Blockchain Group Technology

❓ What does it mean❓ ☞ 🐾 📑

⇢
These algorithmic contracts have predefined conditions, so they can automatically trigger actions if these conditions are fulfilled. They form the basic structure for the performance of contracts from machine to machine — and are just the beginning of a new development towards so-called Decentralized Autonomous Organizations ( ). These are based on and are autonomously performing organizations which are guided by algorithms without human supervision.

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❓ What does it mean❓ ☞ 🐾 ⚡️

⇢ protocols attempt to bypass the resource-intensive processes of →Proof of Work. In other words, a system forms the basis for a second layer which only very rarely talks to this slow, very complex and very secure layer. This system behaves like a framework contract. The framework contract applies to the more expensive and slow system. In the case of flexible requirements which call for less security, individual processes can run on a second system (the second layer) which only rarely carries out back-checking. So the system achieves greater cost efficiency and more transactions.

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❓ What does it mean❓ ☞ of ( ) 🐾 ☀️

⇢ is an optimized →Proof of Stake model in which identity replaces shares in the network. So-called validators are here selected by reputation, which requires high standards and thorough checking in selection. The transaction speed rises in comparison with . In theory, users have better control of their data at the same time. The disadvantage of better control is that some of the benefits of are lost.

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❓ What does it mean❓ ☞ of Stake ( ) 🐾 💫

⇢ is an alternative consensus-finding mechanism to the “classic” →Proof of Work. The probability of block generation by a user here rises with their value share of the network. The advantages of PoS: less computing power is used, block generation in the is faster, transaction speed is increased. Disadvantage: less than .

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❓ What does it mean❓ ☞ of ( ) 🌐 🐾

⇢ Proof of Work guarantees the security of the system by resource-intensive transmission and validation of a multiplicity of data between the different users in the system. The is defined by the extensive calculation of complex computation tasks — difficult to perform but simple to check. This mining leads to a trustworthy, consensus and at the same time, by creating digital ( ), guarantees the reward for these . The system can only be manipulated if a user owns more than 50% of the computing power and their system permanently works faster than the systems of the other users. It is impossible to fulfil these two conditions together. As well as the PoW process, there are further methods of ensuring consensus (→Proof of Stake, →Proof of Authority, →Second Layer).

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❓ What does it mean❓ ☞ 💥

⇢ stands for “Peer-to-Peer”. In a “ ” system, all participants interact directly with each other with equal authority. They use and simultaneously provide the services of the . So there is no need for a third party to perform checks, such as, for example, a bank or notary.

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❓ What does it mean❓ ☞ ✨

⇢ Consensus processes are designed to protect against manipulation. In a consensus process, the network data are exchanged automatically when a transaction is to be recorded. Each works with its own consensus-finding mechanism. In the case of , which forms the basis of the , a is only validated and its value attached to an existing block if the majority of connected users signal that the data within the block are identical. (See → Proof of Work, →Proof of Stake, →Second Layer)

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❓ What does it mean❓ ☞ 🌟

⇢ The distributed ledger as a platform allows the creation, management and ex*****on of digital programs such as, for example, → using a blockchain technology.

is the second largest cryptocurrency platform by market capitalization, behind Bitcoin. It is a decentralized open source blockchain featuring smart contract functionality. is the generated by miners as a reward for computations performed to secure the .

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❓ What does it mean❓ ☞ 💎

The most important terms from the world of distributed ledger technologies explained.
⇣

The best-known digital shares the process of electronic creation and singular custody in the digital world with other . Cryptocurrencies such as are not regulated centrally or by governments, and are mined decentrally by a network with computer calculation power following a mathematical algorithm (→Proof of Work).

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● Economic device

autonomous IoT devices enter into binding agreements and act as own legal entities