“The journey of a thousand miles begins with a single step.”
Lao Tzu
The First step …๐ค๐๐ค Brings me back on the memory lane… In the ancient times of 2011, when I read for the first time about this BitCorn thing…
Then, I read the WhitePaper… As much or little as I understood at the time, I had a strange Sehnsucht about it and went down the proverbial rabbit hole…
Only to discover with amazement and dismay… It’s the Moria’s Mines down here…
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Writing clever, articulate and edgy raps โ Based
Eating food with no care for nutrition โ based
Making jokes at the expense of politcally correct people โ based
Creating witty and inspired retorts โ based
Refusing to conform to society’s expectations โ based
Developing viral content โ based
Dreaming without the boundaries of reality โ based
Taking no sh*t from anyone โ based
Standing up for what is right โ based
Throwing away societyโs conventions โ based
Experimenting with new ideas โ based
Making creative use of your skills โ based
Celebrating all forms of success โ based
Questioning the world around you โ based
Expressing yourself through Art โ based
Learning from your mistakes โ based
Breaking the mold โ based
Making bold statements โ based
Improvising on the fly โ based
Challenging the status quo โ based
Working hard without complaining โ based
Respecting othersโ opinions โ based
Venturing beyond your comfort zone โ based
Befriending other outliers โ based
Taking risks, but staying safe โ based
Developing mental strength โ based
Acknowledging the beauty of the world โ based
Choosing courage over fear โ based
Embracing your uniqueness โ based
Worrying less, but achieving more โ based
Being a loyal friend โ based
Working to help others โ based
Succeeding in your own way โ based
Standing up for the weak โ based
Being honest about your failures โ based
Tackling the world with passion โ based
Leading without authority โ based
Accepting your flaws โ based
Owning up to them โ based
Motivating yourself to go further โ based
Making informed decisions โ based
Listening to and understanding others โbased
Analyzing problems and finding solutions โ based
Seeing the world differently โ based
Working against money-grubbing corporations โ based
Refusing to be controlled by social media โ based
Taking responsibility for your actions โ based
Rejecting the influence of peer pressure โ based
Showing gratitude for what you have โ based
Developing a thick skin โ based
Not taking no for an answer โ based
Embracing the joy of risk-taking โ based
Winning without gloating โ based
Taking time for yourself โ based
Diversifying your investments โ based
Helping others around you succeed โ based
Avoiding useless debates โ based
Refusing to give into oppression โ based
Going against the grain โ based
Moving through life with grace โ based
Not caring about popular opinion โ based
Not caving into herd mentality โ based
Outwitting conventional wisdom โ based
Standing your ground against bullies โ based
Reclaiming lost ground โ based
Detaching yourself from material possessions โ based
Questioning authority โ based
Resisting unjust power โ based
Ignoring criticism โ based
Seeing through deception โ based
Overcoming adversity โ based
Pursuing excellence โ based
Living life without regrets โ based
Becoming Unbreakable โ based
Following your gut feeling โ based
Slaying the dragon of Conformity โ based
Crushing comfort zones โ based
Exploring the unknown โ based
Keeping a cool head in a crisis โ based
Analyzing data intelligently โ based
Not wasting time with gossip โ based
Adopting a Zero-Tolerance policy โ based
Connecting with likeminded people โ based
Committing thought crimes โ based
Spreading your message โ based
Asserting your autonomy โ based
Resolving conflicts quickly โ based
Not conforming to gender roles โ based
Refusing to settle for mediocrity โ based
Not taking life too seriously โ based
Living life to the fullest โ based
Rewriting stories with your own pen โ based
Expressing yourself without limits โ based
Being You – based
Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to truly ensure that what someone is saying is true is to verify it yourself.
Relying on trust to make important decisions is the same as not making decisions at all, which would be why wise people have always told each other to never trust anyone, ever.
Instead, one should always verify all information, or else make use of carefully-chosen massive liabilities and hedges, so as to eliminate the need to trust.
…
Btw, did I mentioned the list was made by a Non-Human, Red-Pilled Entity ๐๐๐คฃ
I would love to hear thoughts, opinions and critics about this, from you all dear readers.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich to live, in the back of our pocket…. but that’s a topic for another discussion…
A few day ago… I think it was days… maybe weeks… Time is an illusion Einstein was right! Anyway somewhere in the past I decided to make a little bit more wider my mark on this digital world we all drown into :))) and I started to build up a Library !
