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Glossary


A


Address

Each wallet has an address (or multiple). Addresses are used similar to bank account routing and checking numbers to tell the network where to send and receive funds during transactions. The address by default is a 34 character alphanumeric string, but an alias can also be created as a more user-friendly naming preference to refer to the wallet's default address.


B


BLOCK

BLOCK is the utility token for the Blocknet network. Unlike USD where the smallest denomination is $0.01, the smallest incremental unit of BLOCK is 0.00000001 BLOCK.

Blockchain Block

A block is a record of transaction data in a set period of time (block time). A time-series collection of the blocks makes up the blockchain (a chain of blocks).

Blockchain

A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.

Block DX

Block DX is a decentralized exchange dApp built with the Blocknet Protocol to showcase what can be built using it.

Blocknet

Blocknet is a self-funded and self-governed open source project with contributors around the world building an open and collaborative ecosystem with the development of the Blocknet Protocol.

Blocknet Protocol

The Blocknet Protocol is a blockchain interoperablity protocol that consists of 3 components: XBridge, XRouter, and XCloud.

Block Reward

A block reward is a reward you earn when staking for helping secure the network.

Block Time

Block time defines the time it takes to mine a block. In all blockchains there is an expected block time. In Blocknet, the expected block time is 1 minute.


C


Change Address

A change address is the address where the remaining funds from an input are returned after making a transaction. This is always an address you own. If you have an input that's 15 BLOCK used in a transaction sending 10 BLOCK, then the remaining 5 BLOCK will be returned to the change address. This is a similar concept to paying for an item in cash and receiving change back.

Client

Depending on the context, client refers either to hardware running the Blocknet blockchain or software utilizing the Blocknet Protocol, which can be a blockchain, microservice, dApp, mobile app, website, etc.

Coin

Coin and token refers to digital assets.

Coin Control

Coin Control enables the ability to break up or combine inputs. This is comparable to going to a bank and exchanging a bunch of smaller bills for a $50 bill or breaking a larger bills for smaller denominations. Using Coin Control you can also choose to select specific inputs, addresses, and change addresses to use for transactions.

Confirmation

When transactions are made, the transactions must go through a confirmation process, which validates the transaction to make sure it is authentic. Funds that are being confirmed cannot be used until 60 confirmations (about 60 minutes).


D


Decentralized Exchange

Decentralized exchange is the process exchanging funds between 2 parties with no middlemen. This requires the four core functions of an exchange to be decentralized: storage of funds, order books, order matching, and settlement.

DEX

DEX is a short-hand acronym for a decentralized exchange.

Digital Asset

A digital asset is new asset class that describes digital cryptographic coins and tokens. These coins and tokens can represent monetary characteristics (cryptocurrency), digital or virtual goods (unique tokenized items, such as music or art), and ownership (tokenized shares, such as of land or a company).


E


Encrypted

Encrypting your wallet adds an additional level of security. An encrypted wallet requires a passphrase set by the user to spend funds the wallet.


F


Funds

Funds refers to your digital assets.


I


Inputs

Within a users wallet, the total balance is composed of either one large input or various smaller inputs. Think of an input as bills in a wallet. You can have $100 in your wallet, but that may be composed of a single $100 bill, 5 $20 bills, etc. An input is sometimes also referred to as a UXTO.

Interchain Communication

Interchain communication is the ability for different blockchains to interact and communicate with each other. For example, one blockchain can write their latest block hashes to the Bitcoin blockchain and also call the data to add extra verification and security.

Interoperability

Blockchain interoperability is the ability for different blockchains to operate, interact, and communicate with one another. Interoperability comes in two parts: exchange and communication.


L


Locked

By having the wallet locked, funds cannot be sent and staking cannot be enabled. Unlocking the wallet, by entering in the passphrase(created when encrypting the wallet), is required to send funds and also allows staking to be enabled. The wallet can also be partially unlocked, which allows just for staking to be enabled, but does not allow the user to send funds.

Lite Wallet

A lite wallet is a wallet that does not require the full blockchain in order to function. It instead uses an external data source to provide SPV functionality.


M


Mint

Minting is the process of generating new digital assets on a blockchain that did not exist in any previous blocks.

Multiwallet

A multiwallet is a wallet that can store multiple types of digital assets.


N


Naked Node

A naked node is a Service Node that does not run any xwallets.

Network

Network refers to the collection of peers and data on the blockchain.

Non-custodial

Non-custodial means the user has 100% control of their funds. A third party has no control over it and cannot gain control if they wanted to.


O


Open Source

Open source is used to describe software for which the source code is made freely available for contribution, redistributed, and modification.


P


Peers

Peers are other wallets that you are connected to that help confirm transactions and share updated blocks and data between. When the wallet is not in sync, the wallet is brought up-to-date by syncing with information from peers.

Proof-of-Stake

Proof-of-stake, also known as PoS, is a type of algorithm by which a blockchain network achieves distributed consensus.

Proposals

Proposal are suggested plans for consideration. Each Superblock period, new proposals are submitted and Service Nodes vote on these proposals. Proposals can also be used to request funding for contributions to the Blocknet ecosystem.


R


Reward

A reward refers to a payment earned for providing a service.


S


Service Node

Service Nodes provide services to the Blocknet network. They are users that own 5000 BLOCK and have a certain setup outside of the wallet that allows them the ability to earn rewards for these service and grants them the ability to vote on proposals.

Snode

Snode is a short-hand term to refer to a Service Node.

SPV

SPV is an acronym that stands for Simplified Payment Verification. It is a method for verifying if particular transactions are included in a block without downloading the entire block.

Staking

Staking is used to secure the network by confirming blocks. Users that stake earn rewards. The reward can be referred to as a stake. When users earn a staking reward, it is tied to a specific input in the user's wallet. For a user to stake, the option must be enabled.

Superblock

A Superblock refers to a specific block that occurs roughly once a month. The Superblock block finalizes the votes on any active proposals and makes funding payouts for any passing proposals.

Syncing

In order to make transactions or stake, the wallet needs to be up-to-date with the latest blockchain data. When a wallet is Out of Sync, it is not up-to-date. Alternatively, the wallet being synced means it is up-to-date.


T


Token

Token and coin refers to digital assets.

Transaction

A transaction, similar to a bank transaction, is the process of transferring funds from one account to another..


U


Unocked

By having the wallet locked, funds cannot be sent and staking cannot be enabled. Unlocking the wallet, by entering in the passphrase(created when encrypting the wallet), is required to send funds and also allows staking to be enabled. The wallet can also be partially unlocked, which allows just for staking to be enabled, but does not allow the user to send funds.

User

Refers to someone whom has a the wallet program installed on their computer. This may sometimes also be referred to as a peer.

UXTO

Within a users wallet, the total balance is composed of either one large UXTO or various smaller inputs. Think of an UXTO as bills in a wallet. You can have $100 in your wallet, but that may be composed of a single $100 bill, 5 $20 bills, etc. An UXTO is sometimes also referred to as an input.


V


Voting

Voting is performed by Service Nodes to voice approval/disapproval of proposals.


W


Wallet

A wallet is used to hold you funds of digital assets. This is the digital version of your physical wallet that holds physical money, very much like how your bank account works.


X


XBridge

The decentralized exchange component of the Blocknet Protocol.

XCloud

The decentralized cloud component of the Blocknet Protocol.

XRouter

The interchain communication component of the Blocknet Protocol.

XWallets

XWallets refers to the full node wallets hosted by Service Nodes.

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