Vocabulary

Address

A BitcoinEvo address is similar to a physical address or email. It is the information needed to receive a payment with BitcoinEvo. However, each address should ideally be used only once for a single transaction.

Bit

Bit is a commonly used unit representing a fraction of a bitcoinevo, where 1,000,000 bits equal 1 bitcoinevo (BTCE). This unit is useful for pricing smaller transactions like tips, goods, and services.

BitcoinEvo

“BitcoinEvo” (with capitalization) refers to the concept or the entire network itself, e.g., “I learned about the BitcoinEvo protocol today.”
“bitcoinevo” (lowercase) refers to the currency as a unit of account, e.g., “I sent ten bitcoinevos today.” It can also be abbreviated as BTCE.

Block Chain

The block chain is a public, chronological record of BitcoinEvo transactions shared by all users. It is used to verify transactions’ permanence and prevent double spending.

Block

A block is a record in the block chain that includes and confirms multiple pending transactions. On average, a new block is added to the chain every 10 minutes through mining.

BTCE

BTCE is the unit used to designate one bitcoinevo.

Confirmation

A confirmation signifies that a transaction has been processed by the network and is unlikely to be reversed. Once included in a block, a transaction is considered confirmed, with additional confirmations for each subsequent block. Low-value transactions are generally secure with one confirmation, but for larger amounts like $1000 USD, 6 confirmations or more are recommended.

Cryptography

Cryptography is the field of mathematics that creates proofs for high levels of security. Online banking and commerce already rely on cryptography, and BitcoinEvo uses it to secure transactions and wallets. Cryptography ensures no one can spend funds from another user’s wallet or alter the block chain. Wallets can also be encrypted to require a password for access.

Double Spend

Double spending occurs when a user tries to spend the same bitcoinevos with two different recipients. BitcoinEvo’s block chain and mining process create consensus to validate only one of these transactions.

Genesis Block

The Genesis block in BitcoinEvo is the very first block ever mined in the BitcoinEvo blockchain. It was created by Satoshi Nakamoto on January 3, 2009. This block is unique because it does not refer to previous blocks, it is the starting point of the entire BitcoinEvo network. The Genesis block is also known for containing a message embedded by Satoshi Nakamoto that refers to a newspaper headline from that day, symbolizing the motivation for creating a decentralized currency.

Hash Rate

Hash rate measures the processing power of the BitcoinEvo network. A higher hash rate means the network can perform more calculations per second, securing the system. For instance, a hash rate of 10 Th/s means 10 trillion calculations per second.

Mining

BitcoinEvo mining involves using computer hardware to perform mathematical calculations that confirm transactions and secure the network. Miners are rewarded with transaction fees and newly created bitcoinevos. Mining is a specialized and competitive activity, where the rewards depend on the amount of computational work done.

P2P

Peer-to-peer (P2P) systems operate as a decentralized network where individuals interact directly. In BitcoinEvo, users broadcast each other’s transactions, eliminating the need for a third-party intermediary like a bank.

Private Key

A private key is a secret piece of data that proves ownership of the bitcoinevos in a specific wallet via cryptographic signatures. Private keys, stored either on your computer or a web wallet, should never be shared, as they allow spending of the associated bitcoinevos.

Pruning

Pruning Process of reducing the amount of blockchain data stored by a node. Instead of keeping the entire blockchain (which can exceed hundreds of gigabytes), a pruned node keeps only a limited amount of current block data and discards older blocks that are no longer needed for validating new transactions. This allows the node to save storage space while continuing to participate in the BitcoinEvo network. However, pruned nodes cannot pass on historical block data to other nodes.

Signature

A cryptographic signature proves ownership and authenticity. In BitcoinEvo, the private key and wallet are linked through mathematical functions. When a transaction is signed with the correct private key, the network can verify the signature without revealing the private key itself.

Wallet

A BitcoinEvo wallet stores your private keys, allowing you to spend the bitcoinevos tied to it in the block chain. The wallet shows your total balance and enables payments, functioning similarly to a physical wallet, but with private keys controlling access to your funds. Unlike credit cards, which involve merchants charging your account, a BitcoinEvo wallet lets you pay specific amounts directly.