Terms

Block Chain

Block chain was originally an ever-growing record, called block, which was linked and secured using cryptographic techniques. Each block usually contains the cryptographic hash of the previous block, timestamp, and transaction data. By design, blockchain is resistant to data modification.

NFT

NFT or Non Fungible Token is basically a digital token that is linked to a large blockchain system. NFT is not much different from some crypto currency assets, the difference is that NFT cannot be exchanged, but can be traded.

So far NFT is widely used to represent an item (mostly works of art) in digital forums. You could say NFT is a certificate of ownership of an item.

Nowadays NFT is used to buy and sell digital artwork. What is being traded is NFT as a sign of ownership of a work of art

Fungible Tokens

Or FT. It is similar to NFT. The difference is that FT can be traded with other FT. An example of FT is BTC on Bitcoin and ETH on Ethereum.

SPoF

The abbreviation for Single Point of Failure, is a system failure caused by the failure of one component in the system, resulting in other components unable to work and stopping all system functions.

IoT

Internet of things is a concept or program where an object has the ability to transmit or transmit data over a network without using the help of computer and human devices. An example of IoT is an automatic toll gate that can operate independently and is connected to operational and financial services via the internet network.

VPS

Virtual Private Server Is a virtual computer server that runs on the parent server by sharing resources on the parent server to be used in isolation by other services. This VPS is centralized.

Cloud Server

Almost the same as VPS, the difference is that it usually has richer features. This cloud server is still centralized.

DoS

Denial of Service is an attack method carried out to disable a service on the network by flooding the service with requests or garbage data continuously and massively so that the service is busy and fails to process legitimate requests.

Validators

Validators are nodes/computers that run creating blocks and validating each block created. The validator works to secure the network and gets the benefit of rewards for every block it creates, these rewards in the form of a native token called ARA.

ARA

ARA is a native token or fuel unit code needed to support network sustainability. This ARA is used to secure the system from DoS attacks and provide rewards to validators who have secured the network.

Nominee

Nominees are individuals who participate as validators but not in the form of nodes/computers. The nominees are in the form of stakes by lending ARA to certain validators so that the validator has a greater chance of being selected as a block creator in each round. Nominees get rewards according to the staked value with the profit sharing percentage set by the validator.

DApps

Distributed Apps are applications that are built to run on a blockchain network.

Smart Contract

Smart Contract is an agreement between several parties written using computer code. Smart contracts can transact independently as written in the contract without the need for a third party to execute and validate it.

Cryptography

Cryptography is a field which disscuss how to secure electronic transactions using mathematically calculated passwords. Cryptography can be used to verify the correctness of the data, the correctness of the sender of the data, and to scramble the data so that only the owner of the key can read it.

Tokens

A token is a unit used to restrict access to an existing resource. Examples of tokens are tokens from electricity companies that restrict users from using more electricity than existing tokens and tokens from banks that limit only those token holders who can make transactions.

Consensus

Consensus is a collective agreement in the context of a block chain. An example of using consensus is when a new block is created, all validators will validate it to determine whether the block is valid or not. If the majority of validators say valid then the block will be written on the network.

Web3

Web3 is a specification for the 3rd generation web. The 3rd generation web is a future web generation designed with the aim that users can transact directly from one user to another without the need for intermediaries (third parties) which usually exist in the application layer. In Web3 this direct interaction can be done at the protocol layer.

PoW

Proof of work is a mechanism in blockchain that is used to secure the network from attacks. PoW also serves as public proof that a person has done his or her job of securing and is therefore worthy of rewards.

Testnet

Is a network for testing, usually used by developers in building applications on the blockchain network before deploying to the main network (Mainnet).

Off-chain Worker

Is a mechanism for handling non-deterministic operations and is only available outside the blockchain network, such as calling Rest API function from an outside service.