Protocol Layer
A protocol layer in blockchain refers to the set of rules and processes that dictate how the network functions. It includes the algorithms that help the network agree on transactions and decide who can add new blocks to the blockchain.
More terms under P
- Proof-of-Time (PoT)Proof-of-Time (PoT) is a way for blockchain networks to agree on updates and transactions. It selects validators—people who confirm transactions—based on their…
- Proof-of-ValidationProof-of-validation (PoV) is a way for cryptocurrency networks to agree on transactions using a system where people stake or lock up their coins. Validators,…
- ProtocolA protocol is a set of rules that explains how things work on a network, like how transactions are approved and how people can join in on a blockchain.
- PseudonymousPseudonymous means using a fake name instead of your real one, like how Bitcoin's creator is known as "Satoshi Nakamoto.
- Public AddressA public address is a string of letters and numbers derived from a public key that you can share with others to receive payments in cryptocurrency.
- Public BlockchainA public blockchain is a type of blockchain that anyone can see and use.
Educational definition. Protocol rules and market conventions can differ; check an asset's official documentation.