Bitcoin

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Bitcoin is most known for being the first cryptocurrency and blockchain officially released in 2009. Bitcoin as defined by its creator Satoshi Nakamoto: “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution… We propose a solution to the double-spending problem using a peer-to-peer network.” https://bitcoin.org/bitcoin.pdf

 

Block

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A potentially impenetrable file system designed to store data on a Blockchain. For new data to be added to a blockchain, it must first be decrypted by miners and compiled to form a block to be added to the chain.

 

Byzantine Generals Problem

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Byzantine Generals Problem- A theoretical problem in which participants in a network need to coordinate a consensus. “The Byzantine Generals Problem” is a paper published in 1982 that compares distributed computer consensus to isolated generals trying to agree on a plan only using messengers. In this example, the Generals must decide whether to attack or withdraw from the potential conflict. Since communication can only occur through messengers, there is the potential that the other generals may not receive the message or that a traitor could manipulate the consensus. This theory has inspired the Proof-of-Work system seen in blockchain technology.

https://web.archive.org/web/20170205142845/http://lamport.azurewebsites.net/pubs/byz.pdf

Coin

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The single unit of an independent cryptocurrency that is used to exchange value much like the word dollar is used in the United States to describe a single unit of currency. Often the terms “coin” and “token” are viewed as synonyms. However, there is a difference: a coin refers to a single unit of a cryptocurrency such as Bitcoin which functions to transfer value using its mainnet whereas a token is a programmable application created on top of a cryptocurrency's mainnet. Ethereum's mainnet allows for the creation of tokens using its ERC-20 standard.

Currency Pairs

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A currency pair is a denomination a particular asset is valued. Currency pairs apply to forex, stocks, commodities assets and other financial instruments. Cryptocurrencies are priced in fiat or other digital assets with large market capitalization such as Bitcoin and Ethereum.