Definition of Protocol

The set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain.

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Related Terms

Merkle Tree

A Merkle tree is also known as a hash tree in cryptography. It is a tree where every lead node is labelled with cryptographic hash of a data block, and every non-leaf node is labelled with the hash of the labels of its child nodes. It is used to verify of data stored within it and transferable in and between computers.

Token

Blockchain based unit of value issued by an organization, which grants token holders a right to participate in a network.

Option

It is a financial instruments that refers to a contract offers the buyer the right to buy or sell an underlying assets at a specified price and time.

Permissioned Blockchain

It is a private blockchain where the nodes must be previously authorized by a central entity.

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