仮想通貨に関する用語集(CRYPTO GLOSSARY) G行

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Game Theory

Game theory is an applied mathematics concept examining people’s rational decision-making behavior.

What Is Game Theory?

Game theory is a mathematical method that studies logical decision-making and strategic interactions. It assumes that all participants are rational actors and that the outcome relies on every actor’s choice. Simply put, it is a way of examining the behavior of rational actors and the potential outcome of their actions based on their given circumstances.

In his 1928 On the Theory of Games of Strategy publication, John von Neumann introduced the game theory concept. While it was originally developed in economics to explore how organizations, markets, and consumers behave, game theory is applicable in everyday life, such as in politics, sociology, business, philosophy, and technology, including cryptocurrencies and blockchain. For example, game theory concepts can be seen in games like chess, where a player’s every move is influenced by their opponent’s move or the belief that they will make a certain move.

They can also be seen in price negotiations, where the seller pitches a starting offer that is high yet reasonable enough to attract buyers; and the buyer can either take the offer or negotiate for a lower price. Popular examples of game theory concepts include the Byzantine General’s Problem, the prisoner’s dilemma, and the zero-sum game.

Game Theory and Cryptocurrencies

Cryptocurrency networks typically rely on a decentralized and distributed network of node operators to validate transactions and blocks. Although the nodes do not trust each other, they are required to reach a consensus regarding the validity of these transactions.

Therefore, blockchain protocols incorporate game theory concepts in their consensus algorithms to prevent dishonest nodes (or external malicious actors) from colluding to steal cryptocurrencies or disrupt the functioning of the network.

For example, proof-of-work (PoW) networks demand expensive hardware and high computing power. Its architecture is designed to incentivize miners to act in the best interest of the network and disincentivize dishonest actions.

On the other hand, proof-of-stake (PoS) networks require the validators to have a minimum economic stake, and they risk losing this economic stake if they act dishonestly. In short, cryptocurrency networks are designed in a way that the most rational and probable decisions a network participant can make are those that serve the network.

GameFi

GameFi is a new gaming concept that blends blockchain technology, non-fungible tokens, and game mechanics to create a virtual environment where players can participate and earn rewards.

GameFi Explained

GameFi is a term that refers to the merging of game mechanics, blockchain technology, and non-fungible tokens in a virtual environment where players can participate and earn money. This new concept creates a “play-to-earn” platform where players are financially rewarded for playing games and progressing through stages. GameFi projects utilize various DeFi tools like landing pages, farming, loans, token issuance mechanisms, and algorithmic stablecoins.

The traditional model of games involves buying in-game assets that hold no value outside of the game. Although players spend money to acquire these assets, they do not have full control over them. However, GameFi has revolutionized this concept by utilizing blockchain technology, cryptocurrencies, and DeFi products.

These types of games allow users to control and own in-game assets without the intervention of any centralized server or game developer. Blockchain-based games typically come with an in-game currency, a marketplace, and a token economy that is governed and managed by the community.

This ownership model allows players to have full control over their in-game items, eliminating the need for server infrastructure and reducing the risk of game hacking or cheating.

GameFi developed based on a DeFi economy structure where users can play a game and earn different types of game assets like avatars, virtual lands, and weapons, alongside crypto and NFT rewards. Users can also rent or lease their weapons to other players to gain returns.

Play-to-Earn Model

The play-to-earn model is different from the “pay-to-earn” model used in conventional games like Call of Duty, where users pay upfront to participate in the game.

Most of these P2E games are free to play, which means users do not have to pay a fee to take part in the game, and often reward users simply for playing the game and reaching certain in-game achievements. Within P2E models, the rewards a user earns have the potential to be monetized. For example, users can trade their gaming assets or NFTs in crypto exchanges or NFT marketplaces and later swap them for fiat money or any other cryptocurrency.

Asset ownership is one of the fundamentals of play-to-earn games. Unlike traditional games, where game developers have sole authority over the games, GameFi allows you to have verifiable ownership and full control of your assets.

Users can also vote and propose future developments in gaming experiences or policies for many GameFi ecosystems.

Gas

Gas is the measurement unit for the amount of computational power required to complete a transaction on the Ethereum network.

What is Gas in Crypto?

In crypto, Gas is a pricing mechanism in the Ethereum network. It’s a special unit that measures the computational effort necessary to validate transactions and execute smart contracts, as well as launch decentralized applications (dApps), on the Ethereum blockchain.

The amount of cryptocurrency users pay for this computational power is called the gas fee. These fees are then used to pay block rewards to the validator nodes.

What is Gas on the Ethereum Network?

Gas on the Ethereum Network is a measure of the amount of work (computational power) required to conduct a specific activity on the network.

The amount of resources that a single transaction requires will influence the “gas fee” that users pay to complete the task on the EVM. Activities on the network that require gas include processing transactions, executing smart contracts, and launching dApps. Since every transaction on the network requires gas, each gas unit is assigned a gas fee.

Put simply, gas is the amount of work and gas fee is the price paid for this work. This rate fluctuates according to supply and demand across the network, as well as the complexity of the activity. Typically, the network activities consume gas in small bits known as gwei, the smallest denomination of Ether – which is the native token on the Ethereum network.

