Familiar words among the SPEROCOIN community

SperoCoin offers a new approach to payments, so there are some new words that can become part of your vocabulary.


ADDRESS

The SperoCoin address is similar to a physical address or an email address. It's the only information you need to provide someone to pay you with SperoCoin. One important difference, however, is that each address must be used for a single transaction.


BIT

Bit is a common unit of measure used to designate a subunit of a SperoCoin - 1,000,000 bits equals 1 SPEROCOIN (SPERO). This unit is generally more convenient to represent prices for goods and services.


SPEROCOIN

SperoCoin - when starting with a capital letter, it is used to describe the SperoCoin concept, or the entire network itself. For example "I was learning about SperoCoin protocol today."
sperocoin - lowercase is used to describe the unit of sperocoins in the account. For example "I sent ten sperocoins today." There is also the abbreviation SPERO


BLOCKCHAIN

A blockchain is a public record of SperoCoin transactions in chronological order. The blockchain is shared among all SperoCoin users. It is used to check the permanence of SperoCoin transactions and prevent double spend.


SPERO

SPERO is a common unit of measure used to designate a sperocoin.


CONFIRMATION

Cconfirmation means that a transaction has been processed over the network and is highly unlikely to be rolled back. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a single confirmation can be considered safe for low value transactions, although for amounts larger like $1,000 USD it makes sense to wait for 6 confirmations or more. Each commit exponentially decreases the risk of a reversed transaction.


CRYPTOGRAPHY

Cryptography is the branch of mathematics that lets us create mathematical proofs that provide a high level of security. Already being used in online commerce and banking. In the case of SperoCoin, encryption is used to make it impossible for anyone to spend funds from another user's wallet or corrupt the blockchain. It can also be used to encrypt a wallet so that it cannot be used without a password.


DOUBLE SPENDING

If a malicious user tries to spend their sperocoins in two containers at the same time, this is double wasted. Mining and the blockchain are there to create a consensus in the network about which one of the two transactions will be confirmed and can be considered valid.


HASH RATE

The hash rate is the unit of measurement of the processing power of the SperoCoin network. The SperoCoin network must do intensive math operations for security purposes. When the network reaches a hash rate of 10 Th/s, it means it can process 10 trillion calculations per second.


MINING

Mining is the process of using computers to perform mathematical calculations to confirm SperoCoin network transactions and increase security. As a reward for their services, SperoCoin miners can receive confirmed transaction fees plus new coins created in each block. Mining is a specialized and competitive market where benefits are shared according to the number of calculations processed. Not all SperoCoin users are miners and it's not an easy way to make money.


P2P

Peer-to-peer refers to systems that work as a collective organization, allowing each individual to interact directly with others. In the case of SperoCoin, the network is built so that each user transmits the transactions of others. And, fundamentally, banks are not needed to broker transactions.


PRIVATE KEY

A private key is a secret piece of data that ensures you spend sperocoins from a specific SperoCoin wallet via an encrypted signature. Your private keys are stored on your computer if you use a software wallet; they are also stored on some remote servers if you use a web wallet. Private keys should never be revealed because they allow you to spend sperocoins from their respective SperoCoin address.


SIGNATURE

A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of SperoCoin, the SperoCoin wallet and its private key(s) are linked together by some mathematical magic. When your SperoCoin program signs a transaction with the appropriate key, the entire network can see that the signature is equal to the sperocoins that are spent. However, there is no way for the world to guess your private key to steal your sperocoins, earned from your hard-earned work.


WALLET

The SperoCoin wallet is roughly the equivalent of the physical wallet on the SperoCoin network. The wallet actually contains your private key(s) which allows you to spend the sperocoins allocated to it in the blockchain. Each SperoCoin wallet can show you the balance of all the sperocoins it controls and lets you pay a specific amount to a specific person, just like a real wallet. This is different from credit cards where you are billed by the merchant.


SPERITO

It is the name given to the decimal units of SperoCoin, for example I spent 0.001 speritos