LEARNING TO UNDERSTAND OUR NEW WORLD
*WORDS & DEFINITIONS*
BLOCKCHAIN TECHNOLOGY: The idea of decentralization. By design, the blockchain is a decentralized technology. … A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority, Which eliminates currency manipulation by the Central Banking System.
CASH GOLD MONEY: Cash Gold Zero Point One Gram Gold Bullion Bar Note and very impressive. It classic Karatbars style they have pulled the rug from out of “fiat” currencies and released a cash note not only backed by Gold but containing the real thing – Gold! Flexible, hard wearing and with a 999.9% pure 24karat Gold Bar inset into a plastic style note it can be carried around extremely easily as it fit into a wallet or purse perfectly.
Cloud Mining: is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware.
CRYPTOCURRENCY: A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins.
ETHEREUM: Is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction based state transitions.
GIGAHASH: The hashing power that your miner is generating. MH/s stands for megahash per second and GH/s stands for gigahash per second
HASH POWER: The hash rate is the measurement unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical and cryptography related operations for security purposes. For example, when the network reaches a hash rate of 10 Th/s, it meant it could make 10 trillion calculations per second.
ICOs: Initial Coin Offerings are a way for start-ups or online projects to raise money without selling stock or going to venture capitalists — essentially a new form of crowdfunding. The programmers raise money by creating and selling their own virtual currency, generally with rules similar to well-known virtual currencies like Bitcoin.
KARATBARS: Sells small quantities of 999.9 or 24 ct gold. You can buy as small a quantity as 1 gram. Gold is usually traded in ONE Troy Ounce bullion, equaling 31.1 grams. What’s unique is the packaging of the gold bars.
PASSIVE INCOME: Earnings an individual derives from a rental property, limited partnership or other enterprises in which he or she is not materially involved. As with non-passive income, passive income is usually taxable; however, it is often treated differently by the Internal Revenue Service (IRS).
SMART CONTRACTS: Allows the performance of credible transactions without third parties. These transactions are trackable and irreversible. Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994. Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented types of smart contracts.
TERAHASH: Is 1 000 000 000 000 hashes 🙂 It is usually mentioned in the context of Bitcoin mining equipment, as a number like 5 TH/s – meaning the equipment is able to perform 5 trillion hashing operations per second. … When you find such values, you get a reward of 25 Bitcoins (as of the end of 2014).
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