Application-Specific Integrated Circuit (ASIC)

By |
Often associated with cryptocurrency mining, application-specific integrated circuits is an individual or multiple microchip computational system designed for a single purpose or application. Concerning cryptocurrency, ASICs are designed to solve complex hash algorithms to unlock a block of recent transactions, writing it to the chain.

 

Atomic Swap

By | , ,
A decentralized, trustless mechanism that allows individuals to exchange one cryptocurrency for another between blockchains through the use of a smart contract. Atomic swaps are peer-to-peer where the smart contract acts to prevent a malicious party from taking currency from the person who initiates the deal.

 

Bitcoin

By | , , ,
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

By |
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.

 

Block Explorer

By |
A Block Explorer delivers information about blocks, transactions, balances, and transaction histories through a webpage often associated with a specific blockchain.