Key Terminology
The Goal:
DESIGN THE TEMPLATE: The Main Key Term Page Should be a framework (template) for the rest of the definitions so that when you choose a word from the list it propagates seamlessly into the wiki page template. All definitions should follow this template. The template should have a section for general definitions and a section for a deeper dive. A footer section can house reference information.
DEFINE TERMS -Search and combine definitions. All the terms in the outline need to be examined and completed.
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Name | Definitions | |
New York Times, New York Magazine BitcoinCreated in 2009 by the pseudonymous Satoshi Nakamoto, Bitcoin is the world’s largest cryptocurrency by market capitalization, though it’s gone through several cycles of booms and busts since its inception. BlockchainA blockchain is a distributed database shared across a large number of computers comprising a computer network. Information is stored and verified on these shared databases in a cryptographically secure way, by keeping data in groups known as blocks that are connected by chains of data. This structure chains data together irreversibly in chronological order and in a decentralized manner, leading some to see it as a more secure and open option for information storage and exchange. Blockchain ETFExchange-traded funds invest in a specific bundle of specific stocks. Therefore, a blockchain ETF invests in a specific bundle of exclusively blockchain-based companies. Block headerA block header is used to identify individual blocks in a blockchain. Each contains three sets of block metadata along with other individual components. Block heightBlock height is the number of confirmed blocks preceding a particular block in the blockchain. It’s representative of the blockchain’s current size or time in existence. Consensus mechanismA consensus mechanism is used in computer and blockchain systems to validate single data or single states of a distributed computer network. It encompasses any methodology that is used to achieve agreement, trust and security across a decentralized computer network. The two most common in the crypto world right now are proof of work and proof of stake. CryptocurrencyCryptocurrencies are a form of digital currency that is secured via cryptography, most typically through decentralized networks on blockchain technology. That means that it’s distributed across a large number of computers outside of any central authority control. Cryptocurrency is often lauded for its decentralization, as it makes it impossible to counterfeit or double-spend transactions and has faster and cheaper money transfers. However, it has so far come with extreme price volatility, high energy consumption and use for criminal activities. Decentralized applications (dApps)dApps are digital applications that operate on a blockchain network of computers rather than on one computer alone. Examples of dApps are BitTorrent, Tor and more that allow for participants to consume, feed and seed content, or do all at the same time. Their decentralized nature makes them free from the control of a single authority, thereby increasing user privacy and offering flexible development. Decentralized autonomous organizations (DAOs)Simply put, a DAO is an organization built with blockchain technology, though they’ve been described as “crypto co-ops,” “financial flash mobs” and “group chats with a bank account.” Essentially, it’s an organization that forms with a specific end goal, most commonly to make big investments or purchases. Because of the involvement of blockchain technology, members of a DAO use crypto tokens to manage member rights, a common treasury and voting on certain decisions within the group. All of the important decisions from the group will appear on a permanent blockchain ledger shared by all members, making DAOs more democratic than traditional non-crypto organizations. Decentralized finance (DeFi)Decentralized finance, or DeFi, is an evolving realm of the crypto world that aims to use blockchain technology to replace traditional intermediaries and trust or permission mechanisms with an internet-native financial system — essentially a crypto Wild West version of Wall Street. It’s been valued at around $77 billion, with trading activity that’s grown by over 550% in the last year. Overall, DeFi is still a very much emerging part of the crypto world, and it remains largely unregulated at this point. Distributed ledger technologyAnother term for blockchain technology, distributed ledger technology describes a method for securely and accurately storing information using cryptography. EOSEOS is a blockchain-based platform launched in 2018 that allows for the development of dApps. Specifically, it has capabilities to support authentication, permissioning, data hosting, usage management and communication between dApps built on its platform and the internet. EOS also has its own cryptocurrency, the EOS