As I do believe and live by the motto…
“Sharing is caring!”
Here with delight and joy I present to You, Free Spirit’s Library named how else than…
*Note: It's a Never Ending work in progress, as I am one little โข that is bound to the same illusion of Time, as every other โข is ๐ :))
So I would suggest you make frequent visits on the Discord server, as I add books and much interesting food for the mind all the time !
Thank you for your time !!!
May knowledge enlighten your path and make you evolve and thrive, if not for us then for the generations to come, so they can walk and look behind them, and say...
"Hey look, we are walking on shoulders of giants..."
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
If you are new to cryptocurrencies, you might find the topic a bit confusing due to the terminology involved. Just refer to this page when you see an unfamiliar word or phrase.
A
ADDRESSย โ a cryptocurrency address is a string, containing numbers and letters, from which you can send and receive crypto payments.
ALGORITHM โ kit of rules, which are solving a problem via calculations, using a computer. Itโs encrypting and transferring data, which makes it miningโs base when it comes to extracting cryptocurrencies.
ASIC โ (Application Specific Integrated Circuit) a dedicated mining device, which is able to extract coins, working with on one particular algorithm.
ASIC-RESISTANCE โ memory hard algorithms that are hardly cooperating with ASICs, because they are built to be resistance to this kind of devices.
ATTACK 51% โ a miner possess 51% of the poolโs hash rate, so heโs able to manipulate the network.
B
BANDWIDTH โ the maximum capacity of the network to transmit data.
BLOCK โ a piece of the blockchain, containing transactions.
BLOCKCHAIN โ a public ledger, which contains lots of data, encrypted in separate block in the form of hashes (messages). Considered immutable and unable to manipulate.
BLOCK HEADER โ a string long 80 bytes, which miners hash with the nonce to find the solution of the block.
BLOCK REWARD โ this is what a miner gets for successfully calculating a valid hash in the block when performing a mining process.
BLOCK SIZE โ this is a limit of bytes that the block might contain (also limits of transactions in one piece).
BLOCK TIME โ the average time needed to find a blockโs solutions. Itโs different for each coin.
BLOCK SYNCHRONIZATION โ the time requested for the blockchain to sync with your device (for full nodes usually).
C
CENTRALIZATION โ an organization or system, which is controlled by a central authority.
CLOUD MINING โ performing a mining process via rented hashing power from a third-party provider.
COIN โ a term used to describe units of blockchain value.
CONFIRMATION โ the process of validating if a transaction is including on the blockchain.
CONSENSUS โ a rule all participant agrees on when operating on the same network.
CONTRIBUTION SHARE โ the hash rate a miner puts into the pool to contribute.
CPU โ (Central Processing Unit) a processor, which coordinates the work of all the other part of a computer.
D
DAO (Decentralized Anonymous Organization) โ organization running smart contracts.
DIFFICULTY โ a measure of how difficult might be to mine a new block.
DIFFICULTY BOMB โ malicious attack, increasing difficulty that much, that the reward doesnโt cover the expenses to mine.
DISTRIBUTION โ percentage of each pool from all the ones available in the network for this coin.
DOUBLE SPENDING โ general issue of the decentralized conception or spending a same amount twice.
DOWNTIME โ a period when a machine isnโt working.
E
EXCHANGE โ a platform to buy, trade and sell cryptocurrencies.
F
FIAT MONEY โ national currency of a central government.
FORK โ changing in the rules of the consensus, which might be able to exist with the old established rules (soft fork) or not (hard fork).
FPGA โ a modern mining device, improving the ASIC, which can mine coins from one particular algorithm. The interesting here is that you can modify it to mine a different algorithm if you decide to change the coin you mine.
FULL NODE โ storing the blockchain data locally on your PC.
G
GAINS โ increasing profits (reward).
GENESIS BLOCK โ the first block, computationally created in the blockchain. It contains the initial transaction.
GPU (Graphic Processing Unit) โ a graphic card, also known as a video card (part of a computer), which is successfully used for mining purposes.
H
HASH FUNCTION โ encrypted message with fixes size and unique value.
HASH RATE โ a unit to measure the computational power by which a miner contributes in the mining process.
