Cryptocurrency: A digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. [source]
Medium of exchange: an intermediary instrument used to facilitate the sale, purchase or trade of goods between parties. For an instrument to function as a medium of exchange, it must represent a standard of value accepted by all parties. [source]
Decentralized: A system where there is no single centralized authority that makes decisions on behalf of all the parties. Instead each party, also called a peer, makes local autonomous decisions towards its individual goals which may possibly conflict with those of other peers. Peers directly interact with each other and share information or provide service to other peers. An open decentralized system is one in which the entry of peers is not regulated. Any peer can enter or leave the system at any time. [source]
Falsifiable: A statement, hypothesis, or theory is if it is contradicted by a basic statement, which, in an eventual successful or failed falsification, must respectively correspond to a true or hypothetical observation. [source]
Blockchain: In object oriented programming is encapsulation of computational state chained together via linked list. Blockchain definition diverge quite a bit from stakeholder because of it contextual evolution to the point that even law maker push for a blockchain definition at the congress. In reality what matter for blockchain conception is to have the genesis block that links reflexively subsequent states together, the chain modularization have to be reflexive with the service provided. For short a blockchain is a reflexive database , for the whole stack I use the term (modealization) = model + deal + globalization.
Blockchain: In object oriented programming is encapsulation of computational state chained together via linked list that self reference previous states with hash function. As for the data structure blockchain is a reflexive database because the data structure is isolated inside a distributed architecture with is own set of specification (bias) which provide better isolation property than classic relational database.
Next crypto glossary should be:
- Public blockchain
- Private blockchain
- Distributed ledger technology
- Smart contract
- Crypto wallet
I will try to do at least one definition per days…
This is a good starting point. Is there a way to simplify this a little so average non-technical person can understand it? It’s almost there but some of the terminology is complex.
Can you point me which terminology is too complex, thanks.
encapsulation of computational state, object oriented programming [do we need to mention OOP even?], reflexive database, specification (bias), classic relational database [what does classical relational database do differently than reflexive database?]
I think this definition can be made much simpler by breaking these down into something more digestible
I will keep going with next definition on the line, for now my brain is only producing orphan block…
Public Blockchain: Participant as the free will to participate into the network consensus protocol without facing possible discrimination unrelated to the to network rule because the governance model is decentralized and distributed with no single authorized parties.
this is great! thanks for this list…! this can even turn into a “crypto for dummies” section…!!
Private Blockchains: Blockchains that are private or permissioned work similarly to public blockchains but with access controls that restrict those that can join the network, meaning it operates like a centralised database system of today that limits access to certain users.
I love is definition, short and sweet.
Blockchain for beginners.
Blockchain is a ledger, like a receipt, where each item (block) is like a transaction between two parties, and the receipt never really ends, it just gets added on and on.
And every transaction requires many different computers (miners) to recheck each block from the beginning so that no one sneaks in and changes it and everyone has exact copies of the same blocks.
Also this mining is distributed among random computers around the world so that it’s decentralized, meaning theoretically, no one group can control the process. Anyone could buy a computer with special mining hardware and hop on and be a part of the process and be paid in the coin they are mining.
But the security of it is that it never changes, only grows as it is added to, always shared among everyone, and is searchable and public.
Distributed Ledger Technology ‘‘DLT’’: States machine replication “SMR” is term are often utilised to describe distributed ledger function. DLTs are distributed fault tolerant system that are replicated/duplicated in sync and broadcasted to authorised party via consensus tx message system by tagging or flagging the actual transaction states.
Smart contract: Are computational business logic reflexive to the modealization states of autonomous agents aggregators, smart contract instruction set could be validated on-chain like for commodity token (Bitcoin) or off-chain via a selecting group of validators providing consensus proof for the underlying transaction.