token. Ethereum is its main competitor. EthereumKnown best for its cryptocurrency ETH, Ethereum is a blockchain-based platform that allows for public creation and maintenance of secure digital ledgers. Its cryptocurrency is the second largest in the world by market capitalization, only behind that of Bitcoin. While known for its cryptocurrency, Ethereum is notably different from Bitcoin in its long-term goals of using blockchain technology for a diverse range of applications. Notably, both Bitcoin and Ethereum operate on proof of work protocols, but Ethereum is working to transition to a proof of stake protocol. Hard forkA hard fork is an overhaul of a network’s protocol that can validate previously invalid blocks and transactions in a blockchain, or vice versa. Notable examples have occurred with Bitcoin to create Bitcoin Cash and Bitcoin SV, for instance. For a hard fork to succeed, all nodes must upgrade and agree on the new version. HashA hash is a function that solves for a blockchain computation by converting an input of arbitrary length into an encrypted output of a fixed length. Hash functions are one-way, making it impossible to reverse-engineer the input from the output. They are considered a backbone of the blockchain network as their fixed length makes it impossible to guess and crack the blockchain. Hashgraph consensus mechanismThe hashgraph consensus mechanism is based on the use of information about information, called “gossip,” and virtual voting to create consensus in verifying new blocks. The crypto community has yet to widely adopt it. Hyperledger fabricLaunched by Linux in 2015, Hyperledger Fabric is an open-source enterprise-grade private permissioned blockchain. It was designed by IBM for industrial enterprise use and has features for faster transactions, smart contract technology and streamlined data sharing, in particular. Hyperledger IrohaHyperledger Iroha is a platform of business blockchain frameworks intended to support infrastructure projects that require blockchain technology. Notably, its capabilities include the potential to build an identity management system, as well as software apps that can help unbanked people have access to financial services. NonceAn abbreviation for “number used only once,” a nonce is the first number a blockchain miner needs to find before it can solve for a block in the blockchain. They are notoriously difficult to find and miners are rewarded with cryptocurrency after identifying them. Examples of nonces outside of crypto include two-factor authentication, purchase authentication and other form of account recovery and identification. Nonfungible tokens (NFTs)It’s easiest to understand this concept by breaking it down in two parts. “Nonfungible” describes something that is not easy to exchange or mix with other similar goods or assets, per the Cambridge Dictionary. Meanwhile, a “token” is a thing serving as a visible or tangible representation of a fact, quality or feeling, according to Oxford Languages. By those definitions, a nonfungible token is a visible or tangible representation of something that cannot be easily exchanged for something similar. And that’s actually kind of how NFTs really work. The key here is: These tokens can’t be easily exchanged because they are unique cryptographic assets, on a blockchain with unique identification codes and metadata that can’t be replicated. Unlike cryptocurrencies, which are fungible tokens, NFTs can’t be traded or exchanged at equivalency. They’re most commonly represented by artwork or real estate at present, but they have the potential to represent any real-world asset that would benefit from a more efficient buying, selling and trading process (with a reduced probability of fraud for identities, property rights and more). Permissioned blockchainA permissioned blockchain is a blockchain that is not publicly accessible and can only be accessed by users that have permission to do so. This access control offers increased security of blockchain systems like Bitcoin, as users are only able to take actions that blockchain administrators allow and must identify themselves digitally. Proof of stakeProof of stake is a decentralized consensus mechanism that requires coin owners to offer their own coins up as collateral (in other words, staking their coins) for a chance to validate blocks in a blockchain. Validators are selected randomly, instead of via the competition mechanism used in proof of work. To have the chance to be a validator, coin owners must stake a certain amount of their coins (i.e. Ethereum’s requirement of 32 ETH). Multiple validators must verify the new block before it can be finalized and closed. Proof of stake is known for being far less energy-consuming than proof of work. Proof of workProof of work is a decentralized consensus mechanism that requires all members of a network (i.e. computer nodes in a blockchain) to complete a significant but feasible amount of work to solve an arbitrary mathematical puzzle. It’s