Prestige Coin Terms and Definitions


Here at Prestige Coin, we promote downloadable multi-platform computer software for managing, storing, transacting, sending and receiving a scrypt-based virtual crypto-currency.

Digital Ledger

Decentralized autonomous organization typi?ed as the ability of blockchain technology.

Decentralized Autonomous Organization

Typi?ed as the ability of blockchain technology to provide a secure digital ledger that tracks ?nancial interactions across the internet, against Blockchain (database). In the context of Crypto-currency, the blockchain is a digital ledger that records every crypto-coin transaction that has ever occurred.

A blockchain Distributed Ledger

A distributed ledger (also called shared ledger) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple Crypto-currency (redirect from Ledger (journal) currency by printing units of ?at money or demanding additions to digital banking ledgers. However, companies or governments cannot produce units of crypto-currency.

Digital Mining

To form a distributed timestamp server as a peer-to-peer network, crypto-currency uses a proof-of-work system. The work in this system is what is often referred to as crypto-currency mining.

The mining process involves identifying a value that when hashed twice with SHA-256, begins with a number of zero bits. While the average work required increases exponentially with the number of leading zero bits required, a hash can always be verified by executing a single round of double SHA-256.

For the crypto-currency timestamp network, a valid "proof-of-work" is found by incrementing a digital until as a value which is confirmed that gives the block's hash the required number of leading zero bits. Once the hashing has produced a valid result, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing the work for each subsequent block.

Digital Mining Based on Cryptography

The digital currency network is a peer-to-peer payment network that operates on a crypto-graphic protocol. Users send crypto-currency, the units of currency, by broadcasting digitally signed messages to the network using bitcoin wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called "mining". The protocol was designed in 2008 and released in 2009 as open source software by "Satoshi Nakamoto", the name or pseudonym of the original developer/developer group.

The network requires the minimal structure to share transactions. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain.

Account is Based on Cryptography

User accounts are established with Crypto-currency units which is defined as a sequence of digitally signed transactions that began with the crypto-currency's creation as a block reward. The owner of a crypto-currency unit transfers it by digitally signing it over to the next owner using a crypto-currency, transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements,crypto-currency, transactions are irreversible, which eliminates the risk of chargebacks or a bounced check.

Smart Contracts conform to Digital Ledger

Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that make a contractual clause unnecessary. Smart contracts usually also have a user interface and often emulate the logic of contractual clauses. Proponents of smart contracts claim that many kinds of contractual clauses may thus be made partially or fully self-executing, self-enforcing, or both. Smart contracts aim to provide security superior to traditional contract law and to reduce other transaction costs associated with contracting.