HASH RENTAL โ a rented computing power for mining purposes by a cloud mining provider.
HARD FORK โ this is a protocol change, which results in splitting into two different chains and the longer one continuous existing. If both of them do โ we have a chain split. These changes cannot cooperate with the old rules and require an update.
HARD DISK SPACE โ the storage a user needs to locally store the blockchain data on a desktop PC.
Halving โ decreasing the reward of gained coins per block using a particular formula.
I
ICO (Initial Coin Offering) โ crowdfunding via crypto coins for the purpose of gaining capital for a particular project.
IMMUTABLE โ unable to change in time.
K
KYC (Know Your Customer) โ an identification process for the users in the network.
L
LEDGER โ a piece of record of data, which is immutable.
LIGHT CLIENT โ not storing the entire blockchain data but using just parts of it (a blockโs header). To have some more information, they trust a full node.
LIGHTNING NETWORK โ an additional layer of the blockchain to perform faster transactions between the nodes participating in the network.
LIQUIDITY โ the ease to buying and selling, without bothering the marketโs price.
M
MARKET CAPITALIZATION โ a cryptocurrencyโs price, according the total supply.
MARKET SHARE โ the hash share of the market with which the pool operates.
MINEABLE โ a coin which can be mined in return of reward.
MINER โ either the device or the person whoโs performing the mining process.
MINERโs FEE โ this is the reward a miner receives for its contribution to the network by validating transactions. Normally, miners choose transactions with higher fees to add in the next block to profit more and faster.
MINING โ a process of extracting a cryptocurrency by adding and verifying transactions to the blockchain, respectively gaining a reward for it.
MINING POOL โ group of miners, combining their power to find a block faster and sharing the reward from it too.
MINING RIG โ this is a set of multiple mining hardware, combined to mine with higher hash rate and find a block faster.
N
NODE โ a computer that keeps a copy of the blockchain.
NONCE โ an arbitrary number in a cryptographic communication. It is generated during the hashing process and can be used only once.
O
ORPHAN BLOCK โ a valid block, which isnโt part of the blockchain and occurs when two miners find the same block in the same time. The one which is late becomes orphan.
P
PAYOUT LIMIT โ the minimum amount of coins which you can withdraw from your account.
POOL DISTRIBUTION โ a percentage of each pool, possessed for this particular coin.
POOL FEES โ the fees requested from the pool for maintenance.
POW (Proof-of-Work) โ when it comes to mining this is a consensus mechanism where miners are using a nonce to search the blockโs solutions and get rewarded proportionally of their contribution (work). Thereโs no need of trust, since everybodyโs โworkโ (share) is visible in the network.
PPS โ (Pay Per Share) a type of rewarding system, based on contribution.
PPLNS โ (Pay Per Last N Shares) a type of rewarding system, based on time a contribution.
PRIVATE KEY โ this is the โpasswordโ which helps you to access your public address. Itโs the one and only, which let you read the hashes (messages) sent to your public key.
PROP โ (Proportional) a type of rewarding system, based on a proportional relation between contribution and luck.
PUBLIC KEY โ this is a recipientโs address to receive any crypto assets in the form of a hash, which might be read with only one specific private key.
Q
QR-CODE โ a graphic sign, which can be scanned via smartphone camera to read a walletโs public address and send some coins within it.
R
REWARDING SYSTEM โ a method of rewarding the miners, depending on their contribution to the network.
REPOSITORY โ a software where you keep all your information, which might be retrieved at some point.
S
STALE SHARE โ when two miners send a share to the network to affirm, they found a block, the one which is late is a stale one.
SPV (Simple Payment Verification) โ a client which checks on transactions, using only the headers of the blocks, which is considered a proof of inclusion.
T
TRAFFIC (incoming & outcoming) โ the traffic from one point to another (movement of data and actions). Itโs important when itโs up to cryptocurrencies because it can define your speed when broadcasting a transaction.
TRANSACTION FEE โ a payment to broadcast your transaction on the network.
U
UPTIME โ the time during which a mining machine is properly working.
UTXO (Unspent Transaction Output) โ a value, calculating the balance of unspent coins, based on all the previously spent outputs and inputs, based on the public ledgerโs history of transactions.
