Blockchain One Zero One Inshort

ASIC

ASIC stands for Application-Specific Integrated Circuit. They are electronic silicon chips designed for a very specific intention, created to perform a repeated function very efficiently – as opposed to general-purpose chips which can perform multiple functions but less efficiently such as GPUs or CPUs. ASICs are specially made for mining and may offer power savings.

BITCOIN

Bitcoin is a virtual currency or cryptocurrency, that’s controlled by a decentralized network of users and isn’t directly subject to the whims of central banking authorities or national governments.

Although there are many cryptocurrencies in active use today, it is by far the most popular and widely used and accepted. It was created by a person under the pseudo-name of Satoshi Nakamoto. Whenever a transaction occurs it is recorded on the blockchain.

A copy of this blockchain is present with every user/node and this transaction is visible to them. Cryptography plays an important role here as it prevents data tampering.

CONSENSUS

Consensus is an active way of reaching accordance in a group. While in the case voting, it just settles down for a majority rule without any thought for the feelings and well-being of the minority, a consensus, on the other hand, makes sure that an agreement is reached which could be in the interest of the entire group as a whole.

Ideally, consensus can be used by a group of people scattered around the world to create a more equal and fair society.

ETHEREUM

Ethereum is an open source, software programe that similar to Bitcoin that uses blockchain technology. Although it’s considered as a cryptocurrency, it is more than a cryptocurrency.

It is a distributed ledger technology that companies and organizations are using to build new programs — so it’s perfect for innovating, enabling developers to write smart contracts and to build decentralized applications. FYI: Ethereum’s digital asset is an Ether.

GENESIS BLOCK

The first and the initial block in a blockchain is called the Genesis Block. It’s the only block in a blockchain that does not refer to a previous one and is generally assigned either number 0 or 1.

The genesis block is also a key part of Satoshi Nakamoto’s story, with the first-ever block mined on the 3rd of January 2009. The genesis block is part of an initial stockpile of Bitcoin that has never been touched, it is also rumoured to be owned by the real Satoshi Nakamoto and is currently valued at more than half a billion dollars.

HASH

It is that part of the code that is responsible for linking of one block to another. Hashes are an important tool for mining. The use of Hashes is to verify transactions and act as the timestamped links between the chain.They are also used as the basis of creating cryptocurrencies around real-world assets and in developing smart contracts.

SMART CONTRACTS

Smart contracts are used in protecting Intelectual Property and digital rights management, manufacturing and delivery of physical goods, networking and data transfer, and even 3D printing.

Smart contracts are also an important part of why banks and financial institutions are implementing blockchain technology. They’re used a lot by the R3 consortium and by Ethereum Foundation for different applications, and Ethereum has even developed its own Turing-complete programming language called Solidity to code smart contracts.