Here is the list of commonly used terms and its meaning in Blockchain technology.#Address: It is used to send and receive the transactions on the networks.The address can be of string i.e. alphabets or QR Code.
- ASIC: ASIC(Application Specific Integrated Circuit) is a chip made using silicon.It is designed to do single work at a time.
- Bitcoin: It is an cryptocurrency which is decentralized,open source,we can use it with smartphones,computer etc it is popular but it was not first virtual currency.
- BitPay: It is a processor which works with merchants which allows them to take bitcoin as payment.#Blockchain: We can do transactions without any middleman,it is trusted,secure and cheaper. Its network is huge and financial accounts are handled without any permissions.
- Block: In blockchain there are two records: 1)transactions 2)blocks
- Transactions stores the data in blockchain and block record and confirms the transactions.
- Central Ledger: Ledger is maintained by the Central Agency so called as the central ledger.
- Circle: It is an exchange and wallet service, which allows users to send, receive and exchange bitcoins anywhere in world.
- Cloudware: It is a third party software which runs in server room instead of running in house, company.
- Cryptography: It is a type of method to keep information secret or hide the information. It also keeps information secure from third party.
- Cryptocurrency: It is a virtual currency created by using encryption techniques. There is verification of transactions and it is secured by cryptography.
- DAO: DAO (Decentralized Autonomous Organization) exists for the shareholders without central ledger.
- Double spending: When someone does transaction using bitcoins and again purchase something from another using same bitcoins i.e. using same bitcoins twice is called as Double spending.
- ECDSA: ECDSA(Elliptic Curve Digital Signature Algorithm) is an algorithm encrypted with cryptography is use to sign transactions in Bitcoin protocol.
- Fiat Currency: Money valid for the financial obligations.
- FinTech: Technology used in the financial service industries.
- Genesis Block: The first block used in block chain.
- FinCEN: FinCEN(The Financial Crimes Enforcement Network) is an agency to impose regulations on exchange trading in bitcoin.
- GPU: GPU(Graphical Processing Unit) is an silicon chip designed for the complex calculations.
- Hash: It is mathematical process variable amount of data and produces constant or fixed output.
- Ledger: It is an collection of financial account book or it may hold the general information rather than financial account.