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Terminology 2017-10-31T01:54:36+00:00

Here are some of the terms you are going to hear about as you explore the world of cryptocurrencies, Click on the links to learn more!

Mining
This refers to the process of creating new coins within a particular altcoin as well as the verification of transactions on a block.

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Ledger/Blockchain
This is effectively the list of all transaction since the beginning of the particular altcoin which is available to every user of the cryptocurrency

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Proof of Work
This is the system used within the mining of particular altcoins like Bitcoin & Ethereum it is effectively proof of how much computational/hashpower you have sacrificed in order to mine a block

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Proof of Stake
This a newer system which costs far less than proof of work and is dependant on actual owners of the specific digital currency staking some or all of their coins in order to help the network run efficiently

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Segregated Witness
A fairly new update which effectively reduces the size of a block by separating the signature from the transaction block. This can be implemented into a cryptocurrency in order to speed up the network

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Soft Fork
In simple terms this is an update which is not mandatory and only requires the majority of the miners to upgrade so they are able to enforce the new rules/changes

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Hard Fork
A hard fork is effectively an update which will completely diverge the blockchain meaning that the update must be done by all of the users

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BIP
Bitcoin Improvement Proposals come about when the current state of the network is struggling to keep up with increasing transactions and other ever changing factors

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This page will be updated regularly, however if there is any specific information or key words you would like more information on feel free to email us and we will look to get the website updated as soon as possible.

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