V
VALID BLOCK โ thereโs a signal that the block is mined and the userโs waiting for confirmation from other nodes to gain the reward.
VARDIFF (Variable Difficulty) โ the shareโs difficulty might rise or fall, depending on the hash rate.
VPS (Virtual Private Server) โ a PC with static IP, supporting the network.
W
WALLET โ a digital wallet to store, send and receive crypto assets.
WORKER โ either a mining device, either an account in the mining pool configuration.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
This is a glossary of all cryptocurrency terms and lingo you might come across when reading about mining andย mining pools. Just refer to this page when you see an unfamiliar word or phrase.
A
ADDRESSย โ a cryptocurrency address is a string, containing numbers and letters, from which you can send and receive crypto payments.
ALGORITHMย โ kit of rules, which are solving a problem via calculations, using a computer. Itโs encrypting and transferring data, which makes it miningโs base when it comes to extracting cryptocurrencies.
ASICย โ (Application Specific Integrated Circuit) a dedicated mining device, which is able to extract coins, working with on one particular algorithm.
ASIC-RESISTANCEย โ memory hard algorithms that are hardly cooperating with ASICs, because they are built to be resistance to this kind of devices.
ATTACK 51%ย โ a miner possess 51% of the poolโs hash rate, so heโs able to manipulate the network.
B
BANDWIDTH โ the maximum capacity of the network to transmit data.
BLOCK โ a piece of the blockchain, containing transactions.
BLOCKCHAIN โ a public ledger, which contains lots of data, encrypted in separate block in the form of hashes (messages). Considered immutable and unable to manipulate.
BLOCK HEADER โ a string long 80 bytes, which miners hash with the nonce to find the solution of the block.
BLOCK REWARD โ this is what a miner gets for successfully calculating a valid hash in the block when performing a mining process.
BLOCK SIZE โ this is a limit of bytes that the block might contain (also limits of transactions in one piece).
BLOCK TIME โ the average time needed to find a blockโs solutions. Itโs different for each coin.
BLOCK SYNCHRONIZATION โ the time requested for the blockchain to sync with your device (for full nodes usually).
C
CENTRALIZATION โ an organization or system, which is controlled by a central authority.
CLOUD MINING โ performing a mining process via rented hashing power from a third-party provider.
COIN โ a term used to describe units of blockchain value.
CONFIRMATION โ the process of validating if a transaction is including on the blockchain.
CONSENSUS โ a rule all participant agrees on when operating on the same network.
CONTRIBUTION SHARE โ the hash rate a miner puts into the pool to contribute.
CPU โ (Central Processing Unit) a processor, which coordinates the work of all the other part of a computer.
D
DAO (Decentralized Anonymous Organization) โ organization running smart contracts.
DIFFICULTY โ a measure of how difficult might be to mine a new block.
DIFFICULTY BOMB โ malicious attack, increasing difficulty that much, that the reward doesnโt cover the expenses to mine.
DISTRIBUTION โ percentage of each pool from all the ones available in the network for this coin.
DOUBLE SPENDING โ general issue of the decentralized conception or spending a same amount twice.
DOWNTIME โ a period when a machine isnโt working.
E
EXCHANGE โ a platform to buy, trade and sell cryptocurrencies.
F
FIAT MONEY โ national currency of a central government.
FORK โ changing in the rules of the consensus, which might be able to exist with the old established rules (soft fork) or not (hard fork).
FPGA โ a modern mining device, improving the ASIC, which can mine coins from one particular algorithm. The interesting here is that you can modify it to mine a different algorithm if you decide to change the coin you mine.
FULL NODE โ storing the blockchain data locally on your PC.
G
GAINS โ increasing profits (reward).
GENESIS BLOCK โ the first block, computationally created in the blockchain. It contains the initial transaction.
GPU (Graphic Processing Unit) โ a graphic card, also known as a video card (part of a computer), which is successfully used for mining purposes.
H
HASH FUNCTION โ encrypted message with fixes size and unique value.
HASH RATE โ a unit to measure the computational power by which a miner contributes in the mining process.
HASH RENTAL โ a rented computing power for mining purposes by a cloud mining provider.
HARD FORK โ this is a protocol change, which results in splitting into two different chains and the longer one continuous existing. If both of them do โ we have a chain split. These changes cannot cooperate with the old rules and require an update.
