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Thursday, May 6, 2021
FUDster: Defined in CryptoCurrency
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Full Node: Defined in CryptoCurrency
Full Node: Defined in CryptoCurrency
A full node is defined as a computer that has a complete, current copy of the blockchain software.
A node is defined as any computing device (computer, phone, etc.) that is maintaining a network. Cryptocurrencies are supported by a network of computers each keeping a digital record of the data known as a blockchain.
A computer, a phone, or any other computing device that can receive, transmit, and/or contribute to the blockchain is a node.
When talking about blockchain technology, we have two types of full nodes:
- A full node that maintains an entire copy of the blockchain program and also receives, records, verifies, and transmits transactions on the blockchain. This process is known as “mining”.
- A full node that only receives and transmits transactions on the blockchain program. This process is passive and relies on a mining full node for updates.
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Gains: Defined in CryptoCurrency
Gains: Defined in CryptoCurrency
Gains are defined as increases in value. When used to describe cryptocurrency, it is an increase in value and profit.
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Gas: Defined in CryptoCurrency
Gas: Defined in CryptoCurrency
Gas is a small amount of ethereum paid to people who use their computers to record transactions and do other software actions.
Gas is calculated by multiplying a very small amount of ethereum, known as gas price or gwei, and multplying that by how much gwei you want to spend known as gas limit.
Because 1 ethereum = 1 billion (1,000,000,000) gwei, gas costs are usually very small, around several dollars. If the amount of gas is insufficent to complete the work, the work will fail. On the other hand, you can pay a bit more gas and expect the computers to complete your task sooner.
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Gas Price: Defined in CryptoCurrency
Gas Price: Defined in CryptoCurrency
Gas price is a very small amount of ethereum and it is multiplied by an amount known as gas limit to pay people to record transactions and do other software actions.
If the amount of gas is insufficent to complete the work, the work will fail. On the other hand, you can pay a bit more gas and expect the computers to complete your task sooner.
Gas is calculated by multiplying a very small amount of ethereum, known as “gwei” and “gas price”, and multplying that by how much you want to spend, known as the “gas limit”.
The very small amounts of ethereum used in gas price are known as gwei. 1 ethereum = 1 billion (1,000,000,000) gwei. A typical gas price is 20 gwei, but it can go as high as 50 during peak usage and as low as 2 gwei for a slower transaction.
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Gdax.com: Defined in CryptoCurrency
Gdax.com: Defined in CryptoCurrency
Gdax or GDAX is short for General Digital Asset Exchange, it is a cryptocurrency exchange company owned by Coinbase. Gdax provides more advanced tools than Coinbase for people who want to regularly trade cryptocurrencies.
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Genesis Block: Defined in CryptoCurrency
Genesis Block: Defined in CryptoCurrency
A blockchain is a digital book of records where each new page made in that book is what is known as a “block”. Those blocks are connected in one group known as the blockchain. The first block in a blockchain is known as the genesis block.
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