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About This Section
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Blockchain Terminology
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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
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What's a block?
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Blockchain Terminology
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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...
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What's a blockchain?
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A list of validated blocks, each linking to its predecessor all the way to the genesis block.
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Whats a coinbase transaction?
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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...
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What are fees?
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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
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What's the mempool?
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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.
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What's a Merkle Tree or Merkle Root?
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"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...
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What's a transaction?
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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...
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What is Proof-of-Work (PoW)
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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
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What's an output?
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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...
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What is Unspent Transaction Output (UTXO)
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UTXO is an unspent transaction output that can be spent as an input in a new transaction.
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