Block is the most fundamental component in the structure of a blockchain and serves as the single section comprising discrete data. The blocks generally include a list of actions or transactions that should be performed during data processing in the block.
Bitcoin also referred to as BTC, is a decentralized blockchain tailored particularly for transaction of tokens between accounts. The most important highlight of Bitcoin is that it is the first blockchain-based cryptocurrency. Bitcoin features a Proof-of-Work or PoW consensus algorithm and leverages Unspent Transaction Outputs (UTXOs) for storing data. READ MORE
Banking Secrecy Act (BSA)
Banking Secrecy Act is a US legislation passed in 1970, which implies that financial institutions must support government agencies in detection and prevention of money laundering activities. BSA requirements focus on record-keeping for all customers, decision on the type of monetary instruments eligible for purchase or exchange, and mandatory reporting of specific types of activities.
A canonical block is one that has been incorporated in the primary blockchain. The canonical block is referenced either directly or indirectly by future blocks. Non-canonical blocks which might have validity could be rejected in favour of canonical blocks.
The first block in a blockchain structure is known as the genesis block. The block height for the genesis block is zero. Most important of all, all the other blocks in the blockchain are linked intrinsically to the genesis block. It is possible to configure genesis blocks for creating a fork of a chain of purposes, including specification of different block parameters or pre-loading accounts with tokens for test networks.
Block depth refers to the position index of a block in the blockchain with respect to the most recently added block. For example, a block that is 2 blocks before the last added block will have a block depth of 2.
Block explorer is the software or GUI graphical user interface, which helps users in reading and analysing data on a blockchain.
Block height is the position index of a block with respect to the genesis block. For example, the second block added to a chain will have a block height of 2.
Blockchains with native cryptocurrency allow miners to allocate a specific number of tokens for generating spontaneously and sending to desired address. The reward compensates for the miner’s support in building a block and the network alongside incentivising other miners for joining the network.
Blockchain is an innovative method for data storage in discrete sections in the form of blocks, which are linked to each other. It is basically a consensus digital ledger including digitally recorded data in different sections such as blocks. Every block is related to the next block through a cryptographic signature. Blockchains could provide criteria for the type of data eligible for storage on the block and invalid data, which should be rejected. READ MORE
The first generation of blockchain technology, known as Blockchain 1.0, emphasised particularly executing simple token transactions. The chains in Blockchain 1.0 are restricted in terms of scope and ability.
The second generation of blockchain technology, i.e., Blockchain 2.0, focused on enabling the functionalities of smart contracts and generalised processing. The chains in Blockchain 2.0 are developed with Turing-complete programming languages with a broad range of capabilities, other than the basic peer-to-peer (P2P) value exchange.
The new generation of blockchain technology presently emphasises achieving better interoperability and scalability with blockchain applications. Although Blockchain 3.0 does not have any frontrunners now, the chains under development have the potential for improving the use of smart contracts.
Bug Bounty basically refers to a reward paid for completing specific tasks such as identification of code vulnerabilities, design work, social impact, content creation, research, and more.
Byzantine Fault Tolerance
Byzantine Fault Tolerance basically refers to the ability of the network to reach consensus properly at any given time while also assuming that no more than one-third of the network actors are malicious.