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
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