Midterm 01 - Definitions (Fall 24)
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8 Terms
BIPS
Bitcoin improvement proposals
publicly proposed changes to bitcoin that are voted upon
Difficulty
Number of guesses on average winning miner is making (today around 90 trillion)
Hash rate
number of guesses entire network makes each second (620 quintillion)
Target value
the numeric value that miners use to compare their candidate block hashes (attempting to be lower than)
UTXO
Unspent transaction output
Coin-oriented tracking of transactions
Nonce
one of the values used to generate the blockhash/block ID
The nonce (and therefore blockhash) is regenerated until it is below a target value
Pools
miners who share work and payouts (centralized)
Mitigating private key theft/loss risk
seed phrases (24 words corresponding to number corresponding to bits from private key)
multisig solutions
Note 
Flashcards (52)