Layman users need to understand all the different crypto keywords. We must educate our current and future users.
BiblePay specific glossary
BiblePay (BBP) – BiblePay is a cryptocurrency with three features:
- Helping Orphans: 10% of coins go directly to Charity each month, sponsoring hundreds of orphans
- Proof-of-Bible-Hash: CPU Only mining algorithm, anyone with a PC and a wallet can earn coins while helping secure the network
- Spreading the Gospel: All Bible verses coded into the Blockchain, Can read whole Bible inside our wallet, Can send Prayers to all users
Wallet Prayers – A feature that allows you to include a message with a send transaction that will rotate in the Overview screen of the QT wallet.
Mandatory Wallet Upgrade: Major code changes that require all BiblePay wallets to upgrade to the latest version including exchanges. See hard fork.
Accountability – accountability.biblepay.org hosts a web site showing expenses and income based on the charitable giving. Accountability is also used in Christian circles as a way to keep each other accountable for our struggles and sins.
Charity – an organization set up to provide help and raise money for those in need. the voluntary giving of help, typically in the form of money, to those in need. Some charities that Bible supports are:
Faith – complete trust or confidence in someone or something. strong belief in God or in the doctrines of a religion, based on spiritual apprehension rather than proof.
Hope – someone or something on which hopes are centered. to expect with confidence, trust.
Love – unselfish loyal and benevolent concern for the good of another
Proof of Distributed Computing (PoDC)
BOINC – Berkeley Open Infrastructure for Network Computing. This is often referred to the software that let’s you crunch tasks from various participating science projects. BiblePay participates in Rosetta@Home and World Community Grid (e.g. Smash Childhood Cancer).
CPID – Cross-project identification. A unique ID associated with your e-mail address for accounts on different BOINC projects that share the same email address
Distributed Computing – Distributed computing located on different networked computers, communicate and coordinate their actions by passing messages to one another. The components interact with one another in order to achieve a common goal. Three significant characteristics of distributed systems are: concurrency of components, lack of a global clock, and independent failure of components.
GridCoin – Gridcoin is an open-source cryptocurrency that rewards you for donating your idle computing time to the BOINC volunteer computing grid, which I’ve written about previously. It is essentially a platform that combines individuals’ computers together to form a supercomputing grid for scientific research.
PoDC (Proof of Distributed Computing) – Proof-of-Work Mining generates heat but does little useful work, because its primary activity is searching for a numerical block hash lower than a target hash, and this resulting block provides a network consensus and security (IE this block becomes the most recent block on record). However, this leads to an ecosystem where a massive amount of electricity is consumed and the algorithm performs little useful work.
A greener alternative to proof-of-work mining is proof-of-distributed-computing, a relatively new consensus attempt, already being used in various coins to a limited degree. Most coins that attempt this type of consensus end up with some systemic problems that hamper their growth. It is Biblepays desire to address all of these and overcome them, and use proof-of-distributed-computing as our primary consensus algorithm so that we may perform a useful function in exchange for the dormant clock cycles on our users machines.
RAC – Recent average credit. https://boinc.berkeley.edu/wiki/Computation_credit
Rosetta@Home – By running Rosetta@home on your computer when you’re not using it you will speed up and extend our efforts to design new proteins and to predict their 3-dimensional shapes. Proteins are the molecular machines and building blocks of life. You can read more about protein folding at https://boinc.bakerlab.org/
World Community Grid – WCG is a simple way to support cutting-edge research into important global humanitarian causes. Your computer or mobile device could be powering scientific research on health, poverty and sustainability.
Proof of Work
PoBH (Proof of Biblehash) – BiblePay is the first coin with the King James Version of the Bible compiled in the source, and utilizing the Bible in the hashing algorithm, while spreading the gospel throughout the IT community. The blocks also has to chained bible verses. First coin with the KJV Bible compiled in the source, and utilizing the Bible in the hashing algorithm, while spreading the gospel throughout the IT community. The blocks also has to chained bible verses.
