 |  |
| KYC | a collection of mining clients which collectively mine a block, and then split the reward between them. mining pools are a useful way to increase your probability of successfully mining a block as the difficulty rises. |
| BITCOIN NETWORK | also knows as the 'the new york agreement' is proposed as a way to end bitcoin’s ‘scaling debate’ and was said to be a compromise between the two sides of the debate — those who want to achieve scaling through segregated witness (segwit) and those who prefer to scale by increasing the block size. it consists of two sequential phases — to activate segwit using bip 91 (making it compatible with the uasf) and then to hard fork the base block size to 2 mb ninety days later. |
| SEGWIT2X | consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that the ledgers are exact copies of each other. |
| SOFTFORK | forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. a split in the blockchain where there are temporarily two different blockchains which miners can work on. these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. this deliberate change is called a “hard fork”. it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. |
| TRANSACTION BLOCK | happens when someone offers investors some units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like bitcoin or ethereum. |
| SATOSHI | a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. this kind of fork requires only a majority of the miners upgrading to enforce the new rules |
| INITIAL COIN OFFERING (ICO) | know your client/customer rules force financial institutions to vet the people they are doing business with, ensuring that they are legitimate. |
| POOL | the smallest unit of bitcoin possible. there are 100 million satoshis in a single bitcoin. |
| FORK | the decentralized, peer-to- peer network which maintains the blockchain. this is what processes all bitcoin transactions. |
| CONSENSUS | a collection of transactions gathered into a block that can then be hashed and added to the blockchain. |
| |  |
| KYC | know your client/customer rules force financial institutions to vet the people they are doing business with, ensuring that they are legitimate. |
| BITCOIN NETWORK | the decentralized, peer-to- peer network which maintains the blockchain. this is what processes all bitcoin transactions. |
| SEGWIT2X | also knows as the 'the new york agreement' is proposed as a way to end bitcoin’s ‘scaling debate’ and was said to be a compromise between the two sides of the debate — those who want to achieve scaling through segregated witness (segwit) and those who prefer to scale by increasing the block size. it consists of two sequential phases — to activate segwit using bip 91 (making it compatible with the uasf) and then to hard fork the base block size to 2 mb ninety days later. |
| SOFTFORK | a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. this kind of fork requires only a majority of the miners upgrading to enforce the new rules |
| TRANSACTION BLOCK | a collection of transactions gathered into a block that can then be hashed and added to the blockchain. |
| SATOSHI | the smallest unit of bitcoin possible. there are 100 million satoshis in a single bitcoin. |
| INITIAL COIN OFFERING (ICO) | happens when someone offers investors some units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like bitcoin or ethereum. |
| POOL | a collection of mining clients which collectively mine a block, and then split the reward between them. mining pools are a useful way to increase your probability of successfully mining a block as the difficulty rises. |
| FORK | forks create an alternate version of the blockchain, leaving two blockchains to run simultaneously on different parts of the network. a split in the blockchain where there are temporarily two different blockchains which miners can work on. these can occur if software updates to a bitcoin client are incompatible or if developers decide that changes must be made to the programming of a coin. this deliberate change is called a “hard fork”. it can also be used to describe a separate cryptocurrency which has been split from the main blockchain, such as namecoin being a “fork” of bitcoin. |
| CONSENSUS | consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that the ledgers are exact copies of each other. |
