Glossary

LimeChain Glossary

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  • The launch of the Beacon Chain on December 1, 2020, marked the beginning of Ethereum’s transition to Proof of Stake.
  • The granddaddy of all cryptocurrencies, Bitcoin was first proposed by Satoshi Nakamoto. It was conceived as an alternative system for electronic payments.
  • A block is the fundamental component of any blockchain. It's a data structure that stores records of transactions. When multiple blocks are cryptographically chained together we call that larger data structure a blockchain. Crucially, each new block can only be added to the endpoint of the chain, thus appending the chain without changing the existing record.
  • A blockchain is a distributed ledger designed to store the transactional history of a peer-to-peer network. The transaction data is recorded in so called data blocks, which are cryptographically chained together, hence the name blockchain. A blockchain ledger cannot be altered, only appended, as new blocks can only be added to the end of an existing chain. Blockchains employ consensus mechanisms that manage how new blocks are created and approved.
  • A numerical value that reflects how many blocks have already been added to a blockchain network before a particular block. For example, the block height of the genesis block of a blockchain is zero, because there are no blocks that precede it. Block height is an important identifier for blocks and can be used to measure the rate at which new blocks are added to a blockchain.
  • Byzantine Fault Tolerance is the ability of  a distributed system to remain operational even if a number of its nodes are faulty or otherwise compromised. As highly decentralized, distributed systems, blockchain networks need to have Byzantine fault tolerance to ensure reliable and secure service. This is why the most prominent blockchain consensus mechanisms like Proof of Work and Proof of Stake are designed to achieve BFT.