CPU mining – In the early days, Bitcoin was mined simply by your computer processor and later by your graphics card. But now you need expensive specialized hardware miner (ASIC) in order to mine. BiblePay makes mining attractive to everyone by making it possible to mine with your CPU again, by using algorithms which prevent the use of GPUs or ASICs, therefore making it accessible and approachable to everyone.
Generic Smart Contracts (GSC)
Proof of Giving (PoG)
Rob’s (lead dev) thought on PoG:
The goal is to create a friendly environment where the average user may download BiblePay and launch it in a plug-n-play environment. S/he can start mining without a learning curve. We hope PoG will reward miners fairly. If we can create an environment with positive member growth, we are creating a successful long term future for our orphans and community.
Masternodes – A node can simply be understood as a computer that plays a part in ensuring the integrity of a coin network. The crypto space is not only decentralized but also distributed; therefore it functions by several people running nodes from different parts of the world. That said, you require a full node to host a copy of the Blockchain(coins ledger) and thus support the network.
A Masternode is a crypto full node(computer wallet) that supports the network by hosting an entire copy of the coin’s ledger in real time. In return, the Masternode receives crypto coins as a reward. It is a great alternative to mining.
Masternodes are computers that run a BiblePay wallet and make decisions, such as locking transactions with InstaSend, coordinate mixing of coins, and voting on budget funding. Masternodes are required to have 4,500,001 BiblePay collateral,
a dedicated IP, and be able to run 24 hours a day without more than a 1 hr connection loss. Masternodes get paid 38.5% of the block reward on every block, which is distributed to masternodes one at a time.
Sanctuaries – BiblePay’s specific term for masternodes. See Masternodes.
InstantSend – This allows you to send coins where transactions will show 5 confirmations immediately if the masternodes agree this is a transaction they can vouch for. InstaSend (instant transactions). In contrast, Bitcoin takes about 10 minutes to confirm payment.
PrivateSend – PrivateSend (anonymous transactions). In contrast, Bitcoin transactions are totally public and traceable. Only the identity of the addresses is anonymous.
ChainLocks – ChainLocks is an extension of DASH’s InstantSend where transactions will immediately be associated to a block and can not be altered in the future through 51% attack (double spending) attack. Some say ChainLocks is automatic checkpointing for every block height announced on the block chain.
Decentralized Autonomous Organization: DAO . Decentralized Governance (masternodes govern, while the blockchain funds development). In contrast, Bitcoin is controlled by a few big miners and funded by 3rd party centralized institutions with self interests. A blockchain technology inspires organization or corporation that exists and operates without human intervention.
Proposals – Masternodes are also given voting rights on proposals. Each masternode has 1 vote and this vote can be used on budget proposals or important decisions that affect BiblePay.
Voting – With masternode (aka sanctuary), you can vote on proposals (yes, no, or abstain). If masternodes have a 10% net yes vote, the proposal passes and the funds are send to the receiving address when the monthly superblock occurs. This occurs every 30 block days for BiblePay (205 blocks x 30 = 6150 blocks ).
GINcoin.io – masternode host for BiblePay
Passive Income – Although altcoins try to market themselves as a utility, masternodes offer rewards based on you staking locked funds, in the form of a masternode. Masternodes offer consensus and other services like online node syncing, file storage services, etc. In return, they are given BiblePay rewards in a rotation.
Glossary for general crypto users
Definitions for cryptocurrency words
51% attack – If more than half the mining hash rate on a network is “owned” by a single person or a single group of people, then a 51% attack is possible. This means that this entity has full control of the network and can negatively affect a cryptocurrency by taking over mining operations, stopping or changing transactions, and double-spending (reusing) coins.
Litecoin mining is unprofitable lately. Some are gossiping that Litecoin is susceptible to a 51% attack. Most Litecoin miners have stopped mining and turned off their ASIC miners or selling them. Those available to rent hash power for Litecoin only compromise of 3% of the entire Litecoin mining hashrate. So, it would be impossible to perform a 51% attack.
