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Blockchain General

Bitcoin Script

Bitcoin's stack-based, intentionally non-Turing-complete scripting language used to define spending conditions for transaction outputs. Scripts are composed of opcodes that manipulate a stack to evaluate whether a transaction is authorized, supporting operations like signature verification (OP_CHECKSIG), multisig (OP_CHECKMULTISIG), timelocks (OP_CHECKLOCKTIMEVERIFY), and hash preimage checks. Its deliberate limitations (no loops, bounded execution) minimize attack surface.

IDbitcoin-scriptAliasScript
Plain meaning

Plain meaning

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Bitcoin's stack-based, intentionally non-Turing-complete scripting language used to define spending conditions for transaction outputs. Scripts are composed of opcodes that manipulate a stack to evaluate whether a transaction is authorized, supporting operations like signature verification (OP_CHECKSIG), multisig (OP_CHECKMULTISIG), timelocks (OP_CHECKLOCKTIMEVERIFY), and hash preimage checks. Its deliberate limitations (no loops, bounded execution) minimize attack surface.

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Bitcoin Script (bitcoin-script)
Category: Blockchain General
Definition: Bitcoin's stack-based, intentionally non-Turing-complete scripting language used to define spending conditions for transaction outputs. Scripts are composed of opcodes that manipulate a stack to evaluate whether a transaction is authorized, supporting operations like signature verification (OP_CHECKSIG), multisig (OP_CHECKMULTISIG), timelocks (OP_CHECKLOCKTIMEVERIFY), and hash preimage checks. Its deliberate limitations (no loops, bounded execution) minimize attack surface.
Aliases: Script
Related: Bitcoin, UTXO Model, OP_CAT, Taproot
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Branch

Bitcoin

The first decentralized cryptocurrency network, launched in 2009 by the pseudonymous Satoshi Nakamoto, using a Proof-of-Work consensus mechanism and a UTXO-based transaction model. Bitcoin's protocol enforces a fixed supply cap of 21 million BTC, with new coins issued through mining block rewards that halve approximately every four years. It serves as both a peer-to-peer electronic cash system and a store of value, with its scripting language enabling basic programmability such as multisig and timelocks.

Proof of Work (PoW)Bitcoin Halving
Open term
Branch

UTXO Model

The accounting model used by Bitcoin (and derived chains like Litecoin and Zcash) where balances are represented as a set of unspent transaction outputs rather than account balances. Each transaction consumes one or more UTXOs as inputs and creates new UTXOs as outputs; the difference between input and output values constitutes the transaction fee. The UTXO model enables natural parallelism and simple verification but makes stateful smart contracts more complex compared to account-based models like Ethereum or Solana.

Open term
Branch

OP_CAT

A proposed Bitcoin opcode (BIP 347) that would reintroduce byte-string concatenation to Tapscript, originally disabled by Satoshi Nakamoto in 2010 due to DoS concerns now mitigated by Tapscript's 520-byte stack element limit. OP_CAT would enable covenants (spending conditions constraining future transactions), Merkle proof verification, and more expressive smart contracts on Bitcoin. The proposal was assigned BIP 347 in April 2024 and is live on Signet for testing.

Open term
Branch

Taproot

A Bitcoin soft fork activated in November 2021 (BIPs 340-342) introducing Schnorr signatures for efficient key/signature aggregation, MAST (Merkelized Abstract Syntax Trees) for committing complex spending conditions where only the exercised branch is revealed on-chain, and Tapscript extending Bitcoin Script with new opcodes. Taproot makes complex transactions (multisig, timelocks, conditional spending) indistinguishable from simple single-key transactions, improving privacy and efficiency.

SegWit (Segregated Witness)Bitcoin Ordinals
Open term
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Blockchain General

Bitcoin

The first decentralized cryptocurrency network, launched in 2009 by the pseudonymous Satoshi Nakamoto, using a Proof-of-Work consensus mechanism and a UTXO-based transaction model. Bitcoin's protocol enforces a fixed supply cap of 21 million BTC, with new coins issued through mining block rewards that halve approximately every four years. It serves as both a peer-to-peer electronic cash system and a store of value, with its scripting language enabling basic programmability such as multisig and timelocks.

Open term
Blockchain General

UTXO Model

The accounting model used by Bitcoin (and derived chains like Litecoin and Zcash) where balances are represented as a set of unspent transaction outputs rather than account balances. Each transaction consumes one or more UTXOs as inputs and creates new UTXOs as outputs; the difference between input and output values constitutes the transaction fee. The UTXO model enables natural parallelism and simple verification but makes stateful smart contracts more complex compared to account-based models like Ethereum or Solana.

Open term
Blockchain General

OP_CAT

A proposed Bitcoin opcode (BIP 347) that would reintroduce byte-string concatenation to Tapscript, originally disabled by Satoshi Nakamoto in 2010 due to DoS concerns now mitigated by Tapscript's 520-byte stack element limit. OP_CAT would enable covenants (spending conditions constraining future transactions), Merkle proof verification, and more expressive smart contracts on Bitcoin. The proposal was assigned BIP 347 in April 2024 and is live on Signet for testing.

