DIGITAL ASSET DEFINITIONS

The blockchain world if full of new things. Different ways of performing tasks such as accounting, executing financial transactions, storing public information and many more. All of these new things require new words, hence my section describing definitions as I understand them and use them in my work.

DEFINITIONS


Blockchain – Software used to keep records on a public ledger which is as secure as the computer resources dedicated towards maintaining it.


BC Business – A centralized or decentralized business using a blockchain or other form of distributed ledger to perform accounting, financial services, or other functions.


BC Eco-System – Software allowing for other services to be built on top of them which gain access to the various specialized features of the blockchain Eco-System


CryptoCurrency – Digital units of currency secured by mathmatical proofs and large amounts of computing power rather than trust in Officialdom.


Decentralized – A network secured by many different nodes over distributed geographical locations rather than in one centralized location.


(IPFS) Inter-Planetary File System – Decentralized and Distributed file sharing network. Further analysis coming soon…


Masternode – A node secured by a deposit of cryptocurrency which grants the privilege of securing some feature of the blockchain. In the case of Masternodes, earnings via the mining rewards are analogous to a Certificate of Deposit earning interest in old financial institutions.


Miner – A digital worker (computer) securing a blockchain by dedicating various digital resources (computing power, storage space, bandwidth,, etc.) to the network in order to process transactions or execute smart contracts. New coins minted on the network are distributed to the miners.


New Economy – The New Economy values human experience and quality of life over accumulation money. Gatekeepers and money changers begone.


Private Cryptocurrency – A cryptocurrency or digital asset which uses various encryption techniques to prevent an outsider from seeing a transaction or account balances.


Public Cryptocurrency – Digital currency which stores transaction data with anonymous accounts, but doesn’t protect for viewing of accounts or transactions by outsiders.