HARD DISK SPACE โ the storage a user needs to locally store the blockchain data on a desktop PC.
Halving โ decreasing the reward of gained coins per block using a particular formula.
I
ICO (Initial Coin Offering) โ crowdfunding via crypto coins for the purpose of gaining capital for a particular project.
IMMUTABLE โ unable to change in time.
K
KYC (Know Your Customer) โ an identification process for the users in the network.
L
LEDGER โ a piece of record of data, which is immutable.
LIGHT CLIENT โ not storing the entire blockchain data but using just parts of it (a blockโs header). To have some more information, they trust a full node.
LIGHTNING NETWORK โ an additional layer of the blockchain to perform faster transactions between the nodes participating in the network.
LIQUIDITY โ the ease to buying and selling, without bothering the marketโs price.
M
MARKET CAPITALIZATION โ a cryptocurrencyโs price, according the total supply.
MARKET SHARE โ the hash share of the market with which the pool operates.
MINEABLE โ a coin which can be mined in return of reward.
MINER โ either the device or the person whoโs performing the mining process.
MINERโs FEE โ this is the reward a miner receives for its contribution to the network by validating transactions. Normally, miners choose transactions with higher fees to add in the next block to profit more and faster.
MINING โ a process of extracting a cryptocurrency by adding and verifying transactions to the blockchain, respectively gaining a reward for it.
MINING POOL โ group of miners, combining their power to find a block faster and sharing the reward from it too.
MINING RIG โ this is a set of multiple mining hardware, combined to mine with higher hash rate and find a block faster.
N
NODE โ a computer that keeps a copy of the blockchain.
NONCE โ an arbitrary number in a cryptographic communication. It is generated during the hashing process and can be used only once.
O
ORPHAN BLOCK โ a valid block, which isnโt part of the blockchain and occurs when two miners find the same block in the same time. The one which is late becomes orphan.
P
PAYOUT LIMITย โ the minimum amount of coins which you can withdraw from your account.
POOL DISTRIBUTIONย โ a percentage of each pool, possessed for this particular coin.
POOL FEESย โ the fees requested from the pool for maintenance.
POW (Proof-of-Work)ย โ when it comes to mining this is a consensus mechanism where miners are using a nonce to search the blockโs solutions and get rewarded proportionally of their contribution (work). Thereโs no need of trust, since everybodyโs โworkโ (share) is visible in the network.
PPSย โ (Pay Per Share) a type of rewarding system, based on contribution.
PPLNSย โ (Pay Per Last N Shares) a type of rewarding system, based on time a contribution.
PRIVATE KEYย โ this is the โpasswordโ which helps you to access your public address. Itโs the one and only, which let you read the hashes (messages) sent to your public key.
PROPย โ (Proportional) a type of rewarding system, based on a proportional relation between contribution and luck.
PUBLIC KEYย โ this is a recipientโs address to receive any crypto assets in the form of a hash, which might be read with only one specific private key.
Q
QR-CODEย โ a graphic sign, which can be scanned via smartphone camera to read a walletโs public address and send some coins within it.
R
REWARDING SYSTEMย โ a method of rewarding the miners, depending on their contribution to the network.
REPOSITORYย โ a software where you keep all your information, which might be retrieved at some point.
S
STALE SHAREย โ when two miners send a share to the network to affirm, they found a block, the one which is late is a stale one.
SPV (Simple Payment Verification)ย โ a client which checks on transactions, using only the headers of the blocks, which is considered a proof of inclusion.
T
TRAFFIC (incoming & outcoming)ย โ the traffic from one point to another (movement of data and actions). Itโs important when itโs up to cryptocurrencies because it can define your speed when broadcasting a transaction.
TRANSACTION FEEย โ a payment to broadcast your transaction on the network.
U
UPTIMEย โ the time during which a mining machine is properly working.
UTXO (Unspent Transaction Output)ย โ a value, calculating the balance of unspent coins, based on all the previously spent outputs and inputs, based on the public ledgerโs history of transactions.
V
VALID BLOCKย โ thereโs a signal that the block is mined and the userโs waiting for confirmation from other nodes to gain the reward.
VARDIFF (Variable Difficulty)ย โ the shareโs difficulty might rise or fall, depending on the hash rate.
