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Glossary-S
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Glossary-Term

Satoshi Nakamoto

Bitcoin’s existence began with an academic paper written in 2008 by a developer under the name of Satoshi Nakamoto. Satoshi is the name used as the original inventor of Bitcoin.

Glossary-Term

Scalability

The ability of the blockchain project to manage future growth, network traffic, and capacity in anticipation of future demands.

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Schnorr

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.

Glossary-Term

Segregated Witness (SegWit)

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.

Glossary-Term

SHA (Secure Hash Algorithm)

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.

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SHA 256

A very strong cryptographic standard that is used as the basis for Bitcoin’s and other Blockchains.

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Sharding

A scaling solution for blockchain such that instead of every other node holding a full copy of the Blockchain data, they only own partial copies.

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Sidechains

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.

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Silk Road

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.

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Smart Contract

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.

glossary-blockchain Smart-Contract
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SmithMax

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.

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SmithScale

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.

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SmithSeed

A psuedorandom number, computed from the BlockSeed of the previous block and the Account’s address, which is used to calculate the SmithTime.

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SmithTime

The time (in seconds) after the previous block when this Blocksmith is allowed to publish a block to the network.

Glossary-Term

Soft Fork

A change to the rules of a blockchain protocol that are backward compatible with previous rules but creates a temporary divergence in the blockchain network.

Glossary-Term

Solidity

A computer programming language that is used to develop smart contracts and decentralized applications on the Ethereum platform and other blockchains.

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Spinechain

A sequence of blocks to shortcut from the genesis block to a Mainchain snapshot without going through each mainchain block, and yet having cryptographically secure current data

Glossary-Term

State Channel

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.