𝗧𝗵𝗲 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 𝗡𝗮𝗺𝗲 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 (𝗘𝗡𝗦) is a distributed, open, and extensible naming system based on the Ethereum #blockchain.
ENS’s job is to map human-readable names like ‘Alice.eth’ to machine-readable identifiers. 🌐
ENS has similar goals to DNS, the Internet’s Domain Name Service, but has a significantly different #architecture due to the capabilities and constraints provided by the Ethereum blockchain. Like DNS, ENS operates on a system of dot-separated hierarchical names called domains, with the owner of a domain having full control over subdomains.
Oracles provide a way for the #decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations.
Given the extensive range of off-chain resources, blockchain oracles come in many shapes and sizes.
Not only do hybrid #smartcontracts need various types of external data and computation but, they require various mechanisms for delivery and different levels of security. 🔐
An “Ethereum Request for Comments” (ERC) is a document that programmers use to write #smartcontracts on the Ethereum #Blockchain. These documents describe the rules that #Ethereum-based tokens must follow.
𝗘𝗥𝗖-𝟭𝟭𝟱𝟱: standard on Ethereum that allows efficient transfer of fungible and non-fungible tokens in a single transaction (NFT + #cryptocurrencies in a single transaction). 💰
In the #cryptocurrency industry, halving refers to the process that reduces the rate at which new coins are issued.
More specifically, halving is the periodic reduction of the block reward provided to miners. 📉
Halving ensures that a cryptographic asset follows a constant rate of issuance until it reaches its maximum supply.
An update to the network’s code that does not disrupt the operation of the previous version of the software and is backward compatible with earlier versions.
A radical change to a blockchain network’s protocol that effectively results in two branches, one that follows the previous protocol and one that follows the new version.
The hash rate is the unit of measurement that allows us to understand the processing power of the #Bitcoin network. In the creation of BTC, each #miner uses different hardware to which a particular computing speed corresponds.
The higher the latter, the faster the miner can send the correct input and mine Bitcoin.