Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Other Important Terms

A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.

Bounty program

Bounties are simple tasks of jobs by the team behind a coin. These can be as simple as joining a Telegram channel or by (re)tweeting. It could also be a bit more difficult like a translation job for example. The participants receive rewards in the form of coins in exchange for completing these bounties.

Bitcoin

Bitcoin is a digital or virtual cryptocurrency created in 2009 that uses peer-to-peer technology to facilitate instant payments.

Block Reward

The block reward is the payment that is offered to the node that is securing the blockchain. In the case of Bitcoin, which is has a Proof-of-Work consensus algorithm, these would be the miners. The payment is in the form of the native cryptocurrency of that blockchain. The amount is a predetermined reward per block, but often that is supplemented with the fees that are paid for the transactions that block contains. For Bitcoin the current block rewards are cut in half every four years. This is called the ‘halvening’.

Ethereum

Launched in 2015, Ethereum is the world's programmable blockchain. Like other blockchains, Ethereum has a native cryptocurrency called Ether (ETH). ETH is digital money. People all over the world use ETH to make payments, as a store of value, or as collateral. But unlike other blockchains, Ethereum can do much more.

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