Terminology in Blockchain Technology

FLETA Blockchain
Mar 10 · 3 min read

With the entry of new technologies, some of their concepts are usually integrated both the more technical and the less knowledgeable about learning to ‘understand’ the terminology applied in many research papers, articles, forums and everyday conversations.

Blockchain technology as new technology has its own ‘terms’ that are worth studying to understand the message itself, which is sometimes attempted to be transmitted through words.

As the Internet of the 1990s introduced some concepts typical words of any Internet user, such as ‘web’, ‘chat’ or ‘navigate’, the disruptive technology of the blockchain has done the same with a particular terminology.

The terms in the blockchain have often evolved along with technology, in order for the message to be as precise and concise as possible to reach a wider audience, as the demand for its use foresees a range of more general practical cases.

Since the term, blockchain, was introduced into practice in 1991 by scientists Stuart Haber and W. Scott Stornetta, the term itself has been a revolutionary concept from every point of view.

As in many other disciplines such as medicine, engineering or even computing, each technology has its own glossary of terms that allows it to be expressed in a simplified way, which could be a long and confusing message.

Already in 2014, Andreas Antonopoulos gave us his wonderful work, Mastering Bitcoin — a quick glossary of terms related to both Bitcoin and the blockchain technology itself.

Some of them allowed a less technical audience to get to know in depth those concepts that seemed abstract to many passionate about cryptocurrencies in general and understand the operation of the blockchain that supports these crypto assets.

Based on Mastering Bitcoin, we bring you the most used terms in blockchain technology so that you can learn a little more about the most common concepts.

Block

A grouping of transactions, marked with a timestamp, and a fingerprint of the previous block.

The block header is hashed to produce proof of work, thus validating the transactions. Valid blocks are added to the main blockchain by consensus of the network.

Blockchain

A list of validated blocks, each connected to its predecessor up to the genesis block.

Confirmations

Once the transaction is included in a block, it has a confirmation. As soon as another block is mined on the same chain, the transaction has two commits, and so on.

It is considered sufficient proof that the transaction will not be revoked with six or more confirmations.

Difficulty

A network-wide setting that controls how much computing capacity is required to produce proof of work.

Genesis block

The first block of the blockchain used to initialize the cryptocurrency.

Hash

A fingerprint of some binary input.

Miner

A node on the network that finds valid proofs of work for the new blocks, by repeatedly executing hashes.

Net

A peer-to-peer network that propagates transactions and blocks to each node on the network.

Reward

An amount included in each new block as a reward from the network to the miner who found the solution to the proof of work in the case of Bitcoin.

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About FLETA

FLETA is a blockchain platform that aims to offer infrastructure that can be applied to real-world business models. FLETA has its own core blockchain technologies like Level Tree Validation, Parallel Sharding, Independent multi-chain Structure, Block Redesign, and PoF(Proof-of-Formulation) which is its own consensus algorithm. With them, it aims to solve problems that existing platforms have such as slow speeds, scalability limitation, and excessive fees and provide a flexible development environment. Moreover, through its Gateway technology, it enhanced its interoperability by allowing projects issuing their tokens through other mainnets to maintain their mainnets while using FLETA chain.

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Feel free to join and connect with us through any of our official channels below:

Website: https://fleta.io

FLETA Store: https://fleta.ogn.app/#/

Twitter: https://twitter.com/fletachain

Telegram: https://t.me/FLETAofficialGroup

Github: https://github.com/fletaio

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