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Blockchain Terms

Blockchain Terms

HashFlare

Here You Can Find the Most Popular Terms from the Blockchain Category

Confirmation

When any cryptocurrency transaction has been preformed such as buying or selling them then it each transaction needs to be verified and this term is known as the confirmation.

Genesis Block

The very first block that is used in a blockchain is known as the Genesis Block, and it doesn’t matter which cryptocurrency you have used they will all have had a Genesis Block.

Cryptocurrency

You may be wondering what exactly a cryptocurrency is and it is simply any form of digital or virtual currency that uses the cryptography protocol for security.

Consensus

When a Consensus is achieved it simply means that everyone involved in the confirmation and validity of a transaction has agreed on them being valid and true transactions.

Block Height

The Block Height simply refers to the number of completed blocks that have been constructed on a blockchain over any period of time which could be a large number of them.

Block Reward

When anyone or group of people are mining for Bitcoin the Bitcoin Reward is the reward in Bitcoin they are given when they find a working hash to complete the next block.

Bitcoin Protocol

The Bitcoin Protocol is the way and rules in which Bitcoin runs on the network and it the cryptographic protocol on which it operates and is distributed throughout the blockchain.

Blockchain

The entire backbone of the Bitcoin cryptocurrency network depends on the blockchain which is a full and secure ledger that records all transactions as they are processed and confirmed.

Seed

The term seed refers to a private key that is used when someone has chosen to make use of a deterministic wallet and it is a string of numbers and letters that gives access to their digital assets.

Block

You will often come across the term Block and it simply refers to the digital files that relate to any cryptocurrency network are stored, which confirms each transaction in a sort of ledger.

Scrypt

This is quite a good Proof of Work protocol and is simply a mining algorithm that has been used by Litecoin, Dogecoin and quite a number of other recently launched cryptocurrencies.

Bitcoin Network

The way in which Bitcoin is distributed, sent and received is on something known as a Blockchain, and that network lets people send peer to peer transactions of that digital currency.

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