Blockchain

Algorithm

Algorithm is a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer, although humans tend to follow steps algorithmically as well (let’s say doing math or following a recipe).

Altcoin

Altcoin is the term given to describe alternative digital assets, such as a coin or token that is not Bitcoin. This nomenclature comes from the idea that Bitcoin is the original cryptocurrency and that all others are then considered “alternate” or “alternative” coins.

API

API stands for Application Programming Interface. It is a set of routines, protocols, and tools for building software applications. APIs specify how software components should interact, such as what data to use and what actions should be taken.

Attack 51%

If more than half the computer power or mining hash rate on a network is run by a single person or a single group of people, then a 51% attack is in operation. This means that this entity has full control of the network and can negatively affect a cryptocurrency by taking over mining operations, stopping or changing transactions, and double-spending (reusing) coins.

Bag

In the crypto space, the word bag refers to the coins, and tokens one is holding as part of their portfolio. Typically, the term is used to describe a significant amount of a particular cryptocurrency. There is no defined minimum, but when the value is relatively high, one could say they are holding “heavy bags” of a certain coin or token.

Bitcoin

Bitcoin is a digital form of money that runs on a distributed network of computers "nodes". In a broader sense, though, many people often use the word Bitcoin to refer to a few different things: a digital currency, a decentralized public ledger, a protocol, or simply the big ecosystem that encompasses all of these.

Bitcoin Halving

Bitcoin Halving is an event that occurs approximately every four years and prevents coin inflation while halving the reward for miners for a mined block. 

 

Block

A container or collection of transactions occurring every time period on a blockchain. In short, the term block refers to computer files that store transaction data. These blocks are arranged in a linear sequence that forms an endless chain of blocks - hence, the term blockchain.

Block Explorer

An online tool to view all transactions that have taken place on the blockchain, network hash rate, and transaction growth, among other useful information. In short, a block explorer is a tool that provides detailed analytics about a blockchain network since its first day at the genesis block. We can say a block explorer acts as a search engine and browser where users can find information about individual blocks, public addresses, and transactions associated with a specific cryptocurrency.

Centralized

The concept of centralization relates to the distribution of power and authority in an organization or a network. When a system is centralized, it means that the planning and decision-making mechanisms are concentrated at a particular point within the system.

Coin

Coin is a cryptocurrency or digital cash that is independent of any other blockchain or platform. The key feature of a coin is that of a currency, and the term may also be used to describe a cryptocurrency asset that is not a token. 

Coinbase

First designed in the Bitcoin system, a coinbase is a compulsorily-included transaction on a block, the output of which directs where to send the mining reward. In the Bitcoin system, the coinbase has a 100-byte size input, where messages can be attached or used as an extra nonce.