Centralized
By CoinGecko | Updated on Mar 03, 2020
An organization structure wherein a small handful of actors have control over the entire network. In the context of Bitcoin, it is usually used to describe the centralization of mining power that has been concentrated in the hands of major mining equipment producers.
Related Terms
Arbitrage
A strategy where investors buy a currency in a market and sell it at a higher price in another market to gain profit.
Scrypt
one of the hashing algoritm used in proof-of-work protocol, scrypt requires more memory in order to performing mining functions
Microtransaction
Microtransaction is a system that made very small payments possible in buying the common digital goods and services, such as purchasing items in a game.
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.
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