CSC & Blockchain Terminologies
Blockchain Development on CSC: Part6
On this part of Blockchain development on CSC, we'll look at various words used in Blockchain Development. This article serves as a simple and yet comprehensive Blockchain glossary to the refreshing world of blockchain language.
CoinEx Smart Chain — CSC
Based on CPoS consensus protocol, CoinEx Smart Chain (CSC) is a smart contract chain that supports up to 101 validators. Aside from shorter time for block generation and lower fees for transactions, CSC is also fully compatible with Ethereum virtual machine (EVM) and protocols while supporting high-performance transactions. Meanwhile, CSC adheres to the principle of decentralization and permission-free so that anyone can stake coins and become a validator.
Learn the basic terminology for CSC technology
Blockchain is a novice concept for almost everyone inside and outside the world of technology, hence while learning more about it one realizes that there are a lot of unfamiliar terms and the best way to learn them is by understanding what each one entails. Here are some common terminologies you'll come across working with CoinEx Smart Chain
- Account — An object containing an address, balance, nonce and optional storage and code. An account can be a contract account or an EOA (externally owned account).
- Addresses — Quite similar to a URL, a blockchain address is a location to or from which transactions occur on the blockchain.
Most generally, this represents an EOA or contract that can receive (destination address) or send (source address) transactions on the blockchain. More specifically, it is the right-most 160 bits of a Keccak hash of an ECDSA public key.
- Agreement Ledgers — These are the distributed ledgers utilized by 2 or more parties to trade and reach an agreement.
- Altcoin — This is an abbreviation of “Bitcoin alternative”. Currently, the bulk of altcoins are forks of Bitcoin with some minor changes to the proof of labour (POW) algorithmic
- ASIC — This is a signifier for “Application Specific Integrated Circuit”. ASICs are element chips specifically designed to do one task. Within the case of bitcoin, they’re designed to method SHA-256 hashing issues to mine new bitcoins.
- Assert — In Solidity, assert (false) compiles to
0xfe, an invalid opcode, which uses up all remaining gas and reverts all changes. When an assert() statement fails, something very wrong and unexpected should be happening, and you will need to fix your code. You should use assert to avoid conditions which should never, ever occur.
- Block — A block is a package of data that contains zero or more transactions, the hash of the previous block (“parent”), and optionally other data.
- Block Height — These refer to the quantity of blocks connected along within the blockchain. For instance, Height 0, would be the initial block that is additionally known as the Genesis Block
- Genesis Block — The first block in a blockchain, used to initialize a particular network.
- Block Rewards — These are rewards given to a mineworker who has successfully hashed a dealing block. Block rewards are a combination of coins and dealing fees.
- Blockchain — A sequence of blocks validated by the consensus rule. Because each block (except for the initial “genesis block”) points to the previous block, the data structure that they form is called a “blockchain”.
- Bytecode — Abstract instruction set designed for efficient execution by a software interpreter or a virtual machine. Unlike human readable source code, bytecode is expressed in numeric format.
- CSC — CoinEx Smart Chain
- CET — CET is the native cryptocurrency used by the CSC ecosystem.
- Chain Linking — This is the method of connecting 2 blockchains with one another, therefore permitting transactions between the chains to take place.
- Compiling — Converting code written in a high-level programming language (e.g., Solidity) into a lower-level language (e.g., EVM bytecode).
- Consensus — The block validation rules that full nodes follow to stay in consensus with other nodes.
- Contract Account — An account containing code that executes whenever it receives a transaction from another account (EOA or contract).
- Contract Creation Transaction — A special transaction, with the “zero address” as the destination address, that is used to create a contract on CSC
- Consensus Process — This method involves a cluster of peers who make decisions for maintaining a distributed ledger used to achieve accord on the ledger’s contents via consensus.
- Consortium Blockchain — This is a blockchain where the accord method is controlled by a pre-selected set of nodes.
- Cypher — This is an algorithmic rule used for the secret writing and/or decoding of data.
- Cryptocurrency — This type of digital currency supported arithmetic, where secret writing techniques are used to regulate the generation of units of currency and verify the transfer of funds.
- Cryptography — This refers to the method of encrypting and decrypting data.
- DApp — An abbreviation of ‘decentralized application’, these applications have to be utterly ASCII text files, it should operate autonomously, and with no entity dominating the bulk of its tokens.
