Collage made from the words: BLOCKCHAIN, BITCOIN, ETHEREUM, CRYPTOCURRENCY,, DIGITAL, DECENTRALIZED, ALGORITHM, TECHNOLOGY ETC.

Part 5 Back to the Basics: Computer Terms and Words 101

A young woman holding Bitcoins up to her eyes

A new era of “money” called Cryptocurrency

The Tech terms that we are going to research this week are: Blockchain, Blockcloud, Cryptocurrency, Bangs, IoT, Stochastic and Domain names.

Blockchain: Blockchain is the backbone of a new type of internet. Blockchain was originally invented for digital currency. It is considered to be an incorruptible digital ledger for economic transactions. The information on a blockchain is a continuously reconciled database that is public. And because there is no centralized version of the information, it isn’t controlled by any single entity nor has a single point of failure. It basically automatically checks in on itself every 10 minutes. The Bitcoin blockchain has been operated since 2008 without any significant disruption.

Blockcloud: Blockcloud is a blockchain-based advanced TCP/IP (Transmission Control Protocol/Internet). Protocols are the rules governing communications on the Internet that provides constant connectivity for state-of-the-art networks. Blockcloud’s goal is to be an option for an incentive-driven marketplace for IoT services that is affordable and fair. TCP/IP directs how information should be sent and received. A couple of common TCP/IP protocols are the “http” and “https” that you see in a web page address.

Cryptocurrency: Cryptocurrency is a crypto-asset and is most widely known because of blockchain technology. Bitcoin was the first cryptocurrency that captured the attention of the public eye. There are 3 standards or principles that applies to all “currencies” 1) it has to be a method or instrument of exchange where someone else is willing to trade, transfer or accept for a product or service; 2) has some standard unit of measure and 3) there is some value whether it varies or not that will be held for over time. There are currently thousands of cryptocurrencies to choose from like Litecoin, Qtum, PembiCoin, Monero, Ethereum or Zcash to name just a few.

Bangs: Bangs as we once knew them were hairs that were cut short to frame one’s face. Bangs in technology refer to shortcuts that will quickly take you to search results on other sites. There are currently more than 10,000 bangs offered.

IoT is the acronym for “Internet of Things” which sounds rather weird even though a lot of people have actually interacted with IoT applications like the Amazon Echo, Fitbit and Tesla cars. IoT are changing our lives and will continue to do so. The number of IoT devices increased 31% between 2016 and 2017 and it has been estimated that it will grow to 30 billion by the year 2020! What makes IoT huge is that when any physical device becomes connected to the Internet, it becomes an IoT device.

Stochastic: Stochastic refers to statistics that include random or variable data leading to a probability, chance of or estimation. Though the individual event may not be predicted, the conjecture is based on an assumption from an ongoing theoretical pattern. The stochastic process has been applied to many different arenas or disciplines such as biology, chemistry and physics. Within the world of technology, stochastic algorithms are being seen to solve problems based on probabilities. Artificial Intelligence is one of the academic applications.

Domain Name: A Domain Name provides a simple way to identify internet addresses. Some companies use their Domain Name as a way to establish their unique, precise and distinct identity. With hopes to capture the interest of a future Prospect, other businesses may use a generic, broad or general category based on their industry. Because the Internet is based on IP (Internet Protocol) addresses (which actually are long numerical characters assigned to each device on a computer network) and not on Domain Names, every Web server needs to be able to translate Domain Names into an IP address.

IF you’d like to participate and get an answer to a question that you were afraid to ask concerning Tech Terms. You are invited to copy and paste the link to the web-based anonymous survey via SurveyMonkey: https://www.surveymonkey.com/r/683J6DC
Here are the 6 questions that you will be able to comment on:
1) What are your questions or concerns with Computer Terms and Words?
2) Do you have qualms about some of the abbreviations used in texts? (I knew someone who thought LOL meant “Lots of Love” when it often means “Laugh Out Loud” This error caused a lot of confusion when she wrote LOL about a person dying unexpectedly.)
3) To what extent, are children looking to you for help?
4) How much effort does it take you to figure out computer/technological terms?
5) Overall, has this glossary and definitions list helped you in any way? Please share!
6) What are specific terms or words would you like definitions for?
Thanks for reading this far!

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