Vocabulary for Describing Blockchain and Cryptocurrency
At the end of the lesson, the student will be able to better understand and describe the basics of blockchain and cryptocurrency.
In this lesson, we will be covering the basics of blockchain and cryptocurrency, and learning the vocabulary used to describe them.
Definitions of blockchain and cryptocurrency:
Blockchain: A digital ledger system to store and record information, which is decentralized and distributed across a group of users or computers.
Cryptocurrency: A digital asset or form of virtual money, which uses strong cryptography for security and is difficult to counterfeit.
Decentralized: Not controlled by a single authority or institution.
Distributed: Spread out or shared among a group of users or computers.
Strong cryptography: A powerful form of encryption that is used to protect data.
Digital ledger: A database stored on a computer which records information.
Virtual money: A form of money that is not physical, often used online.
Counterfeit: To make a copy of something in order to defraud or deceive.
In this lesson, we learned the basics of blockchain and cryptocurrency, along with the vocabulary used to describe them. Blockchain is a digital ledger system that is decentralized and distributed across a group of users or computers, and cryptocurrency is a digital asset or form of virtual money which is secured by strong cryptography. Key vocabulary included: decentralized, distributed, strong cryptography, digital ledger, virtual money, and counterfeit.