Application-Specific Integrated Circuit (ASIC)By CoinGecko | Updated on Mar 03, 2020
Application-Specific Integrated Circuit (ASIC) refers to computer equipment which are specialized for a specific use, rather than general use. An example of ASIC would be Bitcoin mining machines that are made to solve the SHA-256 algorithm repeatedly and in orders of magnitude quicker than general use hardwares (eg. graphic cards). Initially developed only for the Bitcoin algorithm, the development, sale and usage of ASIC quickly became a lucrative industry as it expanded to cover many other cryptocurrencies. It is worth noting that ASICs are not used only in the crypto scene - appliances that are made to do specific functions can also be equipped with ASIC chips for efficiency purposes.
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Ledgers whose data is stored and synced across a network of nodes.
Open-source software is a type of software released under a license in which the copyright holder grants users the rights to study, change, and distribute the software to anyone and for any purpose.
cryptocurrency tokens with specific utilities on a network besides being used as medium of exchange and investment vehicle.
The speed/rate at which new coins are minted and released as dictated by the protocols written.
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