KryptoMoney.com, being a website dedicated to Blockchain Technology and Cryptocurrencies here by explains our readers about the various terms in Blockchain and Crypto World.
Altcoin: Abbreviation for “Alternative coin”. Crypto currencies other than Bitcoin are collectively called Altcoin.
Autonomous Decentralized Organization : Program which seals in a blockchain the governance of an organization. Contains several smart contracts that interacts among them.
Bitcoin (BTC): World’s First Decentralized peer-to-peer cryptp currency developed in 2008 and introduced as an open source software in 2009 by an unidentified developer or group of developers using the pseudonym Satoshi Nakamoto.
Blockchain: The blockchain is a technology for the storage and transmission of information at minimal cost, secure, transparent, and operating without a central body of control.
By extension, a blockchain (literally a “chain of Blocks”) means a secure database and distributed (because shared by its various users), containing a set of transactions which everyone can check the validity. A blockchain can thus be assimilated to a large accounting book public, anonymous and cannot be counterfeited.
Blockchain is the technology behind Bitcoins and most of the Crypto Currencies.
Blockchain Growth Fund: A new venture capital fund which invites and allows a common man to invest in high-return fetching Blockchain startups, different cryptocurrency mining and promising ICO’s.
Colored corners: Set of methods or protocols to create, represent and manage real assets on the blockchain Bitcoin.
Cryptocurrency: Person-to-Person Electronic money, based on the principles of cryptography to validate transactions and the generation of the currency itself.
Devcon of Ethereum: Abbreviation for “Developers Conference”, an annual event consists of several days of meetings and conferences around the blockchain of Ethereum.
Ether: Cryptocurrency or digital tokens of Ethereum Blockchain network.
Ethereum: Decentralized Platform , based on a blockchain, allowing its network of users to create smart contracts. The blockchain of Ethereum works with the currency “Ether”. Unlike the blockchain of bitcoin, focused on the monetary aspect, the blockchain of Ethereum has a vocation to accommodate very diverse programs
Fiat Money: “Classic Currency”, whose value is given by the Act or the government regulation (e.g Euro, Dollar,etc).
ICO: Short for Initial Coin Offering , a process by which early age crypto currency startups raises funds in order for further development of the crypto currency.
MCAP: Digital Tokens which are used to invest in Bitcoin Growth Fund
Microtransaction: Transaction of a few cents. In a circuit “Classic”, via a bank for example, the microtransactions are too costly to achieve (fees are indeed higher than the amount of the transactions). The blockchain provides a solution to this problem.
Mining: Use of the computing power in order to process and validate transactions, generate more tokens, secure the network and to allow all the users of the system to remain synchronized.
Mining Pool: A Group of minors who performs the task of mining as a group and distributes the reward in the group and not individuals.
Minor: Persons (individuals or companies) that connect on the network with one or several machines equipped to perform the mining process.
Multisig: A method of securing a demanding portfolio the signatures of several keys to unlock funds.
Node: A computer/server connected to the network and using a program relaying the transactions.
Private key: Key allowing the user to a blockchain to initiate a transaction by signing cryptographical messages. It must not be shared with anyone.
Proof of stake (POS): Method used to achieve the consensus in a distributed blockchain network . It is the inverse of the concept of proof of the work, the proof of stake does not request the users to use their computing power to compete with each other to solve any mathematical puzzle, but rather to prove the ownership of a certain amount of crypto-currency stake in the network.
Proof of work (POW): “Evidence of work” or “Evidence of calculation”. It is the cryptographic processing enabling the validation of the blocks of transactions. Perform this treatment requires the calculation time. In general, a single computer on the network succeeds in about ten minutes. The difficulty is regularly adapted to maintain this interval.
Public key: Key used to address on a blockchain. It is known to all and it allows a sender to designate a recipient.
This article was published by the author Bhargavi Sayee.
The author at KryptoMoney.com added some more terms and modified the article for quality purpose.