One of the ways to disrupt a cryptocurrency’s blockchain to control 51% or more of the hash rate. This allows the 51% attacker to double spend funds by typically cheating exchanges. They deposit funds to an exchange, get access to it, by selling it for another cryptocurrency such as Bitcoin (BTC), Ethereum (ETH), or DASH. After the exchange funds are spent, the 51% attack re-organizes the transactions included in blocks to reverse or otherwise alter the previous blocks. This requires massive computing power and while extremely difficulty (“impossible”) on Bitcoin Core blockchain due the difficulty of the block chain, smaller coins with less hash power are easily susceptible to double spending attacks. In Jan 2019, Ethereum Classic (ETC) was a victim of double spend where criminals made off with over $1M USD worth of double spent crypto. Some estimate, this only required about $5k USD of rented cloud server resources to pull off this attack.
Address – Also known as a public key, this is a string of alphanumeric characters that represent a destination or origin from when and to cryptocurrencies are sent – all addresses are unique. This is also known as a public key.
Airdrop – A marketing campaign that distributes a specific cryptocurrency or token to an audience. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build the popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app or link.
A crypto airdrop is when a blockchain project distributes free tokens or coins to the crypto community. Airdrops are commonly used as a marketing strategy.
To be a recipient of an crypto airdrop often the only requirement is that you have coins from the relevant blockchain stored in your wallet. Examples of this format of airdrops are BiblePay, Stellar lumens and OmiseGo. The format of these crypto giveaways is usually like this: At a pre-announced time the project behind the event will take a ”snapshot” of the blockchain, and anyone holding Ether or Bitcoin at that point will receive a certain number of free tokens. This can also be done on other blockchains, but Ethereum and Bitcoin are the most used for this airdrop format.
Currently the most common crypto airdrops require a few simple social media task. These projects use an airdrop as a viral marketing technique.
Algorithm – a set of mathematical instructions or rules that need to be followed in problem solving. For example, the Amazon shopping algorithm instantly matches a user with their identified tastes. Similarly, and in much the same exact way, a cryptocurrency simply uses a mathematical algorithm to instantly record an immutable transaction on a blockchains ledger.
Altcoin – (Alternative coin) – A collective name given to all other cryptocurrencies that are not Bitcoin. These include BiblePay, Ethereum, Litecoin, Dash, etc. There are over 1500 cryptocurrencies that all developed after Bitcoin.
ASIC – Application-specific integrated circuit. A computer processing chip that is designed to perform 1 function and 1 function only. Most modern computers have multi-threaded CPUs that allow the computer to complete a range of tasks all at the same time, whereas an ASIC computer focusses only on 1 function. In the crypto space, an ASIC computer is used to mine Bitcoin. BiblePay’s algorithm (Proof of Bible Hash “PoBH”) is ASIC resistant.
ASIC Miner – A computer that contains an Application Specific Integrated Circuit chip that are used to mine for bitcoins. They may connect directly to a computer or network wirelessly or with the use of an ethernet cable.
Atomic Swaps – Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party. A relatively new piece of technology, atomic cross-chain trading is looking to revolutionize the way in which users transact with each other. For example, if Alice owned 5 Bitcoins but instead wanted 100 Litecoins, she would have to go through an exchange, i.e. a third-party. However, with atomic swaps, if Bob owned 100 Litecoins but instead wanted 5 Bitcoins, then Bob and Alice could make a trade. In order to prevent, for example, Alice accepting Bob’s 100 Litecoins but then failing to send over her 5 Bitcoins, atomic swaps utilizes what is known as hash time-locked contracts (HTLCs).
Hash time-locked contracts ensure that the atomic swap process is completely trustless by ensuring both fulfill the requirements of the trade. HTLCs require the recipient of a payment to acknowledge receiving payment prior to a deadline by generating a cryptographic proof of payment. Or the recipient risks losing the right to the claim the payment, therefore returning the funds back to the sender.
