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Blockchain & Cryptocurrency Fundamentals

72 cards · 🇺🇸 English

How blockchain and cryptocurrencies work, from blocks to distributed ledgers.

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Cryptocurrency

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1Cryptocurrency
A digital currency designed to work through a computer network without relying on a central authority like a government or bank
2First cryptocurrency
Bitcoin, released as open-source software in 2009
3Blockchain
A continuously growing list of records (blocks) linked and secured using cryptography, forming a distributed ledger
4Block in blockchain
A record containing a hash pointer to the previous block, a timestamp, and transaction data
5Distributed ledger
A database that is consensually shared and synchronized across multiple sites, institutions, or geographies
6Decentralization in cryptocurrency
No central authority controls the system; it's maintained through distributed consensus among network participants
7Mining in cryptocurrency
The process of validating transactions and adding them to the blockchain in exchange for cryptocurrency rewards
8Proof-of-work (PoW)
A consensus mechanism requiring miners to solve complex computational problems to validate transactions
9Proof-of-stake (PoS)
A consensus mechanism where validators are chosen based on the amount of cryptocurrency they hold and stake
10What hash function does Bitcoin use?
SHA-256 (Secure Hash Algorithm 256-bit)
11Cryptocurrency wallet
A digital tool for storing public and private keys to receive and spend cryptocurrency
12Private key
A secret cryptographic code that allows the owner to access and spend their cryptocurrency
13Public key
A cryptographic code that serves as an address for receiving cryptocurrency, shareable with others
14Cryptocurrency node
A computer that connects to the cryptocurrency network, hosting a copy of the blockchain and validating transactions
15Bitcoin halving
An event occurring approximately every 4 years where Bitcoin mining rewards are cut in half, controlling supply
16Maximum supply of Bitcoin
21 million bitcoins - a hard cap defined in the protocol
17Altcoin
Any cryptocurrency other than Bitcoin (alternative coin)
18Ethereum
The second-largest cryptocurrency featuring smart contract functionality for decentralized applications
19Smart contract
Self-executing contracts with terms directly written in code that run on a blockchain
20Stablecoin
A cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the US dollar
21Memecoin
A cryptocurrency originating from internet memes or jokes, known for extreme volatility (e.g., Dogecoin)
22Dogecoin
A memecoin featuring the Shiba Inu dog from the Doge meme, created as a joke but gaining significant following
23Litecoin
An altcoin released in October 2011 using scrypt hashing and faster block processing (2.5 minutes vs Bitcoin's 10)
24Consensus mechanism
A protocol that ensures all nodes in a blockchain network agree on the current state of the distributed ledger
25Byzantine Fault Tolerance
The ability of a distributed system to reach consensus even when some nodes fail or act maliciously
26Hash
A fixed-size string of characters produced by a cryptographic function from input data, used to verify integrity
27Hash rate
The computational power used in mining, measured in hashes per second (typically TH/s - terahashes per second)
28Double-spending
A potential flaw where the same digital currency is spent twice; blockchain prevents this through consensus
2951% attack
When a single entity controls more than half of a blockchain's computing power, potentially enabling manipulation
30Cryptocurrency exchange
A platform for trading cryptocurrencies for fiat money or other digital currencies