Continuing from the above, let’s continue to understand the explanations of terms related to blockchain with everyone. This is just like knowing the 26 letters of English first. It requires step-by-step learning and consolidation.
I hope the following knowledge sharing will be helpful to everyone.
21.PrivateKey——private key
Definition: A private key is a string of data that allows you to access the token in a specific wallet. They serve as passwords and are hidden from all but the owner of the address.
22.PublicKey——Public key
Interpretation: It appears in pairs with the private key. The public key can calculate the address of the currency, so it can be used as a certificate for owning the address of the currency.
23.Wallet——Wallet
Definition: A file containing a private key. It usually consists of a software client that allows access to view and create transactions for the specific blockchain for which the wallet is designed.
24.Cold wallet
Definition: Generally speaking, a cold wallet is a wallet that stores digital currency offline. Players generate digital currency addresses and private keys on an offline wallet, and then save them. Cold wallets store digital currency without any network, so hackers cannot enter the wallet to obtain the private key.
25.SPV – light wallet
Interpretation: The light wallet relies on other full nodes on the Bitcoin network and only synchronizes data related to itself, which can basically achieve decentralization.
26.Mining——Mining
Definition: Mining is the nickname for the exploration method of obtaining Bitcoins. The process of using computer hardware to calculate the location of coins and obtain them is called mining.
27.Miners
Definition: A computing device or software that attempts to create blocks and add them to the blockchain. In a blockchain network, when a new valid block is created, the system will generally automatically give the block creator (miner) a certain number of tokens as a reward.
28. Mining pool
Definition: It is a fully automatic mining platform that allows miners to contribute their own computing power to mine together to create blocks, obtain block rewards, and distribute profits according to the proportion of computing power contribution (that is, the mining machine is connected to the mining pool – Provide computing power—gain benefits).
29.Public chain
Definition: Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. is a shared distributed ledger where transactions are permanently recorded through appended blocks.
30. Private chain
Definition: Write permission is only for a certain organization or a specific few objects in the blockchain. Read permissions can be open to the outside world, or restricted to any degree.
31. Alliance chain
Definition: A blockchain whose consensus mechanism is jointly controlled by a number of designated institutions.
32. Main chain
Definition: The term main chain comes from the main network (mainnet, relative to the test network testnet), which is an officially launched, independent blockchain network.
33. Side chain
Definition: Pegged sidechains technology will enable the transfer of Bitcoin and other digital assets between multiple blockchains, which means that users can use their existing assets to Access the new cryptocurrency system.
34. Cross-chain technology
Interpretation: Cross-chain technology can be understood as a bridge connecting various blockchains. Its main applications are to realize atomic transactions between blockchains, asset conversion, internal information exchange within the blockchain, or to solve Oracle problems, etc.
35. Hard fork
Interpretation: A permanent divergence occurs in the blockchain. After the new consensus rules are released, some nodes that have not been upgraded cannot verify the blocks produced by the nodes that have been upgraded. A hard fork usually occurs.
36.Soft fork
Interpretation: When the new consensus rules are released, nodes that have not been upgraded will produce illegal blocks because they do not know the new consensus rules, resulting in temporary forks.
37.Hash——Hash value
Interpretation: Generally translated as “hash”, there are also direct transliterations of “hash”. Simply put, it is a function that compresses a message of any length into a message digest of a fixed length.
The above is the entire content of the explanation of blockchain terms in this issue, thank you all.
