Terms Flashcards
Arbitrage
Buying and selling of different assets over different markets in order to take advantage of differing prices
MEV
Miner extractable value
API
Application programming interface
DLT
Distributed ledger technology
BFT
Byzantine fault tolerance - agreeing
Nonce
Number you change with every attempt when hashing
Turig
Turig complete - a machine that given enough time and memory will be able to solve any problem
IOT internet of things
The future of blockchain
Scalability
The limited rate at which a network can process transactions
Bitcoin 7 TPS
Ethereum 15 TPS
Indexing
Organising information on the blockchain so it’s easier to find
Web 3.0
Blockchain 3.0
The future internet based on blockchain
NFT
Non fungible tokens
Not mutually interchangeable
Proving the scarcity and provenance of rare assets
The lighting Network
Add another layer to the bitcoin blockchain and enables users to create payment channels between two parties on that extra layer
Trying to fox the scalability problem that bitcoin blockchain can only process 7 transactions per second.
IOTA uses DLT technology to try and solve the scalability problem
Network effect
How a product becomes more valuable as more people use it
First mover advantage critical
Bitcoin halving
Every 210,000 block the reward is halved for completion of the block
Occurs roughly every 4 years
Current reward 6.25 btc per block