Crypto Glossary B

Bitcoin 

Bitcoin is a blockchain network that includes a native cryptocurrency, also known as bitcoin (BTC). Because it was the first blockchain and cryptocurrency, it has a dominant presence in the larger crypto ecosystem. Bitcoin was founded in 2009, and it was the first to use Proof of Work (PoW), a technology for reaching consensus on a decentralised network. Bitcoin (BTC) is a cryptocurrency that can be directly transferred between Bitcoin network users. In contrast to the Bitcoin network, which is denoted by an uppercase B, it is spelled with a lowercase B.

Bitcoin Cash

Bitcoin Cash is a Bitcoin network hard fork that functions as an electronic cash payment system. Its cryptocurrency, bitcoin cash (BCH), was created to be more useful for everyday transactions than bitcoin (BTC). Because of its lower transaction fees, the Bitcoin Cash protocol’s larger block size encourages use as a payment system (when compared to Bitcoin).

Bitcoin Core

Bitcoin Core is the main software implementation that allows users to interact with the Bitcoin blockchain. Satoshi Nakamoto created Bitcoin Core, but it is not owned by any single entity, business, or organisation. Nonetheless, a global community of software engineers and computer scientists updates, maintains, and reviews it. By running the Bitcoin Core code, a user becomes a node on the network, capable of independently verifying both the validity of network block creation and the transactions sent by network users.

Block Height

In a blockchain network, block height is the number of blocks that came before a specific block. Every block has a distinct block height value, which is essentially a number that indicates its chronological order in the blockchain. The genesis block (the very first block ever created on a blockchain network) has a block height of zero, indicating that no previous blocks were created. Block height is an important indicator of the rate at which new blocks are added to a blockchain, as well as an identifier for each individual block in the network.

Block Header

A block header is a mechanism used to identify individual blocks created within a blockchain network, with each block having its own unique header to help keep track of protocol changes. Beginning with the genesis block, blocks are layered in sequential order, with each block header containing three sets of block metadata and other individualised components.

Block Explorer

A block explorer is a software interface that allows users to access real-time blockchain information on a specific network, such as transactions, blocks, addresses, nodes, and balances. Many free and open-source block explorers act as web browsers for blockchains, providing global transparency and democratised access to blockchain networks.

Block Difficulty

The complexity of computation required to mine new blocks in a Proof-of-Work (PoW) blockchain environment is referred to as block difficulty. Block difficulty is a programmable aspect of a blockchain protocol that can be used to stabilise block production times while dealing with issues such as transaction speeds and network capacity.

Block

A block on a blockchain is the data record of all transaction information made on a blockchain network during a specific time frame. Blocks are sequentially added to a network’s data chain, which forms the public ledger known as a blockchain. As an example: A Bitcoin block includes information about the date, time, and number of transactions, as well as signature information about the transfer’s origin and destination. Before a chain can continue transacting and creating new blocks, blocks must be confirmed by the network through a consensus process.

Blake-256 (Decred)

Blake-256 is a specific algorithmic hashing function (a mechanism for securely creating and uploading new blocks of data onto a blockchain) used by the Decred blockchain. Blake-256 employs the hash iterative framework (HAIFA), as well as the LAKE hash function’s local “wide-pipe” structure and other complex cryptographic hashing mechanisms that aid in the operation of the Decred protocol.

Botnet

A botnet is a network of internet-connected devices infected with malware, allowing malicious actors to control the devices. Infected devices are frequently controlled remotely and without the knowledge of the legitimate device owner. Botnets are often made up of a variety of device types and are used by cybercriminals to launch a wide range of coordinated online attacks such as credential leaks, data theft, and Distributed Denial-of-Service (DDoS) attacks.

Bounty

A bounty is a reward or series of rewards offered by a blockchain project to encourage community participation in the project’s promotion. Bounties are marketing strategies that reward community members with coins/tokens in exchange for completing predetermined tasks. Bounties are most commonly carried out during the inception of a startup, but they can also occur later in the development of a project. Among other things, crypto bounties are used to reward social media promotion campaigns, content creation campaigns, translation campaigns, and bug auditing.

Bored Ape Yacht Club

Bored Ape Yacht Club (BAYC) is a collection of 10,000 Ethereum-based non-fungible tokens (NFTs) that launched in 2021. These Ape NFT caricatures, dubbed “Bored Apes,” feature a variety of facial expressions, clothing, and unique elements. Many of the Bored Apes that sold for hundreds of dollars in the crypto community and wider online culture are now worth millions.

