Blockchain-Terminologies

நம்Chain - Open Initiative Research Lab

Bitcoin Bitcoin (BTC) is the first Cryptocurrency and application based on Blockchain Technology, created by Satoshi Nakamoto. The Genesis block was mined on Jan 2009. Bitcoin is having the highest Market Cap in Cryptocurrency Market with currently rate of 1 BTC exchanged for ₹8,70,800.11 (1st Sept 2020).

Block is a collection of Valid Transactions happened recently during a given period. The block is appended to the Blockchain #Ledger after successful Consensus. Block = BlockHeader + BlockData

Block Data refers to the list of valid transactions included in the block. These transactions are placed in the Merkle Tree to obtain hash of block data, called Merkle Root.
Block Header refers to metadata and is used to identify the block. It contains previous blockhash, timestamp, difficulty, merkle root and nonce.
Block Reward refers to the Cryptocurrency awarded to the mining node (miner) for solving the cryptographic hashing problem to mine a new block. The current Block Reward for Bitcoin is 6.25 BTC and Ethereum is 2 ETH.

Block Interval also known as Block Time is the time taken by the blockchain network to mine or validate a new block. Bitcoin takes around 10 mins to mine a new block.

Blockchain Explorer is a search engine tool used to browse and provide information on addresses, tokens, transactions, smart contracts, balances, blocks, nodes and blockchain statistics.

BIP - Bitcoin Improvement Proposal (BIP) is a design document standard for introducing changes or communicating information. Standard BIP, Informational BIP and Process BIP are its types. BIP-0001 with title “BIP Purpose and Guidelines” by Amir Taaki introduced BIP and it’s the first one.

Babbage is the sub-unit of ether, named after Charles Babbage, considered by some as “Father of Computer”. One babbage is 10^-15 ETH (femtoether)