Decentralized
By CoinGecko | Updated on Mar 03, 2020
Describes a system where there are no centralized points of failure (eg. a pillar that holds an entire structure up), or an organization that has no central authority figure. Bitcoin is an example of a decentralized system.
Related Terms
Node
Within the blockchain network, the nodes are computers that connect to the network and have an updated copy of the blockchain
Distributed Ledger
Ledgers whose data is stored and synced across a network of nodes.
Derivatives
A financial instrument which derives its value from the performance of an underlying asset or index (eg. gold, crude oil)
Nonce
Abbreviation for ‘number only used once’ It is of vital importance next to the hash in the verification of data from the Bitcoin blockchain network.
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