With all the buzz lately around blockchain technology, it can be tough to keep up. Given how fast this industry is growing, new terms are being introduced on a regular basis, and if you have wanted to learn more about crypto, the blockchain and what it means to “HODL,” then here is a short list of essential vocabulary to digest.
If you’re going to talk about blockchain, you have to know what the blockchain is first. Blockgeeks explain that blockchain is a distributed ledger of digital information.
Created by an unknown individual named Satoshi Nakamoto (probably a pseudonym), the original use-case for blockchain was the digital currency Bitcoin. A significant benefit of blockchain is that the technology is transparent and incorruptible because the network exists through decentralized consensus.
It’s helpful to think of blockchain technology as a giant spreadsheet to which everyone can contribute. Cointelegraph defines blockchain as a digital or virtual currency designed to be a medium of exchange.
It uses cryptography to secure and verify transactions and create new units of a cryptocurrency. Built upon their own blockchains, cryptocurrencies vary in how they process transactions, number of coins available and overall structure. Read more from entrepreneur.com…
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