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Orion

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Blockchain Terminology

Greetings,

So I wanted to make a Blockchain Terminology list of what I covered thus far. Hopefully it will help other developers who are interested in the blockchain space. I'll have updates frequently of the post. Enjoy.

Blockchain: A decentralized network of nodes with encrypted transactions. Once a transaction occurs then it is recorded never to be reversed.

Cryptocurrency: A digital currency that is created on a blockchain. Ie: bitcoin, litecoin, etc.

Ethereum & ETH: A popular blockchain that uses ether for transactions on the chain itself. Many NFTs and dApps are developed on it.

Metamask: A wallet that can be used on mobile devices as well as extension of Chrome.

Etherscan.io: A site where you can get insight into Ethereum transactions.

Exodus Wallet: A wallet that can be used on desktop and mobile.

POAP: Proof of Attendance Protocol (POAP.xyz)

Web3: a collection of JS libraries that lets you interact with an Ethereum node remotely or locally.

Distributed Systems: A group of nodes connected with one another in a coordinated manner in order to achieve common results. The nodes are programmable, asynchronous, autonomous and fail proof. Nodes communicate using messages. All the nodes in the distributed system are capable of sending and receiving.

Async Encryption: Uses keys to encrypt and decrypt data / information. Encryption keys are Public whereas Decryption keys are private.

Solidity: the language in which Ethereum uses to create smart contracts

Blockchain Domains: Domains that are created to host on the blockchain such as (.crypto, .eth, etc)

dApps: Decentralized Applications on the blockchain

Consensus Mechanisms: A method of authenticating and validating a value on a transaction in a blockchain.

  • Proof of Work
  • PBFT
  • Proof of Stake
  • Proof of Burn
  • Proof of Elapsed Time
  • Proof of Capacity
  • Proof of Activity
  • Proof of Weight
  • Proof of Importance
  • Leased Proof of Stake Many others…

IPFS: A peer-to-peer hypermedia protocol designed to preserve and grow humanity’s knowledge by making the web upgradeable, resilient, and more open.

Truffle Suite: https://www.trufflesuite.com/

Truffle: A world class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier.

Seed Phrase: unique 12 word phrase cannot be edited. Used to recover crypto wallets instead of passwords. Users would want to keep this seed phrase for this is the only way to recover it as well.

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