VPS (Virtual Private Server)ย โ a PC with static IP, supporting the network.
W
WALLETย โ a digital wallet to store, send and receive crypto assets.
WORKERย โ either a mining device, either an account in the mining pool configuration.
This is a glossary of all cryptocurrency terms and lingo you might come across when reading about mining andย mining pools. Just refer to this page when you see an unfamiliar word or phrase.
A
ADDRESSย โ a cryptocurrency address is a string, containing numbers and letters, from which you can send and receive crypto payments.
ALGORITHMย โ kit of rules, which are solving a problem via calculations, using a computer. Itโs encrypting and transferring data, which makes it miningโs base when it comes to extracting cryptocurrencies.
ASICย โ (Application Specific Integrated Circuit) a dedicated mining device, which is able to extract coins, working with on one particular algorithm.
ASIC-RESISTANCEย โ memory hard algorithms that are hardly cooperating with ASICs, because they are built to be resistance to this kind of devices.
ATTACK 51%ย โ a miner possess 51% of the poolโs hash rate, so heโs able to manipulate the network.
B
BANDWIDTH โ the maximum capacity of the network to transmit data.
BLOCK โ a piece of the blockchain, containing transactions.
BLOCKCHAIN โ a public ledger, which contains lots of data, encrypted in separate block in the form of hashes (messages). Considered immutable and unable to manipulate.
BLOCK HEADER โ a string long 80 bytes, which miners hash with the nonce to find the solution of the block.
BLOCK REWARD โ this is what a miner gets for successfully calculating a valid hash in the block when performing a mining process.
BLOCK SIZE โ this is a limit of bytes that the block might contain (also limits of transactions in one piece).
BLOCK TIME โ the average time needed to find a blockโs solutions. Itโs different for each coin.
BLOCK SYNCHRONIZATION โ the time requested for the blockchain to sync with your device (for full nodes usually).
C
CENTRALIZATION โ an organization or system, which is controlled by a central authority.
CLOUD MINING โ performing a mining process via rented hashing power from a third-party provider.
COIN โ a term used to describe units of blockchain value.
CONFIRMATION โ the process of validating if a transaction is including on the blockchain.
CONSENSUS โ a rule all participant agrees on when operating on the same network.
CONTRIBUTION SHARE โ the hash rate a miner puts into the pool to contribute.
CPU โ (Central Processing Unit) a processor, which coordinates the work of all the other part of a computer.
D
DAO (Decentralized Anonymous Organization) โ organization running smart contracts.
DIFFICULTY โ a measure of how difficult might be to mine a new block.
DIFFICULTY BOMB โ malicious attack, increasing difficulty that much, that the reward doesnโt cover the expenses to mine.
DISTRIBUTION โ percentage of each pool from all the ones available in the network for this coin.
DOUBLE SPENDING โ general issue of the decentralized conception or spending a same amount twice.
DOWNTIME โ a period when a machine isnโt working.
E
EXCHANGE โ a platform to buy, trade and sell cryptocurrencies.
F
FIAT MONEY โ national currency of a central government.
FORK โ changing in the rules of the consensus, which might be able to exist with the old established rules (soft fork) or not (hard fork).
FPGA โ a modern mining device, improving the ASIC, which can mine coins from one particular algorithm. The interesting here is that you can modify it to mine a different algorithm if you decide to change the coin you mine.
FULL NODE โ storing the blockchain data locally on your PC.
G
GAINS โ increasing profits (reward).
GENESIS BLOCK โ the first block, computationally created in the blockchain. It contains the initial transaction.
GPU (Graphic Processing Unit) โ a graphic card, also known as a video card (part of a computer), which is successfully used for mining purposes.
H
HASH FUNCTION โ encrypted message with fixes size and unique value.
HASH RATE โ a unit to measure the computational power by which a miner contributes in the mining process.
HASH RENTAL โ a rented computing power for mining purposes by a cloud mining provider.
HARD FORK โ this is a protocol change, which results in splitting into two different chains and the longer one continuous existing. If both of them do โ we have a chain split. These changes cannot cooperate with the old rules and require an update.
HARD DISK SPACE โ the storage a user needs to locally store the blockchain data on a desktop PC.
Halving โ decreasing the reward of gained coins per block using a particular formula.
