Blockchain Terms

Below is a list of blockchain terms added by us and by our readers. If you have a question about one of these terms and would like to know more, drop us a line. If you would like to add a term or think there is an error, we want to hear from you.

 

 

Blockchain Term Glossary

Entries are below. If you would like to add a term or think there is an error with a blockchain term, contact us here. To see all terms, simply enter a % sign in the search box below and hit Enter.

Blockchain Terms

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 8 names in this directory beginning with the letter O.
OAuth protocol
Open Authorization Protocol is an authorization framework where unrelated platforms can share authenticated access without exposing the logon credentials of a user. Similar to, but not the same as SSO (Single Sign On) OAuth does not share credentials with third party. What happens in laymen's terms is that you create credentials on a single server, access the second server, which validates you have access to the original server, and then you are allowed onto the second server. This is much more secure than sharing your credentials across multiple platforms.
Off-Ledger Currency
This is currency created outside of the ledger, but that is spent on the ledger. The connection to crypto is thin, but there is a valid application. The term "Off-Ledger" is currently more applicable to fiat currencies where currency is minted off-ledger (outside the economic system) and used on-ledger. In reality, even fiat is minted on-ledger in the sense that governments know how much they create. This is a challenging concept, but for crypto, just think of off-ledger as crypto on distributed wallets.
Ommer Block
Also known as an Uncle Block, this is a mined block that is considered stale and will not typically be added to the blockchain. This happens in the case where two blocks are found and an attempt is made to add the block to the blockchain at the same time. The second block is not added to the blockchain and the transactions in that block are not considered valid. Typically, the faster the blockchain, the higher the ratio of uncle blocks.
On-chain Governance   
Blockchain governance is the set of rules baked into algorithms within which the blockchain operates. While business decisions can be made outside the chain, the method in which the blockchain generates rewards and processes transactions is considered "On-chain Governance". 
On-Ledger Currency
This is more representative of cryptocurrency in that currency is printed "On-Ledger" (generated within the ledger) and transactions processed within the blockchain.
Oracles
An individual or software program that verifies an event to satisfy a smart contract is considered an Oracle. If payment is pending a service or shipping of products, the Oracle will verify that the service is complete, or the product has been delivered and the Oracle will then submit that information to the blockchain so that the smart contract can be completed.
Orderer Network   
Pertaining to Hyperledger Fabric, an orderer network refers to the orderers within an Ethereum based Hyperledger Fabric network. An orderer is also termed an Orderer Peer Node.
Orphan block
If you were to validate your ancestry and did not have or could not find parentage on either side of your family, you would be considered an orphan. The same is true in blockchain. If the network is unable to locate the parents or grandparents of a block, the block is considered an orphan. Because it does not have lineage on the chain, the details and transactions within that block are considered invalid. If the orphaned block were to continue forward, then it would turn into a fork, but it won't. Using the longest chain rule, the network will look to the original chain for the longest lineage and revert back to that chain. Since no transactions were executed from the orphan block, no coin is lost.
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