Skip to content

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

Existence 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.

Soft Fork

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

Split

The Chain bifurcation resulting from a Fork.

Reorganization

The resolution of a Chain bifurcation not resulting from a Fork.

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.

Attack

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

Libbitcoin Menu

Clone this wiki locally