Crypto Ecosystem Terminology

Get used to the word “ecosystem”, you’re going to hear it a lot in this industry. The word attempts to group the stakeholders and contributors that make up the various pieces of the puzzle.

Core Technology - TEXITcoin (TXC) is our core technology. TXC started as a clone (copy) of Litecoin (LTC), one of the early alternatives to Bitcoin (BTC). Our development team manages the core technology on a digital code repository and rarely makes changes, fixes or updates to this code. Based on tried and proven code, TXC is a “set and forget” technology that requires little or nothing in the way of ongoing development or maintenance to live on forever.

Mining - this is the term given to the revolutionary process that defines cryptocurrency, and is in fact actually the exotic and ever increasingly difficult cryptographic algorithms that require massive computing power and electricity to perform. In simple terms, the network of computers “mining” a digital Layer 1 cryptocurrency replaces the mainframe computer that a traditional bank would use to keep track of balances and transactions.

Proof of Work (PoW) - how does the cryptocurrency network decide if a transaction is legitimate? It requires an epic amount of work - electricity turned into mathematical equations - to decide if a transaction is genuine. The greater the work, the more valid a transaction is considered. That’s why it’s so important to keep the mining power in a location that can be trusted. Whoever controls 51% of the mine has the power to manipulate transactions and histories.

MegaHash (mh/s) - the measurement used to rate the performance of a cryptocurrency mining computer, farm or network. A “big” and “trustworthy” mine will process at least 100,000,000 megahashes per second, or mh/s. A megahash is a million hashes per second! So, a powerful crypto mine is able to perform trillions of exotic math computations every second! Not all hash power is created equal, and our algorithm can be easily compared to the performance of the Litecoin and DOGE networks.