Blockchain & Cryptocurrency – Key Concepts to Know

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The following are some of the most popular Blockchain and Cryptocurrency jargons or terminologies or concepts that are good to know when you are delving into technology landscape of Blockchain.

  • Blockchain (What is Blockchain Technology?)
    • Genesis block: The first block of a blockchain.
    • Merkel’s tree algorithm: It is fundamental to blockchain technology. Simply speaking, a Merkle tree summarizes all the transactions in a block by producing a digital fingerprint of the entire set of transactions, thereby enabling a user to verify whether or not a transaction is included in a block.
  • Cryptocurrency
  • Cryptocurrency exchanges: These are businesses which allow users to trade cryptocurrencies for other assets.
  • Distributed ledger: Blockchain is one type of Distributed ledger.
  • Blockchain explorer
  • Blockchain wallet
  • Bitcoin (BTC)
  • Mining
  • Consensus algorithms: The following are some of the popular consensus algorithms:
    • Proof-of-work (PoW) – Popular implementations include Bitcoin, Litecoin, Ethereum etc.
    • Proof-of-stake (PoS)- Peercoin
    • Delegated Proof-of-stake (DPoS)
    • Proof-of-Authority (PoA)
    • Proof-of-Weight
    • Byzantine fault tolerance (BFT)
    • Directed acyclic graphs (DAGs)
  • Ethereum (ETH) (https://www.ethereum.org/)
  • Types of Blockchain networks
    • Public (Anyone can join. For example, Bitcoin)
    • Public permissioned (Anyone can join with a permission)
    • private or permissioned (These Blockchains are private to the businesses)
  • Bitcoin Cash (BCH) (https://www.bitcoincash.org/). Read the difference between bitcoin and bitcoin cash on this page.
  • Hyperledger frameworks (https://www.hyperledger.org/)
  • Popular coins
    • Bitcoin
    • Bitcoin Cash
    • Ethereum
    • Litecoin
    • Ripple
    • ZCash
    • Dash
Ajitesh Kumar

Ajitesh Kumar

Ajitesh has been recently working in the area of AI and machine learning. Currently, his research area includes Safe & Quality AI. In addition, he is also passionate about various different technologies including programming languages such as Java/JEE, Javascript and technologies such as Blockchain, mobile computing, cloud-native technologies, application security, cloud computing platforms, big data etc.

He has also authored the book, Building Web Apps with Spring 5 and Angular.
Ajitesh Kumar

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