Bored Ape Kennel Club

The Bored Ape Kennel Club (BAKC) is a collection of non-fungible tokens inspired by dogs (NFTs). These NFTs were not for sale and were distributed for free to anyone who had a Bored Ape and claimed it during the weeklong “adoption drive” in June 2021.

Borderless

In the context of blockchain, the term borderless refers to the industry and its underlying blockchain protocols being designed to provide services to a global user base. This means that the services provided by blockchain networks are always available, regardless of an individual’s location. Users have the freedom, accessibility, security, and privacy to transact from any geographical location thanks to borderless blockchain technology.

Bor Nodes

Bor Nodes enable sidechain block production while remaining connected to the Ethereum Virtual Machine (EVM). Bor Nodes are also shuffled on a regular basis via committee selection using Heimdall Nodes (a large group of Ethereum validator nodes) in spans. Spans are precisely defined sets of blocks that have been chosen as a validator from a large pool of possible validators. Each validator in a given span has voting power. The strength of that power determines block producer selection, with more powerful spans being more likely to be chosen.

Bootstrapping

Bootstrapping is the process by which some startups build their businesses from the ground up, typically with a small amount of capital provided by the company’s founder. In the context of blockchain, bootstrapping frequently refers to the process of developing the blockchain protocol, establishing the ecosystem’s cryptoeconomic and governance structure, and planning a coin/token sale or other fundraising to meet capital requirements. The term bootstrapping is derived from the early nineteenth-century expression “pulling up by one’s own bootstraps,” which implied an impossible task. It later became a metaphor for achieving success without the help of others.

Boneh–Lynn–Shacham (BLS) Signature

A Boneh-Lynn-Shacham (BLS) signature is a cryptographic signature mechanism that allows a user to confirm the identity of a signer. BLS signatures use a bilinear pairing for verification, and its elliptic curve group properties help defend against specific attack types such as index calculus attacks, allowing for shorter signatures with a comparable level of security than Full Domain Hash (FDH) signatures.

Bonding Curve

Bonding curve smart contracts are a way to cultivate a balanced supply and demand. A bonding curve is a mathematical concept that describes the relationship between an asset’s price and supply. Bonding-curve smart contracts enable selling to investors by calculating the token/coin price in an asset such as bitcoin (BTC) and issuing the asset after payment, while also retaining the ability for investors to repurchase the asset. When a user purchases a limited-quantity asset through a bonding curve contract, each subsequent buyer must pay slightly more for the asset.

Bitcoin DApps

Bitcoin DApps are decentralised applications (DApps) that run on Bitcoin-powered blockchains and benefit from the core features of the Bitcoin network.

Bonding

Bonding is a process similar to staking on a Proof-of-Stake (PoS) network in which a user locks a predetermined amount of the network’s underlying token or coin into a node to assist the network in maintaining consensus. Users signify to the network that they are trusted participants who accept the network’s rules and regulations by bonding. Some believe that the only difference between bonding and staking is that “staked” coins and tokens are subject to network penalties if they act maliciously, while others believe the processes are identical.

Bollinger Bands

Bollinger Bands are a technical analysis tool invented by trader John Bollinger in 1983 that has grown to become one of the most popular trading tools today. Bollinger Bands create a range of price movements by combining moving averages and standard deviation. Bollinger Bands are visually represented on a trading chart by a moving average-based centerline with a band below and above the centerline based on standard deviation. Bollinger Bands can be used to identify a variety of market scenarios in real time and can help indicate if prices have moved outside of the range of historical deviation.

BNB Smart Chain

BNB Smart Chain, formerly known as Binance Smart Chain (BSC), is a blockchain network developed by Binance. It operates in tandem with Binance’s other protocol, BNB Beacon Chain (formerly Binance Chain), and employs the Proof of Staked Authority (PoSA) consensus mechanism. The BNB Smart Chain is intended to transfer and exchange value with assets that use the BEP-20 tokenization standard, rather than the BEP-2 tokenization standard used by the BNB Beacon Chain. BNB Smart Chain is a fast and secure blockchain network that is interoperable with other major blockchain networks.

Basket

In the cryptocurrency space, a basket is a collection of digital currencies managed as a single asset.

Batch Auctions

Batch auctions are a trading mechanism that groups individual orders together and executes them all at once.