widely used to validate transactions and mine new tokens in cryptocurrency mining, as it doesn’t require the need for a trusted third party. However, despite its benefits, proof of work is notorious for requiring huge amounts of energy. Rug pullA rug pull is a scam where software developers raise a huge sum of money in order to fund a crypto project, then take advantage of the nature of DeFi by using the lack of financial gatekeepers or verified third parties to disappear with that money. Smart contractsA smart contract involves the use of self-executing lines of code to outline the terms of agreement in the contract, which exists on a decentralized and distributed blockchain network. Smart contracts allow for agreements between two separate and even anonymous parties, without the need for any third party authority or system. Smart contracts are trackable and irreversible. Soft forkA soft fork is a change in software protocol for blockchain technology that only makes previously valid transactions invalid. For a soft fork to succeed, only a majority of nodes need to upgrade and agree on the new version. StablecoinsStablecoins are a type of cryptocurrency that is tied to a reserve asset, like the dollar. They’re an attempt to create a more stable option, akin to fiat currencies, while also taking advantages of instant processing and privacy offered by cryptocurrency. TronTron is a blockchain-based digital platform founded in 2017 with the goal of hosting a global entertainment system digital content sharing. As of August 2021, it had over 50 million accounts. Tron also has its own cryptocurrency, Tronix, and was founded by BitTorrent CEO Justin Sun. Web1This describes the earliest iteration of the internet. Most internet users were consumers, rather than content creators, and most available websites were static informational pages such as Britannica Online, mp3.com and personal websites. Web2This describes the current state of the internet. The shift from Web1, which first began at the turn of the 21st century, indicated an increase in users creating content and more actively engaging with the internet, as opposed to simply consuming information on it. The move from Web1 to Web2 was not signified by any specific technical advancement, but rather a change in internet usage that demonstrated an increase in user information-sharing and interconnectedness. Web3This describes an idea of a future state of the internet. A marked advancement in usage style from Web2, Web3 is “the internet owned by the builders and users, orchestrated with tokens,” according to investor Packy McCormick. At the core of Web3 predictions is the idea of a decentralized and open internet with greater user utility. Though the definition of what this will actually look like is still taking shape, experts agree that Web3 will be marked by decentralization, trustless and permissionless interactions, wider use of artificial intelligence and machine learning and, finally, increased connectivity and ubiquity across applications and devices. 0x ProtocolThe 0x protocol allows for peer-to-peer exchanges of assets on Ethereum’s blockchain. It was launched in 2017 by 0x Labs and is intended to create the infrastructure for new financial applications using blockchain technology. Sophie Burkholder is a 2021-2022 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Heinz Endowments. | ||
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Definition | Key Concepts | Level | Reference | Sponsor | |
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Anti Money Laundering (AML) | Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money laundering laws cover a limited range of transactions and criminal behavior, their implications are far-reaching. For example, AML regulations require banks and other financial institutions that issue credit or accept customer deposits to follow rules that ensure they are not aiding money-laundering. Anti -laundering (AML) refers to the activities intended to prevent individuals from transferring value obtained illegally into a legitimate sources of income.
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Application | An application is software that runs on your computer or cell phone that allows you to perform certain tasks. Mention Dapps? | ||||
"A blockchain is a peer-to-peer distributed ledger forged by consensus, combined with a system for "smart contracts" and other assistive technologies". hyperledger.org A blockchain is a chain of blocks each containing transaction (transition) data. Each block, except the first block, is linked with the previous block together forming a chain. Once a block has entered the blockchain, it can not be altered resulting in data immutability . A blockchain is a continuously growing list of records, which are ordered and combined/grouped into blocks. Such blocks are linked (or "chained") using cryptography. The first block in a blockchain is called the genesis block, and each following block is appended after the last block in the chain. Each block typically contains a cryptographic hash of the previous block. Since each new block contains a hash of the previous block, a blockchain is inherently resistant to modification of historical data. In typical blockchain implementations, the records that are grouped into a block are referred to as transactions that take place between parties and are added to the about-to-be-written block after they have been verified. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. |
