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What is Blockchain Technology? | Crypto Coin SocietyGlossary / #BKT – are you blockchain ready?
A very select number of stars have ancient proper names and will be "EasyCDP","Amp","wip","EasyCDP is for MakerDAO, as MyEtherWallet is for Ethereum. emerged (Ethereum Classic, ETC) which supports the old Ethereum protocol. The Byzantine Generals Problem is a term etched from the computer science. former Litigation Partner (Ret.) Answered 6 months ago · Author has K answers In the earlier days, wallets such as MyEtherWallet. Continue Reading.
Glossary / #BKT – are you blockchain ready?
Paper Wallet Guide: How to Protect Your CryptocurrencyTag: BitUnitsLedger Nano S Review (2021): Still The Best Hardware Wallet?Uniswap’s Retroactive Airdrop Vote Put Free Money on the Campaign Trail
Many owners on BitUnits start with the user-friendly Trust wallet which was recently taken over by Binance. The big positive with changelly is that they allow you to buy cryptocurrencies with your credit card. Many banks have blocked crypto purchases with credit cards as they know it speeds up crypto adoption by the masses and will ultimately bring about the demise of the old school fiat financial institutions. Click the changelly image to the left above if you are on mobile or use this link to set up an account with changelly. Another way to obtain ETC is via a faucet and in theory, they are ideal as they provide small amounts of many cryptocurrencies, for free. We spent several days testing out various faucets and we think we have found the best one. To keep our site free of ads you will find that some of our articles are partly concealed by a paywall. This is one such article and to read the rest of the article you will need to make a nominal payment as indicated below. For Android users, we recommend the Eclair wallet to make Lightning Network payments or Spark if you are running your own node. Access to cryptocurrency tokens, like BitUnits, on the Ethereum Classic ETC blockchain, is made available with public and private key cryptography. As the name suggests the public key can be made available to anyone as it works as a pair with the private key to secure your assets. So the transfer is passing authority from one wallet to another, rather than the actual tokens. Below are the steps you need to complete in the Trust Wallet. We have provided links to the Trust Wallet website in a previous article and this, in turn, gives the links to install the app on your iPhone or Android phone. Once you have installed the app it will bring up the following screens. Never ever make your private key available to third parties as this will give them access to your tokens and once they move the tokens to their address it will be impossible for you to recover them. If you have any technical questions you can contact the Trust wallet team in their Telegram group which currently has close to 10, members. The Trust digital wallet allows you to control access to digital assets like BitUnits and Ether but do beware that the tokens are stored on the blockchain, not on your smartphone. We recommend the Trust digital wallet for the following reasons:. Links for Android and iOS are available at trustwalletapp. Wherever possible use Google Play as their servers are generally more secure than developer sites. When you have set up your wallet but before you have received your first BitUnits it will look something like the first image below and once configured, and you have received BitUnits it should look similar to the second image. When you first install the app, you will be asked to create a new wallet, and you will be provided with 12 very important words. These words are known as your seed phrase and allow you to restore your wallet to another smartphone. For security reasons, the app prevents you from taking a screenshot of the actual seed phrase process, so the blurred image below is a photo not a screenshot of the seed phrase for my wallet. You need to store a copy of your seed phrase in a secure location , and many crypto enthusiasts suggest etching it into metal as paper degrades over the HODL years. Do not let anyone have access to your seed phrase as that would give them control of your digital tokens on the blockchain. Once you have been through the validation process to confirm you have recorded the phrase the screen will show you have zero tokens on the Ethereum blockchain ETH. You will see a selection of different tokens that you can control via the Trust digital wallet. If you click this button, it will copy your address to the clipboard, and you can then send this to the BitUnits sender via email, SMS or posting it in Telegram, Twitter or Facebook. As the Trust digital wallet does not hold the tokens in your phone, it is vital that you secure access to your digital assets. Trust provides a six digit pin code which you should activate from the Settings menu at the bottom right of the software screen. Write a comment below or in our Telegram group if you have any questions or spotted the gift we provided for the first observant reader. Before you set off to transfer BitUnits to a DEX to cash out understand that optimum returns for most investments require they are held over the longer term. You should be looking at keeping hold of the tokens for upwards of five years. Just looks at how far bitcoin has come in ten years, and this is what BitUnits Club developer Issa Clunie , had to say about cashing out to fiat. Inevitably there will be the weak hands that sell too early and live to regret it, and this guide is aimed at them. In the last article in the series, we covered the different types of trades available on Saturn , and this is a follow-up piece. An article on cross-browser and mobile support was published in September by the Saturn team. We will concentrate on the Firefox browser as the Saturn wallet works on mobile as well as desktop with this browser. It will generate a random word seed, and you will also need to set a secure password. Be sure to keep the seed and password available in