follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.


Messages - Mounty

Pages: [1] 2
1
Terminology / Block Reward Meaning - Definition
« on: July 01, 2018, 04:52:51 PM »
It is the reward allotted for hashing, or solving the mathematical equation related to a Block.

The reward for mining a Bitcoin block is 25 Bitcoins per block mined, which will halve every 210,000 Blocks!

2
Terminology / BlockExplorer Meaning - Definition
« on: July 01, 2018, 04:51:12 PM »
A BlockExplorer is a search engine with focus mainly on Blockchain.

It allows users to easily lookup, confirm and validate transactions that have taken place on the Blockchain.

It is the building block of platforms like Etherscan for Ethereum, Blockchain info for Bitcoin and lot more.

BlockExplorer allows you to view information about transactions, blocks, and addresses on the Blockchain.

3
Terminology / Block Height Meaning - Definition
« on: July 01, 2018, 04:48:30 PM »
Block height is the number of blocks between this specific block and the genesis block (first block) on the chain. A genesis block will always have a height of zero because nothing precedes it.

It’s a metric used to create a bearing on time in the programming world as well as a few other functions such as maintaining counter-party and betting in the crypto world. Considering that a new Bitcoin block is made every 10 minutes, you can work out certain time related pieces of information if you have the total length of the chain.

4
Terminology / Blocks Meaning - Definition
« on: July 01, 2018, 04:44:23 PM »
These are essentially pages in the public ledger that makes up a Blockchain.
Blocks are the files where unalterable data related to the network.

5
Whitepaper: It’s a document usually released prior to the launch of a new cryptocurrency, essentially a whitepaper is a token/coin technical manual and sales brochure combined, outlining its purpose, benefits, features and roadmap. They are a necessary component of any new cryptocurrency to provide more detailed information on the project and offer legitimacy.


Lightpaper: It is a summary version of Whitepaper though rarely used

Yellowpaper: is a document containing research that has not yet been formally accepted or published in an academic journal. It is synonymous to the more widely used term preprint, yellowpaper contain usually more technical details.

6
Terminology / PoB - Proof Of Burn Meaning - Definition
« on: July 01, 2018, 03:19:31 PM »
Proof Of Burn (PoB) unlike the other popularly used consensus in crypto mining and staking (PoW and PoS), it involves sending a coin/token to an unspendable address on the Blockchain to render it unspendable forever which is referred to as Coin Burn and the sender is then rewarded with another coin/token.

The addresses used are randomly generated without private keys which makes the wallets hodling the coin/token inaccessible for anyone to spend again.

7
Terminology / DPoS - Delegated Proof-of-Stake - Meaning - Definition
« on: July 01, 2018, 03:10:01 PM »
A Delegated Proof-of-Stake algorithm helps to validates transactions differently like representative democracy, token stakeholders “elect” validators to secure the Blockchain network.

As a result, transactions are validated faster, making this approach optimal for e-commerce platforms as introduced by platforms like CyberMiles Blockchain.

8
Terminology / PoW - Proof-of-Work Meaning - Definition
« on: July 01, 2018, 03:05:27 PM »
PoW is a crypto algorithm which requires to perform a certain amount of computational work in other to mine a block successfully on a Blockchain and get new coin as miner reward.

Proof of work was a concept originally designed to sieve spam emails and prevent DDoS attacks (See DDoS). A Proof of Work is essentially a datum that is very costly to produce in terms of time and resources, but can be very simply verified by another party.

The proof of work for Bitcoin is referred to as a “nonce,” or number used only once.

It is considered an energy intensive method, as computers have to be running, which also drives the market towards centralization of hashing power, which is what the Blockchain aims to defeat!

9
Terminology / PoS - Proof-of-Stake Meaning - Definition
« on: July 01, 2018, 03:00:30 PM »
Proof of stake, is an alternative way to validate transactions, it was developed as a solution to the power hungry POW / proof of work.


It is considered a greener alternative to PoW. It requires holding of certain amount of coin/token to verify transactions on the Blockchain.

The process of mining a proof of stake coin is often referred to as Staking.

Most cryptocurrency including the first and largest one Bitcoin, use proof-of-work mining to secure the blockchain. This has proven to be very secure and effective, but has some drawbacks like expensive energy usage and the need for specialized mining computers. Proof of stake is an alternative method.

Where PoW requires to perform a certain amount of computational work, a proof of stake system requires only to show ownership of a certain amount of money, or stake of the coin/token.

10
Terminology / ASIC Mining Meaning - Definition
« on: July 01, 2018, 02:53:42 PM »
ASIC is an acronym of Application Specific Integrated Circuit.

ASIC is a computer chip specifically created to execute one task. An example of one such model is an ASIC miner created to ONLY process SHA-256, which is the problem offered by the Bitcoin Blockchain to mine new coins. There are also ASIC’s for scrypt which specifically solves the mathematical code for some Altcoins such as Litecoin.

ASIC mining is one of the main forms of mining together with GPU mining, as they are much more efficient than mining using normal computers.

Though, in recent years there has been a good amount of dialogue surrounding the longevity of mining this way and we’ve even seen coins making it so that it’s impossible to mine with an ASIC replaced with PoS, DPos, PoB, PoHe and others.

11
Terminology / Atomic Swap Meaning - Definition
« on: July 01, 2018, 01:40:24 PM »
Atomic swaps, or Atomic Cross-Chain Trading, is a relatively new piece of technology, atomic cross-chain trading is looking to revolutionize the way in which users transact with each other.

in essence it is the exchange of one cryptocurrency with another cryptocurrency, without the need to trust a third-party -like an exchange.