Therefore, for a trade between Alice and Bob to take place, both must submit their transaction to their respective blockchain, Alice on the Bitcoin blockchain and Bob on the Litecoin blockchain. In order for Alice to claim the 100 Litecoins sent from Bob, she must produce a number that only she knows, used to generate a cryptographic hash, therefore providing proof of payment. Similarly, in order for Bob to claim the 5 Bitcoins that was sent from Alice, he must also provide the same number, that was used to generate the cryptographic hash.
ATM, Crypto – Same as a traditional ATM machine to withdraw fiat currency, but instead you can use trade, buy, or sell cryptocurrency with the automated teller machine.
Bear Trap – This is a manipulation of a stock or commodity by investors. Traders who “set” the bear trap do so by selling stock until it fools other investors into thinking its upward trend in value has stopped, or is dropping. Those who fall into the bear tra will often sell at that time, fearing a further drop in value. At that point, the investors who set the trap will buy at the low price and will release the trap—which is essentially a false bear market. Once the bear trap is released, the value will even out, or even climb.
Bear Market – A market that is in a downtrend (prices are going down) The term relates to the direction that a bear attacks. (Bears attack by swiping downwards with their claws.)
Bitcoin – Bitcoin was founded in 2009 and is the most widely used crypto currency. It was supposedly created by the mysterious Satoshi Nakamoto, whose true identity is unknown and has yet to be verified. Bitcoin is not controlled by a centralized government or agency. The Bitcoin network is designed to mathematically generate no more than 21 million Bitcoins and was designed to regulate itself to deal with inflation.
Block – Blocks are digital files where data pertaining to a cryptocurrency network is permanently recorded. A block records some or all of the most recent transactions that have not yet entered any prior blocks. Thus a block is like a page of a ledger or record book. Each time a block is ‘completed’, it gives way to the next block in the blockchain. A block is thus a permanent store of records which, once written, cannot be altered or removed.
Block Time – Block time defines the time it takes to mine a block. The average block time of the network is evaluated after n number of blocks. With BiblePay, it is on every block (unlike Bitcoin). The difficulty level of the the Proof of Bible Hash will increase or decrease to average out to a block time of 7 minutes in BiblePay.
Blockchain – A series of linked databases which form the backbone of the Bitcoin backbone. It is a digital ledger in which transactions made in bitcoin are recorded chronologically and publicly.
Block explorer – a search engine for a cryptocurrency, block explorers allow you to query transactions, addresses and other information.
Block height – the number of completed blocks in the blockchain.
Block reward – The coins that are paid to the computer (or pool of computers that finds a working hash to complete a block in the mining process of cryptocurrencies.
Bollinger Bands – Bands that use historical data in a market to indicate possible volatility.
Brute Force Attack (BFA): A brute force attack (aka brute force cracking) are simple and reliable. Attackers let a computer do the work — trying different combinations of usernames and passwords until they find one that works. This is often why short passwords are not recommended to use a combination of numbers, upper case, lower, and special characters to make brute force attacks less useful.
BTC – BTC is a common unit used to designate one bitcoin.
Bug – an error in a computer program or system.synonyms:fault, error, defect, flaw, imperfection, failing, breakdown, virus, glitch, gremlin, snarl-up
Many cryptocurrencies, such as BiblePay, are forks of the original Bitcoin software and dated 2010. This original Bitcoin code, which is now nine years old, may still have corrupted files. Therefore…
Bull Market – A market that is in an uptrend. (Prices are going up) The term relates to the direction in which a bull attacks (horns low to the ground, a bull strikes upwards)
Central Point of Attack –
Coinmarketcap.com – Website for tracking market capitalization and trade volume of various cryptocurrencies. Market capitalization is calculated by multiplying price by total supply. Prices are calculated by averaging the prices at the major exchanges weighted by volume.
Cold Storage – Advanced approach. When you create a wallet offline and keep it offline and physically secure, you’ve effectively created cold storage. The wallet can be created by a permanently offline computer or by dice or coin flipping. This resists theft by hackers and malware, and is often a necessary security precaution, especially dealing with large amounts of cryptocurrency. When you want to spend coins from cold storage, you create and sign a transaction with your private key on the offline computer, then copy it to an online computer and broadcast the transaction without exposing your private key. For everyday use, it’s easier to use a regular wallet.