case you need to restore the wallet to a new phone etc. Ensure you have ETC network selected from the dropdown list at the top left of the web browser. It will look like this screenshot to the left, but the ETC and Saturn tokens will be at zero unless you have imported an existing Saturn wallet with tokens. The smart contracts address: 0xd1c10dce6dffd0cef0d5cd is the Token Contract Address and when you enter this address into the Saturn wallet it should populate Token Symbol with the word UNITS and set Decimals of Precision to 6. Make a note of the address for the ETC and BitUnits just one address in the Saturn wallet and send the tokens you have in the Trust wallet. You will need less than 0. You are now ready to trade on the Saturn network DEX. As Saturn is providing a true decentralized exchange, where you are in control of your private key, it is safe to keep your digital assets in the Saturn wallet indefinitely. This is not the case for most of the exchanges operating today like Binance. If a regular exchange gets hacked, and they do with alarming regularity, you stand to lose all your tokens. In a previous article we covered the news of the first day listing of BitUnits on the Saturn network DEX , and in this article, we will look at the mechanics of how to buy BitUnits. Essentially there are four different types of trade available on the DEX:. Or specifically, with two of the four options, you hope you will be buying or selling BitUnits. For a token like bitcoin or ethereum if you set a realistic buying or selling price on a popular DEX your order will normally be snapped up within a few seconds. On some exchanges, you can leave your order open indefinitely and hope it gets filled at some time in the future. Saturn eliminates many fat-finger incidents because you have a single click option to select an open sell or buy order. The crypto markets are generally more volatile than traditional stocks, and you could win big with a flash crash or pump of the price. It shows you the prices you can accept right now and you can part-fill an order if you wish so if a seller has 20, UNITS for sale you could just buy 2,, or whatever quantity you require up to and including 20, On mobile you will need to familiarize yourself with the different trading areas of the screen as they are not currently laid out as clearly as shown above. The screenshot is fairly self-explanatory. Again fairly self-explanatory but post comments if you are unsure. In addition to accepting open orders, you can open your own orders to find a seller or buyer for BitUnits. Just click the green Create Order button as shown above. The button really should be a neutral color because when you click it, you can set up buy or sell orders as shown below. In the Firefox browser for mobile or Chrome and Firefox for desktop, you will need to be logged into the Saturn wallet for some of the details above to be available. The Saturn DEX can be accessed directly with this link or indirectly with this link. If you select the indirect link just scroll down the page until you see the BitUnits link in the Assets section. When you confirm a trade in the DEX, you will also need to bring up your Saturn Wallet in a separate tab if you are using a smartphone to confirm gas settings etc. We would recommend that you keep the default gas settings for your trades but do remember this means you will require a small amount of ETC in your Saturn wallet. Best way to obtain ETC is to ask a crypto friend to send some to your wallet as the minimum trade for ETC is relatively high on main exchanges. One dollar, about 0. The Saturn network is currently available for Ethereum Classic ETC tokens, and we are lead to believe it will include the Ethereum network within the next seven days. The DEX looks to be running well, and we were able to trade with Firefox on our Android phone, but it was a lot more straightforward on our laptop. What we were really impressed with was that the team behind the DEX were up and running almost 24 hours ahead of schedule. The crypto space is full of missed deadlines and meaningless whitepapers, so it came as a pleasant surprise to find a team ahead of the game. I also liked this promotional video that was produced in the run-up to the Saturn DEX release. Firefox is available for iOS The philosophy behind the BitUnits club can be found on their website and within their whitepaper , but in short, it is to educate individuals that are new to crypto. What better way to learn crypto than with FREE tokens and from a team dedicated to bringing blockchain to the masses? Binance is also working on their own DEX, but Saturn is the one we would recommend at the moment. For individuals new to crypto the Trust wallet is much easier to use than the SPDTC, and this is why the BitUnits team airdropped the tokens into this wallet. Trust is a smartphone app, available for Android and iOS rather than the browser extension wallet as provided by the Saturn team. We will put together a more detailed breakdown of how to move BitUnits from one wallet to another in due course, but meanwhile, if you have any questions or comments, please post them below or in the BitUnits Telegram group. Financial disclosure — as shown in the wallets above I hold BitUnits and other cryptocurrencies. If you found this article informative, you can donate BitUnits or ETC to the address shown below, thanks. For more crypto news stories join us in our Telegram group. Welcome to Buy Crypto News Articles. If you have an interest in crypto as a reader, writer or editor you have come to the right place. The first ten years have been quite eventful, yet disappointing for some members of the community. Progress has been relatively slow with many teams duplicating the work of others and needless forks to the original protocol. There is currently a wide variation between the rules and regulations adopted by nation States across the globe. Some countries have been quite positive towards Bitcoin and blockchain technology whereas others have attempted to ban it. This content is password protected. To view it