Brief History of Atomic Swap

The original idea for atomic swaps was described on the by Tier Nolan, in 2013. Komodo’s lead developer, JL777, recognized value in the idea, built the necessary framework, and completed his first atomic swap just a year later in 2014. Since then, his team continues to make tremendous advances in the technology. Thus, Komodo (KMD) team is the lead in Atomic Swap Technology invention across Cryptocurrency community worldwide.

Advantages Of Atomic Swap


Atomic Swaps Allow You to Trade From Blockchain to Blockchain, From Within Your Wallet. An atomic swap is a direct trade between two different coins running on two separate Blockchains; there are no centralized-exchange websites or other third-parties required for this trade. The technology enables common users to bypass the labyrinth of website-exchanges currently necessary to purchase Cryptocurrencies.

Once implemented, the atomic swap will allow common users to trade and purchase any desired coin directly within their own wallets.

video about Atomic Swap:

12
Terminology / Blockchain Meaning - Definition
« on: July 01, 2018, 01:07:53 PM »
A blockchain is a database system that allows the creation of a digital ledger of transactions on a non-centralized network.

The same data is copied by several computers in a way similar to a peer to peer network, with the difference that it is updated in a decentralized way.

Cryptography is the main field that allows for users to engage with the ledger without the need for any central figurehead.

In layman’s terms, this means that people and computers all over work together to create a network instead of a network being made by one single person or company. This network is enabled and protected through cryptography! We have seen this used in currency, data transfer and on.

The blockchain is comprised of “blocks” and is constantly growing as each new record, datum, or block is added onto the chain for everyone to see.

videos to explain it:




13
Terminology / Mining Meaning - Definition
« on: July 01, 2018, 12:13:58 PM »
Mining is the term used for discovering and solving blocks on a blockchain.
A reward is given for solving the algorithm and lengthening the chain, called a mining reward.

The mining reward for the Bitcoin Blockchain is Bitcoin. Each blockchain offer it's own coin for the minners.

Mining is known to serve two major purposes;

1) Mining verify the legitimacy of a transaction

2) Mining motivates users to maintain a copy of the blockchain.

Below an explainer of the mining in the specific case of bitcoin:

14
Terminology / Double Spending - Meaning - Definition
« on: July 01, 2018, 12:06:41 PM »
This the problem that the blockchain tried to resolve through the proof of work, sometimes it can be possible as a result of a 51% Attack, hack of the Blockchain which allows a coin/token to be spent more than ones.

More info about double spending:








15
Terminology / 51% Attack - Meaning - Definition
« on: July 01, 2018, 11:57:48 AM »
A 51% attack is a situation where more than half of the computing power on a blockchain network is operated by a single entity or group, which gives them complete and total control over the network.

Things that an entity with 51% of the computing power can do:

Halting all mining.

Halting and manipulating all interpersonal transactions.

Double Spending using singular coins over and over (this simply means that they can spend same coin/token money twice by deleting transactions from the Blockchain records).



the cost for doing a 51% attack  on a specific blockchain is  based on calculation by site below on 1/7/2018:

Quote
Name    Symbol    Market Cap    Algorithm    Hash Rate    1h Attack Cost    NiceHash-able
Bitcoin    BTC    $109.65 B    SHA-256    38,259 PH/s    $483,816    1%
Ethereum    ETH    $45.83 B    Ethash    231 TH/s    $314,888    4%
Bitcoin Cash    BCH    $12.73 B    SHA-256    4,538 PH/s    $57,382    10%
Litecoin    LTC    $4.60 B    Scrypt    282 TH/s    $47,811    6%
Monero    XMR    $2.10 B    CryptoNightV7    484 MH/s    $16,599    14%
Dash    DASH    $1.91 B    X11    1 PH/s    $12,299    45%
Ethereum Classic    ETC    $1.65 B    Ethash    11 TH/s    $15,484    78%
Zcash    ZEC    $700.54 M    Equihash    570 MH/s    $47,236    12%
Bytecoin    BCN    $549.28 M    CryptoNight    489 MH/s    $574    113%
Bitcoin Gold    BTG    $457.08 M    Equihash    19 MH/s    $1,611    345%
Dogecoin    DOGE    $290.12 M    Scrypt    208 TH/s    $35,339    9%
Bitcoin Private    BTCP    $230.57 M    Equihash    6 MH/s    $464    1,199%
MonaCoin    MONA    $124.57 M    Lyra2REv2    2 TH/s    $2,096    318%
Electroneum    ETN    $76.00 M    CryptoNightV7    76 MH/s    $2,613    89%
ZenCash    ZEN    $73.68 M    Equihash    62 MH/s    $5,175    107%
GameCredits    GAME    $40.95 M    Scrypt    2 TH/s    $290    1,042%
Vertcoin    VTC    $38.64 M    Lyra2REv2    757 GH/s    $644    1,033%
Ubiq    UBQ    $34.66 M    Ethash    200 GH/s    $272    4,430%
ZClassic    ZCL    $32.39 M    Equihash    29 MH/s    $2,363    235%
Unobtanium    UNO    $32.35 M    SHA-256    4,459 PH/s    $56,384    10%
Bitcoin Interest    BCI    $31.34 M    Equihash    2 MH/s    $171    3,259%
Litecoin Cash    LCC    $28.83 M    SHA-256    18 PH/s    $222    2,603%
Gulden    NLG    $28.48 M    Scrypt    1 TH/s    $232    1,300%
Einsteinium    EMC2    $27.39 M    Scrypt    110 GH/s    $19    16,218%


https://www.crypto51.app/

Pages: [1] 2
ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod