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Glossary-B
Glossary-B
Glossary-Term

bitcoin (lowercase)

Refers to the token/cryptocurrency.

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Glossary-Term

Bitcoin (Uppercase)

The first, and most popular, cryptocurrency based off the decentralized ledger of a blockchain.

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Glossary-Term

Block

A collection of transactions that have happened during a certain amount of time. The transactions are bundled in a block and added to the blockchain.

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Glossary-Term

Block Ciphers

A method of encrypting text in which algorithm and cryptographic key are applied to a data block at once as a group instead of one bit at a time.

Glossary-Term

Block Explorer

An online tool for exploring the blockchain of a particular cryptocurrency, where you can watch and follow all the transactions happening on the blockchain. Block explorers can serve as blockchain analysis and provide information such as total network hash rate, coin supply, transaction growth, etc.

Glossary-Term

Block Halving

Bitcoin’s supply of new coins issued to miners is cut in half about every four years to keep it scarce. This 50% cut is known as the halving. The next halving will be around 2020.

Glossary-Term

Block Height

Refers to the total number of blocks on a given cryptocurrency blockchain. It starts with the first block, also known as the Genesis Block (Height 0) and counts up from there.

Glossary-Term

Block Reward

Payment made to the volunteers who offer their computers to facilitate transactions on a blockchain network. The payment can be a mix of new coins and transaction fees.

Glossary-Term

Block Size

Shows the file size of each block on a blockchain and therefore, how many transactions can be bundled and processed in each one. For Bitcoin, the current block size is 1MB.

Glossary-Term

Blockchain

A decentralized, unchangeable record of all transactions that have ever happened. It bundles transactions in order on blocks and stores them permanently.

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BlockSeed

A pseudorandom number computed by hashing together the BlockSeed of the previous block and the Account Address of the new Blocksmith.
Used as a seed for any deterministic random numbers that must be used for this block, such as calculating the SmithTime for all Blocksmiths, computing the PoP Group for this block, and computing the PoP Rewards list.

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Blocksmith

An account which creates blocks.

Glossary-Term

Burning

Burning coins is the action of sending them to an address where they are irretrievable.

Glossary-Term

Byzantine Fault Tolerance

The ability of a network to properly reach consensus at any time, assuming that no more than 2/3 of its actors are malicious. Checkpointing is commonly used alongside to make data stored on the blockchain final.