Confirmation – A transaction is only confirmed when it is included in a block on the blockchain, at which point it has one confirmation. Each additional block is another confirmation. Different exchanges require a different number of confirmations to consider a cryptocurrency transaction final.
Consensus – Consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that databases are exact copies of each other.
Crypto Currency – A cryptocurrency is a digital or virtual currency that uses advanced cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Cryptography – The process of using codes and ciphers to encrypt and decrypt sensitive information, messages or data.
dApp – decentralized application that exists on a blockchain. Dapps are renowned for having proven 100% uptime. Ethereum is the most well known cryptocurrency that has a dApp feature. Bitcoin also has limited dApp capability using OPCODES but it is harder to use and not as well liked/supported.
DASH – Formerly called DarkCoin, DASH (Digital Cash) is code base that BiblePay is based off of. Rob Andrews (aka Rob Halford) was formerly developer of GridCoin (GRC). He wanted to make GridCoin a masternode, but the community voted it down. So, he started BiblePay forking DASH to create a new masternode coin with a Christian values emphasis to support “orphans” (poor children).
DDoS – Distributed Denial of Service. A DDoS is a cyber attack utilizing many different computers to tie up the resources of a website or web service. Some Bitcoin exchanges have come under DDoS attacks.
Deflation – Unlike fiat currencies (e.g. US dollar), BiblePay has a deflationary emission rate of -1.5% every month (19% per year compounded deflation). That means the coins are emitted less and less in a predictable pace until reaching a hard limit, whereas fiat currencies are printed whenever the government needs it, therefore losing value each year.
Developer – Lead Coder, Programmer, Software Engineer
Double Spending – The act of spending the same bitcoins twice. The blockchain plus bitcoin mining exist to confirm all transactions and to prevent such fraud.
Exchange – Generally a central platform for exchanging different forms of cryptocurrencies. However some Exchanges are decentralized.
Typically, bitcoin exchanges are used to exchange cryptocurrency for traditional monetary units.
Encrypt Wallet – Secure your wallet with a password. Strongly recommended. If someone obtains your wallet.dat file, they cannot spend from it unless they have the password.
Escrow – An escrow is a contract where a third party receives and disburses money for the primary transacting parties. The disbursement is based on conditions agreed on by the transacting parties. Simple or complex smart contract features can be designed within the blockchain to become a trustless third-party.
Faucet – A reward system, in the form of a website or app, that dispenses tiny amounts of cryptocurrency, for visitors to claim exchange for completing a task. Faucets can help introduce new people, offering them some free coins so that they can ‘try before they buy’, experimenting with a test transaction or two before putting real money on the line. Since this whole experience is so new and a bit complicated to people, this is a beneficial way to promote digital currency and bring in new users.
“Most simply stated, a cryptocurrency faucet is a website that gives out small amounts of cryptocurrencies as a reward for doing small tasks. They’re called faucets because the rewards are quite small, like the dripping of water from a faucet, but in this case it is cryptocurrencies that are slowly dripping into your cryptocurrency wallet.”
Three faucets currently offered are by:
- FreeFaucet.io 21-30 BiblePay every 24 hours
- Graviex Faucet 10 BiblePay every 24 hours
- SouthXchange Exchange faucet 0.1 to 10 BiblePay every 3 hours
- pool.biblepay.org 100 BBP one time. 1
Fiat Currency – Fiat currency is money that a government has declared legal tender by fiat (order or decree). It is not backed up by any physical or tangle commodity (something that can be bought or sold). It’s value is strictly established by supply and demand. The US Dollar, British Pound, Euro, etc. are fiat currencies which became so after the abolishment of the gold standard.
FoMO – Fear of Missing Out – A mindset that causes people to purchase a stock based on the premise that they may miss out on a good thing.
