GLOSSARY OF TERMS
There are 9 names in this directory containing the search term blockchain. Clear results.
Blocks are packages of data that carry permanently recorded data on the blockchain network. Cryptography is used to protect the blocks.
A blockchain is a distributed digital ledger. Transparency is achieved on the blockchain because everyone on the network sees the same transactions and has a copy of the same ledger. A block is created once a certain number of transactions are added to the network. All of the blocks that were created are connected to each other (back to the first transaction); thereby creating a chain of blocks.
A situation in which a blockchain splits into two or more separate versions. The split occurs when the rulesets diverge. The split maybe temporary or permanent.
A permanent change to the blockchain whereby nodes that previously ran the old version of the blockchain will not be accepted until they upgrade to the latest version of the protocol software. A chain split occurs when the path follows the new upgraded blockchain and the other path continues using the previous ruleset.
Mining is the use of computers to validate transactions on the blockchain. Individuals who participate in this process are called miners. Their incentive for validating transactions is usually in the form of cryptocurrencies.
Smart contracts are essentially programming code that automatically executes tasks when certain conditions are met. The terms and conditions are defined, stored and run on the blockchain; they determine how digital assets can be used.
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