DigitalCoinHive figured that it would be a good thing to break down some basic terms in the crypto industry. Here are a few different ones below:

Blockchain: The term “blockchain” refers to a distributed ledger technology that records transactions across multiple computers in a way that makes them tamper-resistant and transparent. It consists of a chain of blocks, each containing a list of transactions. Once a block is completed and added to the chain, it becomes part of a permanent database and is virtually impossible to alter retroactively without the alteration of all subsequent blocks, which requires the consensus of the network majority.

Cryptocurrency: A digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability.

Digital Coin: A digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value, and exists in electronic form. Digital coins are often synonymous with cryptocurrencies.

Miners: In the context of cryptocurrency, miners are participants in a blockchain network who use computational power to solve complex mathematical puzzles that validate and secure transactions. Once a miner successfully solves a puzzle, they add a new block of transactions to the blockchain and are rewarded with newly created cryptocurrency and transaction fees. This process is known as mining and plays a vital role in maintaining the integrity and security of the blockchain network.

The term “blockchain” comes from its structure: it’s composed of individual blocks of data, each containing a list of transactions, which are linked together in a chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This structure ensures that the data in any given block cannot be altered without changing all subsequent blocks, making the blockchain resistant to tampering and providing a transparent and immutable record of transactions.