One gwei is equivalent to 0.000000001 ETH. The gas fees are paid to miners/validators as compensation for the computational power they provide to validate transactions and secure the network. This pricing mechanism guarantees that fees are charged in a fair and appropriate manner.

Unfortunately, the lower the fees you pay, the more time your transaction will take to be processed. This is because validators prioritize transactions that earn them more, i.e., transactions that pay higher gas prices.

Gas Fee

A gas fee is the amount you pay to complete a transaction on a blockchain.

What is the Gas Fee in Crypto?

Every time a user conducts a transaction on the Ethereum network, even a simple activity such as sending some cryptocurrencies to family members or friends, computational power is required.

This power consumed in completing the transaction requires a certain amount of crypto, called gas fees, to be paid. Gas fee (or gas price), refers to the amount users pay to successfully perform a specific operation on the Ethereum network. Such activities include processing transactions, executing smart contracts, launching decentralized applications (dApps), minting and buying non-fungible tokens (NFTs), etc.

An auction-style mechanism determines the gas fees, where the user paying the highest amount is prioritized in the queue of pending transactions. This means the amount of fee influences how fast a transaction is processed.

What is the Gas Limit?

The estimated maximum amount of gas units you are willing to spend on a transaction is known as the gas limit. It is based on the complexity of the operation you intend to perform, as well as the speed at which you want the action to be fulfilled.

This is because complex transactions require more resources and validators/miners will prioritize transactions offering the highest gas limits.

How are Gas Fees Calculated?

Gas prices are paid in Ether (Ethereum’s native currency) and measured in gwei, the smallest unit of Ether, where 1 gwei is equivalent to 0.000000001 ETH. Hence, 1 ETH equals 1 billion of gwei.

The total gas price for a transaction is calculated as follows:

Total Gas Price = Gas Unit (limit) × (Base Fee + Tip).

The base fee is a reserve price of the current block, which is the lowest amount of gas needed to include a transaction on the network. Also called the priority fee, the tip is an additional fee used to incentivize validators to prioritize a transaction in their block.

What is the Current Gas Fee?

It varies depending on the transaction type, day of the week, and time of day. In most cases, wallets have in-built calculators that automatically sets it for you.

However, if you need to set the fee manually, you can use the Ethereum gas tracker in real-time.

Generative AI

Generative AI refers to a subset of artificial intelligence used to produce new content, such as text, code, and images.

What Is Generative AI?

Generative AI (gen AI) defines a category of artificial intelligence technology that can create new forms of creative content based on a variety of inputs. Gen AI, for instance, generates content such as text, images, videos, and audio. While this technology dates back to chatbots in the 1960s, it was not until around 2014 that generative AI could produce high-quality, convincingly authentic outputs.

This was made possible by the inception of generative adversarial networks (GANs) – a kind of machine learning algorithm. Gen AI’s improved capability unlocks a world of new possibilities such as writing software code, accelerating pharmaceutical research, creating rich educational content, developing new products, and transforming supply chains.

However, Gen AI has also raised concerns about cybersecurity attacks and deepfakes – that is, digitally manipulating synthetic media to convincingly mimic another person’s likeness. For instance, a malicious actor can create a deepfake image to access their victim’s stolen devices using facial recognition. Technological solutions such as digital identities, deep learning algorithms, and image, video, and audio analysis can be used to identify inconsistencies in deepfakes that are imperceptible to the human eye. Some popular gen AI tools include Github Copilot, ChatGPT, Dall-E, Jasper AI, and Gemini (formerly known as Bard).

How Does Generative AI Work?

Generative AI relies on machine learning (ML) models known as deep learning models. These are algorithms that simulate the human brain’s decision-making and learning processes. Thus, you can think of gen AI as an ML model trained to respond to users’ natural language questions. This also means that the accuracy and quality of the output are heavily reliant on the data used to train the ML model. Users typically query gen AI models using descriptive input, whether textual or imagery, that the algorithm can process. The model then encodes patterns and relationships in vast amounts of data and uses that information to understand the users’ queries.

It then generates relevant to satisfy the user query. For instance, for textual responses, the ML model uses natural language processing (NLP) techniques to convert raw characters into comprehensible sentences, entities, or parts of speech. The AI algorithms can also transform images into visual elements or vectors. New-gen AI tools allow users to submit their queries in plain language and customize the results after an initial response, such as the desired tone or style.

What Are the Use Cases for Gen AI?

Some of the applications of gen AI models include:

• Redesigning business processes
• Automating email responses
• Simplifying the data augmentation process
• Enhancing responses to technical questions
• Automating content creation 
• Breaking down complex information.

Genesis Block

A genesis block is the first ever block recorded on a blockchain. The block is also known as Block 0 or Block 1.

What is a Genesis Block?

The genesis block of  any blockchain is the very first set of data validated on that blockchain. 

