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Glossary

Definitions of key terms used in Bitmark documentation.

A​

Address​

A Base58-encoded identifier used to receive Bitmark. Mainnet addresses start with b, testnet with u.

Algorithm​

A specific hash function used for proof-of-work mining. Bitmark supports 8 algorithms.

Argon2d​

One of the 8 mining algorithms. Memory-hard, optimized for CPU mining. Won the Password Hashing Competition.

AuxPow (Auxiliary Proof of Work)​

Merge mining mechanism that allows Bitmark to be mined simultaneously with compatible parent chains.

B​

BIP (Bitmark Improvement Proposal)​

A formal document describing new features or changes to Bitmark. Modeled after Bitcoin's BIP system.

Block​

A container of transactions, cryptographically linked to form the blockchain.

Block Header​

The 80-byte structure at the start of a block containing version, previous hash, merkle root, timestamp, difficulty bits, and nonce.

Block Reward​

The amount of new MARKS created with each block. Currently ~2.5 MARKS per block (varies by emission schedule).

Blockchain​

A chain of blocks where each block references the hash of the previous block.

BTM​

Common ticker symbol for Bitmark currency.

C​

Chain ID​

Unique identifier (91 for Bitmark) used in merge mining to distinguish Bitmark blocks.

Coinbase Transaction​

The first transaction in each block that creates new coins and pays the miner.

Confirmation​

The number of blocks mined after a transaction's block. More confirmations = more security.

Consensus​

Agreement among nodes on the valid blockchain state.

CryptoNight​

One of the 8 mining algorithms. Memory-hard, originally from Monero.

D​

Difficulty​

A measure of how hard it is to find a valid block hash. Adjusts to maintain 2-minute average block time.

DGWv3 (Dark Gravity Wave v3)​

Bitmark's difficulty adjustment algorithm. Adjusts every block based on the last 25 same-algorithm blocks.

E​

Emission​

The creation of new coins through mining.

Equihash​

One of the 8 mining algorithms. Memory-hard, based on the generalized birthday problem.

F​

Fee​

Amount paid to miners to include a transaction in a block.

Fork​

A divergence in the blockchain. Can be soft (backward compatible) or hard (not compatible).

Full Node​

A node that downloads and validates the entire blockchain.

G​

Genesis Block​

The first block in the blockchain (block 0). Created July 13, 2014.

H​

Halving​

Reduction of block reward by 50%. Bitmark also uses quartering (25% reduction).

Hash​

The output of a cryptographic hash function. Used for block identification and proof-of-work.

Hashrate​

The number of hashes computed per second by miners.

L​

Light Wallet​

A wallet that doesn't download the full blockchain (e.g., Electrum).

Lyra2REv2​

One of the 8 mining algorithms. Memory-hard, GPU-optimized.

M​

Mark​

A transaction that endorses content by recording a reference hash and transferring value.

Marking​

The system of using marks to create reputation and transfer value.

Markbit (MB)​

The smallest unit of Bitmark (10⁻⁸ MARKS = 1 satoshi).

Merge Mining​

Mining multiple blockchains simultaneously using the same proof-of-work.

Mempool​

Pool of unconfirmed transactions waiting to be included in blocks.

Merkle Root​

A hash of all transaction hashes in a block, stored in the block header.

mPoW (Multi-algorithm Proof of Work)​

Bitmark's system supporting 8 different mining algorithms.

MRK Protocol​

The specification for creating mark transactions using OP_RETURN.

N​

Node​

A computer running Bitmark software, participating in the network.

Nonce​

A number varied by miners to find a valid block hash.

Nostr​

A decentralized protocol for social networking. Bitmark marks can reference Nostr profiles and events.

O​

OP_RETURN​

Bitcoin script opcode that allows embedding arbitrary data in transactions. Used for marks.

Orphan Block​

A valid block that isn't part of the main chain.

P​

P2PKH (Pay to Public Key Hash)​

Standard transaction type that pays to an address.

Private Key​

Secret number that proves ownership of an address and allows spending.

Proof of Work (PoW)​

Consensus mechanism requiring computational work to create blocks.

Public Key​

Derived from private key, used to verify signatures and generate addresses.

Q​

Quartering​

Reduction of block reward by 25%. Used between halvings for smoother emission.

R​

Reference​

The content being marked (URL, address, etc.).

Reference Hash​

SHA256 hash of the reference, stored in mark transactions.

Resurrector​

Difficulty mechanism that reduces difficulty if an algorithm has no blocks for 160+ minutes.

RPC (Remote Procedure Call)​

Interface for programmatic interaction with bitmarkd.

S​

Satoshi​

The smallest unit of Bitmark (0.00000001 MARKS).

Scaling Factor​

Subsidy Scaling Factor (SSF) - adjusts block rewards based on hashrate.

Scrypt​

One of the 8 mining algorithms. Memory-hard, originally from Litecoin.

SHA256D​

One of the 8 mining algorithms. Double SHA256, same as Bitcoin.

Signature​

Cryptographic proof that a transaction was authorized by the private key owner.

Surge Protector​

Difficulty mechanism that reduces difficulty after 9 consecutive same-algorithm blocks.

T​

Testnet​

Test network with worthless coins for development and testing.

Transaction (Tx)​

Transfer of value from inputs to outputs.

TXID​

Transaction identifier - the hash of a transaction.

U​

UTXO (Unspent Transaction Output)​

An output that hasn't been spent yet. UTXOs are consumed as inputs to new transactions.

V​

Validation​

Process of checking that blocks and transactions follow consensus rules.

Version​

Field in block header indicating protocol version and features.

W​

Wallet​

Software for managing addresses, private keys, and creating transactions.

Weight​

Algorithm-specific multiplier for difficulty normalization.

X​

X17​

One of the 8 mining algorithms. Chains 17 different hash functions.

Y​

Yescrypt​

One of the 8 mining algorithms. Memory-hard, CPU-optimized.