Blockchain Terms

Blockchain Technology

Blockchain is distributed ledger technology which allows for storing of digital transaction (data) in an immutable, peer-to-peer ledger that is hack-proof and open to the public. Take a look at this explainer video by New Kids on the Blockchain to get a better understanding of this new and innovative technology. 

Distributed Ledgers

A distributed ledger is a ledger of any transactions or contracts maintained in decentralized form across different locations and people. A central authority is not needed to authorize or validate any transactions. Ledgers can be public (Ethereum) or private (Hyperledger).

Digital Assets

Anything of real or perceived value, owned by a company or individual, that is stored in digital or electronic form. Examples include property deeds, pictures, degrees, cryptocurrency, etc.

Smart Contracts

A smart contract is a computer program or protocol which is designed to execute, control or document relevant events according to the rules of a contract or agreement. Get a better understanding with this video by Goodbit.

DAOs

A Decentralized Autonomous Organizations is an organization that runs through rules encoded as computer programs called smart contracts. For a quick overview on DAOs check out this video by Goodbit.

Cryptocurrency (Crypto)

Cryptocurrency is a digital asset designed to work as a medium of exchange.  Individual coin ownership records are stored in on a digital ledger using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. The International Monetary Fund (IMF) would like to explain here.