Mynt Glossary //

Some words you may hear

Mynt provides a new approach to payments and, as such, there are some new words that might become a part of your vocabulary.

Address

A Mynt address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Mynt. An important difference, however, is that each address should only be used for a single transaction.

Algorithm

A process or set of rules to be followed in problem-solving or calculation operations, usually by a computer, although humans tend to follow steps algorithmically as well (let’s say doing math or following a recipe).

ASIC

Short for ‘Application Specific Integrated Circuit’; it is a mining equipment that is used specifically to mine a certain cryptocurrency. Often compared to GPUs, ASICs are specially created and bought for mining purposes and offer significant efficiency improvements and power savings due to its narrow use case.

Block

A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 30 seconds, on average, a new block including transactions is appended to the block chain through mining.

Block Explorer

An online tool to view all transactions that has taken place on the blockchain, network hash rate and transaction growth, among other useful information.

Block Chain

The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Mynt users. It is used to verify the permanence of Mynt transactions and to prevent double spending.

Block Height:

The number of blocks preceding the block in question on the blockchain, or can be thought of as total blocks in the chain before this point.

Block Reward

An incentive for a miner who successfully calculates a valid hash in a block during mining. By contributing to the security and liveness of the chain, the miner is rewarded with this incentive, ensuring that miners continue to act in the best interest of the blockchain by legitimately taking part in the process (instead of hacking it).

Cold Storage

Offline storage of cryptocurrencies, typically involving hardware non-custodial wallets, USBs, offline computers, or paper wallets

Confirmation

Confirmation means that a transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a single confirmation can be considered secure for low value transactions, although for larger amounts like $1000 USD, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction.

Cryptography

Cryptography is the branch of mathematics that lets us create mathematical proofs that provide high levels of security. Online commerce and banking already uses cryptography. In the case of Mynt, cryptography is used to make it impossible for anybody to spend funds from another user’s wallet or to corrupt the block chain. It can also be used to encrypt a wallet, so that it cannot be used without a password.

Double Spend

If a malicious user tries to spend their Mynt to two different recipients at the same time, this is double spending. Mynt mining and the block chain are there to create a consensus on the network about which of the two transactions will confirm and be considered valid.

Exchange

Cryptocurrency exchanges (sometimes called digital currency exchanges) are businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies.

Hash Rate

The hash rate is the measuring unit of the processing power of the Mynt network. The Mynt network must make intensive mathematical operations for security purposes.

Mining

Mynt mining is the process of making computer hardware do mathematical calculations for the Mynt network to confirm transactions and increase security. As a reward for their services, Mynt miners can collect transaction fees for the transactions they confirm, along with newly created Mynt. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done.

MYNT

MYNT is the ticker for Mynt. This is how you identify Mynt on exchanges etc,

Paper Wallet

A physical document containing your private key or seed phrase.

P2P

Peer-to-peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Mynt, the network is built in such a way that each user is broadcasting the transactions of other users. And, crucially, no bank is required as a third party.

Private Key

A private key is a secret piece of data that proves your right to spend Mynt from a specific wallet through a cryptographic signature. Your private key(s) are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Mynt wallet.

Signature

A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of Mynt, a Bitcoin wallet and its private key(s) are linked by some mathematical magic. When your Mynt software signs a transaction with the appropriate private key, the whole network can see that the signature matches the Mynt being spent. However, there is no way for the world to guess your private key to steal your hard-earned Mynt

Wallet

A Mynt wallet is loosely the equivalent of a physical wallet on the Mynt network. The wallet actually contains your private key(s) which allow you to spend the Mynt allocated to it in the block chain. Each Mynt wallet can show you the total balance of all Mynt it controls and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant.