Schnorr proposes to give users a new way to generate the private and public keys critical to cryptocurrencies. It replaces the Elliptic Curve technique currently used to generate keys with the Schnorr technique. This update increases both privacy and security by grouping together MultiSig and regular transactions in the same category, allowing the blockchain process to more transactions and hiding whether or not a transaction is MultiSig or not.
SDK stands for Software Development Kit. It is a set of libraries and tools for various programming languages that are used by developers to implement applications that interact with the blockchain
An important Bitcoin protocol that removes the signature information, otherwise known as the ‘witness information’ and storing it outside the base transaction block. It enables a greater number of transactions to fit within a block. It also makes the lightning network and better scripting possible.
A family of cryptographic hash functions published by the National Institute of Standards and Technology (NIST) as a U.S. Federal Information Processing Standard (FIPS). A cryptographic hash function is special because it maintains certain desirable properties vs. a non-cryptographic hash function.
Emerging mechanisms that allow tokens and other digital assets from one blockchain to be securely used in a separate blockchain and then be moved back to the original blockchain if needed. Sidechain functionality holds tremendous potential to enhance the scalability of existing blockchains.
A now-defunct marketplace on the Darknet (see above) that was shut down by the FBI. It was best known for selling drugs and other illegal products and accepting Bitcoin as a form of payment.
Self-running computer code that enforces a set of pre-set rules that later cannot be changed, therefore this is like a contract between two or more parties that is enforced digitally on the blockchain.
The maximum time after the previous block that can be waited for a new block to be created.
After this time, all remaining Blocksmiths can legally submit a block to the network, regardless of their computed SmithTime.
The scaling factor which is multiplied into an account’s SmithTime calculation.
When new blocks are being broadcast too frequently, it is increased; when new blocks are too slow, it is reduced.
A user’s funds that are locked or held as guarantee. Mostly referred in “Proof of Stake” blockchain, the stake is the economic purpose to provably commit to a promise that the user won’t sell the staked tokens for a pre-established period of time.
A mechanism that allows interactions to be conducted off the blockchain without significantly increasing the risk of any participant. Moving these interactions off of the chain without requiring any additional trust can lead to significant improvements in cost and speed. State channels work by locking part of the blockchain state so that a specific set of participants must completely agree with each other to update it.
A Sybil attack is a kind of security threat on an online system where one person tries to take over the network by creating multiple accounts, nodes or computers. For example a Sybil attack can take place when somebody runs multiple nodes on a blockchain network. Attackers may be able to out-vote the honest nodes on the network if they create enough fake identities (or Sybil identities). They can then refuse to receive or transmit blocks, effectively blocking other users from a network.