Blockchain Glossary

Blockchain

Trying to land a job that utilizes blockchain technology or is within the cryptocurrency space? Read up on our working glossary below. Leave a comment if you think something is missing!

  • Cryptocurrency: a digital medium built from cryptographic calculations to assist secure transactions that create and transfer units with fluctuating monetary value.
  • Blockchain: a shared record of transactions that continues to grow as more transactions occur. Each block is built on top of another hence the name blockchain.
  • Block: a packet of data that stores transactional info permanently.
  • Bitcoin: the first ever cryptocurrency that is open-source, decentralized, and peer to peer.
  • Open Source Software: software that lets anyone view or modify the source code with the belief that this is the way to keep software the most effective and efficient.
  • Central Ledger: a transactional record that is kept by a central entity
  • Altcoins: Altcoin is short for “alternative coin” which means any cryptocurrency that was created after Bitcoin.
  • Mining: the act of validating blockchain transactions typically by using computing power to run calculations. When transactions are validated, users are sometimes rewarded coins or tokens that have monetary value which is used as the mining incentive.
  • Peer to Peer (P2P): decentralized interactions between two or more parties in a network. (E.g. Craigslist buying and selling directly between users compared to brick and mortar sales that happen through suppliers, distributors, and retailers.)
  • Wallet: digitally constructed secure wallet that allows one to store and transfer cryptocurrency.
  • Initial Coin Offering (ICO): Similar to how public companies offer an initial public offering of equity on the form of stock, startups around cryptocurrencies will hold an ICO to raise funds by selling ownership of coins.
  • Private Key: Unique string of numbers and letters that allow someone to access their digital wallet which houses a public key.
  • Public Key: Unique string of numbers and letters that identifies a user to their cryptocurrency. However, this is not enough to move or use cryptocurrency.
  • Exchange: a system with buyers and sellers. In the cryptocurrency scene, it refers to sites where users can trade cryptocurrencies with money or other cryptocurrency.