Open term
Blockchain General

Taproot

A Bitcoin soft fork activated in November 2021 (BIPs 340-342) introducing Schnorr signatures for efficient key/signature aggregation, MAST (Merkelized Abstract Syntax Trees) for committing complex spending conditions where only the exercised branch is revealed on-chain, and Tapscript extending Bitcoin Script with new opcodes. Taproot makes complex transactions (multisig, timelocks, conditional spending) indistinguishable from simple single-key transactions, improving privacy and efficiency.

Open term
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Blockchain Generalbitcoin

Bitcoin

The first decentralized cryptocurrency network, launched in 2009 by the pseudonymous Satoshi Nakamoto, using a Proof-of-Work consensus mechanism and a UTXO-based transaction model. Bitcoin's protocol enforces a fixed supply cap of 21 million BTC, with new coins issued through mining block rewards that halve approximately every four years. It serves as both a peer-to-peer electronic cash system and a store of value, with its scripting language enabling basic programmability such as multisig and timelocks.

AliasBTC
Open term
Blockchain Generalbitcoin-layer-2

Bitcoin Layer 2

Scaling and programmability solutions built on top of Bitcoin's base layer that extend its functionality while inheriting some degree of Bitcoin's security. Major approaches include the Lightning Network (payment channels), Stacks (smart contracts via Proof of Transfer), Liquid Network (Blockstream's federated sidechain), and ZK-rollups like Citrea (using BitVM for settlement). These solutions address Bitcoin's limited throughput (~7 TPS) and restricted scripting.

AliasBitcoin L2
Open term
Blockchain Generalbitcoin-halving

Bitcoin Halving

A programmatic event occurring every 210,000 blocks (~4 years) that reduces the Bitcoin block reward by 50%, enforcing a disinflationary monetary policy converging on the 21 million BTC supply cap. The most recent halving occurred on April 20, 2024 (block 840,000), reducing the reward from 6.25 to 3.125 BTC per block. Halvings shift miner revenue composition toward transaction fees and have historically correlated with bull market cycles.

AliasHalvening
Open term
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Blockchain Generalbitcoin

Bitcoin

The first decentralized cryptocurrency network, launched in 2009 by the pseudonymous Satoshi Nakamoto, using a Proof-of-Work consensus mechanism and a UTXO-based transaction model. Bitcoin's protocol enforces a fixed supply cap of 21 million BTC, with new coins issued through mining block rewards that halve approximately every four years. It serves as both a peer-to-peer electronic cash system and a store of value, with its scripting language enabling basic programmability such as multisig and timelocks.

Open term
Blockchain Generalutxo-model

UTXO Model

The accounting model used by Bitcoin (and derived chains like Litecoin and Zcash) where balances are represented as a set of unspent transaction outputs rather than account balances. Each transaction consumes one or more UTXOs as inputs and creates new UTXOs as outputs; the difference between input and output values constitutes the transaction fee. The UTXO model enables natural parallelism and simple verification but makes stateful smart contracts more complex compared to account-based models like Ethereum or Solana.

Open term
Blockchain Generalop-cat

OP_CAT

A proposed Bitcoin opcode (BIP 347) that would reintroduce byte-string concatenation to Tapscript, originally disabled by Satoshi Nakamoto in 2010 due to DoS concerns now mitigated by Tapscript's 520-byte stack element limit. OP_CAT would enable covenants (spending conditions constraining future transactions), Merkle proof verification, and more expressive smart contracts on Bitcoin. The proposal was assigned BIP 347 in April 2024 and is live on Signet for testing.

Open term
Blockchain Generaltaproot

Taproot

A Bitcoin soft fork activated in November 2021 (BIPs 340-342) introducing Schnorr signatures for efficient key/signature aggregation, MAST (Merkelized Abstract Syntax Trees) for committing complex spending conditions where only the exercised branch is revealed on-chain, and Tapscript extending Bitcoin Script with new opcodes. Taproot makes complex transactions (multisig, timelocks, conditional spending) indistinguishable from simple single-key transactions, improving privacy and efficiency.

Open term
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Blockchain General

Blockchain

A distributed, append-only ledger that records transactions in cryptographically linked blocks. Each block contains a hash of the previous block, forming an immutable chain. Nodes in the network maintain copies of the ledger and reach agreement through consensus mechanisms. Blockchains enable trustless, decentralized record-keeping without a central authority.

Open term
Blockchain General

Consensus Mechanism

The protocol by which nodes in a distributed network agree on the current state of the ledger. Common mechanisms include Proof of Work (Bitcoin), Proof of Stake (Ethereum, Solana), and BFT variants. Consensus ensures all honest nodes converge on the same transaction history despite potential network delays or malicious actors.

Open term
Blockchain General

Proof of Stake (PoS)

A consensus mechanism where validators are selected to produce blocks based on the amount of cryptocurrency they have staked (locked) as collateral. PoS is energy-efficient compared to Proof of Work. Misbehaving validators risk losing their stake (slashing). Solana, Ethereum (post-Merge), Cosmos, and Cardano use PoS variants.

Open term
Blockchain General

Proof of Work (PoW)

A consensus mechanism where miners compete to solve computationally expensive puzzles to produce blocks and earn rewards. PoW provides strong security (51% attack resistance) but is energy-intensive. Bitcoin and pre-Merge Ethereum use PoW. The difficulty adjusts to maintain target block times regardless of total network hash power.

Open term