Notes

This is a reference to Bitcoin's Proof-of-Work system. The proof-of-work system forces users to solve a difficult computationally intensive puzzle in order to create new bitcoins. In exchange for processing this puzzle, users can collect a reward in the form of newly created coins.

Ledger

Ledger is simply a record with a chronological order. It is an entry-driven persistent storage that usually implements a record of an immutable value, i.e. a digest of data that cannot be modified by a casual user. It might contain details like who a person is, where a thing belongs, or what time an event occured. A hard disk that houses an immutable record can be used as a ledger. For cryptocurrency, the ledger is the blockchain.

Peer-to-peer transaction

In peer-to-peer transaction, each node is a peer. Peer-to-peer transactions are usually conducted in private.

Cross chain atomic swap

An atomic swap is a swap of value between two blockchains. The value from one blockchain is swapped for the other in a transaction. The swap is permitted as long as all parties to the swap follow the rules, otherwise an error will be returned, and the information recorded in the blockchain may not be accurate. This process allows for a seamless transfer of asset classes.

Smart Contract

Smart contract is a shared computer code that executes the terms of an agreement in a decentralized manner without a central intermediary.

Smart Contract - example

Smart contracts can automate a wide array of human activities. Some of these activities include, but are not limited to, the following:

Supply chain management.
Public notary.
Reputation system.
Distributed property registry.
Claims adjudication.
Energy trading.
Gaming platform.
Fintech applications.

Smart Contracts can be differentiated from automation contracts in that a smart contract is self-executing in the same way as a computer program. Automation contracts on the other hand require an entity to fulfill an agreed term before the contract is concluded. Some of the early automated contracts are set to expire after a specified date.

Smart contract language
Smart contracts are programmed in a language that is Turing complete. A developer uses this language to create the code that controls a contract. A programming language that is Turing-complete is capable of creating general purpose programs as well as programs that solve mathematical problems. It has the ability to act as a virtual
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