please enter your password below: Password:. Crypto News. October 21, Cameron Leave a comment. Today we are going to cover the Ethereum ETC faucet. Please pay just 0. Click to pay with the low cost, high-speed Lightning Network. October 16, Cameron One comment. October 15, Cameron 5 comments. We recommend the Trust digital wallet for the following reasons: Available for Android and iOS devices Has the financial backing of the digital exchange giant, Binance Audited as a secure digital wallet Ease of use Installing the Trust Digital Wallet Links for Android and iOS are available at trustwalletapp. Securing your BitUnits As the Trust digital wallet does not hold the tokens in your phone, it is vital that you secure access to your digital assets. BitUnits Crypto News Trust. October 14, Cameron One comment. October 14, Cameron 3 comments. September 7, Cameron One comment. The beacon chain stores and manages the registry of validators, and will implement the Proof of Stake consensus mechanism for Ethereum 2. The beacon chain will be launched in the first phase of Ethereum 2. Infrastructure providers, such as Staking-as-a-Service providers, are non-custodial if they do not have control over users funds. In order to register as a validator on the beacon chain, a user must generate new Ethereum 2. Is an attempt to spend money twice. This happens when someone carries out a financial transaction and then conducts another transaction with the same money. Refers to a scenario, in the Bitcoin network, where someone tries to send a bitcoin transaction to two different recipients at the same time. However, once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a particular transaction has, the harder it becomes to double spend the bitcoins. If a malicious user tries to spend their bitcoins to two different recipients at the same time, this is double spending. Bitcoin mining and the block chain are there to create a consensus on the network about which of the two transactions will confirm and be considered valid. A transaction that uses the same input as an already broadcast transaction. The attempt of duplication, deceit, or conversion, will be adjudicated when only one of the transactions is recorded in the blockchain. A problem in which somebody fraudulently sends digital money to two different receivers even though they only have enough for one transaction. Bitcoin solves this issue. Double-spending is the result of successfully spending some money more than once. Bitcoin is the first to implemented a solution in early which protects against double spending by verifying each transaction added to the blockchain to ensure that the inputs for the transaction had not previously already been spent. Double spending occurs when a sum of money is spent more than once. This is a problem unique to digital currencies because digital information can be reproduced relatively easily. Double Spending refers to a scenario, in the Bitcoin network, where someone tries to send a bitcoin transaction to two different recipients at the same time. Bitcoin is the first to implement a solution in early which protects against double spending by verifying each transaction added to the blockchain to ensure that the inputs for the transaction had not previously already been spent. Hackers have tried to get around the Bitcoin verification system by using methods such as out-computing the blockchain security mechanism, or using a double-spending technique that involves sending a fraudulent transaction log to a seller and another to the rest of the Bitcoin network. These ploys have met with only limited success. In fact, most Bitcoin thefts so far have not involved double-counting, but rather have been due to users storing bitcoins without adequate safety measures. This refers to a state of affairs, within the Bitcoin network, wherever somebody tries to send a bitcoin group action to 2 completely different recipients at an identical time. However, once a bitcoin group action confirm, it makes it nearly not possible to double pay it. A lot of confirmations that a specific group action has, the more durable it becomes to double pay the bitcoins. When a given amount of coins are spent more than once. A dusting attack refers to a relatively new kind of malicious activity where hackers and scammers try and break the privacy of Bitcoinand cryptocurrency users by sending tiny amounts of coins to their personal wallets. The transactional activity of these wallets is then tracked down by the attackers, who perform a combined analysis of several addresses as an attempt to identify the person or company behind each wallet. Taking Bitcoin as an example, the smallest unit of the BTC currency is 1 satoshi 0. Scammers recently realized that cryptocurrency users do not pay much attention to these tiny amounts showing up in their wallets, so they began "dusting" a large number of addresses by sending a few satoshis to them. After dusting multiple addresses, the next step of a dusting attack involves a combined analysis of those various addresses in an attempt to identify which ones belong to the same wallet. The goal is to eventually be able to link the dusted addresses and wallets to their respective companies or individuals. If successful, the attackers may use this knowledge against their targets, either through elaborated phishing attacks or cyber-extortion threats. While the Bitcoin blockchain is nearly impossible to hack or disrupt, the wallets often present a significant point of concern. Since users do not give up their personal information when creating an account, they cannot prove theft if some hacker gains access to their coins - and even if they could, that would be useless. What is Dust? Dust is the smallest fraction of cryptocurrency in the wallet that is most commonly ignored by the crypto-investors. This is generally the amount that is left over when traders on exchanges change from one cryptocurrency to another and are much smaller than the required transaction fees. For eg. In the case of Bitcoin- a few hundred Satoshi. Taking advantage of this