Blockchain is a distributed database existing on multiple computers at the same time. It is constantly growing as new sets of recordings, or ‘blocks’, are added to it. Each block contains a timestamp and a link to the previous block, so they actually form a chain.
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
This phrase gives you permanent access to your funds and, therefore, is the most important thing to take care of. 12-word seed phrase can help you to recover your funds if you ever lose access to the wallet on the device the wallet is installed on. Anyone who discovers the phrase would be able to steal your funds.
51% attack refers to an attack on a blockchain – usually bitcoin’s, for which such an attack is still hypothetical – by a group of miners controlling more than 50% of the network’s mining hashrate, or computing power.
Ethereum is a global, open-source platform for decentralized applications. On Ethereum, you can write code that controls digital value, runs exactly as programmed, and is accessible anywhere in the world.
Every transaction or smart contract executed on the Ethereum blockchain requires gas. Gas, is a fraction of an Ethereum token, and is used by the contract to pay the miners securing that transaction on the blockchain for their efforts.
A blockchain’s infrastructure is built on blocks of data. These blocks of data are stored on nodes, and a full node is a device that registers the log of transactions of the blockchain. Nodes are vital to maintaining the integrity of a blockchain. More simply, a node is just a copy of the blockchain that exists on any device..
API stands for Application Programming Interface. This means that APIs are building blocks on which developers can create new programs and serve as intermediaries for applications to communicate and connect with other applications. An API creates a hook for colleagues or third-party developers to access data and services to build applications. It is a form of contract that connects providers and consumers in an efficient way.