Blockchain in a nutshell and all its key terms!

METASPACE
5 min readApr 16, 2022
  • ABI (Application Binary Interface): There is an interface between two binary modules. The first binary module is a library or an operating system facility, and the other is a program operated by a user.
  • Altcoin: Any digital money like a cryptocurrency exists as an alternative to Bitcoin.
  • API (Application Programming Interface): Application Programming Interface is a part of a distant server that sends requests and receives responses.
  • Bitcoin: The first and the well-known cryptographic money based on the decentralized record of a Blockchain.
  • Blockchain: The Blockchain is a digital record of transactions stored in a way that makes it impossible to cheat or hack the system.
  • Centralized: The decision making powers are governed by a Central, authoritative location or a group.
  • Consensus: When the majority of participants agree on the legitimacy of transactions.
  • DAO (A Decentralized Autonomous Organization): An organization run through the rules encoded in a computer system called as smart contracts.
  • Decentralized: The process of distribution of powers and functions from a central authority to a regional and local authority.
  • Digital Assets: Digital assets are anything stored in a digital form. They are unique and identifiable and can be used by organizations to realize the actual value.
  • Digital Signature: A numerical scheme utilized for presenting the authenticity of digital assets. The digital signature is distinctive and therefore cannot be copied or misused by anyone.
  • Distributed Ledger: Distributed ledger refers to the distributed record of transactions among each participant in the large network. The distribution is in the form of blocks stored through the Blockchain technology.
  • Ethereum: Ethereum is a platform powered by Blockchain technology which allow use to build decentralized ledgers. Smart contracts are used to authenticate transactions in the ledger.
  • Gas (Ethereum): Gas refers to the cost necessary to perform transactions on the Blockchain network.
  • Governance: The administration in a blockchain company which decides the path company needs to follow.
  • Hyper ledger: Hyper ledger is an umbrella project of open-source blockchain-based distributed ledgers. Hyper ledger provides the essential framework, standards, guidelines and tools to build open-source software and use it across different industries.
  • Hyper ledger composer: Hyper ledger composer falls under the category of hyper ledger project. Hyper ledger composer is a business-oriented set of tools used for constructing blockchain-based applications.
  • Hyper ledger Fabric: Hyper ledger Fabric platform is an open source blockchain framework hosted by the Linux foundation. It is an active and growing community. Therefore, all the participants in the platform are known and authentic.
  • IDE (Integrated Development Environment): An Integrated Development Environment is a software application which provides extensive facilities to computer programmers for software development.
  • Immutable: The data stored in blockchain cannot be changed, not even by its administrators.
  • Node: A duplicate or copy of the ledger operated by a user on the blockchain.
  • Nothing at stake problem: Nothing at stake problem is a consensus mechanism used to validate cryptocurrency transactions. This procedure allows the cryptocurrency owners to stake their coins. In return, they can access new blocks of transactions and add them to the Blockchain.
  • On chain governance: The process of implementing changes and managing the crypto-currency blockchain is known as on chain governance.
  • Ordered Network: An online computer network that permits nodes to share resources.
  • P2P (Peer to peer): P2P refers to the interaction between two parties without relying on any intermediary in regards to the Blockchain network. These two parties are usually two separate individuals.
  • PKI (Public Key Infrastructure): Public Key Infrastructure is a set of roles, policies, hardware, software which provides assurance to protect sensitive data and provide unique digital identities.
  • Proof of activity: The Proof of activity refers to the blockchain consensus algorithm used in crypto currencies and similar items. The Proof of activity assures all the genuine transactions occurring on the Blockchain. Also, it ensures that all miners arrive at a consensus.
  • Proof of burn: Proof of burn is similar to the evidence of work algorithm but does not require the use of powerful computational resources. Instead of investing in electricity, labour work and computational power, the Proof of Burn blockchain are supposedly secured by the investment made through coin burn and nothing else.
  • Proof of capacity: Proof of capacity is a consensus mechanism algorithm utilized in Blockchain which permits mining in the organization and utilizing their accessible hard drive space in order to decide mining rights and validate transactions.
  • Protocol: The basic set of rules and instructions which allow data to be shared between the computers.
  • Public key cryptography: Public key cryptography also known as asymmetric cryptography involves a pair of keys. Each pair includes a private and a public key.
  • Smart contract: An agreement between two entities in the form of computer codes runs on Blockchain technology. The transactions in smart contracts are processed by the Blockchain, meaning they can be sent automatically without the interference of a third entity.
  • Solidity: Solidity is a high level programming language used for the Ethereum blockchain used to write smart contract which enable complex automated functions.
  • Token: The representation of digital assets build on an existing blockchain. Token is also known as ticket.
  • Turing complete language: Turing complete language tells how powerful a programming language is, not just its performance or maintainability but how rich the ecosystem is. Therefore, a programming language is Turing complete if you can implement any algorithm.
  • UTXO (Unspent transaction outputs): A technical term used for the amount of digital currency that remains after the cryptocurrency transaction.
  • Wallet: A file that contains private keys to interact with the Private Key Infrastructure (PKI). The particular wallet programming has usefulness for signing messages and transactions for the corresponding network.

If you want to know the key terms about Metaverse, please click on the link below: Metaverse in a nutshell and all the key terms to know! | by METASPACE | Apr, 2022 | Medium

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METASPACE

METASPACE is a blockchain-powered metaverse that combines gaming, virtual concerts, holy pilgrimage, immersive shopping experience. https://metaspacechain.com