Bitcoin mining

Bitcoin mining glossary

12.10.2018

Ethereum is a popular development platform for creating dApps. For more information, see Vitalik Buterin’s terminology guide.

Distributed consensus – Collective agreement by various computers in a network and allows it to work in a decentralizedP2P manner without the need of central authority to deter dishonest network participants. This allows the tokens to be easily exchangeable and able to work immediately with decentralized applications that also use the ERC standard.

Ether ETH – A type of cryptocurrency that is used for operating the Ethereum platform and is used to pay for transaction fees and computational tasks. For more information, see the Ethereum Foundation’s official definition. Ethereum – An open source, decentralized platform based on blockchain technology created by Vitalik Buterin in It runs smart contracts on a custom built blockchain that allows developers to create markets, store registries of debts, and so on.

For more information, please visit the Ethereum Foundation website or read their whitepaper. Ethereum Classic assumes no hard fork occurred and is supported by those who believe in complete immutability of the blockchain. For more information, visit the website for Ethereum Classic. Flipping – A type of investment strategy popular in real estate investing where you buy something with the goal of reselling for a profit later, usually in a short period of time.

In the context of ICOsflipping refers to the strategy of investing in tokens before they are listed on the exchanges and reselling them for a profit when they are trading in the secondary market. It is a strategy to influence perception by spreading negative, misleading or false information about something, as opposed to reasoned criticism.

Parting Shot

The transaction must have enough gas to cover the computational resources needed to execute the code. All unused gas is refunded at the end of the transaction. Gas price – A term used in the Ethereum platform that refers to the price you are willing to pay for a transaction. Setting a higher gas price will make miners more incentivized to prioritize and validate that particular transaction ahead of those set with a lower gas price.

Gas prices are typically denominated in Gwei. For more information on the various ether denominations, see this documentation. Hard cap – The maximum amount that an ICO will be raising. If an ICO reaches its hard cap, they will stop collecting any more funds.

Blockchain Glossary & Cryptocurrency Vocabulary Terms

HODL – A type of passive investment strategy where you hold an investment for a long period of time, regardless of market volatility.

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