If you want to understand and learn blockchain, you must first start with the explanation of nouns, just like learning English requires knowing the 26 letters. Recently, we specially compiled an explanation of introductory nouns, let’s take a look!
I hope the following knowledge sharing will be helpful to everyone.
1.Blockchain——Blockchain
Definition: Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. is a shared distributed ledger where transactions are permanently recorded through appended blocks.
2.Block——Block
Explanation: In the Bitcoin network, data will be permanently recorded in the form of files. We call these files blocks. A block is a set of records of some or all of the latest Bitcoin transactions that have not been recorded by other previous blocks.
3.Node – node
Definition: A copy of the ledger operated by participants in a blockchain network.
4. Consensus mechanism
Interpretation: The consensus mechanism is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; for a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the entire network has this Consensus can also be reached.
5.DistributedLedger – distributed ledger
Definition: Data is stored through a distributed network of nodes. The distributed ledger does not have to have its own currency, it may be permissioned and private.
6. Satoshi Nakamoto
Definition: Claiming to be a Japanese-American, Japanese media often translates it as Nakamoto Philosophy. This person is the creator of the Bitcoin protocol and its related software Bitcoin-Qt, but his true identity is unknown.
7. Cryptocurrency
Definition: Cryptocurrency is a type of digital currency (or virtual currency). It is a trading medium that uses cryptographic principles to ensure transaction security and control the creation of trading units.
8. Decentralization
Definition: Decentralization is a phenomenon or structure that must appear or exist in a system with many nodes or in a group with many individuals. The influence between nodes will form a non-linear causal relationship through the network.
9. Consensus mechanism
Interpretation: The consensus mechanism is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; for a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the entire network has this Consensus can also be reached.
10.PoW – Proof of Work
Interpretation: Proof of Work refers to how much currency you get, depending on the workload you contribute to mining. The better the computer performance, the more mines will be allocated to you.
11.PoS – Proof of Stake
Interpretation: Proof of Stake, a system of interest distribution based on the amount and time of currency you hold. In PoS mode, your “mining” income is proportional to your currency age and has nothing to do with the computing performance of your computer.
12.DPoS – Authorized Proof of Stake
Definition: Delegate Proof of Stake, similar to board voting. For EOS, it introduces the concept of witnesses. Shareholders vote to elect a certain number of witnesses. Each witness has two seconds of authority to generate blocks in sequence. If the witness is in the given time slice, The block cannot be generated, and the block generation authority is given to the corresponding witness in the next time period.
13.PoB – Proof of Burning
Definition: Proof of Burn, by burning the tokens in your hand to vote who has the commitment to the leadership of the network. The greater the number of tokens burned, the higher the probability of achieving network leadership.
14.Smart Contract
Definition: A smart contract is a computer protocol designed to disseminate, verify or execute contracts in an information-based manner. Smart contracts allow trusted transactions to be made without third parties, which are traceable and irreversible.
15. Timestamp
Definition: A timestamp refers to a string or encoded information used to identify the recorded time and date. The international standard is ISO 8601.
16.51% attack
Interpretation: When a single individual or group exceeds half of the computing power, this individual or group can control the entire cryptocurrency network. If they have some malicious ideas, they may issue some conflicting transactions to damage the entire network.
17.DAO——Decentralized Autonomous Organization
Definition: Can be thought of as a company that operates without any human intervention and hands over all forms of control to a set of unbreakable business rules.
18.DistributedNetwork——Distributed Network
Definition: A network in which processing power and data are distributed across nodes rather than having a centralized data center.
19.Oracle
Definition: An oracle is a trusted entity that introduces information about the state of the external world through signatures, thereby allowing deterministic smart contracts to react to the uncertain external world. The oracle machine has the characteristics of non-tampering, stable service, and auditability, and has an economic incentive mechanism to ensure the power of operation.
20.Zero-knowledge proof
Interpretation: Zero-knowledge proof was proposed by S.Goldwasser, S.Micali and C.Rackoff in the early 1980s. It refers to the prover’s ability to convince the verifier that a certain assertion is correct without providing any useful information to the verifier.
The above is the relevant content of this issue, please continue to pay attention: Explanation of blockchain terms (2).