- DAO (Decentralised Autonomous Organisation) — These can be understood as an organisation run without associate degree with non-human involvement underneath the management of an incorrupt set of business rules.
- DEFI — Short for Decentralized Finance referring to financial smart contracts, protocols, and decentralized applications built on blockchain.
- DEX — Decentralized Exchange i.e, CoinEx Exchange
- Digital Commodity — These goods may be scarce, electronically transferrable, and intangible, with a value.
- Digital identity — This is an internet or networked identity adopted or claimed on the internet by a private, organization, or device.
- Digital Signature — A mathematical scheme for verifying digital messages or documents satisfy two requirements — they have authenticity (from a known sender) and integrity (were not altered in transit.
- Decryption — This is the method of turning cypher-text into plaintext.
- ECDSA — Elliptic Curve Digital Signature Algorithm, or ECDSA, is a cryptographic algorithm used by CSC to ensure that funds can only be spent by their owners.
- Encryption — It is the method of turning a clear-text message (plaintext) into an information stream (cypher-text) that seems like a pointless and random sequence of bits.
- EOA — Externally Owned Account. An account with public and private keys created by an external user.
- EVM — Ethereum Virtual Machine, a stack-based virtual machine which executes bytecode, for running smart contract code.
- EVM Assembly Language — A human-readable form of EVM bytecode.
- EVM code — This is the programming language within which accounts on the Ethereum blockchain will contain code.
- Fallback Function — A default function called in the absence of data or a declared function name.
- Faucet — A service that dispenses testnet CET for free testing on a testnet.
- Fiat currency — This is any cash declared by a government to be valid for meeting an indebtedness, like USD or EUR.
- Fork — This term assumes two main meanings: a change in protocol that leads to a fork in the chain, or a temporal divergence in two potential block paths during the block generation process.
- Ganache — Software that can run an individual’s Ethereum blockchain, for running tests, executing commands, and inspecting status.
- Gas — A virtual fuel used in CSC to execute smart contracts. The Ethereum Virtual Machine uses an accounting mechanism to measure the consumption of gas and limit the consumption of computing resources.
- Gas Limit — The maximum amount of gas a transaction or block may consume.
- Gas Used — The amount of gas actually consumed by a transaction or block.
- Gas Price — The price of gas of a transaction.
- Gas Fee — The gas price of a transaction multiplied by the gas used is equal to the gas fee.
- Hard Fork — A hard fork is a permanent divergence in the blockchain. one commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules.
- Hash — fixed-length fingerprint of variable-size input, produced by a hash function.
- Hashrate — The range of hashes that may be performed by a bitcoin mine worker during a given amount of your time (usually a second).
- IDE — Short for Integrated Development Environment, an integrated user interface that typically combines a code editor, compiler, runtime, and debugger.
- Immutable Deployed Code Problem — Once a contract’s (or library’s) code is deployed it becomes immutable. Standard software development practices rely on being able to fix possible bugs and add new features, so this represents a challenge for smart contract development.
- Internal Transaction — A transaction sent from a contract account to another contract account or an EOA.
- Initial Coin offering (ICO) — There is an occasion during which a brand-new cryptocurrency sells tokens from its overall coinbase, in exchange for direct capital. ICOs are often used by developers of a brand-new cryptocurrency to lift capital.
- Keystore File — A JSON-encoded file that contains a single (randomly generated) private key, encrypted by a passphrase for extra security.
- Know Your Customer (KYC) — The legal process of a business identifying and verifying the identity of its clients. KYC requirements vary from jurisdiction to jurisdiction.
- Keccak256 — Cryptographic hash function used in CSC. Keccak256 was standardized as SHA-3.
- Library — A library is a special type of contract that has no payable functions, no fallback function, and no data storage. Therefore, it cannot receive or hold CET, or store data. A library serves as previously deployed code that other contracts can call for read-only computation.
- Liquidity — The ease of converting an asset (or, in this case, cryptocurrency) to cash (fiat).
- Mainnet — The production version of a blockchain.
- Merkle Patricia Tree — A data structure used in CSC to efficiently store key-value pairs.
- Mining — In a public blockchain, the process of verifying a transaction and writing it to the blockchain for which the successful miner is rewarded in the cryptocurrency of the blockchain.
- Network — Referring to the CSC network, a peer-to-peer network that propagates transactions and blocks to every CSC node.
