Application-Specific Integrated Circuit (ASIC)
By CoinGecko | Updated on Mar 03, 2020
Application-Specific Integrated Circuit (ASIC) refers to computer equipment which are specialized for a specific use, rather than general use. An example of ASIC would be Bitcoin mining machines that are made to solve the SHA-256 algorithm repeatedly and in orders of magnitude quicker than general use hardwares (eg. graphic cards).
Initially developed only for the Bitcoin algorithm, the development, sale and usage of ASIC quickly became a lucrative industry as it expanded to cover many other cryptocurrencies.
It is worth noting that ASICs are not used only in the crypto scene - appliances that are made to do specific functions can also be equipped with ASIC chips for efficiency purposes.
Related Terms
Non-custodial
It is a decentralized type-of-wallet, where the users owns its private keys.
Encryption
In cryptography, encryption is a process of encoding information the original form of information called plaintext via an algorithm called cipher. The encrypted message is now called ciphertext. Only authorized parties can decipher the ciphertext and convert back it to the original plaintext.
Stale Block
Double mined blocks that are not included in the blockchain.
Mnemonic Phrase
A mnemonic phrase (also known as mnemonic seed, or seed phrase) is a list of words used in sequence to access or restore your cryptocurrency assets.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.