Blockchain Glossary: 20 Terms You Should Know

 🔗 Blockchain Glossary: 20 Terms You Should Know

1. Blockchain

A decentralized, digital ledger that records transactions across multiple computers in a way that ensures the data is secure, transparent, and tamper-proof.


2. Cryptocurrency

A digital or virtual currency that uses cryptography for security and operates independently of a central bank (e.g., Bitcoin, Ethereum).


3. Bitcoin (BTC)

The first and most well-known cryptocurrency, created in 2009 by an anonymous person or group using the name Satoshi Nakamoto.


4. Ethereum (ETH)

A decentralized blockchain platform that enables smart contracts and decentralized applications (dApps), using its native currency called Ether.


5. Wallet

A software or hardware tool that stores private and public keys and allows users to send, receive, and manage cryptocurrencies.


6. Private Key

A secret alphanumeric code that allows the holder to access and manage their cryptocurrency funds. Keep it safe—whoever has the private key controls the assets.


7. Public Key

A cryptographic code used to receive cryptocurrencies. It’s like your email address, while your private key is your password.


8. Smart Contract

A self-executing contract with the terms of the agreement directly written into code, which automatically executes when conditions are met.


9. Decentralization

The process of distributing and dispersing power away from a central authority. In blockchain, this means no single entity controls the ledger.


10. Node

A computer that participates in the blockchain network by maintaining a copy of the ledger and validating transactions.


11. Mining

The process of validating and adding new transactions to the blockchain, typically rewarded with new cryptocurrency coins (e.g., Bitcoin mining).


12. Consensus Mechanism

A method used by blockchain networks to agree on the validity of transactions. Examples include Proof of Work (PoW) and Proof of Stake (PoS).


13. Proof of Work (PoW)

A consensus algorithm that requires participants (miners) to solve complex mathematical problems to validate transactions and add them to the blockchain.


14. Proof of Stake (PoS)

A consensus algorithm where participants "stake" their coins to validate transactions, using significantly less energy than PoW.


15. dApp (Decentralized Application)

An application that runs on a blockchain rather than a single server, using smart contracts for backend logic.


16. Token

A digital asset created on an existing blockchain (like Ethereum). Can represent anything from currency to ownership rights.


17. NFT (Non-Fungible Token)

A unique digital asset representing ownership of a specific item or piece of content, such as digital art, music, or collectibles.


18. Gas Fees

Fees paid by users to perform transactions or execute smart contracts on the Ethereum network. Paid in ETH.


19. Ledger

A record-keeping system where all blockchain transactions are permanently stored. It’s distributed and immutable.


20. Fork

A change in the blockchain protocol. A hard fork creates a permanent divergence, while a soft fork is backward-compatible.

Learn Blockchain Course in Hyderabad

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