blockchain

How blockchains actually work: blocks, nodes, consensus, forks and the networks behind the coins you can buy in Iraq. Written for readers who want the mechanics explained plainly, without hype.

Crypto Glossary 100 terms

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Smart Contract

A self-executing protocol on a blockchain that automatically carries out the terms of a contract when specific conditions are met, without the need for a third party. Full definition

Mining

The process of clumping transactions together in blocks and adding them to the blockchain by solving a computationally demanding puzzle, creating new coins and confirming transactions in the process. Full definition

Blockchain

A system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across many computers linked in a peer-to-peer network, forming a decentralized fabric of trust. Full definition

May 16, 2025