GLOSSARY OF TERMS

 

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There are 4 names in this directory beginning with the letter B.
Bitcoin
Bitcoin can refer to the protocol, network or the unit of currency. A Bitcoin with a capital “B” refers to the protocol & the network. A bitcoin with a lowercase “b” is a digital currency.

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.


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