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Cryptocurrency

7 terms associated with blockchain that you should know

The Blockchain is a decentralized or a distributed ledger technology that allows a number of participants to maintain the ledger verifying and authenticating transactions

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Quidax, Blockchain,

The Blockchain is a decentralized or a distributed ledger technology that allows a number of participants to maintain the ledger verifying and authenticating transactions on the ledger to ensure that everything to goes on the record is a true event that took place. Here is a list of terms that are usually thrown around in conjunction with the blockchain that would be handy to understand:

Decentralized

This simply means that the authority to verify transactions is not in the hand of one central figure. For instance, in the case of a basket of oranges which I own and sell, I could give it to someone standing in a room of 50 people to record my sales and purchase while I run to pick my kid from pre-school, in that instance that person is a centralized entity. Meanwhile, I could give that responsibility to everyone standing in the room then the maintenance of my orange records is now decentralized and everyone participates in the recording transactions from my basket. Same with the case of the decentralized public ledger. The power to verify transactions is in the hands of specific people called miners (in the case of bitcoin).

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Ledger

A database of entries like is used in an accounting system. It is used to record events or transactions that have occurred in the past. Think of the ledger as a book where I record the purchase and sales transactions from my basket of oranges.

Node

A node is a replica of the ledger, all nodes on the network hold a copy of the ledger and every full node would have a copy of all the transactions that have occurred on the network, there are also lightweight nodes that have a partial version of transactions that have occurred on the network. So the bitcoin network is maintained by nodes that are spread around the world.

Back to the orange analogy, the nodes can be several people who are anonymous to you but hold a copy of the ledger. They can view all the transactions happening, are updating new transactions as they happen as well as taking notes on the transactions.

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Blocks

A block is a number of transactions or entries bundled into the ledger that makes the network. Think of a block as a page in the ledger or book that carries the transactions entered into the network by miners. Each of these transactions are entered into blocks, verified and each block is chained together to form the blockchain. As in my analogy, a page from my ledger with individual transactions of purchase and sales from my basket or if any orange goes bad while in the basket would make up the block.

Miners

Don’t think about gold diggers, think of them more like accountants that verify that inputs into the ledger are true and correct. They verify occurrences or changes in the ledger as they occur through a process called proof of work (for the bitcoin blockchain) using specialized equipment and computers. In my analogy, the miners are people that have gotten special rights to verify that a purchase and a sale has occurred from my basket because they have taken the pains to go and buy the stipulated fountain pen I asked people to use in the ledger, note that for my ledger anyone can become a miner so far you are willing to go and buy the specialized fountain pen.

Private Keys

Private keys are like your signature as a participant on the network that you use to sign transactions and verify that you approve a transaction or a change to your bitcoin. Think of it as your password. If someone holds your private keys, the person basically has access to all of your cryptocurrency and that can be the end of your coins if they are malicious.

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Public Keys

Your public key is a pseudonymous identifier that people transact with. If someone is sending you a bitcoin, they are sending it to your public key and this data is usually broadcast over the network. Think of your public key as your email address. It is usually alphanumeric and fun fact, it is said that the number of public keys on the bitcoin network exceeds the grains of sand on all the beaches on earth. Sweet right?

This article is in partnership with Quidax. Quidax is a European based digital assets exchange with a focus on Africa. We provide a seamless platform for users to send, receive, buy and sell cryptocurrencies using their local currencies.


This article is in partnership with Quidax. Quidax is a European based digital assets exchange with a focus on Africa. We provide a seamless platform for users to send, receive, buy and sell digital currencies including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Bitcoin Gold using their local currencies.

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Cryptocurrency

Best time to make money trading BTCs

Midweek had more volatility in the BTC market than the beginning or end of the trading week.

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A Mysterious Bitcoin Whale Causes Brief Panic Sell Offs at Bitcoin’s Market, The odds against Bitcoin, Goldman Sachs says Bitcoin is not an investment asset, BTC whales control the BTC market, at the highest levels 

Most BTC investors and crypto traders are changing their methods of trading in 2020, preferring to trade around the American trading session because of the high price volatility that occurs at the start of New York stock market trading time, about 2.30 pm local time.

