GLOSSARY OF TERMS

 

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There are 9 names in this directory containing the search term blockchain. Clear results.
Block
Blocks are packages of data that carry permanently recorded data on the blockchain network. Cryptography is used to protect the blocks.

Block explorer
An online tool used to view all blockchain transactions.

Blockchain
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.

Chain split 
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.

Ether
Ether is the native token of the Ethereum blockchain.

Hard fork
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
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 contract
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.

Soft Fork
A change in the blockchain ruleset that does not deviate from the existing blockchain rules. Unlike a hard fork, an upgrade of the software protocol is not required for a soft fork. This is because the new rules are a subset of the old rules thereby allowing consensus to be maintained.


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