scenario, the dusting attack came into the picture in which hackers send negligible amounts of coins to countless wallets for quite some time. How does Dusting Attack work? Dusting attacks start by sending dust negligible amounts of coins to multiple wallet addresses. Once the dust enters the wallets, using this dusty transaction remaining all the other transactions done through these wallets can be easily traceable. Once this private information is received, it can be used for phishing attacks or blackmailing crypto enthusiasts. Initially, this attack began with Bitcoins address, but gradually it spread to all cryptocurrencies that run on the public blockchain. Dust limit is calculated on the basis of the size of input and output. For bitcoin transactions non-segwit it is computed to satoshis and satoshis for native segwit transactions, that means transaction equal to or smaller than satoshis will be rejected by validating nodes considering as spam. How can you prevent dusting attack? In order to track further transactions, large quantities of dust are peppered across the network targeting a large swathe of addresses. The attacker hopes that the tiny amount of funds mixes together with an unspent transaction output UTXO so that when it is spent as an input in a new transaction it can be tracked. Some users might not even notice the small fraction of dust they received and could spend the tainted coins at a later date. Of course, some users religiously check their transaction log every time their wallets receive bitcoin but they might not do anything about it and still spend the dust. Those funds can be used to deanonymize users and there are scripts that can be written that can send a ton of dust to thousands of addresses at once. You cannot talk about crypto dust without mentioning dusting attacks. While crypto dust piling up on exchanges can be a mild annoyance for traders, the threat of a dusting attack for privacy-conscious crypto users is arguably a much more serious matter. Generally speaking, dusting attacks involve malicious actors attempting to uncover the identity of the users of a public blockchain network such as Bitcoin BTC. They do this by sending a tiny amount of cryptocurrency to a BTC wallet. The subsequent transactional activities that make use of these addresses can then be tracked in an attempt to gain insight into fund flows and, potentially, the real-world identity of the owners of the addresses they target. If you value your privacy, it pays to be very skeptical if any small, inexplicable cryptocurrency payments turn up in any of your wallets — even those you rarely make use of. If you do receive a small transaction like this, you may want to run your coins through a mixing service to ensure your privacy is not compromised. Dust-busting pays — whether you are responsible for its creation or not, clearing it up can be both profitable and safe. Its main purpose is to scale blockchain transaction capacity while retaining the decentralization benefits of a distributed protocol. To build a good blockchain ecosystem, we need a few things in the architecture to balance the needs of security, decentralization, and scalability. Layer 2 blockchain technology systems are those that connect to say, Ethereum, and rely on Ethereum as a base layer of security and finality. In other words, rather than changing the base Ethereum, we add smart contracts on the main blockchain protocol that interact with activities off-chain. A novel consensus protocol in which, instead of mining, nodes can validate and make changes to the blockchain based on their existing economic stake. An algorithm that rewards participants that solves difficult cryptographic puzzles to achieve distributed consensus. Unlike proof of work or PoW, a person can validate transactions and create new blocks based on their individual wealth i. One of the key advantages that PoS has over PoW is lower energy consumption. The mechanism by which participants earn the right to add new blocks and so earn new tokens, based on how much of that currency they already hold. So if a miner holds three coins, they can only earn three coins. The system encourages miners to stick with a certain blockchain, rather than converting their rewards to an alternate cryptocurrency. A consensus distribution algorithm that rewards earnings based on the number of coins you own or hold. The more you invest in the coin, the more you gain by mining with this protocol. A consensus algorithm that chooses the owner of a new block based on the wealth they have or Stake. There is not a block reward so the forgers take the transaction fee. POW requires extensive energy consumption. Over the past a few years, the rising value of bitcoin boosted the demand for GPU. Some chip companies create custom chips solely for mining. The more coins the staker has, the more likely the staker will add a new block of the transaction to the blockchain. Most crowdsale-funded platforms leverage this approach to distributing tokens based on investment. Proof-of-Stake is an alternative to the Proof-of-Work system, in which your existing stake in a cryptocurrency the amount of that currency that you hold is used to calculate the amount of that currency that you can mine. The more stake you own, the more likely you are to generate a block. In theory, this should prevent users from creating forks because it will devalue their stake and it should save a lot of energy. Proof-of-stake PoS is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus. Peercoin was the first cryptocurrency to launch using proof-of-Stake. Ethereum has planned a hard fork transition from PoW to PoS consensus. Decred hybridizes PoW with PoS and combines elements of both in an attempt to garner the benefits of the two systems and create a more robust notion of consensus. With Proof of Work, the probability of mining a block depends on the work done by the miner e. Instead of sacrificing energy to mine a block, a user must prove they own a certain amount of the cryptocurrency to generate a block. Is an alternative to the proof-of-work