What is Blockchain?
A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
What is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Bitcoin is unique in that there are a finite number of them: 21 million. Bitcoin is created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
What is a Distributed Ledger?
A distributed ledger is a digital ledger of all cryptocurrency transactions. It is a shared database that is used to track the movement of funds between two or more parties. Transactions are recorded in a chronological order and are verified by network nodes. A distributed ledger eliminates the need for a third party to verify transactions.
What is a Smart Contract?
A smart contract is a contract that is executed through the use of blockchain technology. The terms of a smart contract are automatically enforced by the blockchain network, without the need for a third party.
What is a Decentralized Application?
A decentralized application (DApp) is an application that runs on a decentralized platform. This means that the application is not controlled by any single entity, but is instead distributed among a network of users. DApps are often more secure and efficient than traditional applications because they are not subject to the same security vulnerabilities.
What is a Cryptocurrency?
A cryptocurrency is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
What is a digital asset?
A digital asset is an electronic medium or piece of data that uses cryptography to secure its transactions and to control the creation of new units. Digital assets can be used to purchase goods and services or traded on decentralized exchanges.
What is a distributed ledger technology?
A distributed ledger technology (DLT) is a type of digital ledger that allows multiple parties to share and update a record of transactions, without the need for a central authority. DLTs are often described as a "shared, transparent and secure" database that can be used to track the movement of assets, money, shares, or anything of value.