Blockchain Technology Page 21

Blockchain
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Blockchain is a public ledger that records transactions that are performed. This is achieved without any trusted central authority as the maintenance of the blockchain is performed by a network of communicating nodes running the software. Network nodes validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to…

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Blockchain Address
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A blockchain address is like a bank account for crypto assets. Bitcoin addresses for example start with either a ‘1’ or a ‘3’ or a ‘bc1’ and is 26-35 alphanumeric characters in length. The address is generated from the private key, which is required to send or receive assets assigned to this address to another…

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Central Bank Digital Currency (CBDC)
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A Central Bank Digital Currency is a blockchain-based fiat currency issued by a central bank. CBDCs seek to leverage blockchain’s immutability, transaction speeds and costs with a country’s fiat currency for a more accountable and efficient system.

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Cryptocurrency Forks
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A ‘fork’ is a change to the software of a digital currency that creates two separate versions of the blockchain with a shared history. When this happens, a new digital currency – the forked version – is created. A fork can occur in any consensus crypto-technology platform, e.g. Ethereum, Litecoin or Monero. Related Article The…

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Decentralized Finance (DeFi)
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Decentralized Finance or ‘DeFi’ is the “reinvention of the financial system” which does not use any financial intermediary. Typically running on the Ethereum network, DeFi protocols include decentralized exchanges (DEXs), lending and borrowing markets. In 2020, DeFi experienced rapid growth of 2000%+ Related Articles DeFi Webinar: The Fine Line Between ‘Software’ and ‘Service’ Provider DeFi…

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Decentralized Virtual Currencies
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Decentralized Virtual Currencies (cryptocurrencies) are distributed, open-source, mathematically-based peer-to-peer virtual currencies that have no central administering authority, and no central monitoring or oversight. Examples include: Bitcoin, Ethereum, Litecoin and Namecoin. Related Articles Are cryptocurrency reclaim cases defining that Bitcoins constitute property? DeFi Webinar: The Fine Line Between ‘Software’ and ‘Service’ Provider DeFi Webinar: Can Blockchain

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Digital Asset
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Digital Assets are any assets that are stored digitally. This could mean photos, videos, files containing messages, spreadsheets, etc. However, the definition has been broadened to become a synonym of cryptocurrencies as more financial institutions have become involved in the market, under ‘financial digital assets’. Non-Fungible Tokens or ‘NFT’s, running on the ERC-721 token standard,…

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Distributed Ledger (Shared Ledger)
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‘Ledgers’, or put simply, records of activity, were historically maintained on paper, more recently these were transferred to bytes on computers, and are now supported by algorithms in blockchains. They are essentially an asset database that can be shared across a network of multiple sites, geographies or institutions. All participants within a network can have…

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ERC-20
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ERC-20 is a token standard based on the Ethereum protocol. It is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum-based tokens must follow. Due to the standards’s prevalence it has emerged as the most used token standard. There are 6 foremost functions…

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