From c1e03f85ed67f32f3dc280852a2f385bc3ce07cf Mon Sep 17 00:00:00 2001 From: rating89us <45968869+rating89us@users.noreply.github.com> Date: Sat, 6 Mar 2021 21:27:45 +0100 Subject: [PATCH] glossary: block reward, coinbase reward, mining reward --- glossary.asciidoc | 20 +++++++++++++------- 1 file changed, 13 insertions(+), 7 deletions(-) diff --git a/glossary.asciidoc b/glossary.asciidoc index 45b582c9..b02872aa 100644 --- a/glossary.asciidoc +++ b/glossary.asciidoc @@ -18,16 +18,19 @@ block:: blockchain:: A list of validated blocks, each linking to its predecessor all the way to the genesis block. +block reward (aka coinbase reward):: + An amount included in each new block as a reward by the network to the miner who found the Proof-of-Work solution. Approximately every four years, or more accurately every 210,000 blocks, the block reward is halved. It is currently 6.25 BTC per block. + Byzantine Generals Problem:: A reliable computer system must be able to cope with the failure of one or more of its components. A failed component may exhibit a type of behavior that is often overlooked--namely, sending conflicting information to different parts of the system. The problem of coping with this type of failure is expressed abstractly as the Byzantine Generals Problem. -coinbase:: - A special field used as the sole input for coinbase transactions. The coinbase allows claiming the block reward and provides up to 100 bytes for arbitrary data. - Not to be confused with Coinbase transaction. +coinbase (aka coinbase data):: + A special field used as the sole input for coinbase transactions. The coinbase data field allows claiming the block reward and provides up to 100 bytes for arbitrary data. + Not to be confused with coinbase transaction or coinbase reward. coinbase transaction:: The first transaction in a block. Always created by a miner, it includes a single coinbase. - Not to be confused with Coinbase. + Not to be confused with coinbase (coinbase data) or coinbase reward cold storage:: Refers to keeping a reserve of bitcoin offline. Cold storage is achieved when Bitcoin private keys are created and stored in a secure offline environment. Cold storage is important for anyone with bitcoin holdings. Online computers are vulnerable to hackers and should not be used to store a significant amount of bitcoin. @@ -70,6 +73,9 @@ fork:: genesis block:: The first block in the blockchain, used to initialize the cryptocurrency. +halving:: + A halving event occurs when the block reward is cut in half, which happens approximately every four years (or precisely every 210,000 blocks). Bitcoin already had three halving events: in 2012 (from 50 to 25 BTC), in 2016 (from 25 to 12.5 BTC), and in 2020 (from 12.5 to 6.25 BTC). + hard fork:: Hard fork, also known as Hard-Forking Change, is a permanent divergence in the blockchain, commonly occurs when non-upgraded nodes can’t validate blocks created by upgraded nodes that follow newer consensus rules. Not to be confused with fork, soft fork, software fork or Git fork. @@ -119,6 +125,9 @@ merkle tree:: miner:: A network node that finds valid proof of work for new blocks, by repeated hashing. +mining reward:: + The reward miners receive in return for the security provided by mining. Includes the new coins created with each new block, also known as a block reward or coinbase reward, and the transaction fees from all the transactions included in the block. + multisignature:: Multisignature (multisig) refers to requiring a minimum number (M) of keys (N) to authorize an M-of-N transaction. @@ -185,9 +194,6 @@ Proof-of-Stake:: Proof-of-Work:: A piece of data that requires significant computation to find. In bitcoin, miners must find a numeric solution to the SHA256 algorithm that meets a network-wide target, the difficulty target. -reward:: - An amount included in each new block as a reward by the network to the miner who found the Proof-of-Work solution. It is currently 6.25 BTC per block. - RIPEMD-160:: RIPEMD-160 is a 160-bit cryptographic hash function. RIPEMD-160 is a strengthened version of RIPEMD with a 160-bit hash result, and is expected to be secure for the next ten years or more.