Glossary

Application-Specific Integrated Circuit (ASIC)

A circuit customized for a particular use, rather than intended for general-purpose use. In Proof of Work, ASICs are used for cryptocurrency mining, as due to their specialization they can compute considerably more hashes than generic processors (CPUs) and graphics...

July 14, 2018

Blockchain

Blockchain is a digital ledger technology used as a trusted way to track the ownership of assets without the need for a central authority, potentially speeding up transactions while lowering the chance of fraud or data mismanagement. Crucially, its peer-to-peer...

July 14, 2018

Byzantine Generals’ Problem

An agreement problem in which a group of generals, each commanding a portion of the Byzantine army, encircle a city. These generals wish to formulate a plan for attacking the city. In its simplest form, the generals must decide only...

July 14, 2018

Coin age

In Proof of Stake, the amount of time a coin or token has not been part of a transaction.

July 14, 2018

Consensus algorithm

See “Consensus mechanism”

July 14, 2018

Consensus mechanism

The algorithm by which nodes in a blockchain reach an agreement over the state of the chain itself, i.e. what transactions happened and the balances of every participant. This is extremely important as a way to deter malicious actors, offering...

July 14, 2018

Delegate

How validators are called in Delegated Proof of Stake.

July 14, 2018

Delegated Proof of Stake (DPoS)

A consensus algorithm somewhat akin to Proof of Authority, in which validators are voted in by coin-holders, with each coin being equal to one vote. The number of delegates in DPoS is limited, which results in competition between aspiring delegates...

July 14, 2018

Full node

An entity that is hosting a full copy of a certain blockchain. Note that this does not necessarily mean that they participate in consensus building through Proof of Work, Proof of Stake, etc.

July 14, 2018

Millennium Development Goals (MDGs)

The Millennium Development Goals (MDGs) were the eight international development goals for the year 2015 that had been established following the Millennium Summit of the United Nations in 2000 and the adoption of the United Nations Millennium Declaration.

July 14, 2018