system, in which your existing stake in a cryptocurrency the amount of that currency that you hold is used to calculate the amount of that currency that you can mine. Is a security method in cryptocurrency, and a tool of achieving consensus in which there is a greater chance of creating a new block. The profit will be achieved by the users with a large amount of coins in the account. A novel consensus protocol in which, instead of mining, nodes can validate and make changes to the blockchain on the basis of their existing economic stake. The first of these alternatives is proof of stake PoS , which allocates the level of responsibility in maintaining the public ledger to a node according to the number of coins it holds. The more coins a node holds, the more chances it has of being picked to update the ledger. Since POS requires neither burning of energy nor specialized hardware, it is one of the cheapest blockchain consensus protocols. It is also one of the most inclusive, as all coins holders in a network stand a chance to participate in the mining process. Blockchain networks that use proof of stake include Peercoin, Nem and Dash. Ethereum is also planning to move its protocol from proof of work to proof of stake when it adopts its Casper system. For Proof of Stake, miners still process and validate transactions, but do so by proving that they have ownership of a certain amount of the asset, rather than by performing energy-intensive computations. So in short, this system financially incentives honest behavior. Proof of Stake is designed to be more environmentally friendly than Proof of Work. Bitcoin is pseudonymous. In Bitcoin, your pseudonym is the address to which you receive Bitcoin. Every transaction involving that address is stored forever in the blockchain. If your address is ever linked to your identity, every transaction will be linked to you. Since Bitcoin is open and decentralized, anyone is able to set up a wallet and join the network without providing any personal information. Although all Bitcoin transactions are public and visible, it is not always easy to find the identity behind each public address or transaction, and this is what makes Bitcoin somewhat anonymous - but not completely. Peer-to-peer P2P transactions are more likely to remain anonymous because they are performed without the involvement of any intermediary. However, many cryptocurrency exchanges collect personal data through KYC verification processes, meaning that when users move funds between their personal wallets and exchange accounts, they are taking the risk of being somehow de-anonymized. Ideally, a brand new Bitcoin address should be created for every new receiving transaction or payment request as a way to preserve users privacy. It is important to keep in mind that, unlike many tend to believe, Bitcoin is not really an anonymous cryptocurrency. Besides the recently created dusting attacks, there are many companies, research labs, and governmental agencies performing blockchain analyses in an attempt to de-anonymize blockchain networks - and some argue they already made significant progress. Replace-By-Fee RBF is a node policy that allows an unconfirmed transaction in a mempool to be replaced with a different transaction that spends at least one of the same inputs and which pays a higher transaction fee. Usually, a transaction gets stuck because the sender did not pay a high enough fee. Block space on the Bitcoin blockchain is limited. Miners need a way to decide which transactions get into the next block and which ones remain in the mempool. To decide this, a market exists. Generally, those who pay the highest fees make it into the next block. If a sender sets his fees too low, his block may take a very long time to make it into a block and confirm. RBF is a way for a sender to fix a stuck transaction if they are in a hurry to get their transaction through. Sharding is defined as the process of breaking up a large quantity of information into smaller pieces and distributing it to multiple computers. Sharding is often used to make the data or computer program more manageable. By sharding a massive computer program, you can reduce the computer requirements and make a large program more manageable. In other words, with sharding, smaller portable computers can run what used to require a larger, more powerful, and expensive computer. In blockchain technology, the files are often over gigabytes in size and growing. Using sharding, the huge blockchain program is split up and shared by the network of thousands of computers. Dividing a blockchain into several smaller component networks called shards capable of processing transactions in parallel. A scaling solution for blockchains to improve high-volume transaction speeds. Instead of every node see above holding a full blockchain copy, they only hold partial copies. A scaling solution for blockchains. Typically, every node in a blockchain network houses a complete copy of the blockchain. Sharding is a method of splitting a large piece of data into smaller pieces, each of which are called a shard, and each shard can only transact with other accounts in the same shard. This allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds. Each island can do its own thing. Each of the island has its own unique features and everyone belonging on that island, i. If they want to contact with other islands, they will have to use some sort of protocol. Sharding is a form of database partitioning, also known as horizontal partitioning, wherein large databases are divided into smaller, more manageable clusters to improve performance and lower query time. Staking derivatives are tokenized representations of underlying staking positions that can be traded across token holders. Ethereum 2. Hopeful validators who do not possess 32 ETH to become a validator will need to pool funds together with other ETH holders for staking, similar to the concept of pooling hashing power in mining pools. Thus, individuals can stake smaller amounts of ETH by staking in a pool offered by third party providers or