BNB Beacon Chain

BNB Beacon Chain, formerly known as Binance Chain (BC), was the first blockchain created by the Binance crypto exchange. BNB Beacon Chain supports the BEP-2 tokenization standard, allowing BEP-2 assets to be transferred between BNB Beacon Chain addresses. Binance has created two blockchain protocols, one of which is BNB Smart Chain, formerly known as Binance Smart Chain (BSC). These protocols, known collectively as BNB Chain, are intended to interoperate with one another, ensure the transfer of assets between chains, and facilitate the operation of Binance products and services.

Bloomberg Tradebook

Bloomberg Tradebook is a trading and investment platform that uses analytics, an order management system, and quantitative data to optimise trading execution and trading fees. It is a division of the globally known U.S.-based financial firm Bloomberg L.P. The system is directly affiliated with Goldman Sachs and their related trading products and services, and it is typically used by large institutional investment firms with large amounts of capital.

Bluesky

Initiated in 2019, Bluesky is a project that hopes to develop a transparent and decentralized social media standard that any social media platform can use. While Bluesky is an independent organization, Bluesky was launched and funded by Twitter. According to Twitter CEO Jack Dorsey, one of his goals is to eventually migrate Twitter to Bluesky’s decentralized protocol.

Build and Build

BNB (Build and Build) is a top cryptocurrency by market capitalization and the native cryptocurrency of the Binance blockchain ecosystem. Users can pay for exchange fees such as transactions, withdrawals, and listings in BNB on the Binance exchange and receive a discounted rate. BNB can also be used to buy tokens on Binance Launchpad, the company’s platform for hosting third-party Initial Exchange Offerings (IEOs). BNB is also used on Binance’s BNB Chain blockchain ecosystem, which is made up of two distinct blockchains: BNB Smart Chain and BNB Beacon Chain.

Bloomberg

Bloomberg L.P., based in New York City, is one of the largest financial services firms in the United States. Bloomberg provides a wide range of products and services to its customers, including financial markets, politics, radio, news, television, tax, law, data and analytics, and more. Michael Bloomberg, a businessman and former mayor of New York City, and three of his associates founded Bloomberg in 1981. The company has offices in over 160 countries and employs approximately 19,000 people worldwide.

Blockweave (Arweave)

The blockweave is a blockchain-like data structure developed by the team behind Arweave. Each block in a blockchain is linked to the one before it. Each block in a blockweave is linked to both the block that came before it and a recall block — a block from the blockweave’s earlier history.

Bait and Switch Scam

It is a sales strategy in which a customer is initially drawn to a product or service at a low price but is later persuaded to purchase one at a higher price.

Bank Run

A bank run occurs when the majority of customers withdraw their cash from a bank due to concerns about solvency and bankruptcy.

Banking Secrecy Act

In the United States, the Bank Secrecy Act (BSA) was enacted in 1970 to prevent criminals from concealing or laundering their illegal gains.

Blockchain Trilemma

The Blockchain Trilemma refers to the difficulty in balancing scalability, decentralisation, and security in a blockchain network. While scalability refers to transaction speed and volume, decentralisation refers to network node distribution, and security refers to the system’s integrity from compromise. According to the Blockchain Trilemma, it is impossible to prioritise all three factors at the same time, so one must be sacrificed. Blockchain technologists and entrepreneurs continue to strive to solve the trilemma more effectively in the design of any network, update, or application.

Blockchain Transmission Protocol (BTP) (ICON Network)

The Blockchain Transmission Protocol (BTP) is the proprietary interoperability framework of the ICON network. It enables the connection and exchange of data between independent blockchain networks. BTP enables the exchange of data and tokenized assets between ICON and external blockchain systems.

Blockchain Bridge

A blockchain bridge, also known as a cross-chain bridge, allows separate blockchains to communicate with one another. This allows you to transfer crypto assets such as coins/tokens, wrapped cryptocurrencies, and even non-fungible tokens from one blockchain to another (NFTs). These bridges can be custodial or non-custodial, one-way or bidirectional, two-chain or multi-chain compatible, and so on. Different bridge protocols provide a variety of features and interoperability tools.

Blockchain

A blockchain is a decentralised, peer-to-peer (P2P) network of computers that use a consensus mechanism to confirm data. Because each computer in a blockchain network keeps its own copy of the shared record, it is nearly impossible for a single computer to change previous transactions or for malicious actors to overwhelm the network. Sufficiently decentralised blockchains do not rely on centralised authorities or intermediaries to transact globally, securely, verifiably, and quickly, allowing cryptocurrency technology to exist.

Block Trade

A block trade is a large purchase or sale of securities that takes place outside of a public market. Block trading is typically done by institutions and hedge funds due to the large size of the transactions. Because block trading is private, it is similar to over-the-counter (OTC) trading.