- NFT — A non-fungible token. This is a token standard introduced by the ERC721 proposal. NFTs can be tracked and traded, but each token is unique and distinct; they are not interchangeable like ERC20 tokens. NFTs can represent ownership of digital or physical assets.
- Node — A software client that participates in the network.
- Nonce — In cryptography, a value that can only be used once. Each account has a Nonce, which acts as a transaction counter to prevent replay attacks.
- Peer-to-Peer (P2P) — A direct connection between two participants in a system — can be computer to computer or person to person.
- Proof-of-Stake (PoS) Consensus — Proof-of-Stake is a distributed consensus mechanism used by CSC. Proof-of-Stake consensus asks users to prove ownership of a certain amount of cryptocurrency (their "stake" in the network) in order to be able to participate in the validation of transactions.
- Private Key — The secret number that allows CSC users to prove ownership of an account or contracts, by producing a digital signature.
- Public Key — A number, derived via a one-way function from a private key, which can be shared publicly and used by anyone to verify a digital signature made with the corresponding private key.
- Receipt — Data returned by an CSC client to represent the result of a particular transaction, including a hash of the transaction, its block number, the amount of gas used and, in case of deployment of a Smart Contract, the address of the Contract.
- Re-entrancy Attack — An attack that consists of an Attacker contract calling a Victim contract function in such a way that during execution the Victim calls the Attacker contract again, recursively. This can result, for example, in the theft of funds by skipping parts of the Victim contract that update balances or count withdrawal amounts.
- Reward — The total transaction fee in each new block plus a fixed block reward is the reward of the network to validators.
- SHA — The Secure Hash Algorithm (SHA) is a family of cryptographic hash functions published by the National Institute of Standards and Technology (NIST).
- Smart Contract — A piece of code deployed on the blockchain. A computer protocol meant to streamline the process of contracts by digitally enforcing, verifying, or otherwise managing them. Given the nature of the blockchain, all of these transactions are visible and verifiable through the code itself.
- Swarm — A decentralized (P2P) storage network, used along with Web3 and Whisper to build DApps.
- Testnet — CSC test network. Short for "test network".
- Transaction — Data committed to the blockchain signed by an originating account, targeting a specific address. The transaction contains metadata such as the gas limit for the transaction.
- Transactions Per Second (TPS) — A measurement of the speed of a blockchain. The low TPS of most blockchains is a significant barrier to using blockchain for business, especially financial, applications.
- Transaction Pool — The transaction pool refers to the collection of pending transactions that have been created by users and are pending confirmation by validators in a node.
- Truffle — One of the most commonly used Dapp Development Frameworks.
- Validator — A participant in CSC network, responsible for verifying transactions and generating blocks. Validators need to submit a security deposit(stake) in order to get included in the validator set.
- Vyper — A high-level programming language, similar to Serpent, with Python-like syntax, intended to get closer to a pure-functional language. It is also a language for smart contracts.
- Wallet — Software to manage accounts. Used to access and control CSC accounts and interact with Smart Contracts. Keys need not be stored in a wallet and can instead be retrieved from an offline storage (e.g., paper) for improved security.
- Wallet (Cold) — A wallet disconnected from the internet.
- Wallet (Hot) — A wallet connected to the Internet.
- Wallet (Multi signature) — A wallet that requires multiple digital signatures to execute a transaction
- Web3 — The third version of the web. First proposed by Gavin Wood, Web3 represents a new vision and focus for web applications: from centrally owned and managed applications to applications built on decentralized protocols.
- Wei — The smallest denomination of CET. 10^18 WEI = 1 CET
- Whisper — A decentralized (P2P) messaging service. It is used along with Web3 and Swarm to build DApps
- Zero Address — A special address, composed entirely of zeros, that is specified as the destination address of a contract creation transaction.
- Decentralization: Permission-free, anyone can become a validator by staking CET.
- EVM compatibility: Fully compatible with Ethereum virtual machine (EVM), which means that almost all DApps, ecosystem components and tools on Ethereum can be migrated to CSC directly or with very small changes.
- High performance: 600+ TPS, 3s block time
Easy Access to CSC
In this highly informative article, we reviewed some of the most commonly used blockchain terminologies you’ll be familiar with while using CSC. We understood what they mean in the easiest language to get a better idea of the blockchain concepts. It might seem much, but you’ll understand them better as you get used to CSC.