Here is the list of commonly used terms and its meaning in Blockchain technology.
#Address: It is used to send and receive the transactions on the networks.The address can be of string i.e. alphabets or QR Code.
# Bitcoin: It is an cryptocurrency which is decentralized,open source,we can use it with smartphones,computer etc it is popular but it was not first virtual currency.
#BitPay: It is a processor which works with merchants which allows them to take bitcoin as payment.
#Blockchain: We can do transactions without any middleman,it is trusted,secure and cheaper. Its network is huge and financial accounts are handled without any permissions.
#Block: In blockchain there are two records: 1)transactions 2)blocks
Transactions stores the data in blockchain and block record and confirms the transactions.
#Central Ledger: Ledger is maintained by the Central Agency so called as the central ledger.
#Circle: It is an exchange and wallet service, which allows users to send, receive and exchange bitcoins anywhere in world.
#Cloudware: It is a third party software which runs in server room instead of running in house, company.
#Cryptography: It is a type of method to keep information secret or hide the information. It also keeps information secure from third party.
#Cryptocurrency: It is a virtual currency created by using encryption techniques. There is verification of transactions and it is secured by cryptography.
#DAO: DAO (Decentralized Autonomous Organization) exists for the shareholders without central ledger.
#Double spending: When someone does transaction using bitcoins and again purchase something from another using same bitcoins i.e. using same bitcoins twice is called as Double spending.
#ECDSA: ECDSA(Elliptic Curve Digital Signature Algorithm) is an algorithm encrypted with cryptography is use to sign transactions in Bitcoin protocol.
#Fiat Currency: Money valid for the financial obligations.
#FinTech: Technology used in the financial service industries.
#Genesis Block: The first block used in block chain.
#FinCEN: FinCEN(The Financial Crimes Enforcement Network) is an agency to impose regulations on exchange trading in bitcoin.
#GPU: GPU(Graphical Processing Unit) is an silicon chip designed for the complex calculations.
#Hash: It is mathematical process variable amount of data and produces constant or fixed output.
#Ledger: It is an collection of financial account book or it may hold the general information rather than financial account.
#Mining: Process of generating new bitcoins and solving the cryptographic problems also, transactions are verified and added to blockchain.
#Node: The computer connected to the blockchain network is called as the node.There are lightweight node and full nodes,full nodes are backbone of network.
#Newb: New trader or new to industry.
#P2P: P2P(peer to peer) it is an interaction between two parties in highly interconnected network.
#Participant: Someone who can add records,read records from ledger.
#Ripple: It is an payment network in which we can transfer any currency.
#Scammer :A person who carry out scams.
#Smart Contracts: Contracts whose terms are recorded in computer language and they are automatically executed by computing system.
#Spammer: Person who post same information for multiple times in less amount of time.
#Tokenless Ledger: It is an ledger which can doesn’t require any native currency to operate.
#Testnet: It is another blockchain used by developers to test new versions of software.
#Wallet: Collection of private keys.