Block Time

The amount of time it takes for a new block to be added to a blockchain is referred to as block time. Each blockchain network, in theory, defines its own expected block time, which can range from several seconds to minutes. For example, Bitcoin aims for a block time of 10 minutes. In practise, block times may deviate from their predetermined targets. If a network produces blocks faster or slower than expected, the block difficulty can be adjusted to re-calibrate the system.

Baiting

Baiting is a type of social engineering in which victims are exploited with false promises of financial gain. Malicious actors, bots, or online ads entice victims with quick payouts and riches in exchange for providing personal information or downloading malware-infected software.

Bag

Bag is a slang term for a specific crypto asset holding, usually referring to a larger-than-average quantity of the asset. While there is no universal threshold for how many tokens or coins constitute a bag, the expression generally distinguishes the various types of tokens or coins in an investor’s portfolio. A relatively large holding of a cryptocurrency may also be referred to as a ‘heavy bag’ by an investor.

Baking

Baking is the process of adding new blocks to the Tezos blockchain, similar to staking in many Proof-of-Stake models. Baking entails adding, signing, and verifying new blocks, as well as depositing a certain amount of XTZ as collateral to ensure honest behaviour.

BAL Token

The BAL token serves as the Balancer protocol’s governance token. Liquidity providers who supply tokens to Balancer pools earn BAL tokens. Changes to the protocol can be proposed and voted on by BAL holders.

Balance Freeze Functionality

On the Ripple network, balance freeze is the function through which Ripple gateways freeze or halt transactions in order to prevent any abuse of the system for illicit activity. Balance freeze functionality is a powerful security feature that can only be applied to currencies issued on the Ripple network, and not on the XRP token itself.

Balancer

Balancer is an Ethereum-based non-custodial portfolio manager and automated market maker (AMM) that pools up to eight different tokens for users to trade. These Balancer pools are weighted self-balancing portfolios with specific parameters. All Ethereum accounts can use the Balancer protocol to add tokens to existing public pools or create their own private pools.

Bancor Network Token

The Bancor network token (BNT) is the Bancor protocol’s default reserve currency. The Bancor network is a decentralised exchange (DEX) platform that facilitates peer-to-peer (P2P) trading by pooling tokens. Bancor liquidity pools are required to hold BNT, which serves as the intermediary token for all trades. To trade DAI for ether (ETH) on Bancor, for example, the protocol first exchanges DAI for BNT, then BNT for ETH.

Block Space

The amount of space available within a specific blockchain’s block is typically measured in megabytes (MBs). The amount of available block space is determined by the initial block size of the specific block, which can vary greatly (from 1–32MB, or more). It also depends on how much block space is already taken up. A lack of available block space can result in higher fees and delayed transactions.

Block Size

Blockchain network protocols are made up of blocks of data that are processed in a chain-like structure that is constantly updated — hence the term “blockchain.” Each block stores transactions sent on the network of a certain size or time period as determined by the governance of the specific blockchain.

Block Reward

A block reward is the payment given for validating a new block successfully. Block rewards, which are typically paid out in the native coin of a network at a fixed but regressive rate, are frequently the only source of new currency creation. They are an important component of the incentive structure that keeps blockchain networks operational and secure. Miners are responsible for block validation and block rewards in Proof-of-Work (PoW) blockchains such as Bitcoin. The block reward is paid to those who stake the native network cryptocurrency on blockchains that used Proof-of-Stake (PoS) consensus models (Cardano, Algorand, Ethereum Consensus Layer).

Bitcoin Misery Index

The Bitcoin Misery Index (BMI) is a tool used by investors that ranges from 0 to 100.

Bid-Ask Spread

The bid-ask spread is the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept for an asset.

Block Producer

A block producer is an individual or group whose hardware is chosen to validate a block’s transactions and initiate the next block on most Proof-of-Stake (PoS) blockchains. The term came from blockchain ecosystems that use Delegated Proof of Stake (DPoS), in which users elect block producers to validate and add blocks. Other terms for block producers include delegates and witnesses.

Bid Price

A bid price is the amount of money that someone is willing to pay for a security, asset, commodity, service, or contract.

Block Lattice

The Nano protocol employs the Directed Acyclic Graph (DAG)-based data structure and consensus mechanism known as block lattice. The Nano protocol’s block lattice structure enables individual Nano protocol accounts to control their own blockchain and for blocks to be added very quickly, enabling extremely fast, feeless network confirmations.

