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Haven1 terminology

Blockchain technology introduces numerous unfamiliar terms that prevent users from enjoying a seamless Web3 experience. This guide serves as an essential resource to assist beginners in navigating the Haven1 ecosystem effectively.

Blockchain - A blockchain is a digital ledger that keeps records of transactions across a network of computers. Each block in the chain contains information about previous transactions, including the timestamp and transaction data, and is secured using cryptography.
Consensus - In blockchain, consensus means that all participants in the network agree on the current state of the ledger, including the order and validity of transactions. Consensus mechanisms link Proof of Work or Proof of Stake maintain the integrity of the blockchain.
Consensus mechanism - A consensus mechanism is a protocol or algorithm in a blockchain network that enables participants to agree on the current state of the ledger. It establishes rules for validating transactions, selecting block producers or validators, and resolving conflicts. Consensus mechanisms ensure that the network remains secure and prevents malicious actors from tampering with the ledger.
dApp - A dApp (short for decentralized application) is an application or program that runs on a blockchain network. Unlike traditional applications, dApps do not rely on a central server and instead operate on multiple nodes across the blockchain. This decentralization provides transparency, security, and eliminates the need for intermediaries.
Decentralized ledger - A decentralized ledger is a type of database that is maintained by a network of nodes instead of a central authority. It allows multiple participants to have a copy of the ledger, ensuring transparency and reducing the risk of data manipulation. Decentralized ledgers, like blockchains, are resistant to tampering and provide a trustless environment.
DeFi - Decentralized finance (DeFi) is a financial system that operates without relying on intermediaries such as banks or brokerages. It utilizes smart contracts on a blockchain to enable various financial activities, including lending, borrowing, trading, and earning interest.
EVM - EVM is short for Ethereum Virtual Machine, which is a program that executes smart contracts on the Ethereum blockchain. The EVM is Turing-complete, allowing developers to create custom smart contracts and decentralized applications (DApps) using various programming languages.
Fork - A fork occurs when there is a significant change in the underlying protocol of a blockchain. It results in the creation of a new blockchain that shares a common transaction history with the original one up to a specific block.
  • A soft fork is a type of blockchain fork that introduces changes to the protocol while maintaining backward compatibility. Nodes running the new software can still validate transactions and blocks produced by nodes running the old software. Soft forks typically introduce new rules or restrictions to the network.
  • A hard fork is a type of blockchain fork that introduces changes to the protocol that are not backward compatible. Nodes running the old software can no longer validate transactions and blocks produced by nodes running the new software. Hard forks often result in the creation of a new cryptocurrency or network with separate rules and features.
GoQuorum - GoQuorum is an open-source Ethereum client that enables the creation and operation of private, permissioned blockchain networks. It implements Proof of Authority consensus mechanisms and provides features like privacy, alternative consensus options, and peer permissioning to meet the needs of consortium chains.
H1 - H1 s the native token of the Haven1 network, which is required to pay gas fees, providers holders with governance rights, and makes them eligible for a portion of the fees generated by the network's native protocols. Learn more here.
Haven1 - When we speak about Haven1, we refer to the Haven1 blockchain and the Haven1 open-source project as a whole.
Interoperability - Interoperability in blockchain refers to the ability of different blockchain networks to communicate, interact, and share information seamlessly. It enables the transfer of data, assets, and value between different blockchains, fostering a more connected and integrated ecosystem. Interoperability solutions aim to break down barriers and enable collaboration among diverse blockchain platforms.
Layer 1 blockchain - A Layer 1 blockchain refers to the base infrastructure of a blockchain platform. It is the fundamental network that executes all on-chain transactions, defines the rules within its ecosystem, and acts as the source of truth for a public ledger. Layer 1 protocols have distinct functionalities, including processing and finalizing transactions on their own chain, and they typically host their own native token for transaction costs.
Mainnet - A mainnet, short for "main network", is the live and operational blockchain network for a particular cryptocurrency or decentralized application. It is the production version of the blockchain that is open to the public, allowing users to transact and interact with the network in real-time. Mainnets form the foundation for the use and adoption of blockchain technology.
Nodes - Nodes are individual participants in a blockchain network that maintain a copy of the entire blockchain. They ensure the network's security, validate consensus rules, and propagate transactions and blocks across the network. Nodes can be full nodes, which store the entire blockchain, or lightweight nodes that rely on full nodes for certain information.
Oracle - An oracle in blockchain is a trusted source that provides external data or real-world information to smart contracts. It retrieves data from external sources, such as APIs or web services, and feeds it into the blockchain for use in smart contract execution.
Rollup - A rollup in blockchain refers to a Layer 2 scaling solution that consolidates multiple transactions off-chain and submits them as a single piece of data to the main Layer 1 blockchain. Rollups help improve the scalability and efficiency of blockchain networks by reducing congestion and transaction costs, allowing for faster and more cost-effective transaction processing.
Smart contract - A smart contract is a pre-programmed agreement stored on a blockchain that automatically executes when predefined conditions are met. Smart contracts are immutable, so they eliminate the need for intermediaries and ensure transparent and reliable transactions.
Staking - Staking is the process of locking up or holding a certain amount of cryptocurrency in a blockchain network to support the network's operations. Stakers contribute their coins to the network and, in return, earn rewards or voting rights.
Testnet - A testnet is a separate version of a blockchain network that acts as a sandbox environment before the release of the mainnet. It allows developers to test new features, identify bugs, and ensure the network's integrity without involving real assets.
Transaction - A blockchain transaction is a change to the blockchain that refers to the transfer of digital assets or information between participants on the network, such as Haven1. It involves the creation, validation, and recording of a transaction. Blockchain transactions can involve various types of digital assets, such as cryptocurrencies, tokens, or other forms of data or contracts.
Transaction fees - Users have to pay transaction fees to process and validate transactions on the blockchain network. These fees incentivize miners or validators to include transactions in blocks and maintain the network's security.
Transaction pools - Transaction pools are data structures within a blockchain that store unconfirmed transactions. Nodes in the network temporarily store incoming transactions in the transaction pool before they are validated and added to a block, and subsequently to the blockchain.
Treasury - As the name suggests, the treasury is where a blockchain organization stores its funds or assets. It serves as a source of funding for various initiatives, projects, or governance decisions within the blockchain ecosystem.
Validator - A validator is a participant in a blockchain network responsible for verifying transactions and blocks. Validators play a crucial role in maintaining the network's security and consensus by validating and adding transactions to the blockchain, often through consensus mechanisms like Proof of Stake or Proof of Authority.