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Proof of Elapsed Time (PoET) A succinct definition of Proof of Elapsed Time (PoET) Proof of Elapsed Time (PoET)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPROOF OF ELAPSED TIME (POET)Copy linkShare on TwitterShare on FacebookShare on LinkedinProof of Elapsed Time (PoET)Developed by chip manufacturing giant Intel, Proof of Elapsed Time (PoET) is best described as a time-lottery-based consensus algorithm. Usually used on permissioned blockchain networks (which require particip…
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Verifiable Delay Functions (VDFs) A succinct definition of Verifiable Delay Functions (VDFs) Verifiable Delay Functions (VDFs)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYVERIFIABLE DELAY FUNCTIONS (VDFS)Copy linkShare on TwitterShare on FacebookShare on LinkedinVerifiable Delay Functions (VDFs)Verifiable Delay Functions (VDFs) are cryptographic constructs essential for the security and efficiency of blockchain and cryptocurrency. In simple terms, a VDF is a mathematical puzz…
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Merkle Tree A succinct definition of Merkle Tree Merkle TreeLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYMERKLE TREECopy linkShare on TwitterShare on FacebookShare on LinkedinMerkle TreeIn blockchain, a Merkle tree summarises all the transactions in a block by producing a digital fingerprint of the entire set of transactions, thereby enabling users to verify whether or not a transaction was included in a block.Technically, a Merkle tree is a data structure constructed from th…
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Vitalik Buterin A succinct definition of Vitalik Buterin Vitalik ButerinLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYVITALIK BUTERINCopy linkShare on TwitterShare on FacebookShare on LinkedinVitalik ButerinVitalik Buterin is a Canadian programmer who founded Ethereum, the second-largest cryptocurrency by market capitalisation. Born in Russia in 1994, Buterin eventually emigrated with his family to Canada as a child. His father was a computer scientist, and at an early age, Vi…
Encryption A succinct definition of Encryption EncryptionLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYENCRYPTIONCopy linkShare on TwitterShare on FacebookShare on LinkedinEncryptionEncryption in blockchain refers to the process of converting original data (plaintext) into a secure and encoded format (ciphertext). This is done to protect sensitive data from unauthorised access or tampering. Encryption plays a crucial role in ensuring the confidentiality, integrity, and securit…
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Decryption A succinct definition of Decryption DecryptionLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDECRYPTIONCopy linkShare on TwitterShare on FacebookShare on LinkedinDecryptionDecryption refers to the process of converting encrypted data (known as ciphertext) back into its original, readable format (known as plaintext) using a decryption algorithm. Encryption and decryption are crucial for securing data and transactions in blockchain technology, and a private key is requ…
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Blockchain A succinct definition of Blockchain BlockchainLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBLOCKCHAINCopy linkShare on TwitterShare on FacebookShare on LinkedinBlockchainBlockchain is the underlying technology behind cryptocurrencies. A type of distributed ledger technology (DLT), blockchain is a database mechanism that facilitates the recording of transactions online. Information on a blockchain is encrypted and managed in a decentralised and trustless manner.Some…
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Witness A succinct definition of Witness WitnessLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYWITNESSCopy linkShare on TwitterShare on FacebookShare on LinkedinWitnessIn cryptocurrency, a ‘witness’ attests to the authenticity of a specific transaction in the form of a signature.For a Bitcoin transaction, the witness is the content of the signature scripts, which is what proves the transaction is authenticated. Segregated Witness (SegWit) is an upgrade of the Bitcoin protoc…
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Block A succinct definition of Block BlockLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBLOCKCopy linkShare on TwitterShare on FacebookShare on LinkedinBlockA block in a blockchain is a data structure that contains a set of transactions and other important information. Blocks are linked together in a linear, chronological sequence to form the blockchain. Once a block is added to the blockchain, it is almost impossible to alter the data it contains due to the cryptographic link…
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Nick Szabo A succinct definition of Nick Szabo Nick SzaboLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYNICK SZABOCopy linkShare on TwitterShare on FacebookShare on LinkedinNick SzaboNick Szabo is a cryptographer and computer scientist well known for creating Bit Gold, a predecessor to Bitcoin. Having created Bit Gold, Szabo is considered by many to be Satoshi Nakamoto, the creator of Bitcoin. However, Szabo has denied these claims several times.Szabo is also known as the inven…
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