Bull Trap

A bull trap is a market signal that indicates a brief increase in the price of a declining asset, followed by a subsequent decline. Bull traps are sometimes carried out by large-capital investors who open a short position prior to selling a large amount of the asset, causing the price to drop on purpose, resulting in a large profit for the investors. This scenario may be an example of market manipulation.

Bullish

The term “bullish” can be used to describe how optimistic or positive a person is about a specific asset. Someone who is bullish on bitcoin (BTC) believes that its price will rise. A person who is bullish on bitcoin is known as a “bitcoin bull.”

Burn/Burning

Many blockchain networks use the “burning” of coins/tokens to incentivize network users to buy and invest in protocol-specific assets. Burning, which is typically intended as a counter-inflationary mechanism, reduces the total crypto supply while potentially increasing the value of the remaining crypto supply.

Bull Run

A bull run is a period in a financial market cycle when asset prices experience a significant upward trend. A bull run is similar to a bull market, whereas a bear market is the inverse of a bull market, during which assets can experience a significant drop in price.

Bull Market

A bull market is defined as an upward trend in prices that lasts for an extended period of time. Bitcoin (BTC) had three bull markets as of 2020. A bear market is the inverse of a bull market.

Bull Flag

A bull flag is a technical charting pattern that resembles a flag and frequently indicates further bullish momentum and an increase in price. The flagpole of a bull flag is formed during a significant rise in price where buyers outperform sellers, while the flag itself is formed during a consolidation period that usually signals a continued price increase. Bull flags, like all technical formations, can be negated and fail to produce the results they were intended to produce.

Big Tech

The four or five largest technological corporations, namely Facebook, Apple, Google, and Amazon, are referred to as “Big Tech” because they have the largest market shares in their respective industries.

BUIDL 

BUIDL is a slang term for ‘build,’ similar to the slang term for ‘hold,’ HODL. BUIDL is a rallying cry to the blockchain and cryptocurrency communities to help improve widespread adoption of the technology by contributing to the development of blockchain infrastructure. BUIDLing can be protocol or application development, writing blockchain-related content, sharing blockchain content on social media, using smart contracts, trading on exchanges, using wallets, playing blockchain games, or any other activity that contributes to the long-term growth of the blockchain ecosystem.

Bug Bounty

A bug bounty, also known as a vulnerability rewards programme (VRP), is a programme that blockchain or software development companies may offer to external developers to encourage proper reporting of potential problems in the computer code that makes up their network protocol or platform. Bug bounties typically offer financial rewards to successful computer code auditors. These rewards are frequently given in the form of the network’s underlying cryptocurrency asset or token in the blockchain field.

Bubble

A bubble occurs when an asset rises to extremely inflated prices and then comes crashing down, settling at a level that’s far less than its original price — typically a drop of 75% or more. A bubble is usually only discernible after it has burst and the price has fallen. A speculative bubble is distinguished by the fact that both the rise and fall occur in a very short period of time.

Brute Force Attack

An attacker uses a brute force attack to gain access to an account by systematically trying all possible password and passphrase combinations that may apply to the account, with the goal of eventually guessing the correct credentials. While brute force attacks can be computationally demanding, time-consuming, and difficult to execute, they can correctly guess a weak password in a matter of seconds. Most brute force attacks can be avoided by using a strong password.

Brokerage Account

A brokerage account is a financial service created and managed on behalf of an investor by a licenced brokerage firm to interact with assets and markets. Account holders can either make trades themselves or have the firm make them on their behalf. The assets purchased through the brokerage account always belong to the account holder.

Broadcaster (Livepeer)

Broadcasters are nodes on the Livepeer network that send video streams to the network for transcoding.

Breakout

A breakout is a technical pattern that appears on a chart when an asset moves above a resistance level or below a support level. Often, the price of an asset will continue to trend in the direction of the breakout. When a breakout is accompanied by high trading volume, it indicates that the asset is more likely to continue trending in the same direction than when a breakout is accompanied by low trading volume. A price breakout can happen as a result of a channel, range, or pattern like a flag, wedge, triangle, or head and shoulders.

Breakdown

A breakdown is a trading pattern that occurs after a downward move in the price of an asset, typically through an identifiable level of support and further below. A breakdown is distinguished by high volume, rapid decline, and severe magnitude. Technical indicators such as charting patterns, trendlines, and moving averages can help identify breakdowns.

Bread Rewards

The Bread Rewards programme rewards Bread platform users for participating in network-beneficial activities such as keeping a wallet balance above a certain threshold or posting on social media. Bread Rewards was one of the first cryptocurrency wallet customer loyalty programmes.

