Glossary
Address
An address is a virtual place for sending and receiving EarthBit, in a string of letters and numbers.
Audit
An audit is a process that involves thorough scrutiny of a blockchain’s codebase. Audits can also look at smart contracts. Additionally, it detects errors in code, security concerns, incorrect design, and other ways in which that blockchain can improve. Another thing about blockchain apps is that they must have protocols to audit their entire codebase. Audits ensure that the blockchain is not prone to attackers or further challenges. A standard audit often includes
running tests,
agreeing on audit conditions,
extensive code analysis, and
running symbolic execution tools
the creation of a report to show the results
Blockchain
The core technology behind cryptocurrencies, the blockchain, is a digital form of record-keeping. It is the result of successive blocks that build upon one another. As a matter of fact, these blocks create a permanent ledger of transactions that cannot be changed.
Chain Linking
Each cryptocurrency has a blockchain. Chain Linking is what happens when you transfer one crypto to another. You must lodge the transaction in two separate blockchains. Moreover, they must link together to achieve the goal.
Confirmation
Confirmation means that the network has processed a transaction (which is irreversible). In fact, for low-value transactions, one confirmation is enough. It’s better to wait for at least six confirmations for higher values. Each confirmation further reduces the risk of a reversed transaction.
Cryptography
The word “crypto” means secret or concealed. It comes from the Greek word “Kryptos.” The “graphy” part comes from the word “graphein,” meaning “to write.” Cryptography is what we use to create the blockchain. We then secured it bydeveloping protocols to prevent bad actors from accessing the data stored on it.
Decentralization
Under normal conditions, the government, as well as central banks, regulate the flow of currency. In this case, we would refer to these entities as “central authorities.” Decentralization is the transfer of this function and authority to a distributed network.
Fiat
Fiat is a term for government-issued currencies like the Euro or the Canadian Dollar. The word “fiat” also describes any currency controlled by a central authority. Cryptos, with their decentralized design, serve as a counterpoint to traditional fiat currencies.
Gas
There’s a fee for making make a transaction on the blockchain. That fee is the “gas price.” You are paying a miner to go out and receive crypto for you. You can choose to pay high fees for fast transaction speed or go the low-cost route if you don’t mind waiting.
Hybrid Blockchain
A hybrid is a blend of private and public blockchains. It can host an application on a private blockchain while using a public one for other things. EarthBit uses hybrid technology.
Initial Coin Offering
Initial Coin Offering (ICO) is like an IPO. It’s where a crypto venture or company raises funds through crowd sales.
Mining
Mining is how you add blocks to blockchain technology. This process makes computer hardware do mathematical calculations for the EarthBit network to confirm transactions. Another key point is that miners receive fees for the transactions they confirm as a reward for their services. They also get new EarthBit units. Mining is also the process that creates cryptos.
Peer-to-Peer (P2P)
This term refers to crypto users making contact without a go-between. P2P networks allow each peer to connect with other peers. P2P payments transfer value between peers without a bank intermediary.
Private Key
A private key is a secret bit of data showing that you can use earthbits from a specific wallet. It uses a cryptographic signature to authorize any transactions you may request. If you use a web wallet, then you’ll find your private key on some remote servers. If you use a software wallet, then it’s on your computer. You must never disclose your private key to anyone. Doing so will allow them to spend the earthbits in your wallet.
Wallet
A cryptocurrency wallet is a virtual form of the one you use to store your cash. The wallet holds your private key(s), which allows you to use the earthbits assigned to it in the blockchain. Like a physical wallet, each EarthBit wallet can show you the total balance of all the crypto it controls. It also lets you pay specific amounts to the people or businesses you owe.