VBit Crypto Mining Glossary

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SATOSHI NAKAMOTO – The mysterious founder of Bitcoin. In 2008 he published an academic paper laying out the structure of the Bitcoin network. Nakamoto has never made a public appearance and pretty much disappeared a few years into Bitcoin launch.

SATOSHI – Bitcoin is a digital currency making it divisible. One Satoshi is the smallest unit of Bitcoin, equal to 0.00000001 BTC.

SEC – The U.S. Securities and Exchange Commission (SEC) is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets.

SEGWIT (SEGREGATED WITNESS) – SegWit is an improvement on the Bitcoin Protocol whereby the network increases its block size limit on the blockchain by removing signature data from Bitcoin transactions. The freed-up space adds the capacity of a block to take up more transactions.

SHARDING – Sharding is the process by which a network splits the entire blockchain history so that each full node does not need to have an entire copy of this history. it is useful as a scaling solution.

SOFT FORK – A soft fork, just like a hard fork, is a split in the chain. However, in a soft fork, users upgrade to the new protocol and the previous chain transactions become invalid.

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