|  | https://www.investopedia.com/terms/m/moneylaundering.asp LFS272 | ||
Byzantine Fault Tolerant Consensus Byzantine Fault Tolerance (BFT) is defined as the feature of a distributed network to reach consensus (agreement on the same value) even when some of the nodes in the network fail to respond or respond with incorrect information. An important consideration to be aware of while setting up a blockchain network is the requirements of Byzantine Fault Tolerant (BFT) consensus, compared with the Crash Fault Tolerant (CFT) one. Due to the underlying complexity of BFT consensus algorithms, a best practice is for the community to leverage the latest academically-proven consensus algorithms based on rigorous and peer-reviewed demonstrations of the safety and liveness properties. Such algorithms include the Tendermint, Algorand, Mir-BFT and HotStuff. There is also some on-going work on Golang-based implementation of the BFT-SMART algorithm for Hyperledger Fabric. These are important reference points for blockchain architects and developers interested in adopting BFT consensus in the future. At Oracle ,we are actively exploring the available options to ensure they meet the rigorous proof requirements as well as deliver operational characteristics, including performance and resilience required in enterprise applications. | |||||
Certificate Authority In cryptography, a certificate authority or certification authority (CA) is an entity that issues digital certificates. A digital certificate certifies the ownership of a public key by the named subject of the certificate. This allows others (relying parties) to rely upon signatures or on assertions made about the private key that corresponds to the certified public key. A CA acts as a trusted third party—trusted both by the subject (owner) of the certificate and by the party relying upon the certificate. Wikipedia The Certificate Authority (CA) provides a number of certificate services to users of a blockchain. More specifically, these services relate to user enrollment, transactions invoked on the blockchain, and TLS -secured connections between users or components of the blockchain. This guide builds on either the fabric developer’s setup or the prerequisites articulated in the fabric network setup guide. | |||||
Chain | A block contains an ordered set of transactions. It is cryptographically linked to the preceding block, and in turn it is linked to be subsequent blocks. The first block in such a chain of blocks is called the genesis block. Blocks are created by the ordering service, and then validated and committed by peers. | ||||
Chaincode | Chaincode - Smart contracts in Hyperledger Fabric. A smart contract defines the executable logic that generates new facts that are added to the ledger. A chaincode is typically used by administrators to group related smart contracts for deployment, but can also be used for low level system programming of Fabric,. that manages access and modifications to a set of key-value pairs in the World State via Transaction. In Hyperledger Fabric, smart contracts are packaged as chaincode. Chaincode is installed on peers and then defined and used on one or more channels. A chaincode definition is used by organizations to agree on the parameters of a chaincode before it can be used on a channel. Each channel member that wants to use the chaincode to endorse transactions or query the ledger needs to approve a chaincode definition for their organization. Once enough channel members have approved a chaincode definition to meet the Lifecycle Endorsement policy (which is set to a majority of organizations in the channel by default), the chaincode definition can be committed to the channel. After the definition is committed, the first invoke of the chaincode (or, if requested, the execution of the Init function) will start the chaincode on the channel. | ||||
Consensus | A broader term overarching the entire transactional flow, which serves to generate an agreement on the order and to confirm the correctness of the set of transactions constituting a block.
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ERC20 Standards Token is the Ethereum token system ,which is used for Ethereum smart contracts platform. Developed in 2015, ERC-20 defines a common list of rules to function within the Ethereum ecosystem. The Ethereum community created these standards with six mandatory and three optional rules. Mandatory
Optional
Other ERC Token standards for Ref.
