BMB Academy

48 Blockchain Nouns

Do you know a few?

When entering the chain, many people may be confused by various professional terms. Therefore, today we have compiled the most common 48 blockchain nouns for your reference.

1. Blockchain

Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. Is a shared distributed ledger where transactions are permanently recorded by additional blocks.

2. Block

In the Bitcoin network, data is permanently recorded in the form of files, which we call blocks. A block is a record set of some or all of the latest bitcoin transactions and is not recorded by other previous blocks.

3. Block head

The block header stores the header information of the block, including the hash value of the previous block (PreHash), the hash value (Hash) of the block, and the time stamp (TimeStamp).

4. Satoshi Nakamoto

Claiming to be a Japanese-American, the Japanese media often translates to the history of Nakamoto. This person is the creator of the Bitcoin protocol and its related software Bitcoin-Qt, but the real identity is unknown.

5. Cryptocurrency

A cryptocurrency is a type of digital currency (or virtual currency). It is a trading medium that uses cryptography to ensure transaction security and control the creation of trading units.

6. Node

A copy of the ledger operated by the participants of the blockchain network.

7. Oracles

Oracle provides a bridge between real-world and blockchains by providing data to smart contracts.

8. Decentralization

Decentralization is a phenomenon or structure that must occur or exist in a system with many nodes or in a group with many individuals. The influence between nodes and nodes creates a nonlinear causal relationship through the network.

9. Consensus mechanism

The consensus mechanism is to complete the verification and confirmation of the transaction in a short period of time through the voting of the special node; for a transaction, if several nodes with irrelevant interests can reach a consensus, we can think that the whole network can also A consensus is reached.

10. Pow - proof of workload

Proof of Work refers to how much money you get, depending on the amount of work you contribute to mining. The better your computer performance, the more mine you will be assigned to.

11. PoS - proof of equity

Proof of Stake, a system of interest distribution based on the amount and timing of your currency. In POS mode, your “mining” gain is proportional to your currency age, regardless of the computer’s computing performance.

12. Smart Contract

A smart contract is a computer protocol designed to disseminate, verify, or execute a contract in an informational manner. Smart contracts allow for trusted transactions without third parties, which are traceable and irreversible.

13. Time Stamp

A timestamp is a string or encoded message used to identify the date and time recorded. The international standard is ISO 8601.

14. Turing complete

Turing completion refers to the ability of the machine to perform any other programmable computer capable of performing calculations. An example is the Ethereum Virtual Machine (EVM).

15. 51% attack

When a single individual or group has more than half of the computing power, the individual or group can control the entire cryptocurrency network. If they have some malicious ideas, they may issue conflicting transactions to damage the entire network.

16. Dapp - decentralized application

An open source application that runs automatically, stores its data on a blockchain, motivates it in the form of a cryptographic token, and operates on a protocol that displays valuable proof.

17. Decentralized Autonomous Organization

It can be thought of as a company that operates without any human intervention and gives all forms of control to a set of non-destructible business rules.

18. Distributed Ledger

Data is stored over a distributed node network. A distributed ledger does not have to have its own currency, it may be licensed and private.

19. Distributed Network

Processing power and data are distributed across nodes rather than a network with a centralized data center.

20. Predictive machine

The oracle is a trusted entity that introduces information about the state of the external world by signing, allowing the identified smart contract to react to an uncertain external world. The prophecy machine has the characteristics of being non-tamperable, stable in service, auditable, etc., and has an economic incentive mechanism to ensure the driving force of operation.

21. Zero knowledge proof

The zero-knowledge proof was proposed by S. Goldwasser, S. Micali, and C. Rackoff in the early 1980s. It refers to the certifier being able to believe that a certain assertion is correct without providing any useful information to the verifier.

22. Private Key

A private key is a string of data that allows you to access tokens in a particular wallet. They are hidden as passwords, except for the owner of the address.

Vintage keys
23. Public Key

It is paired with the private key. The public key can calculate the address of the currency, so it can be used as a voucher for the currency address.

24. Advanced Encryption Standard

The Advanced Encryption Standard (AES) in cryptography, also known as Rijndael encryption, is a block encryption standard adopted by the US federal government.

25. Wallet

A file containing a private key. It usually includes a software client that allows access to transactions that view and create specific blockchains designed by the wallet.

26. Cold Wallet

In general, a cold wallet is a wallet that stores digital currency offline. The player generates a digital currency address and a private key on an offline wallet and saves it. The cold wallet is to store digital currency without any network, so the hacker can’t enter the wallet to get the private key.

