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What are some technical terms in the currency circle

Author: ydminer From: ydminer Modify: ydminer

26 common terms in the blockchain industry

1. Blockchain — Blockchain

Blockchain is a new application model of distributed data storage, point-to-point transmission, consensus mechanism, cryptocurrency algorithm and other computer technologies. Is a shared distributed ledger in which transactions are permanently recorded by attaching blocks.

2. Block — Block

In the Bitcoin network, data is permanently recorded in files, which we call blocks. A block is a set of records of some or all recent Bitcoin transactions that have not been recorded by other prior blocks.

3. Node — A Node

A copy of the ledger operated by participants in the blockchain network.

4. Decentralization

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 nonlinear causality through the network.

5. Consensus mechanism

The consensus mechanism is to complete the verification and confirmation of the transaction in a very short time by voting at special nodes. If several nodes with unrelated interests can agree on a transaction, we can assume that the whole network can agree on it.

6、Pow — Proof of work

“Unfortunately of Work” means how much currency you get depending on how much Work you contribute to mining, and the better your computer is, the more mines you get.

7. PoS — Proof of interest

In POS mode, your “mining” returns are proportional to the age of your coin, not to the computational performance of your computer.

8、Smart contracts

A smart contract is a computer protocol designed to propagate, validate, or enforce contracts in an informationized manner. Smart contracts allow trusted transactions that are traceable and irreversible without a third party.

9. Timestamp

A timestamp is a string or encoded information used to identify a recorded date and time. The international standard is ISO 8601.

10、Turing complete

Turing completion is the ability of a machine to perform any other computation that a programmable computer can perform.

11. Dapps — Decentralized applications

Is an open source application that runs automatically, stores its data on a blockchain, incentives in the form of cryptocurrency tokens, and operates with protocols that display proof of value.

12、DAO — Decentralized autonomous organization

Think of companies that operate without any human intervention and surrender all forms of control to an unbreakable set of business rules.

13. PrivateKey — PrivateKey

A private key is a string of data that allows you to access a token in a particular wallet. As cryptocurrencies, they are hidden except for the owner of the address.

14、PublicKey — PublicKey

Is paired with a private key that calculates the address of the coin and thus acts as proof of ownership of that address.

15、 mine machine

A computing device or software that attempts to create a block and add it to the blockchain. In a blockchain network, when a new valid block is created, the system generally automatically rewards the block creator (mining machine) with a certain number of tokens.

16, mineral pools

Is a fully automatic mining platform, so that miners can contribute their computing power together to create a block, get a block reward, and according to the proportion of computing power contribution to the profit distribution (that is, the mining machine access to the pool – provide computing power – gain income).

17, public chain

A fully open blockchain is one that anyone can read, where anyone can send and validate transactions, where anyone around the world can participate in system maintenance, where anyone can trade or mine data to read and write.

18. Private chain

A blockchain where write permissions are only available to an organization or to a specific few objects. Read permissions can be open or restricted to any extent.

19. Alliance chain

The consensus mechanism is a blockchain that is jointly controlled by a number of designated institutions.

20, side chain

Wedged-in side-chain technology (pegged Sidechains) will enable the transfer of bitcoin and other digital assets across multiple blockchains, meaning users can access new cryptocurrency systems while using their existing assets.

21. Cross-chain technology

Cross-chain technology can be understood as a bridge connecting various blockchains, and its main application is to realize Atom transactions between various blockchains, asset conversion, internal information exchange of blockchain, or solve problems of Oracle, etc.

22, hard bifurcation

A permanent divergence occurs in the blockchain, and a hard fork usually occurs when some unupgraded nodes are unable to verify the blocks produced by the upgraded nodes after a new consensus rule is published.

23, soft fork

When the new consensus rules are issued, the nodes that have not been upgraded will produce illegal blocks because they do not know the new consensus rules, resulting in temporary forks.

24. Hash — Hash value

Generally translated as “hash”, there are direct transliteration as “hash”. Simply put, it is a function that compresses a message of any length into a message digest of a fixed length.

25, main chain

The term “main chain” comes from the term “main network” (as opposed to “test network”), which is a standalone blockchain network that is officially live.

For those who do not know the jargon of the currency circle, let’s learn:

1. What is legal tender?

Fiat money is legal tender, issued by the state and the government, only government credit to do the guarantee, such as the renminbi, the dollar and so on.

2. What is token?

Token, usually translated as token. Token is one of the key concepts in blockchain. It is better known as “Token”, but in the opinion of professional “chain” people, it is more accurately translated as “Token”, which represents a proof of interest on blockchain, rather than currency.

The three elements of Token

First, digital proof of equity, token must exist in the form of digital proof of equity, representing a right, a kind of inherent and intrinsic value;

The second is cryptocurrency. The authenticity, tamper-proof, privacy protection and other capabilities of the token are guaranteed by cryptocurrency.

The third is to be able to flow in a network, so that it can be verified anytime and anywhere.

3. What is warehouse building?

The establishment of a position in the currency circle is also called the opening of a position, which refers to the new purchase or sale of a certain number of digital currencies by traders.

4. What is Soha?

Coin circle shuttle ha is to put all the principal into.

5. What is airdrop?

Airdrops are a popular way to market cryptocurrencies. In order to keep information about tokens available to potential investors and crypto enthusiasts, the token team conducts frequent airdrops.

6. What is the lock?

Lock cang is to point to investor commonly after buying and selling contract, appear when the market and oneself operate contrary trend, open the new cang that holds cang contrary with originally, weigh pair of lock, lock sheet again, even beautiful its name yue butterfly flies.

7. What is candy?

The candy in the coin circle is the digital currency that is released to users for free when all kinds of digital currency are just issued in the ICO. It is a kind of publicity and propaganda for the project itself by the issuer of virtual currency project.

8. What is a break?

“Broken” refers to the price at which a digital currency is issued. A currency break is when a digital currency falls below its initial price.

9. What is private placement?

Crypto private placement is a way to invest in cryptocurrency projects and is the best way for cryptocurrency project founders to raise funds for platform operations.

10. What about the K-line graph?

Candlestick Charts are also called “Candlestick Charts”, “Japanese lines”, “Yin and Yang Lines”, “bar lines”, and “red and black lines”. It is plotted with the opening, high, low, and close prices for each analysis period.

11. What is hedging?

The general hedge is to carry out two trades at the same time, which are related, opposite, equal in quantity and even in profit and loss. In the futures market, buy the same number of positions in different directions, and when the direction is determined, close out the position in the opposite direction and retain the positive direction for profit.

12. What is the position?

A position is a market agreement to commit to the initial position of a buy and sell contract. Put contracts are short, positioned to fall.

What is good?

Positive: refers to the currency to get mainstream media attention, or a breakthrough in the application of a technology, to stimulate the price of the news, are called positive.

What is the advantage?

Bad news: news that drives the price down, such as technical problems with Bitcoin, central bank crackdown, etc.

15. What is the rebound?

A correction in the price of a currency after it has fallen too quickly in a downward trend. The rise was smaller than the fall.

16. What is leverage?

Leveraged trading, as the name suggests, is the use of small amounts of money to invest several times the original amount, in the hope of earning a multiple of the fluctuations of the investment subject matter, or loss.