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Glossary - 10 terms to know about blockchains



Address

A blockchain address is a virtual location that helps identify where a cryptocurrency needs to be transferred to.

Block

A block is a record of the transactions that occur on a blockchain. It is a file that stores the data and information related to the network. 

Block height

This is the number of blocks that are connected together in a blockchain.

Blockchain

A blockchain is a digital ledger made of blocks, which are records of the transactions that occur on the blockchain. It is decentralized, distributed, and generally public.

Block reward

Each time a block is added to the blockchain, the miner gets rewarded, often in cryptocurrency. This is known as the block reward.

Decentralization

Decentralization refers to the phenomenon wherein the control and decision-making regarding a blockchain is transferred from a centralized entity to a distributed network.

Immutability

Immutability is the property of a blockchain to remain unchanged and unaltered. This makes falsification of information practically impossible on a blockchain.

Non Fungible Tokens (NFTs)

NFTs are unique assets created using cryptography. They represent real-world assets like artwork, videos, music and other things. They are also created using blockchain technology, just like cryptocurrencies.

Private key

A private key is a set of letters and numbers that you can use to spend cryptocurrency from a particular crypto address.

Public key

A public key is a set of letters and numbers that is derived from a private key. You can make use of your public key to receive cryptocurrencies from another address. 




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