Data seen on Twitter feeds show that price volatility for the world’s flagship currency by market capitalization is highly correlated with the opening of American financial markets.

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In addition, other trading sessions like the London and Asian financial market openings have considerably little impact on BTC’s price volatility.

READ ALSO: How BTC Whales can push BTC market value to $1 trillion

“Can we just halt $BTC trading during Asia + Euro hours,” a crypto trader, Hsaka, said uploading evidence, which relates to the previous few days on U.S. exchange, Coinbase.

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The data may have unearthed changing tendencies among BTC traders, possibly due to the increasing prevalence of institutions within the market.

Furthermore, Skew.com, a crypto analytic firm, found out that the midweek had more volatility in the BTC market than the beginning or end of the trading week. Weekends were also observed to be quiet.

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Meanwhile, data from Glassnode, a data analytic firm, showed that about 1.8 million Bitcoins are held in miner wallets around 10% of the supply (18.5million BTC). However, around 1.73 million belong to first-time miners (7+ years) and are most likely lost. That leaves only 70k BTC in the hands of current mining pools.

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Cryptocurrency

USDC Treasury Transfers 20,000,000 USDC to Unknown Wallet

According to data from Coinmarket cap, the digital coin has experienced growth exponentially.

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Cryptocurrencies, Meet the cryptocurrency catching the world’s attention, Theta Fuel gains 630% in 5 days., U.S regulator invites Banking and Crypto industry leaders for partnership, 3 Crypto Exchanges Control About 14.3%, Circulating BTC Supply. 

As global investors seek the next big thing in the crypto asset space, fast-growing cryptocurrency, USDC, a stablecoin project founded by Circle and Coinbase, just released a whopping 20 million digital coins to an unknown wallet. This is according to Whale Alert, an advanced blockchain tracker, and analytics system.

READ ALSO: Tether, the most promising stable coin, now the third most valuable cryptocurrency

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Crypto lovers seem to be trooping to stablecoins lately, as USD Coin’s (USDC) market cap broke the $1 billion market capitalization threshold for the first time since the stablecoin was launched in October 2018.

READ ALSO: These coins are currently trading close to their ICO prices

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Quick Fact: USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open source project bootstrapped by contributions from Circle and Coinbase. USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC:1 USD ratio.

Things you must know: Investors of stablecoins, such as USDC, make money by earning dividends from the newly created digital coins being given to them for holding such stablecoin stock.

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According to data from Coinmarket cap, the digital coin has experienced growth exponentially.

USDC, the second-largest USD-pegged stablecoin after Tether (USDT), is ranked the 18th largest cryptocurrency by market cap, with a daily trading volume of $246 million.

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Cryptocurrency

Earning BTCs without Having To Pay Money

BTC Miners help in facilitating BTC transactions and the provision of security on the blockchain network. 

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dollars, Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

BTC miners, hard work seems to be paying off, with billions of dollars going to their coffers, Data obtained from Glasscode showed that BTC miner revenue (“Thermocap“) is now at $17.5 billion USD. This metric is used as a lower bound for the capital inflow into an asset. 

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Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the blockchain network rewards BTC miners via transaction fees and subsidies. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction. 

READ ALSO: QKC: fastest rising crypto asset in 30 days, gains 100%

Metric Description 

Aggregate security spends, or “Thermocap“, is the aggregated amount of coins paid to miners and serves as a proxy to mining resources spent. It serves as a measure of the true capital flow into Bitcoin and is computed as the aggregate Coinbase transactions multiplied by the price in USD at the time they were mined.  

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Quick fact; BTC Miners help in facilitating BTC transactions and provision of security on the blockchain network.  The importance of BTC miners can’t be underestimated as they perform these functions, by solving computational tasks which permit them to chain together blocks of transactions 

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By mining BTC, you can earn a BTC without having to pay money for such. BTC miners collect BTC as a reward for completing “blocks” of confirmed transactions which are added to the blockchain network. 

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Patricia
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