Crypto Vocabulary

A platform for blockchain applications.

The coin associated with Ethereum.

The abbreviation for Ether.

A publicly accessible digital ledger made up of blocks.

A record on the blockchain made up of cryptocurrency transactions.

The original cryptocurrency technology created by the mysterious Satoshi Nakamoto.

Hash Rate
The speed of which a computer completes an operation on the blockchain, such as confirming transcation.

The transfer of cryptocurrencies from one wallet to another.

A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Cryptocurrencies that are an alternative to Bitcoin

Bitcoin Cash
A fork of Bitcoin with the intentions of increasing the block size to lower fees and speed up transactions.

The process of running algorithms to confirm transactions and create new coins.

Block Reward
A reward of cryptocurrencies given to miners for completing a block. This is how new coins are generated.

The reduction of the size of the block reward.

A computer connected to the network of a blockchain. Nodes validate and relay transactions.

Peer to peer (p2p)
Meaning transactions are handled from individual to individual without the need for a middle man like a bank.

Proof of work (POW)
A way of confirming blocks through mining. Where the probability of mining a block is dependent on how much work is done by the miner.

Proof of stake (POS)
A way of confirming blocks where the percentage of a block you are able to mine is based on the amount of coins you own.

Public key
A cryptographic key that can be used to encrypt data that can then only be decrypted by a corresponding private key.

Private key
A cryptographic key that can be used to decrypt data that has been encrypted by a corresponding public key.

Smart Contract
An unalterable agreement that has specific logic determining how coins will move around once the contract is signed.