Fork – a split resulting in a new (updated) version of the original cryptocurrency. Happens when there is a major update that requires a new version of software to be implemented.
Hard Fork – A complete change to the protocol used for a particular cryptocurrency. It is a complete divergence from the previous software version of the Blockchain for a cryptocurrency, and nodes running previous versions will no longer be accepted by the newest version.
Soft Fork – A change to the operating protocol for a cryptocurrency that is backward compatible, so older nodes that don’t upgrade will still function.
FUD – Fear, Uncertainty and Doubt – Rumours and misinformation that can have an affect on a stock or a crypto that causes people to sell their holdings. Sometimes distributed deliberately to cause confusion and lend an advantage to those who star the spread of information.
Full Node – a computer or server that hosts the entire blockchain. A bitcoin full node may required 300GB of storage to accomodate the blockchain. The Bitcoin blockchain has reached ~243 GB in size as of Sep 2019. The bitcoin blockchain is a distributed database that contains all Bitcoin transactions and records since its initial release in Jan 2009.
Genesis Block – The first block in the blockchain.
GPU – Graphic Processing Unit. Faster than CPU in some respects for mining cryptocurrency. Where an ASIC can not mine a coin, a GPU may be able to perform tasks faster than a CPU.
Hack – can have positive and negative connotations.
negative: use a computer to gain unauthorized access to data in a system: the Cryptopia.nz exchange was hacked and millions of dollars worth of ETH was lost.
negative: a piece of computer code providing a quick or inelegant solution to a particular problem:
A critic said, “this software code is a hack job.”
“The person that wrote this glossary post is a hack.”
Hacker – negative: a person who gains unauthorized access to data in a system.
positive: an enthusiastic and skillful computer programmer or user.
Halving – Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”. For instance, the initial reward for mining a BitCoin Block was 50 BitCoins, which was reduced to 25 in 2012 after the first “halving” and half again to 12.25 bitcoins after the next halving. This mechanism ensures a finite amount of coins are created for a crypto currency. The actual time span is not 4 years, but rather the amount of time taken to mine 210 000 blocks
Hash – come to agreement on something after lengthy and vigorous discussion. short for hashish.
A hash is a mathematical process that converts inputted data into a fixed length string, usually 32 characters. In the world of bitcoin, a hash must follow certain rules and formats and is formulated using very specific information, and must contain the previous hash and block information within itself together with some “dummy data” (a nonce) to produce a randomised hash. Not all hashes will be accepted. Even the slightest modification of the original input data would result in a completely different hash. A hash is “rehashed” thousands of times over per second until a suitable hash is found. The hash I created by the computers trying to find a suitable hash out of hundreds of thousands. Once a hash is created, it is then stored at the end of the blockchain. The computer that is responsible for submitting a working hash is allocated a reward in the form of bitcoin.
For example, if you run the SHA1 function on a file calleed hash.txt containing the following text has a hash of
A hash is a function that converts one value to another. Hashing data is a common practice in computer science and is used for several different purposes. Examples include cryptography, compression, checksum generation, and data indexing. Hashing is a natural fit for cryptography because it masks the original data with another value. A hash function can be used to generate a value that can only be decoded by looking up the value from a hash table.
Hash Rate – This is the measuring unit of the processing power of the whole Bitcoin network. The network must make difficult mathematical operations for the purpose of security. For example, when we speak about a hashrate of 1 Th/s, it means you are producing 1 trillion calculations per second.
Inflation – a general increase in prices and fall in the purchasing value of money.
mBTC – A bitcoin metric of 1 thousandth of a bitcoin (0.001 BTC).
Mining – Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle or algorithm. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin. (Source: Investopedia.com)
Mission – an important assignment carried out for political, religious, or commercial purposes, typically involving travel. the vocation or calling of a religious organization, especially a Christian one, to go out into the world and spread its faith.
Satoshi Nakamoto – The founder of Bitcoin and initial creator of the original Bitcoin client. Not much is known about him and his identity. Without him, BiblePay and other cryptocurrencies wouldn’t exist.
