A Decentralized Autonomous Organization, colloquially referred to as a ‘DAO,’ is an organization that is controlled by its members and not subject to the authority of any single individual or entity. A word derived from the Greek ‘kryptos’ meaning ‘hidden’ – this is the process of using mathematics to encode and protect sensitive information from malicious actors.ĭAO.
![dives deeper synonym dives deeper synonym](https://grammartop.com/wp-content/uploads/2020/11/efe0df31854abe628becfdbf4f71f68b59f1c377-768x510.jpg)
Corporations, for example, are centralized systems.Ĭryptography. In such a system, power and decision-making authority is concentrated in the hands of a relatively small number of individuals at the top of the hierarchy. This is a system that is controlled and organized according to a rigid hierarchical structure.
![dives deeper synonym dives deeper synonym](https://twistedmalemag.com/wp-content/uploads/2021/03/unnamed1-1.jpg)
A block, the constituent element of a blockchain, is an individual unit in which data is stored.Ĭentralized system. The transparency and immutability of the blockchain makes it a very reliable and trustworthy business resource both for individuals and companies.īlock. Each new piece of information is also assigned a timestamp, which makes it easy for users to find out exactly when it was linked to the database. New data is filed into blocks – and blocks are subsequently chained together – in chronological order, so a blockchain becomes longer and longer as more information is added to it. The name comes from the fact that a blockchain stores data in ‘blocks,’ individual units that are linked, or ‘chained,’ together. (If there’s an error in an entry, then a new, revised entry must be made, and both entries will subsequently be visible on the ledger.) It’s an immutable database, which means that information can’t be tampered with or altered once it’s been recorded.
![dives deeper synonym dives deeper synonym](https://www.sloww.co/wp-content/uploads/2018/06/Sloww-Slow-Living-Synonyms-Infographic-504x756.jpg)
A ‘blockchain’ is a distributed digital ledger that’s used to record transactions. It was also the world’s very first cryptocurrency, postulated by ‘Satoshi Nakamoto’ (which is typically presumed to be a pseudonym) in a now-famous white paper called ‘A Peer-to-Peer Electronic Cash System’ in 2008.īlockchain. Bitcoin is at the time of writing the most valuable cryptocurrency in the world.