Cryptocurrency has quite intrinsic terminology. One may wonder from whence these terminologies spring from. We are going to have an insight into some of these terminologies.
blockchain
- Cryptocurrency. This remains to be a new terminology that came into existence with the coming of digital currency. The name is derived from two words. The prefix crypto comes from the Greek word Kryptos which means secret or hidden. While Currency is derived from the Latin word currero which means to run. And intact cryptocurrency runs hidden or secret transactions recorded in a database known as blockchain.
The transaction are hidden because they are digital and unknown to the ignorant.
Blockchain. The words block and chain were used separately by the inventors of the word 10 years ago. The inventors used the pseudonym Satoshi Nakamoto. The words came to be joined over the years. Block is a place in a blockchain where information is stored and encrypted. Information therein are contained in blocks. Chain is just linked information like a chain.
- Bitcoin This is a compound of words bit and coin. Bit or binary digit is the smallest data that a computer can store. Coin is a small round object used as a medium of exchange.
- Ethereum The term Ethereum was coined by Mr. Vitalik. Ether used to be a class of chemicals. The inventor wanted it to be an invisible substance once believed to fill the upper regions of space.
