Terminology

Consensus Related

  • Proof of Work (PoW) - a blockchain consensus that involves mining for a reward system and security.

  • Proof of Stake (PoS) - a blockchain consensus that involves staking coins as a reward system and security

  • Delegated Proof of Stake (DPoS) - a blockchain consensus that involves staking and delegation of rights to a designated number of nodes

  • Egalitarian Proof of Work (EPoW) - a blockchain consensus that involves mining for an egalitarian reward system and security.

  • Egalitarian Proof of Service (EPoSe) - a blockchain consensus with a combination of EPoW and Uptime Nodes for egalitarian reward system and security. Qwertycoin(QWC)'s original concept.

Wallet Related

  • Wallet - software that helps user to send/receive coins as well as keep transaction records + additional blockchain add-on features.

  • Wallet Address - an address derived from public key. Users can use an wallet address to receive payments from others or send coins from exchanges.

  • Public Key - a unique key used for generating a wallet address and transactions. A wallet address is derived from this key. Users can retrieve this information from wallet.

    • Users can retrieve this information from wallet.

  • Private Key - a unique key used in wallets. This key is unique per address and grants a full access to the respective wallet address.

    • Keep it to yourself only and do not post or share it anyone.

    • Users can retrieve this information from wallet.

    • Users can import this key in wallet to get a full access including viewing and spending.

  • View Key - a unique key used to view the details including transactions of a wallet address. It can be shared, but do not recommend it.

    • Users can retrieve this information from wallet.

    • Users can import this information in wallet to view details of its transactions and wallet address.

  • Spend Key - It is a synonym of private key.

    • Keep it to yourself only and do not post or share it anyone.

  • Mnemonic Seed - a sequence of words derived from a private key.

    • Keep it to yourself only and do not post or share it anyone.

  • Churning - making a transaction from and to the same wallet address.

  • Full-Node Wallet - a type of wallet that runs a node and a wallet within the same software; this type of wallet stores entire blockchain data with a wallet file and its transactions in local device. It does not require a remote connection to a public or private node since it uses its own node. Pros:

    • This is the most secure type of wallet.

    • Initial blockchain synchronization can take sometime since users can make transactions after block synchronization is finished. A snapshot of blockchain is available for download if users want to shorten this downtime.

    • Node service fee is waived.

    Cons:

    • Users sacrifice time for block synchronization and a lot of disk space is required for storing entire blockchain. This wallet is not recommended for non-daily users.

    • This type of wallet is not practical for mobile and web platforms.

    • Slow internet speed or outdated computers can be problems.

    • A proper backup of private and/or mneumonic seeds is required for gaining a full access to a wallet address.

  • SPV(Simplified Payment Verification) Wallet - a type of wallet that runs without a node; a remote connection to a public or private node is required to send/receive and record transactions. Only a wallet file and its transaction records are stored in local device.

    Pros:

    • This wallet provide good security measure.

    • No need for blockchain synchronization. Once connection to a remote node is established, users can send/receive payments.

    • Can also be developed as mobile and web platforms.

    • Even slow internet speed or outdated computers can work with this wallet.

    Cons:

    • Node service fee has to be paid.

    • A proper backup of private and/or mneumonic seeds is required for gaining a full access to a wallet address.

  • API Endpoint Wallet - a type of wallet that runs without a node; only keys are stored in the local device and delegates all other works to the wallet service provider.

    Pros:

    • No need for blockchain synchronization. Once connection to a remote node is established, users can send/receive payments.

    • Can also be developed as mobile and web platforms.

    Cons:

    • This wallet provide the least security measure.

    • Wallet loading time takes forever. This is intrinsic to its structure.

    • Node service fee has to be paid.

    • Slow internet speed or insufficient server performance can be a problem.

    • Clearing browser cache will erase locally stored keys. A proper backup of private and/or mneumonic seeds is required for gaining a full access to a wallet address.

  • Offline Wallet - a type of wallet that runs without a node; only wallet address, key and/or mneumonic seeds information are provided.

    Pros:

    • Some considers this the most secure wallet.

    Cons:

    • The wallet address can be used for receiving funds. To make a transaction, the wallet file must be imported through a wallet before use.

  • Snapshot - a blockchain file for download to speed up block synchronization process.

Node Related

  • Node - a software that verifies/holds transactions from wallet and stores block information. It is also called as a daemon.

  • Checkpoint - irreversible point of blockchain

  • Node Fee - amount of payment paid to node's registered wallet address when using remote node connection to make transactions from wallet

  • Uptime - a measure of time that a node has been providing service above minimum performance level to blockchain. Used for selecting

  • Memory Pool - a memory space used to temporarily store transactions until they are included in blocks.

Mining Related

  • Mining - a process of finding a complex problem by using computer resources including CPU, GPU, FGPA or ASIC.

  • Miner - a person or a a device that participates in mining activities.

  • Mining Software - software used for solving problems proposed by blockchain with PoW consensus.

  • CPU - an abbreviation of Core or Central Processing Unit of a computer (Intel or AMD processors)

  • GPU - an abbreviation of Graphics Processing Unit of a computer (Nvidia or AMD)

  • FPGA - an abbreviation of field-programmable gate array; an integrated circuit designed to be configured by a customer or a designer after manufacturing

  • ASIC - an abbreviation of application-specific integrated circuit; an integrated circuit chip customized for a particular use, rather than intended for general-purpose use