joining a trustless staking pool currently in research stage. Confirmation email has been sent to given email. Please follow the link sent in email to confirm your registration and then you will be able to login. Enter you email and we will send you a link for password reset. Glossary extensive Blockchain Glossary with multiple explanations per term. Absolute Advantage. A blockchain public address is a unique alphanumeric string that is used to identify users in the blockchain. Currently, the most common way users exchange payment information. Blockchain addresses operate in a similar way to physical addresses and are used to send or receive transactions on a blockchain network. An address usually presents itself as a string of alphanumeric characters. A secure identifier marked by a unique string of characters that enables payments to an individual or entity via blockchain transactions. It usually requires a private key to exclusively access the funds. For example, Bitcoin addresses are alphanumeric strings that begin with a 1 or 3; Ethereum addresses begin with '0x'. Used to send and receive cryptocurrency. Usually, the address is a line of letters and numbers. Also, it is a public key used by bitcoin-owners for the transaction digital signature. Cryptocurrency addresses are used to send or receive transactions on the network. A string of letters and numbers that are used to receive cryptocurrency. Works similar to a traditional bank account number and can be shared publicly with others. These are usually used to receive and send transactions on the network. Associate degree address may be a string of alphanumerical characters, however, may be delineated as a scannable QR code. A string of letters and numbers that people use to send bitcoin to or from. A bitcoin address is shared from one user to another user so that they can send you Bitcoin. Likewise, if you want to send bitcoin to someone you will need their address obtained from their wallet. A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction. Used to receive and send transactions on the blockchain network. It contains a string of alphanumeric characters, but can also be represented as a scannable QR code. Used to send and receive transactions. An address is often a hashed version of a public key. This trading slang term refers to a cryptocurrency public address or key. Agreement Ledgers. A method of distributing cryptocurrency amongst a population first attempted with Auroracoin in early An airdrop is a marketing strategy whereby coins are arbitrarily deposited into wallets for free in an effort to get crypto enthusiasts curious about the coin. A free distribution of coins or tokens to potential users. A set of mathematical instructions or rules that need to be followed in problem solving. For reference, there exists various algorithms to solve a rubix cube. If the algorithm is applied correctly, the outcome is that the cube will be solved. A sequence of unambiguous instructions used for the purpose of solving a problem. An order that must be executed in its entirety or not executed at all. This means that the price of a certain cryptocurrency has broken all its past records and is trading at the highest price it has ever achieved. Refers to the maximum price of an asset, higher than at any other time in its trading history. Cryptocurrencies have risen dramatically, creating many consecutive ATHs. This is the highest historical price of any currency in the entirety of its life. Percentage distribution of tokens. A first look at a product released by a team to get feedback, usually in a less mature state than in beta. Currently, the bulk of altcoins area unit forks of Bitcoin with sometimes minor changes to the proof of labour POW algorithmic rule of the Bitcoin blockchain. The foremost distinguished altcoin is Litecoin. Describes all cryptocurrencies that are not Bitcoin - like Ethereum, Litecoin, and Monero. Currently, the majority of altcoins are forks of Bitcoin with usually minor changes to the proof of work POW algorithm of the Bitcoin blockchain. The most prominent altcoin is Litecoin. Litecoin introduces changes to the original Bitcoin protocol such as decreased block generation time, increased maximum number of coins and different hashing algorithm. Generally any cryptocurrency other than Bitcoin or Ethereum — though some Bitcoin folks would probably still say Ethereum is an altcoin. A cryptocurrency or a category of cryptocurrencies that are an alternative to bitcoin. Many altcoins project themselves as better alternatives to bitcoin in various ways e. A cryptocurrency that works similarly to bitcoin, but with modifications, for example, being able to process transactions faster. Any cryptocurrency that exists as an alternative to bitcoin. A cryptocurrency that is alternative to Bitcoin. Used to describe cryptocurrencies that are not Bitcoin. Laws and regulations in the United States and other countries to prevent illegal activities. Compells exchanges and other money transmitters to report suspicious activity. A framework consisting of legal and regulatory procedures to minimize and curb the flow of funds that are generated from illegal or dubious activities. Application programming interface part of a remote server that sends requests and receives responses. Taking advantage of the price difference of an asset in two different markets or exchanges, often internationally. The price difference is used for a quick profit. Arbitrage is a trading practice where a trader takes advantage of the difference in price of the same commodity on two different exchanges. Basically, a trader would buy an asset on one exchange and then sell it at a higher price on another exchange, thus taking advantage of the difference in price between the two exchanges. Buying and selling of assets over different markets in order to take advantage of differing prices on the same asset. Short for Application Specific Integrated Circuit. An ASIC is a computer processing chip that is designed to perform one function only, whereas most modern computers have multi-thread