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Glossary

Eric Voskuil edited this page Jul 31, 2017 · 139 revisions

Fundamentals

Person

A decision maker.

Machine

An instruction follower.

Trade

A swap of property between two Persons.

Consensus

Consensus

An agreement among People.

Coin

A Consensus regarding a mutually-acceptable medium for Trade.

Bitcoin is a Coin

Consensus Rules

The set of constraints that define a Coin.

Rule

A subset of Consensus Rules.

Validity

Conformance to Consensus Rules.

Validation

The process of determining Validity.

Enforcement

The act of discarding Invalid data.

Objects

Unit

The atomic transferable value of a Coin.

The Satoshi is the Bitcoin Unit

Transfer

The change of control over certain Units.

Transaction

A Valid record of Transfer.

Block

A Valid set of Transactions with Timestamp and Proof.

Chain

The Branch with the most cumulative Proof.

Transactions

Script

A set of Operations that authorizes Transfer.

Operation

An atomic declaration of intent.

Contract

A Script that expresses Transfer conditions.

Endorsement

A Script that satisfies a Contract.

Point

A reference to an Output or Input.

Output

An explicit Transfer and a Contract.

Input

An Output Point and an Endorsement.

Previous Output

The Output to which an Input refers.

Locktime

An expression of earliest Transaction Validity.

Blocks

Timestamp

A declaration of the time of Block production.

Median Time Past

An average of preceding Block Timestamps.

Proof

Statistical evidence of the cost of Work performed.

Branch

A Valid sequence of Blocks.

Weak

A Branch with less cumulative Proof than another.

Orphan is a misnomer for this.

Strong

A Branch with more cumulative Proof than another.

Sequence

Confirmation

Inclusion of a Transaction in a Block.

Unconfirmed

A Transaction that does not exist in a Block.

Transaction Pool

The set of Unconfirmed Transactions.

Memory Pool is a misnomer for this.

Block Pool

The set of Weak Blocks.

Orphan Pool is a misnomer for this.

Genesis

The first Block of all Branches.

Depth

One more than the count of Blocks after a Confirmation.

Height

The count of preceding Blocks in a Branch.

Money

Spend

The initial publication of a Transaction.

Double Spend

The Endorsement of the same Output Contract by distinct Spends.

Subsidy

The issuance of new Units to a Miner.

Inflation

The increase in Supply resulting from Subsidy.

Fee

An implicit Transfer to a Miner.

Reward

The sum of Subsidy and Fees for a Block.

Coinbase

A Transaction that Transfers a Reward.

Maturity

The Depth at which a Coinbase Output becomes Transferable.

Halving

A reduction in the Subsidy rate (by half).

Difficulty

The level of Proof required for Validity.

Adjustment

A change to Difficulty.

Cap

The limit to Supply over all time.

Price

A moving average of Exchange rates.

Capitalization

The product of Price and Supply.

Network

Communication

Conveyance of data between Machines.

Protocol

A set of Communication conventions.

Peer-to-Peer

A symmetrical Protocol.

Client-Server

An asymmetrical Protocol.

Latency

The delay inherent in Communication.

Partition

An inability of certain Peers to Communicate.

Components

Mine

A Tool that performs Work.

Drill

A Tool that performs Hashing.

Relay

A Tool that disseminates new Blocks.

Node

A Tool that performs Validation.

Wallet

A Tool that creates Transactions.

Tool

A set of Machine instructions.

Actors

Miner

A Person operating a Mine.

Driller

A Person operating a Drill.

Relayer

A Person operating a Relay.

Merchant

A Person accepting Units in Trade.

User is a common alias for this.

Owner

A Person controlling certain Units.

Holder is a common alias for this.

Developer

A Person implementing Tools.

Aggregates

Majority Hash Power

A subset of Miners with sufficient Hash Power to execute a sustained Attack.

51% is a common approximation of sufficient power.

Economy

The set of all Merchants.

Supply

The set of all issued Units.

Exchange

The Trade of Units for other property.

Implementation

A specific Tool set.

Mining

Work

The process of Block production.

Candidate

A potential Block with undetermined Proof.

Hash

An atomic computation to Prove Candidate Validity.

Hash Rate

The rate of Hashing.

Hash Power

A fraction of the Hash Rate of all Mines.

Deviations

Fork

A divergence in Consensus Rules.

Hard Fork

A Fork that implies a Split.

Expansion of the set of potentially-valid blocks.

Soft Fork

A Fork that implies a Split unless Enforced by Majority Hash Power.

Contraction of the set of potentially-valid blocks.

Split

A Coin bifurcation.

Reorganization

The resolution of a Chain bifurcation.

Reorg is an abbreviation for this.

Stall

The lack of Height increase over time.

Activation

Starting to Enforce a new Rule.

Signal

A Miner indication via Block data of intent to Enforce a new Rule.

Security

Attack

Use of Hash Power to prevent Confirmation or enable Double Spending.

Censorship

Subjective Confirmation.

Coercion

Use of aggression to compel Activation.

Distortion

Market intervention that skews the cost of Mining.

Taint

Determination of Ownership.

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