"Blockchain and Smart Contract Components" TAG

Quantifying Smart Contract Network Demand
  • research
Such networks, referred to by some as ‘Blockchain 3.0’, attempt to iterate on both Bitcoin and Ethereum’s core functionalities, seeking to provide marked improvements in scalability, interoperability, and privacy. While many are yet to debut, a significant number have had functioning mainnets for some time, which has led to quantifiable comparisons between these emergent networks...
Blockchain Oracle
  • glossary
Blockchain oracles are information feeds used to incorporate external, off-chain data into blockchains. The main function of blockchain oracles is to act as triggers for smart contracts, initiating transactions when certain external conditions are met. Examples of external conditions that can signal oracles to initiate a smart contract are stock and commodity prices, scores of...
Mainnet / Testnet
  • glossary
Mainnet is a state of blockchain protocol development. A blockchain network with only a working prototype is described as testnet, while network that can broadcast, verify, and record transactions on its distributed ledger is described as a mainnet. Testnets are used by developers to test and debug code or incentive systems ahead of a full...
  • glossary
Any device (phone, computer, printer, camera, etc) connected to a blockchain network is considered a node. Some nodes perform important network functions, such as validating transactions, storing data, providing computational power, or participating in governance. Such nodes typically have further descriptors; see full node, lightweight node, masternode, etc.
Bug Bounty
  • glossary
Bug bounties are rewards offered by companies to individuals who find and report vulnerabilities in their software. Individuals receiving these rewards are typically ethical, or “white-hat,” hackers attempting to bypass security measures as part of bug bounty programs. Companies running such programs will usually specify the types of flaws it is looking for, as well...
Block Reward
  • glossary
The cryptocurrency earned by miners for successfully validating new blocks is known as the ‘block reward.’ Block rewards typically draw from two sources: the transaction fees paid towards the current block and the block subsidy, a portion of newly minted coins.
Block Height
  • glossary
A blockchain’s ‘block height’ is the total number of blocks confirmed in that blockchain’s history. The measurement is used to compare copies of a blockchain so to determine whether a local copy is up to date.
  • glossary
A block is a file where certain data is stored. Blockchains are composed of blocks, with each valid block on a chain referring to its predecessor. What specific data is stored on a block, how blocks are validated and linked, how big blocks are, and so on can vary between blockchains. Common block components include:...
Candidate Block
  • glossary
Candidate blocks are blocks created by miners as part of a proof-of-work consensus process. A miner will receive a block reward when it produces a candidate block with a valid block hash and broadcasts this block to the network’s nodes, who verify the hash’s authenticity. In this manner, every (non-genesis) block on a blockchain begins...
Confirmation Time
  • glossary
Confirmation time is a property of a blockchain, referring to the time it takes block producers on a blockchain network to process one block worth of transactions. Most blockchains will have a target confirmation time written into the codebase. For example, Bitcoin’s target confirmation time is ten minutes, which means on average, miners should produce...
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