Just a few small corrections to what Amph wrote.
Block halving rate: The more correct answer here is every 210,000 blocks. At a target of 10 minutes per block, this is 4 years.
Target timespan in hours: Amph stated every 2 weeks. This is the target for difficulty adjustment. The more correct answer here is every 2016 blocks, the network difficulty is adjusted to normalize the 2016 blocks to 2 weeks. In other words, if 2016 blocks took less than 2 weeks, difficulty goes up. If they took longer than 2 weeks, difficulty goes down.
Merkle hash with a timestamp: from the wiki:
Once the latest transaction of a coin is buried under enough blocks, fully spent transactions which preceded it can be discarded in order to save disk space. To facilitate this without breaking the block's hash, transactions are hashed in a Merkle tree, with only the root included in the block's hash. Old blocks can then be compacted by stubbing off branches of the tree. The interior hashes need not be stored.
and
Upon receiving a new transaction a node must validate it: in particular, check if all transaction's inputs have not been spent yet. To carry out that check the node needs to access the blockchain. Any user, who don't want to trust his network neighbors, should keep a full local copy of the blockchain, because he can't know in advance, which inputs ought to be verified...
A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which are available by querying network nodes until it's apparent that the longest chain has been obtained. Then, get the Merkle branch linking the transaction to the block it is timestamped in.
Hope this helps.
block halving rate : the speed at which the block reward halve(every 4 years)
block halving : the diminution of the block reward(now is 25, will be 12.5)
Target spacing in minutes : 10 minutes
Target timespan in hours : every two weeks
Coinbase maturity : 100 confirmations
Genesis block : the first block that start the chain
Merkle hash with a verifiable timestamp : i don't know
Windows Qt binaries : just the qt exe
blockchain explorer : it's the famous site, a decentralize public ledger, it also work as a wallet
Coin parameters : diff retarget, block time, block amount, initial block reward
premine : when a coin is mined before the launch
nodes : ip address to speed up your initial sync
linux server with static IP : well this should be obvious...just a server that run on linux with a ip that don't change over time
CPU mining : mining that utilize processor
GPU mining : mining that utilize graphic card
i will request to please answer in simple english as much as possible. i understand some tech definitions but i would really need a great help understanding in simple english.
Thanks for anyone who will answer
