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A blockchain is a decentralized, distributed, and often public, digital ledger consisting of records called blocks that are used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.
Cryptocurrency. A logo for Bitcoin, the first decentralized cryptocurrency. The genesis block of Bitcoin's blockchain, with a note containing The Times newspaper headline. This note has been interpreted as a comment on the instability caused by fractional-reserve banking. [1] : 18.
Processes on a blockchain are generally deterministic in order to ensure Byzantine fault-tolerance. Nevertheless, real world application of smart contracts, such as lotteries and casinos, require secure randomness. In fact, blockchain technology reduces the costs for conducting of a lottery and is therefore beneficial for the participants.
Distributed ledger. A distributed ledger (also called a shared ledger or distributed ledger technology or DLT) is the consensus of replicated, shared, and synchronized digital data that is geographically spread (distributed) across many sites, countries, or institutions. [1] In contrast to a centralized database, a distributed ledger does not ...
Web3. Web3 (also known as Web 3.0 [1] [2] [3]) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. [4] Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group ...
Ethereum is a decentralized blockchain with smart contract functionality. Ether (Abbreviation: ETH;) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization.
A decentralized autonomous organization ( DAO ), sometimes called a decentralized autonomous corporation ( DAC ), [a] [1] is an organization managed in whole or in part by decentralized computer program, with voting and finances handled through a blockchain. [2] [3] [4] In general terms, DAOs are member-owned communities without centralized ...
Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight.
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