Bit

A bit is a basic unit of information in computing.

BRD

BRD is a cryptocurrency wallet and financial services platform that aims to accelerate cryptocurrency mainstream adoption by simplifying the purchase, conversion, and storage processes. Users can purchase leading cryptocurrencies on BRD’s mobile app, as well as BRD tokens (BRD), a native asset that receives rewards and discounts that improve based on a user’s BRD holdings.

Brave Browser

The Brave browser is a privacy-focused open-source web browser created by the same team that created the Basic Attention Token (BAT). It is the first browser to use the BAT system. In a transparent relationship between advertiser, publisher, and user, the Brave browser, in conjunction with BAT, rewards users for viewing advertisements.

Brain Wallet

A brain wallet is a crypto private key or seed phrase that the owner has memorised. Although memorised accounts are not vulnerable to online hacking or physical theft, they are vulnerable to being forgotten or lost upon the holder’s death. Brain wallets should not be used as a secure crypto wallet.

Bounty

A bounty is a reward or series of rewards offered by a blockchain project to encourage community participation in the project’s promotion. Bounties are marketing strategies that reward community members with coins/tokens in exchange for completing predetermined tasks. Bounties are most commonly carried out during the inception of a startup, but they can also occur later in the development of a project. Among other things, crypto bounties are used to reward social media promotion campaigns, content creation campaigns, translation campaigns, and bug auditing.

Bear Market

A bear market occurs when the prices of assets in a market fall by 20% or more from recent highs. As a result, investor confidence has plummeted, and the economy and market have become pessimistic.

Bear

Someone who believes that prices in a particular market will fall over time. Such a person could be described as “bearish.”

Bullish

The term “bullish” can be used to describe how optimistic or positive a person is about a specific asset. Someone who is bullish on bitcoin (BTC) believes that its price will rise. A person who is bullish on bitcoin is known as a “bitcoin bull.”

Burn/Burning

Many blockchain networks use the “burning” of coins/tokens to incentivize network users to buy and invest in protocol-specific assets. Burning, which is typically intended as a counter-inflationary mechanism, reduces the total crypto supply while potentially increasing the value of the remaining crypto supply.

Byzantine Generals’ Problem

In computing, the Byzantine Generals’ Problem refers to a situation in which all parties or components within a system must agree on a single consensus-based strategy in order to avoid total network failure. Failure can occur when one of the network’s nodes or other architectural components fails. Byzantine Fault Tolerant networks are those that can solve the Byzantine Generals’ Problem (BFT). The majority of active blockchain consensus mechanisms are Byzantine Fault Tolerant.

Byzantine Fault Tolerance Delegated Proof of Stake (BFT-DPoS)

The primary consensus mechanism that powers the EOSIO and ICON blockchain ecosystems is Byzantine Fault Tolerance Delegated Proof of Stake (BFT-DPoS). BFT-DPoS is a high-performance consensus mechanism that employs data passing between parties without the use of an intermediary. It is made up of two main layers that work together: Asynchronous Byzantine Fault Tolerance (aBFT) for propagating and validating block production and Delegated Proof of Stake (DPoS) for voting and scheduling block producers.

Byzantine Fault Tolerance (BFT)

Byzantine Fault Tolerance (BFT) refers to a blockchain network’s ability to reach consensus and continue operating even if some of its nodes fail to respond or respond incorrectly. A Byzantine Fault Tolerant network solves the Byzantine Generals’ Problem, which occurs when all parties must agree but one or more parties are untrustworthy. The majority of active blockchain consensus mechanisms are Byzantine Fault Tolerant.

Byron Phase (Cardano)

Named after poet and politician George Gordon Byron, the Byron Phase is the first of five phases in Cardano’s developmental roadmap. The Cardano blockchain mainnet went live in September 2017 after two years of development, allowing users to buy and sell its native ADA coin.

BABE Consensus Mechanism (Polkadot)

The Blind Assignment for Blockchain Extension (BABE) is one of the two central components of Polkadot’s hybrid consensus mechanism for securing and maintaining its network. BABE is a mechanism for creating blocks, whereas GHOST-based Recursive Ancestor Deriving Prefix Agreement (GRANDPA) is a mechanism for finalising the blockchain’s state.

Back End (Computing Architecture)

The portion of a computer system or network that is not visible on the user’s screen, or front end, is referred to as the back end. Back-end developers typically use a variety of programming languages, such as JavaScript, C, C++, and WebAssembly (WASM), as well as other tools, to create a computer system’s back end, or data access layer (DAL). The front end, on the other hand, is the portion of the website or system with which the user interacts on the screen, also known as the screen or graphical user interface (GUI).

