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…For example, a consortium blockchain may not be permissionless, as only the consortium operates on it.Key TakeawayPermissionless refers to a system — typically related to blockchains — in which no person or thing can dictate who is allowed to use it and how it is used.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someon…
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…For example, it offers high transaction speeds since blocks do not limit DAGs and minimal transaction costs compared to blockchains like Ethereum and Bitcoin.Since DAGs do not require blocks, they do not require mining, allowing for more environmentally friendly and energy-efficient networks.Key TakeawayA directed acyclic graph (DAG) is a type of structure commonly found as a form of consensus for a cryptocurrency.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collectio…
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…One of the most common use cases in the crypto space is to encrypt crypto wallets.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someone who holds onto their digital assets long term, regardless of market volatility or price fluctuations.Hierarchical Deterministic (HD) WalletA Hierarchical Deterministic (HD) wallet is a type…
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…Anyone can access the Metaverse regardless of geographical location, background, or demographic; it’s an endless space that can be built upon.Key TakeawayThe Metaverse is a simulated digital environment that combines aspects of blockchain technology, social media, online gaming, augmented reality (AR), and virtual reality (VR) to create a 3D virtual space.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building dec…
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…All coins are considered tokens, but not all tokens are considered cryptocurrency coins.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someone who holds onto their digital assets long term, regardless of market volatility or price fluctuations.Hierarchical Deterministic (HD) WalletA Hierarchical Deterministic (HD) wallet is …
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…Backward compatibility is crucial for maintaining the integrity and continuity of a blockchain network, as it allows for gradual updates and ensures that the network remains functional and secure over time.Key TakeawayBackward compatibility is the ability of a new version or update of a blockchain protocol or software to interact seamlessly with older versions of the same protocol.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source com…
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…Once deployed, the code of a smart contract cannot be changed, ensuring that the contract will execute exactly as written.Key TakeawayImmutability underpins the reliability and trustworthiness of blockchain technology by enhancing security, and preventing fraud and unauthorised alterations, making it a reliable ledger for transactions.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications…
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…It is only used during the execution of the transaction and discarded afterward.Calldata is more gas-efficient than other forms of storage on the blockchain, making it a preferable choice for passing large amounts of data when users don’t need to permanently store the data on-chain.Key TakeawayCalldata is an essential component for passing inputs to smart contract functions, optimising for cost by being temporary and non-modifiable during execution.Related WordsSolana Program LibraryThe Solana…
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…However, in the volatile and rapidly evolving cryptocurrency market, some assets may experience significant price fluctuations, which can impact their suitability as stable units of account for everyday transactions.Stablecoins, which are pegged to the value of traditional currencies or commodities, aim to address this volatility issue and provide a more stable unit of account within the cryptocurrency space.Key TakeawayIn the context of cryptocurrencies, a unit of account refers to the function…
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…Another issue is that, for the Lightning Network to run, it is required to be constantly online.Key TakeawayThe Lightning Network is a Layer-2 protocol built on top of the Bitcoin blockchain.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised applications (dapps) on the Solana blockchain.HODLerA ‘HODLer’ is someone who holds onto their digital assets long term, regardless of market volatility o…
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