The journey of studying and learning new technologies isn’t going to be smooth. It is filled with dusty roads, forks, and unexpected diversions like “Jargon”. Starting to learn new technology and not knowing about buzzwords used in it makes you feel like leaving it.
With that in mind, one should know the 12 terms described below before starting their journey into the world of blockchain.
Bitcoin
Bitcoin is cryptocurrency, or one can say that it’s a form of electronic money. Bitcoin was founded by Satoshi Nakamoto.
Bitcoin is the digital decentralized currency which doesn’t need any third-party/intermediaries. It can be sent from user to user on the peer-to-peer bitcoin network.
Bitcoin was first used to buy a pizza. (1000 Bitcoins for two pizzas, May, 2010)
1 Bitcoin = 823342.43 Indian Rupee (at time of writing this)
Here are two detailed articles on Bitcoin:
Ledger
In blockchain, ledger refers to sequential records of the transaction which is decentralized. One simply can’t interact with it or have access to it without the permission of the authority.
Ledger can be called a file which keeps growing. We can define it as a file containing chronological transactions.
Learn more here: How Blockchain Works and What is Ledger
Hash
Hash In blockchain can be defined as any number which represents data stored in blocks of chain. If data in blocks gets modified, then that hash will be reflected and it's going to be changed.
Understand more here: Hash and How Hashing Works
Smart contacts
In 1994, Nick Szabo came up with the idea of being able to record contracts in the form of computer code.
A smart contract refers to a computerized transaction protocol that executes the term of contracts between two parties. It can also be defined as agreements between people making a transaction.
Join the conversation! Your thoughts help the community grow.