Showing posts with the label blockchain technology explained

Blockchain Glossary These 13 Terms Helpful to Understand

Bitcoin was the first project developed by using blockchain. My post is to share Blockchain keywords by using an example of Bitcoin. Blockchain Types Plus Glossary  Let us ready...  Blockchain technology is new. Understanding the principles behind this technology makes you helpful to apply in your projects.  Initially, the purpose of  Blockchain development was to carry mining. In general, mining means search and find value. Usually, minings are two types. Those are data mining and bitcoin mining. Blockchain Glossary Blockchain - only blocks involved. The data which was finalized stored in blocks. Bitcoin Ledger = Blockchain Bitcoin Ledger - It is a public ledger Ledger or Blockchain - The chain of blocks Functions of Blockchain - It validates each transaction, Keeps track, and verifies ownership Double Spending- It prevents duplicating the Cryptocurrency for using next time. Consensus mechanism - It is also called PoW (proof of work). This mechanism avoids double-sp