Exploring Blockchain: Key English Terminology
Blockchain technology has revolutionized various industries with its decentralized and immutable ledger system. To navigate this innovative field effectively, it's crucial to grasp its fundamental terminology. Below are some key English words commonly associated with blockchain:
1.
Blockchain
: A distributed ledger technology (DLT) that records transactions across multiple computers in a way that makes them tamperresistant and transparent.2.
Cryptocurrency
: Digital or virtual currencies secured by cryptography, often built on blockchain technology. Bitcoin, Ethereum, and Litecoin are popular examples.3.
Decentralization
: The distribution of control and data across a network of computers, eliminating the need for a central authority.4.
Consensus
: The mechanism through which all participants in a blockchain network agree on the validity of transactions, ensuring consistency and security.5.
Node
: Any computer that connects to a blockchain network, maintaining a copy of the entire blockchain and validating transactions.6.
Mining
: The process of validating transactions and adding them to the blockchain using computational power, typically associated with proofofwork consensus mechanisms.7.
Smart Contract
: Selfexecuting contracts with the terms of the agreement directly written into code. They automatically execute and enforce when predefined conditions are met.8.
Token
: Digital assets representing ownership or access rights, often built on existing blockchains like Ethereum as ERC20 or ERC721 tokens.9.
Wallet
: Software or hardware that stores public and private keys used to interact with blockchain networks and manage cryptocurrency holdings.10.
Fork
: A divergence in the blockchain's transaction history, resulting in two separate chains. Forks can be soft (temporary) or hard (permanent).11.
Immutable
: The property of blockchain where once data is recorded, it cannot be altered or deleted, ensuring data integrity and trustlessness.12.
Hash Function
: A cryptographic function that converts an input (or 'message') into a fixedsize string of bytes, used to secure and verify data integrity.13.
Permissioned Blockchain
: A blockchain where access and participation are restricted to certain entities, often used in enterprise or government settings.14.
Permissionless Blockchain
: A blockchain network open to anyone, allowing anyone to participate, read, or write transactions without requiring approval.15.
DApp (Decentralized Application)
: Applications that run on a decentralized network of computers rather than a single server, ensuring transparency and security.
Understanding these terms provides a solid foundation for delving deeper into the world of blockchain technology. Whether you're a developer, investor, or enthusiast, mastering these concepts is essential for navigating the evolving landscape of blockchain innovation.
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