CPUs that allow the computer to complete a range of tasks all at the same time. In the crypto space, an ASIC computer is used to mine bitcoin. In the case of Bitcoin, they are designed to process SHA hashing problems to mine new bitcoins. Using a regular computer for Bitcoin mining is seen as unprofitable and only results in higher electricity bill. ASICs are silicon chips specifically designed to do a single task. In the case of bitcoin, they are designed to process SHA hashing problems to mine new bitcoins. A type of computer chip. For cryptocurrencies, it's used to mine new coins efficiently see mining below. Basically, the computers we use to operate on general-purpose circuits, while an ASIC is utilized entirely for a single application. In the case of cryptocurrency mining, ASICs can be used to greatly increase efficiency and significantly decrease energy costs. Is a special circuit optimized for the cryptocurrency mining, and it comes with this function more effectively than computer GPU and CPU. An Integrated Circuit customized for maximum performance in a particular use, rather than general-purpose use. Achieved by requiring a large amount of memory when mining. This means that additional physical area is needed on the chip. As a result an ASIC would experience no significant speed increase. Asymmetric Cryptography. Asymmetric cryptography is also known as public key cryptography. It uses public and private keys to encrypt and decrypt data. The keys are large numbers that have been paired together but are not identical asymmetric. A public key can be shared with everyone. The private key in the pair is kept secret. An atomic swap, or sometimes called atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency without the need to trust a third party. Atomic swaps involve cryptocurrencies that are tradeable with one another without needing an exchange in the middle. Typically, they have to follow the same encryption standard and have a payment channel protocol such as Lightning Network. Attack surface. Different points in software environments where an attacker can attempt to enter data or extract data. Attestation Ledger. Distributed ledgers that provide a durable record of agreements, commitments or statements, providing evidence attestation that these agreements, commitments or statements were made. A distributed ledger that codifies agreements, statements, and other facts into the Blockchain. Can provide evidence to "attest" that something actually happened. An Attestation Ledger is a distributed ledger that provides a reviewable record of agreements, commitments, statements, or transactions. The purpose is to provide evidence, or attestation, of the nature and fulfillment of an agreement. These viewable records are, in essence, receipts. This type of ledger is vital to compliance with government and tax regulations. These area units distributed ledgers that give a sturdy record of agreements, commitments or statements, providing proof attestation that these agreements, commitments or statements were created. Autonomous Agent. A person who is still holding an asset after a pump and dump scheme see below. Can also refer to somebody who is believing in and holding a coin that's declining in value. Also used in other parts of Bitcoin, such as encoding private keys for backup in WIP format. Not the same as other base58 implementations. Beacon Chain. A person who is pessimistic about market prices and expects them to go down. This person is also known to be "bearish" about the market and price expectations. Bear Market. When the market is a Bear Market, it means that the general sentiment and expectation of the market is that price is going to decrease, either for a single coin or asset or in the market as a whole. This expectation is generally a self-fulfilling prophecy, resulting in price drops for individual assets or for all assets across the market as a whole. This trend continues to increase until sentiment changes, and a more Bull Market mentality starts to move prices back up. Bear Trap. A false market signal where the rising trend of an asset appears to be turning down, but actually is not. Short sellers are forced to exit their positions to stop losing money. This trading slang term means a trader with a fat account who is bearish on the price of a cryptocurrency. Best Block Chain. A chain of blocks with each block referencing the block that preceded it. The most-difficult-to-recreate chain is the best blockchain. Best Header Chain. A chain of block headers with each header linking to the header that preceded it; the most-difficult-to-recreate chain is the best header chain. It is an open source platform that adds Blockchain characteristics to Big Data distributed databases of immutability, decentralized control, and transfer of digital assets. The decentralized, peer-to-peer network that maintains the blockchain. The Bitcoin network processes all Bitcoin transactions. Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. Bitcoin is the first decentralized, open-source cryptocurrency that runs on a global peer-to-peer network, without the need for middlemen and a centralized issuer. Bitcoin is the first widely-recognized cryptocurrency and has been the pioneer of the Blockchain industry as a whole. The first, and most popular, cryptocurrency based on the decentralized ledger of a blockchain. Bitcoin is the first decentralized, open source cryptocurrency that runs on a global peer to peer network, without the need for middlemen and a centralized issuer. Bitcoin is a digital currency also called crypto-currency that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoin-to-Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a peer-to-peer P2P network. The P2P network monitors and verifies the transfer of Bitcoins between users. Each user's Bitcoins are stored in a program called a digital wallet, which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to the user. The Bitcoin network is designed to mathematically generate no more than 21 million Bitcoins and the network is set up to