Back-End Software Development

Back-end software development is the process of developing computerised systems that do not appear on the user’s screen, also known as the front end. Back-end developers use a variety of programming languages, including JavaScript, C, C++, WebAssembly (WASM), and others, as well as other tools, to create the computer system’s back-end, or data access layer (DAL). Front-end software development, on the other hand, is the process of creating the portion of a website with which users directly interact, such as the screen or graphical user interface (GUI), which is commonly referred to as the front end.

Back-to-Back Letters of Credit

Back-to-back letters of credit are two letters of credit used consecutively to complete a financial transaction through a third party.

Backflush Costing (Backflush Accounting)

An accounting method that assigns costs to products after they have been manufactured.

Backdoor

A backdoor is any method for gaining root or high-level access to a system, computer, application, or network that avoids standard authentication and authorization procedures. Backdoors are commonly installed via remote file inclusion (RFI), which detects a flaw in an application or network. This channel provides direct control over an infected device, allowing it to manipulate data, deploy more malware, or create a zombie network of infected computers for criminal activity.

Backlog

A collection of pending tasks in an organization is referred to as a backlog.

Backorder

A backorder is an order that cannot be processed at the specified time due to a lack of available products.

Buy Wall

A buy wall occurs when a large limit order at a specific price level is placed to purchase a large amount of an asset. When a buy wall is erected, the result is frequently a tightly held price equilibrium that does not fall below the target price. Buy and sell walls can both be used to manipulate market prices. Buy walls can be used to prop up the price of an asset, making it appear healthier than it is, with the goal of manipulating the behaviour of retail investors.

Buy the Dip

‘Buy the dip’ or ‘buying the dip’ is an expression used in the cryptocurrency space to indicate that a price drop is taking place or is about to take place, and that it represents a buying opportunity. In this context, a dip is viewed as a brief flash sale or discounted price that should be capitalised on. Buying the dip is frequently regarded as a strategy for long-term investors who want to reduce their average entry price through dollar-cost averaging (DCA).

Buy Side/Sell Side

The terms “buy side” and “sell side” refer to market buyers and sellers who are linked by an order management system (OMS). The buy side is typically comprised of fund managers tasked with selecting high-alpha securities for their portfolios. Typically, the sell side consists of trading floors at investment banks. Advanced OMS technology protocols enable rapid and concurrent trades between the buy and sell sides.

Business to Consumer (B2C)

Business to consumer (B2C) is a business model in which companies sell their products and services directly to their customers. The B2C model can be used in a traditional brick and mortar setting, but it is most commonly used on the internet for ecommerce or e-business. B2C, whether online or offline, is one of four major business models, along with business to business (B2B), consumer to business (C2B), and consumer to consumer (C2C) (C2C).

Business to Business (B2B)

Business to business (B2B) is a business model that refers to enterprises that conduct business with one another, typically in the form of value or information exchange. The B2B model can be used in a traditional brick and mortar setting, but it is most commonly used on the internet for ecommerce and e-business. B2B, whether online or offline, is one of four major business models, along with business to consumer (B2C), consumer to business (C2B), and consumer to consumer (C2C) (C2C).

Business Logic Layer 

The business logic layer (BLL) in a programming context determines how data with which a software programme interacts can be created, altered, and stored. Although some programmes interact directly with the DAL, the business logic layer coordinates data between the program’s user interface (UI) and data access layer (DAL).

Balloon Loan

A loan that is not intended to be fully repaid by the term’s end and requires a balloon payment at maturity.

Business as a Service

Business as a Service (BaaS) is the creation and management of cloud-based network infrastructure by a third party for enterprises that want to create and run customised business applications. Business as a Service (BaaS) in the blockchain space refers to the customised software and computing structure of the business that is specifically designed for enterprises building blockchain applications. Blockchain as a Service operates in the same way that a web host does for a blockchain-based application or platform’s back-end operations.

Black Swan Event

A black swan event is a large-scale global event that cannot be predicted, happens unexpectedly, and has a significant negative impact on the global economy. Examples of black swan events include the September 11th, 2001 attack on the World Trade Center and the COVID-19 pandemic. When markets are impacted by black swan events, it can take a long time for them to recover.