NIST 5 – Cybersecurity Framework’s five Functions: Identify, Protect, Detect, Respond, and Recover. https://www.nist.gov/cyberframework/online-learning/five-functions
Node – A computer that connects to a cryptocurrency network and helps to verify the Blockchain’s accuracy. See Full Node.
Paper Wallet – Advanced method. A special type of wallet for long term storage, not suitable for everyday use. If you want to make a BiblePay paper wallet, go to https://biblepaywallet.github.io/. It’s recommended to download the zip file from the bottom of the page and then use it on an offline computer. Important: When you want to spend from a paper wallet, you need to spend all of the coins, otherwise they may be lost.
Pool – When the hash rate is so high that solo mining will statistically take forever, you join a pool to join hash forces to earn a percentage of the pie.
Pre-Mine – When a new cryptocurrency is created, its founder may mine the blocks for a while before publicly revealing the cryptocurrency (when everyone else can mine and compete). Pre-mine is frowned upon and considered a bad practice. BiblePay was not pre-mined, therefore the founder has had to earn his coins like everyone else.
Private Key – A secret series of letters and numbers kept by the owner of the cryptocurrency that allows it to be spent by the owner. This should be kept secret at all times.
Proof of Work, Proof of Stake – Proof of work and proof of stake are 2 algorithms for reaching consensus across a blockchain – To ensure the safety, security, incorruptibility and anonymity of cryptocurrencies being traded without the need for a centralized database or bank, there needs to be a way prove your work (PoW) or prove that you have a stake (PoS)
Public Key – Your wallet address that you share with other people. A unique address consisting of numbers and letters that you give out to receive crypto currencies.
Reward – Block reward refers to the new coins that are awarded by the blockchain network to eligible cryptocurrency miners for each block they mine successfully.
Reddit – Social media site typically used by primarily by millennials or younger generation.
Roadmap – The broad outlook of a project with defined project deadline. A high level summary of the various project line items.
RPC Commands – Remote Procedure Call.
Satoshi – The smallest unit of a bitcoin currently available (0.00000001BTC). 8 decimal places.
Scam – A fraudulent or deceptive cryptocurrency or ICO.
Sell Wall – the sell order on an exchange when stacked together create a giant wall that buyers need to get through before traversing down to the next tier
Segwit (Segregated Witness) – an improvement to the core way Bitcoin handles transactions in order to make the Bitcoin network approve more transactions with each block.
Social Pay – Social payment is the use of social media to transfer money to another person or business. … Social payment is a useful tool for not only individuals but also businesses, which can either use existing services or create their own proprietary apps.
Stake / Staking – holding a cryptocurrency in your wallet for a fixed period, then earning interest on it. The reward that one earns from staking varies depending on the length of the time that they hold it. The longer the stake duration, the higher the returns.
Transactions – The list of transactions in your wallet or on a blockchain explorer.
Twitter – social media site.
UTXO – Unspent Transaction Output. Unspent output from transactions. Each transaction begins with coins used to balance the ledger. UTXOs are processed continuously and are responsible for beginning and ending each transaction.
Use case – A way to use a cryptocurrency in real world scenarios. For example, you can buy Subway gift cards using BiblePay.
Value – estimate the monetary worth of (something).
Wallet – A storage facility for cryptocurrencies. There are a number of different kinds of wallets; web wallets, desktop wallets, hardware wallets, mobile wallets, paper wallets and brain wallets.
Whitepaper – In the business context, white papers are long-form content designed to promote the products or services from a specific company. They are often used in cryptocurrency to detail the specifications of a particular altcoin and explains how it is unique from another altcoin.
Special thanks to togo, inblue, and countless BiblePay members for added definitions.
- As of Dec 2019: Welcome to the Biblepay PODC Faucet!
Reward Amount: 100 BBPRequirements:
You must have a CPID that has not been paid by the faucet previously
You must have more than 100 RAC in either Rosetta@Home or World Community Grid
You must not be in any biblepay superblock as a researcher
Your IP must not have received a faucet reward in the past