a metric system of time in programming

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• Block Reward

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• This reward goes to the individual who solves the math associated to a blcok

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• If you mine a bitcoin block, you will receive 25 bitcoins

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• Distributed & Central Ledger

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• A ledger that is distributed contains data that is shared, replicable and synchronized & spans multiple networks

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• A ledger that is centralized (conversely) controlled synchronized & replicable data that is controlled by a single network or individual

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• Fork

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• A permanent divergence in a blockchain that can occur after a 51% attack or a bug in the program

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• Halving

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• Reducing minable rewards after a sequence of blocks (after 210,000 blocks in bitcoins)

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• Hashrate

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• The speed at white a block is discovered and solved

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• Mining

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• The act of discovering or solving blocks in a blockchain

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• Multisig

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• "Multisignature" when more than 1 individual is allowed to approve a transaction

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• Node

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• A computer device connected to the Bitcoin network

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• P2P

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• "Peer to Peer" - focuses on decentralization in which nearly every section of the blockchain can be completed peer to peer

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• PoW

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• "Proof of Work" originated to prevent spam emails and DDOS attacks. In bitcoin terms, this is referred to as "nonce" or "number used only once" and is a way of ensuring security, although it is 

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• PoS

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• "Proof of Stake" is an energy-conserving alternative to PoW, in the sense that it requires an individual to show ownership of pariticular money or stake rather than making the individual perfom 

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• Public/Private Key

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• Public Key is utilized by any party to encrypt a message

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• Private Key is utilized in a way that only an individual or group can decode it

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• Signature

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• Mathematical process that allows an individual to prove sole ownership over his/her wallet, coin, data, etc.

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• Smart Contract

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• A 2-way "Smart Contract" is a blockchain-stored agreement that is unalterable and possesses particular login information (very much like a "real world" contract). Once all parties have 

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