27. SPV - light wallet

The light wallet relies on other nodes on the Bitcoin network, and only synchronizes the data related to itself, which can basically achieve decentralization.

28. The Whole Node

The whole node is the node with the complete blockchain ledger. The whole node needs to occupy all the blockchain data in memory synchronization, can independently check all the transactions on the blockchain and update the data in real time, mainly responsible for the broadcast of the blockchain transaction. And verification.  

29. Byzantinefailures - Byzantine General

The Byzantine General issue is a fundamental issue in peer-to-peer communications proposed by Leslie Lambert. The implication is that it is impossible to achieve consistency by means of message delivery on an unreliable channel where there is a message loss. Therefore, the study of consistency generally assumes that the channel is reliable or does not have this problem.

30. Super Ledger

The hyperledger is an open source project initiated by the Linux Foundation in 2015 to advance blockchain digital technology and transaction verification. By creating a common distributed ledger technology, organizations are encouraged to expand and build industry-specific applications, platforms and hardware systems to support their respective trading operations.

31. Lightning Network

The purpose of Lightning Network is to implement secure offline transactions. It essentially uses a hash time-locked smart contract to securely perform a 0-confirmation transaction. By setting a clever “smart contract”, the user is lightning. Unconfirmed transactions on the network are as safe as gold.

32. P2P - peer-to-peer network

That is, a peer-to-peer computer network is a distributed application architecture that distributes tasks and workloads between peers. It is a networking or network form formed by the peer-to-peer computing model at the application layer.

33. Mining

Mining is a nickname for the acquisition of bitcoin. The process of calculating the location of the coin using computer hardware and acquiring it is called mining. 

Cryptocurrency mining rig
34. Miners

Try to create a block and add it to the computing device or software on the blockchain. In a blockchain network, when a new valid block is created, the system will automatically give the block creator (miner) a certain amount of tokens as a reward.

35. Mining Pool

It is a fully automatic mining platform that enables miners to contribute their own computing power to mine together to create blocks, obtain block rewards, and distribute profits according to the power contribution ratio (ie, mine access to the mine pool) Force – gains).

36. Public chain

A completely open blockchain means that anyone can read, anyone can send a transaction and the transaction can be validly confirmed. People all over the world can participate in system maintenance work, anyone can trade or dig through Mine reads and writes data.

37. Private chain

Write permissions are only for blockchains of an organization or a specific number of objects. Read permissions can be opened to the outside world or restricted to any degree.

38. Alliance chain

The consensus mechanism is a blockchain that is controlled by a number of agencies.

39. The Main Chain

The term main chain is derived from the main network (mainnet, relative to the testnet testnet), which is the officially launched, independent blockchain network.

40. Side Chain

Pegged sidechains, which enable the transfer of Bitcoin and other digital assets across multiple blockchains, meaning that users can access new ones with their existing assets. The cryptocurrency system.

41. Cross-chain technology

Cross-chain technology can be understood as a bridge connecting each blockchain. Its main application is to realize atomic transactions between various blockchains, asset conversion, inter-blockchain internal information intercommunication, or solve Oracle problems.

42. hard fork

Blockchains have permanent differences. After the new consensus rules are released, some nodes that have not been upgraded cannot verify the blocks produced by the nodes that have been upgraded. Usually hard forks will occur.

43. Soft fork

When the new consensus rule is released, nodes that have not been upgraded will produce temporary forks because they do not know the new consensus rules and produce illegal blocks.

44. Hash - hash value

The general translation is “hash” and there is also a direct transliteration to “hash”. Simply put, it is a function that compresses messages of any length into a fixed-length message digest.

45. Hash Rate

Suppose that mining is to solve an equation problem, and only by substituting each integer, the hash rate is the speed at which data is processed per second.

46. Hash Tree

A hash tree is a tree-shaped data structure in which each leaf node is tagged with a hash of the data block, while a non-leaf node is tagged with a cryptographic hash of its child node tag.

47. SHA256

SHA-256 is an encryption algorithm used by Bitcoin for several digital currencies. However, it uses a lot of computing power and processing time, forcing miners to form mining pools to generate revenue.

48. Kyc

KYC is the abbreviation of Know Your Customer, which means to understand your customers. In the International Anti-Money Laundering Act, organizations are required to have a comprehensive understanding of their clients to predict and discover unreasonable business practices. And potential violations.