Application-Specific Integrated Circuit (ASIC)

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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.

 

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.

 

Block Explorer

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

 

Confirmation

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The specified number of blocks added following the publishing of a particular transaction onto a network's blockchain. The threshold or number of blocks deep for a transaction to be considered confirmed may depend on the transaction medium (such as an exchange). Typically Bitcoin transactions need to be six blocks deep for confirmation.

 

Confirmation Time

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The average amount of time required to add one block to the blockchain. Confirmation time depends on mining difficulty which is regulated by the complexity of the hash algorithm and the number of miners.