Home Technology 33 Blockchain Terms You Should Know

33 Blockchain Terms You Should Know

written by Samrat Roy Chowdhuri April 16, 2017

Here is the list of commonly used terms and its meaning in Blockchain technology.

#Address:  It is used to send and receive the transactions on the networks.The address can be of string i.e. alphabets or QR Code.

#ASIC: ASIC(Application Specific Integrated Circuit) is a chip made using silicon.It is designed to do single work at a time.

# Bitcoin: It is an cryptocurrency which is decentralized,open source,we can use it with smartphones,computer etc it is popular but it was not first virtual currency.

#BitPay: It is a processor which works with merchants which allows them to take bitcoin as payment.

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#Blockchain: We can do transactions without any middleman,it is trusted,secure and cheaper. Its network is huge and financial accounts are handled without any permissions.

#Block: In blockchain there are two records: 1)transactions 2)blocks

Transactions stores the data in blockchain and block record and confirms the transactions.

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#Central Ledger: Ledger is maintained by the Central Agency so called as the central ledger.

#Circle:  It is an exchange and wallet service, which allows users to send, receive and exchange bitcoins anywhere in world.

#Cloudware: It is a third party software which runs in server room instead of running in house, company.

#Cryptography:  It is a type of method to keep information secret or hide the information. It also keeps information secure from third party.

#Cryptocurrency:  It is a virtual currency created by using encryption techniques. There is verification of transactions and it is secured by cryptography.

#DAO:  DAO (Decentralized Autonomous Organization) exists for the shareholders without central ledger.

#Double spending: When someone does transaction using bitcoins and again purchase something from another using same bitcoins i.e. using same bitcoins twice is called as Double spending.

#ECDSA:  ECDSA(Elliptic Curve Digital Signature Algorithm) is an algorithm encrypted with cryptography is use to sign transactions in Bitcoin protocol.

#Fiat Currency:  Money valid for the financial obligations.

#FinTech:  Technology used in the financial service industries.

#Genesis Block:  The first block used in block chain.

#FinCEN:  FinCEN(The Financial Crimes Enforcement Network) is an agency to impose regulations on exchange trading in bitcoin.

#GPU: GPU(Graphical Processing Unit) is an silicon chip designed for the complex calculations.

#Hash:  It is mathematical process variable amount of data and produces constant or fixed output.

#Ledger:  It is an collection of financial account book or it may hold the general information rather than financial account.




21 Blockchain Examples and Applications | The Techie Blog April 20, 2017 at 12:12 pm

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Blockchain for Beginners - The Complete Guide | The Techie Blog April 30, 2017 at 1:20 am

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