Page 14 - My FlipBook

Glossary

altcoin: a shortened version of “Bitcoin alternative” that applies to the number
of digital coins in circulation, many of them forks of Bitcoin with minor
changes to the proof of work

block: a file of data recorded on the blockchain network that includes the
record of some or all new blockchain transactions. New blocks are secured
to the rest of the chain via cryptography, and none can be altered without
changing the rest of the chain.

blockchain: a decentralized, digital ledger of records that cannot be
changed without the consensus of the majority of participants. Transactions
are recorded and time-stamped in “blocks” that are linked together with
cryptography.

cryptocurrencies: currencies based on blockchain that use cryptography and
a decentralized system to corroborate and verify transactions

Dapp (decentralized application): a decentralized, open-source, autonomous
application, with all records stored on a blockchain. It can distribute tokens.

Ethereum: an open-source software platform that uses blockchain technology
to enable developers to write smart contracts and build and deploy Dapps

fiat currency: physical money, such as paper bills or coins
fork: the splitting of a blockchain into two simultaneous versions that share
blocks. The community decides which version to use, and the discarded
version becomes an orphan.

hard fork: a change to the rules of a blockchain that requires all users to
adapt to the change

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