regulate itself to deal with inflation. Bitcoins can be spent by initiating a transfer request from a Bitcoin address in the customer's wallet to a Bitcoin address in the vendor's wallet. Bitcoin ATM. A cash point where people can trade fiat currency and bitcoins. Bitcoin Cash BCH. Bitcoin Cash is a cryptocurrency that was created as a Bitcoin hard fork in August Bitcoin Cash is essentially a clone of the Bitcoin blockchain but has improved scalability by increasing block size capacity from 1 MB to 8 MB. The goal is to make Bitcoin Cash a more usable currency in comparison with Bitcoin. A clone AKA "fork" of Bitcoin that focuses on processing high volumes of transactions differently. Created because of disagreements about how to best grow digital currency. A type of cryptocurrency that was created in August and is essentially a clone of the Bitcoin blockchain but has increased block size capacity from 1 MB to 8 MB as a way to solve the scaling problem. Bitcoin Dominance. The ratio of Bitcoin's market capitalization versus the sum of the market capitalizations of all cryptocurrencies. Bitcoin Protocol. The controversial business license issued for cryptocurrency companies in New York. Black Swan Event. An event that is often entirely unexpected and deviates from the expected result causing widespread ramifications. Block 0. The first block in the Bitcoin blockchain. Block Ciphers. In blockchain, Block Ciphers are the primary method of encrypting and recording the chained blocks. Each block contains a cipher and an algorithm to apply the cipher to the block. Once encrypted, the block is now in ciphertext form, and requires the encryption key to be read. Block Explorer. An online tool for exploring the blockchain of a particular cryptocurrency, where you can watch and follow live all the transactions happening on the blockchain. Block explorers can serve as blockchain analysis and provide information such as total network hash rate, coin supply, transaction growth, etc. A Block Explorer is a tool used to look inside the data stored on a blockchain. It has a record of all the transactions in each block, and is often made public to increase blockchain visibility and transparency. In essence, a Block Explorer is much like a web browser for the internet. There are several prominent blockchain explorers that are free to use, such as Blockchain. Block explorer is an online tool to view all transactions, past and current, on the blockchain. They provide useful information such as network hash rate and transaction growth. A tool to see detailed information on transactions, accounts, and other activity on a Blockchain. Depending on the cryptocurrency, sweeping data or limited data is available. An online Blockchain webpage which allows users to browse information about blocks, transactions, balances, and transaction histories. Block Halving. Bitcoin's supply of new coins issued to miners is cut in half about every four years to keep it scarce. The next halving will be around A reduction in the block reward given to crypto-currency miners once a certain number of blocks have been mined. The Bitcoin block mining reward halves every , blocks. Bitcoins have a finite supply, which makes them a scarce digital commodity. The total amount of bitcoins that will ever be issued is 21 million. The final halving will take place in the year Block Header. An byte header belonging to a single block which is hashed repeatedly to create proof of work. Synonyms: Block header Header. Block Height. Block Height is a measure of how large a blockchain is based on the number of blocks appended to the chain. For instance, if a blockchain has blocks, its block height would be The first block in any chain, called the Genesis Block, is given the height of 0, and each block after just follows the numerical order. Refers to the total number of blocks on a given cryptocurrency blockchain. It starts with the first block, also known as the Genesis Block Height 0 and counts up from there. The number of blocks connected on the blockchain. Refers to the number of blocks connected together in the blockchain. For example, Height 0, would be the very first block, which is also called the Genesis Block. The number of blocks preceding a particular block on a blockchain. For example, the genesis block has a height of zero because zero block preceded it. The number of blocks in the chain between itself and the first block on that blockchain genesis block or block 0. Block Reward. An amount of Bitcoin that miners earn upon creating a block of pending transactions. The subsidy reward is halved every four years. Are rewards given to a miner which has successfully hashed a transaction block. Block rewards can be a mixture of coins and transaction fees, depending on the policy used by the cryptocurrency in question, and whether all of the coins have already been successfully mined. The current block reward for the Bitcoin network is 25 bitcoins for each block. The amount that miners may claim as a reward for creating a block. Equal to the sum of the block subsidy newly available satoshis plus the transactions fees paid by transactions included in the block. 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. An amount of crypto-currency a miner receives for processing transactions in a given block. If people are going to be pointing some of their computing power to the Bitcoin network, then they need to get paid for their work. This is where block rewards come into play. New bitcoins are created every ten minutes, and those bitcoins are rewarded to the Bitcoin miner who is able to find the answer to the abovementioned mathematical equations before anyone else. In addition to the block reward, which is cut in half roughly every four years, miners are also rewarded with the transaction fees from all transfers of value that took place since the last block was mined. Without these valuable rewards for mining, there would be no reason for miners to point computing power to the Bitcoin network, and the network could not b
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