GLOSSARY OF TERMS

 

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There are 4 names in this directory beginning with the letter S.
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.

Sound wallet
A method of cold storage that uses encrypted sound files such as CDs.

SPV
Acronym for Simplified Payment Verification. A method to verify transactions in a block without making a copy of the entire block.


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