Blockchain Terminology - Symphony

Members Login

Forum: Blockchain Terminology

So many terms so little time. This section to guide you.

Topic		Started By	Replies	Views	Rating	Last Post
	STICKY: About This Section beginner terms education (Preview) This section is a glossary filled with various blockchain terminology, accompanied by helpful explanations to help you understand. (Terms adopted from "Mastering Bitcoin") -- Edited by admin on Wednesday 19th of December 2018 06:27:51 AM	admin	0	507		Dec 19, 2018 by admin
	What's a block? beginner terms education (Preview) A "Block" is a grouping of transactions, marked with a timestamp, and a fingerprint of the previous block. The block header is hashed to produce a proof of work, thereby validating the transactions. Valid blocks are added to the main blockchain by network consensus. A Genesis Block is the first blo...	admin	1	546		Dec 21, 2018 by GSH
	What is Unspent Transaction Output (UTXO) beginner terms education (Preview) UTXO is an unspent transaction output that can be spent as an input in a new transaction.	admin	0	552		Dec 19, 2018 by admin
	What's a transaction? beginner terms education (Preview) In simple terms, a transfer of bitcoin from one address to another. More precisely, a transaction is a signed data structure expressing a transfer of value. Transactions are transmitted over the bitcoin network, collected by miners, and included into blocks, made permanent on the blockchain. "T...	admin	0	421		Dec 19, 2018 by admin
	What is Proof-of-Work (PoW) beginner terms education (Preview) A piece of data that requires significant computation to find. In bitcoin, miners must find a numeric solution to the SHA256 algorithm that meets a network-wide target, the difficulty target. -- Edited by admin on Wednesday 19th of December 2018 06:20:34 AM	admin	0	481		Dec 19, 2018 by admin
	What's an output? beginner terms education (Preview) Output, transaction output, or TxOut is an output in a transaction which contains two fields: a value field for transferring zero or more satoshis and a pubkey script for indicating what conditions must be fulfilled for those satoshis to be further spent. -- Edited by admin on Wednesday 19th of Dec...	admin	0	469		Dec 19, 2018 by admin
	What's a Merkle Tree or Merkle Root? beginner terms education (Preview) "Merkle Tree" is a tree constructed by hashing paired data (the leaves), then pairing and hashing the results until a single hash remains, the merkle root. In Bitcoin, the leaves are almost always transactions from a single block. "Merkle Root" is The root node of a merkle tree, a descendant of a...	admin	0	383		Dec 19, 2018 by admin
	What's the mempool? beginner terms education (Preview) The bitcoin Mempool (memory pool) is a collection of all transaction data in a block that have been verified by bitcoin nodes, but are not yet confirmed.	admin	0	501		Dec 19, 2018 by admin
	What are fees? beginner terms education (Preview) The sender of a transaction often includes a fee to the network for processing the requested transaction. Most transactions require a minimum fee of 0.5 mBTC. mBTC=millibitcoin=1 thousandth of a bitcoin=0.001BTC -- Edited by admin on Wednesday 19th of December 2018 06:09:50 AM	admin	0	402		Dec 19, 2018 by admin
	Whats a coinbase transaction? beginner terms education (Preview) The first transaction in a block. Always created by a miner, it includes a single coinbase. Not to be confused with Coinbase (exchange). A coinbase is a special field used as the sole input for coinbase transactions. The coinbase allows claiming the block reward and provides up to 100 bytes for arb...	admin	0	410		Dec 19, 2018 by admin
	What's a blockchain? beginner terms education (Preview) A list of validated blocks, each linking to its predecessor all the way to the genesis block.	admin	0	472		Dec 19, 2018 by admin