BitTorrent Token (BTT)

The BitTorrent token (BTT) is a TRC-10 token used to incentivize file seeding in the BitTorrent speed client of the BitTorrent protocol, which is a peer-to-peer (P2P) file-sharing protocol that allows users to freely share data and large files over the internet.

BitTorrent

BitTorrent is a peer-to-peer (P2P) file-sharing protocol that allows users to freely share data and large files such as movies, programmes, and audio files over the internet.

Bitstream

A bitstream is a data stream (bits). A bitstream can refer to the data’s transmission or storage. The term bitstream refers to the data loaded on a field-programmable gate array (FPGA). A bitstream for an FPGA miner sets up the FPGA to mine the coin or algorithm for which it was designed. It is possible to reconfigure the coin or algorithm for which the FPGA miner is optimised by downloading a different bitstream.

Blockchain Mutual Credit

Blockchain mutual credit is a framework for generating stable cryptocurrencies from multilateral exchange networks.

BitLicense

The BitLicense is a virtual currency business licence that crypto enterprises must obtain before operating in the state of New York. The New York Department of Financial Services (NYDFS) issues BitLicenses, which primarily govern the commercial receipt, storage, and transfer of digital assets. As of 2020, only 25 had been granted, with recipients including Circle, Coinbase, Robinhood, and Square. BitLicenses are not required for companies chartered under New York banking law, such as Gemini.

Bitcointalk

Bitcointalk is an internet message board founded in 2009 by the pseudonymous Bitcoin creator Satoshi Nakamoto to facilitate discussions about Bitcoin, blockchain, and cryptocurrency. It became the meeting place for the fledgling blockchain industry, and it was the site of the first bitcoin (BTC) transaction: 10,000 BTC for two pizzas. Bitcointalk is still active today, fostering community and discussion among 450,000+ developers, investors, miners, programmers, and enthusiasts.

Bitcoiner

A Bitcoiner is a Bitcoin enthusiast who usually owns some bitcoin (BTC) and is an active supporter of the Bitcoin network. Bitcoiners frequently believe that the BTC coin issued by the Bitcoin protocol is the most important and significant digital asset available.

Bitcoin Next Generation

Bitcoin Next Generation (Bitcoin-NG) is a Byzantine Fault Tolerant (BFT) blockchain protocol proposed and built by Emin Gün Sirer, the founder of Ava Labs, and several other leading computer scientists to address the perceived scalability and block size inefficiencies of the original Bitcoin network. Although different versions of Bitcoin-NG have been integrated into the Waves and Aeternity blockchain protocols, the Bitcoin-NG network has yet to release its own cryptocurrency.

Bitcoin Network

The Bitcoin network is a peer-to-peer (P2P) decentralised network that allows users to send units of value to one another without the use of a middleman or bank. The network is denoted by the term “Bitcoin” with a capital B, while the network’s native cryptocurrency BTC is denoted by the term “Bitcoin” with a lowercase b.

Bitcoin Genesis Block

Satoshi Nakomoto, the creator of Bitcoin, mined the first block on the Bitcoin blockchain, known as the genesis block, on January 3, 2009. In addition, Satoshi encoded a message in the genesis block that read, “The Times 03/Jan/2009 Chancellor on the verge of second bank bailout.” This is a reference to the global financial crisis that lasted from 2007 to 2009. Bitcoin is thought to have been created to avoid the exploitation of the global banking system.

Bitcoin Dominance 

Bitcoin dominance (BTCD) is a metric that compares the market capitalization of bitcoin (BTC), the world’s largest cryptocurrency, to the total market capitalization of all other cryptocurrencies combined. BTCD is frequently thought to be correlated with the performance of Ethereum and all other alternative cryptocurrencies, or altcoins. When the value of BTCD falls, the value of other cryptocurrencies rises, a phenomenon known as a “alt season.” When BTCD rises, BTC tends to outperform other cryptocurrencies.

BEP-20 Tokenization Standard

BEP-20 is a tokenization standard that is used to facilitate the transfer of BNB Smart Chain tokens (previously Binance Smart Chain) on the BNB Smart Chain. BEP-20 addresses are nearly identical to Ethereum ERC-20 addresses, implying that BNB Smart Chain tokens are compatible with the Ethereum network. This is a crucial feature that enables the transfer of tokenized assets and other data between Ethereum, BNB Smart Chain, BNB Beacon Chain, and potentially other blockchain protocols such as Cardano and Polkadot, thereby increasing blockchain protocol interoperability.

Bitcoin Pizza

Bitcoin Pizza refers to the infamous transaction in which a man named Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas, making it the first real-world Bitcoin business transaction.