Bitcoin futures officially entered the historical stage, enhancing market liquidity and increasing regulatory scrutiny. Although concerns about a potential Bitcoin bubble remain, the underlying blockchain technology has gained widespread recognition among investors and the market. So, do you really understand cryptocurrencies? What exactly is blockchain? How are tokens generated? Sea Whale Finance has created a comprehensive cryptocurrency dictionary for you, covering everything from the basics of blockchain to more advanced terms like “qi.†This guide will help you stay ahead in the blockchain trend and never be left behind.
**Blockchain**
**Related terms:** Data blockchain, blockchain technology
**Background:** Blockchain technology originated with the mysterious figure known as Satoshi Nakamoto. In 2008, he introduced the concept of blockchain in the Bitcoin whitepaper and launched the Bitcoin network in 2009 with the creation of the "Genesis Block." Since then, numerous Bitcoin-like digital currencies have emerged, all built on public blockchains. The evolution of blockchain can be compared to the development of the Internet. One day, something similar to the finance-internet may emerge — a system based on blockchain. Its precursor was Bitcoin. Traditional finance began with private or consortium chains (like a local area network), while the Bitcoin ecosystem started with public chains (like a wide area network), both converging on the same vision: an intelligent financial world based on digital assets.
Figure: Simplified Bitcoin Blockchain
**Explanation:** A blockchain is a decentralized, peer-to-peer network that uses distributed databases to verify, propagate, and record information. It is essentially a public ledger that permanently stores records of digital transactions. The consensus mechanism is a mathematical algorithm that establishes trust and defines rights within the network. Each block in the blockchain contains data about a transaction on the Bitcoin network, ensuring its authenticity and enabling the creation of the next block.
**Application:** Blockchain is a technical solution for maintaining a reliable database through decentralization and eliminating the need for intermediaries. Its value has been demonstrated by various cryptocurrencies, and in the future, it could revolutionize not only technology and internet finance but also daily life. Potential applications include smart contracts, stock trading, e-commerce, the Internet of Things, social communications, file storage, proof of existence, authentication, and equity crowdfunding.
**Cryptocurrency**
**Related terms:** Digital currency
**Background:** David Chaum first proposed an untraceable cryptographic online payment system in 1982. In the 1990s, he expanded his ideas into the early concept of electronic cash, later known as E-Cash. In 1998, Wei Dai introduced "b-money," an anonymous, distributed electronic cash system. Around the same time, Nick Szabo developed "Bit Gold." In 2008, Satoshi Nakamoto described the Bitcoin electronic cash system. On January 3, 2009, the Bitcoin network was launched, making it the first cryptocurrency.
**Explanation:** Cryptocurrency is a form of digital currency that uses cryptography to secure transactions and control the creation of new units. Unlike traditional money, it is not issued by a central bank and operates on open-source code. It is generated through computational processes and secured using cryptographic methods. Only the real owner can transfer or use it. The decentralized nature of cryptocurrencies comes from their reliance on blockchain technology and distributed ledgers.
**Application:** One of the key differences between cryptocurrencies and traditional currencies is their limited supply, which makes them scarce. Because the total number of coins is fixed, mining becomes more difficult over time, leading to increased value. This scarcity helps protect user data and privacy. Examples of cryptocurrencies include Bitcoin, Ethereum, Ripple, and Dogecoin.
Figure: Technology stack for cryptocurrency
**Token**
**Background and Explanation:** In general, a token is a physical or digital object that resembles a coin but has limited use. Tokens are often exchanged for money and used in specific places like shops or transit systems. In the context of cryptocurrency, a "token" refers to a digital asset built on top of a blockchain, such as Bitcoin. These tokens represent value and can be transferred between users. They serve as a way to represent ownership or access to certain services within a blockchain ecosystem.
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