I
ICO (Initial Coin Offering) โ crowdfunding via crypto coins for the purpose of gaining capital for a particular project.
IMMUTABLE โ unable to change in time.
K
KYC (Know Your Customer) โ an identification process for the users in the network.
L
LEDGER โ a piece of record of data, which is immutable.
LIGHT CLIENT โ not storing the entire blockchain data but using just parts of it (a blockโs header). To have some more information, they trust a full node.
LIGHTNING NETWORK โ an additional layer of the blockchain to perform faster transactions between the nodes participating in the network.
LIQUIDITY โ the ease to buying and selling, without bothering the marketโs price.
M
MARKET CAPITALIZATION โ a cryptocurrencyโs price, according the total supply.
MARKET SHARE โ the hash share of the market with which the pool operates.
MINEABLE โ a coin which can be mined in return of reward.
MINER โ either the device or the person whoโs performing the mining process.
MINERโs FEE โ this is the reward a miner receives for its contribution to the network by validating transactions. Normally, miners choose transactions with higher fees to add in the next block to profit more and faster.
MINING โ a process of extracting a cryptocurrency by adding and verifying transactions to the blockchain, respectively gaining a reward for it.
MINING POOL โ group of miners, combining their power to find a block faster and sharing the reward from it too.
MINING RIG โ this is a set of multiple mining hardware, combined to mine with higher hash rate and find a block faster.
N
NODE โ a computer that keeps a copy of the blockchain.
NONCE โ an arbitrary number in a cryptographic communication. It is generated during the hashing process and can be used only once.
O
ORPHAN BLOCK โ a valid block, which isnโt part of the blockchain and occurs when two miners find the same block in the same time. The one which is late becomes orphan.
P
PAYOUT LIMITย โ the minimum amount of coins which you can withdraw from your account.
POOL DISTRIBUTIONย โ a percentage of each pool, possessed for this particular coin.
POOL FEESย โ the fees requested from the pool for maintenance.
POW (Proof-of-Work)ย โ when it comes to mining this is a consensus mechanism where miners are using a nonce to search the blockโs solutions and get rewarded proportionally of their contribution (work). Thereโs no need of trust, since everybodyโs โworkโ (share) is visible in the network.
PPSย โ (Pay Per Share) a type of rewarding system, based on contribution.
PPLNSย โ (Pay Per Last N Shares) a type of rewarding system, based on time a contribution.
PRIVATE KEYย โ this is the โpasswordโ which helps you to access your public address. Itโs the one and only, which let you read the hashes (messages) sent to your public key.
PROPย โ (Proportional) a type of rewarding system, based on a proportional relation between contribution and luck.
PUBLIC KEYย โ this is a recipientโs address to receive any crypto assets in the form of a hash, which might be read with only one specific private key.
Q
QR-CODEย โ a graphic sign, which can be scanned via smartphone camera to read a walletโs public address and send some coins within it.
R
REWARDING SYSTEMย โ a method of rewarding the miners, depending on their contribution to the network.
REPOSITORYย โ a software where you keep all your information, which might be retrieved at some point.
S
STALE SHAREย โ when two miners send a share to the network to affirm, they found a block, the one which is late is a stale one.
SPV (Simple Payment Verification)ย โ a client which checks on transactions, using only the headers of the blocks, which is considered a proof of inclusion.
T
TRAFFIC (incoming & outcoming)ย โ the traffic from one point to another (movement of data and actions). Itโs important when itโs up to cryptocurrencies because it can define your speed when broadcasting a transaction.
TRANSACTION FEEย โ a payment to broadcast your transaction on the network.
U
UPTIMEย โ the time during which a mining machine is properly working.
UTXO (Unspent Transaction Output)ย โ a value, calculating the balance of unspent coins, based on all the previously spent outputs and inputs, based on the public ledgerโs history of transactions.
V
VALID BLOCKย โ thereโs a signal that the block is mined and the userโs waiting for confirmation from other nodes to gain the reward.
VARDIFF (Variable Difficulty)ย โ the shareโs difficulty might rise or fall, depending on the hash rate.
VPS (Virtual Private Server)ย โ a PC with static IP, supporting the network.
W
WALLETย โ a digital wallet to store, send and receive crypto assets.
WORKERย โ either a mining device, either an account in the mining pool configuration.