Maximalism
Maximalists believe, that chosen cryptocurrency (usually Bitcoin) is the only digital asset that will be needed in the future. For example Bitcoin maximalists believe that all other digital currencies are inferior to Bitcoin.
Tag: Bitcoin
Mining Rig
A mining rig is an arrangement of hardware elements, either CPU, GPU, FPGA or ASIC that have been arranged to perform cryptocurrency mining.
Mining pool
Mining pool is the method of combining the hash power of individual miners to boost the probability of finding new blocks. Think of it as a coordinated network of individual miners that have agreed to pool their computing power to generate output levels similar to those associated with large farms or even exceed them.
Lightning Network
The Lightning Network is designed to make bitcoin transactions as fast and cheap as possible. It’s part of a newer class of crypto technologies known as “layer 2” blockchains — which you can think of as being a little like HOV lanes on highways. By offloading some transaction “traffic” to the Lightning Network’s “layer 2” …
White papper
A document released by a crypto project that gives investors technical information about its concept, and a roadmap for how it plans to grow and succeed. Producing a whitepaper is a key step required for a crypto startup to be considered legitimate and professional, as it helps investors understand how a business is different from …
Proof of Work
Proof-of-work is a system used to decide who can add new blocks to a blockchain. Miners use their computational power to win the right to create the next block with its record of transactions. Proof-of-work helps ensure the integrity and the security of the blockchain as a whole.
Blockchain
A distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. Each block contains information about transactions conducted within a given time period. They also contain a unique identifier to differentiate them from every other block in the chain. The basis for cryptocurrencies.
Satoshi Nakamoto
The pseudonym of an individual or group of individuals that developed Bitcoin. The true identity of Satoshi Nakamoto has never been confirmed. In honor of the founder, the smallest unit of bitcoin is called “satoshi".
Cryptocurrency
Cryptocurrencies are digital currencies that use cryptographic technologies to secure their transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. The first decentralized cryptocurrency, Bitcoin, was created in 2009 by Satoshi Nakamoto.
Block
A block is a component of a wider blockchain. It contains a series of transactions grouped together during a specific period of time. Blocks contain permanently recorded transaction data and, once deeply embedded in the wider blockchain, cannot be removed. Blockchains are comprised of hundreds of thousands of blocks.