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Digital Government | Digital government is the state-of-art concept from public administration science, a successor of e-government paradigm. The former model simply indicated the digitalisation of the public administration. Digital government refers to the creation of new public services and service delivery models that leverage digital technologies and governmental and citizen information assets. The new paradigm focuses on the provision of user-centric , agile and innovative public services. Blockchain absolutely is the one of the most innovative digital technologies that has to be considered under the new paradigm of governmental policy making and service delivery. | ||||
Digital Identity | A decentralized identifier (DID) is a pseudo-anonymous identifier for a person, company, object, etc. Each DID is secured by a private key. Only the private key owner can prove that they own or control their identity. One person can have many DIDs, which limits the extent to which they can be tracked across the multiple activities in their life. For example, a person could have one DID associated with a gaming platform, and another, entirely separate DID associated with their credit reporting platform. In one example, users sign up to a self-sovereign identity and data platform to create and register a DID. During this process, the user creates a pair of private and public keys. Public keys associated to a DID can be stored on-chain in case keys are compromised or are rotated for security reasons. Additional data associated with a DID such as attestations can be anchored on-chain, but the full data itself should not be stored on-chain to maintain scalability and compliance with privacy regulations. A decentralized identifier (DID) is a pseudo-anonymous identifier for a person, company, object, etc. Each DID is secured by a private key. Only the private key owner can prove that they own or control their identity. One person can have many DIDs, which limits the extent to which they can be tracked across the multiple activities in their life. For example, a person could have one DID associated with a gaming platform, and another, entirely separate DID associated with their credit reporting platform. | Blockchain for Digital Identity: Real World Use Cases | ConsenSys | |||
Ethereum 2.0 (Eth2) is the next phase in the evolution and improvement of the public Ethereum network. With a shift from a Proof of Work to Proof of Stake consensus algorithm, Ethereum 2.0 will result in improved scalability, security, and usability for the network. | |||||
The Genesis Block is the first block or block zero in any blockchain-based system, It is the prototype of all other blocks in the blockchain network. Based on this which additional blocks are added to form a chain of blocks, hence we call them blockchain. In theory, there is no real need for a Genesis Block. However, it is necessary to have a starting point that everyone can trust. The hash of genesis block is added to all new transactions in a new block. This combination is used to create its unique hash. This process is repeated until all the new blocks are added to a blockchain. Without Genesis Block, it would be really difficult for the participant to trust a blockchain and to know how and when it started. Note : Every block in a blockchain stores a reference to the previous block. In the case of Genesis Block, there is no previous block for reference. Technically it means that the Genesis Block has it’s “previous hash” value set to 0. Which means that no data was processed before the Genesis Block.All other blocks will have sequential numbers starting by 1, and will have a “previous hash” set to the hash of the previous block. | |||||
Ledger | A ledger holds facts about the current and historical state of a set of business objects. | ||||
Proof of Stake (PoS) is a class of consensus algorithm that selects and rewards validators as a function of a validator’s economic stake in the network. Unlike PoW, the probability of creating a block in a PoS network is not a result of hash power from burning energy, but rather the result of economic value-at-loss. Proof of Stake will be the consensus mechanism that Ethereum 2.0 uses to maintain the network. Unlike Proof of Work networks, Proof of Stake networks can achieve finality. (consensys) | |||||
Proof of Work (PoW) is a class of consensus algorithm that rewards miners who expend computational energy to solve mathematical problems to propose new blocks. With PoW, the probability of mining a block and thus receiving block rewards is a function of how much computational energy (known as hash power) a miner expends. Popular blockchains such as Bitcoin, Ethereum (1.0), and Litecoin are all Proof of Work blockchains. ( consensys) | |||||
What is Stablecoins and how many and how they work? The way Stablecoins achieves by collateralizing other real-world assets and pairing the value to them. As such, the value of stablecoins should never exceed the collateral in reserve, and therefore can (in most cases) be exchanged to the assets they’re pegged to at any time. It's important to know that staple coins or non-mined ones and non pre-mined Instead, their total supply is always changing and reacting to the movements in the market. In order to control inflation, coins are burned when exchanged to the pegged asset. Likewise, when an asset is collateralized, newly created stablecoins enter the market. Several different types of stablecoins currently exist. Even though the underlying principle is the same, the main difference is how a particular stablecoin maintains its value. 1, FIAT- backed Stable Coins , ex : USD $$ 2, Commodity backed Stable coins , ex : GOLD 3, Cryptocurrency-backed stable coins, ex: bitcoin/eththereum 4, Seigniorage/Algo backed Stable coins , ex, : no proven example. Ref : https://blog.knowledgesociety.tech/what-is-stablecoins-and-how-do-they-work/ | |||||
Verifiable Credential | A Credential is a set of one or more |
NEED GRAPHICS TO REPRESENT USER LEVEL......
Concepts vs. interpretations vs natural lang.
Term | Definition | Status | Owner |
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AML | Anti -laundering (AML) refers to the activities intended to prevent individuals from transferring value obtained illegally into a legitimate sources of income.
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Application | An application is software that runs on your computer or cell phone that allows you to perform certain tasks. Mention Dapps? | In progess | |