33 Blockchain Terms You Should Know

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.

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