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Lesson 2: key terms Flashcards

(15 cards)

1
Q

What is a transaction?

A

Change of state— either money changing hands or change in the data

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2
Q

Block?

A

Batch of transactions added to a blockchain at certain intervals

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3
Q

Mining?

A

Compute power applied to solve complex problems to provide network security for a reward

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4
Q

Node?

A

Compute hardware and software that relays transactions to other nodes

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5
Q

Consensus?

A

Agreement that a block is valid

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6
Q

Hash?

A

All data in previous block of transactions collapsed to unique digital signature

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7
Q

Public address?

A

Address to which coins or tokens are sent

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8
Q

Public key?

A

Used to prove digital signature came from private key

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9
Q

Private key?

A

Key created with public key to encrypt or send transactions; only key owner knows this and this proves ownership

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10
Q

Distributed ledger technology?

A

Database synchronized among network peers, who all agree on the version

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11
Q

Blockchain?

A

Database of transactions linked by cryptographic hashes and maintained by a distributed network of peers who all agree on the version

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12
Q

Miner?

A

People or organizations who mine

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13
Q

Consensus algorithm?

A

Software process by which a blockchain network reaches agreement on the validity of transactions and state of the blockchain

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14
Q

Proof of work (PoW)?

A

Consensus algorithm requiring miners to expend energy to solve complex math problems

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15
Q

Proof of stake (PoS)?

A

Like posting a bond, it’s a consensus algorithm requiring nodes to stake crypto assets

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