What is a TRANSACTION FEE?

by | Aug 11, 2021 | Knowledge base

An amount paid to the miners for successfully projecting a transaction on the blockchain. It varies depending on the difficulty and overall network capabilities at that moment. If an exchange is involved it could also take some of the overall transaction fee.

What is a SOFT FORK?

by | Aug 11, 2021 | Knowledge base

A change to the existing blockchain protocol where previously valid transactions are made invalid. A soft fork is backward-compatible because the old nodes will recognize the new blocks as valid. For a soft fork to work, most of the miners powering the network will...

What is a SMART CONTRACT?

by | Aug 11, 2021 | Knowledge base

A contract written in computer code, set up to execute and carry itself out automatically under specified conditions. When it is on the blockchain, both sides can check it before agreeing to it. Such contracts cannot be tampered with or changed. No need both sides to...