A blockchain consists of a chain of blocks that store information on the transactions that occur on that network. Each one of these blocks references the previous block except for the genesis block, which has no predecessor. Block 0 sets the foundation for the rest of the blocks, hence the term “blockchain”. These blocks are typically hardcoded into the software because they have no reference to a previous block.

The blocks that succeed Block 0 will contain data on the transactions that occurred in the previous block, as well as a hash. The next blocks will also continue in that sequence, a hash with the data of all the transactions that occurred in the previous blocks and the ones that have occurred in the new block. This cryptographic process ensures the integrity of the data on the blockchain. The moment one piece of data is tampered with, the entire blockchain system becomes compromised.  

What Did the Bitcoin Genesis Block Say?

Bitcoin‘s first block is the most popular Block 0 in cryptocurrency and it was created on January 3rd 2009 by Satoshi Nakamoto, Bitcoin’s mysterious founder. This kickstarted the cryptocurrency era. Bitcoin’s Genesis Block had a 50-Bitcoin reward and was sent to a valid address but remains unspendable. Nobody has any idea why this is the case. 

The Genesis block contained a hidden message – “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. The message was a reference to a Times article highlighting worsening economic conditions. It is also believed that Satoshi Nakamoto used the headline to buttress the need for Bitcoin and decentralized finance.  

 

Gossip Protocol

A gossip protocol is a method for sharing information across a distributed network of computers without relying on a central authority.

What Is a Gossip Protocol?

A gossip protocol is a communication technique in which nodes in a network exchange information with randomly selected peers. This approach enables rapid and reliable data distribution across a network, making it particularly useful for large-scale distributed systems.

In a gossip-based system, information spreads exponentially. When a node receives new data, it chooses a few random nodes and shares this information with them. These recipient nodes then repeat the process, causing the data to quickly propagate throughout the network. This continues until all nodes have received the information, ensuring widespread data consistency.

For example, Hashgraph, a distributed ledger technology, uses the gossip protocol as a key component of its consensus mechanism. In Hashgraph’s implementation, when a node (let’s call it Node A) wants to share information, it randomly selects another node (say, Node B) and sends all its new data. Node B then does the same with another random node. This process repeats, spreading new information rapidly across the entire network.

Types Of Gossip Protocols

There are several types of gossip protocols, each suited to different use cases:

1. Anti-entropy model: In this model, nodes regularly compare their entire dataset with other nodes to identify and rectify inconsistencies. While thorough, this approach can be bandwidth-intensive.

2. Rumor-mongering model: Also known as the dissemination protocol, this model focuses on spreading new information quickly. Nodes share only the latest updates, making it more efficient in terms of network usage.

3. Aggregation model: This type of gossip protocol computes system-wide aggregates. Nodes sample information from each other and combine values to generate a global value.

Each type of gossip protocol has its own strengths and is chosen based on the specific requirements of the distributed system. The anti-entropy model ensures high consistency but at the cost of bandwidth. The rumor-mongering model is efficient for quick information dissemination. The aggregation model helps compute global states or values across the network.

By choosing the appropriate type of gossip protocol, distributed systems can achieve efficient information sharing and maintain network health without relying on centralized coordination.

Governance

Governance refers to the mechanisms and structures through which decisions are made within a blockchain network or cryptocurrency project.

What is Governance in Crypto?

Governance is the process of overseeing a community, organization, or system. It involves promoting responsibility, rules, stability, widespread participation, and inclusion, among others. 

Governance is a crucial aspect of cryptocurrency networks. It aids in determining how the network develops or evolves, resolves disputes, and implements changes, and defines the individuals responsible for the decision-making within a cryptocurrency project. Most blockchain projects establish tokens that enable users to influence the decisions that help the ecosystem’s growth, which are known as governance tokens.

Individuals can buy and stake governance tokens for the right to vote on decisions or proposals concerning the project, contributing to a decentralized voting process. These tokens are essential in decentralizing the voting process, where individuals can buy and stake these tokens for the right to vote on decisions or proposals concerning the project. A common application of these tokens is in decentralized autonomous organizations (DAOs), which rely on their respective members to collectively make decisions.

What are the Governance Models in Cryptocurrency Networks?

Governance in cryptocurrency networks happens either on-chain or off-chain.

On-Chain

On-chain governance is a framework for implementing upgrades and changes to a protocol based on rules embedded in the blockchain’s programming. The encoded rules also decide who participates in the decision-making and voting processes. It typically involves miners, developers, and participants with voting rights.

For instance, developers can propose changes to the network, and all the nodes have the right to accept or decline the request. Technically, the decision on whether to implement the changes or not involves everyone’s participation. In cryptocurrency networks like Tezos, people who hold governance tokens can delegate their voting rights to other nodes, which then accept or decline the implementation of changes.

Off-Chain

In off-chain governance, decision-making is done outside the protocol. Cryptocurrencies like Bitcoin and Ethereum don’t have rules for instituting changes embedded into the chain.

Instead, discussions on whether to accept or decline proposals happen on social media, conferences, and online forums, among other events. In off-chain processes, developers, miners, businesses, institutions, and end-users can participate in the decision-making.

Graphical Processing Unit

A graphical processing unit (GPU) is a hardware component designed to accelerate graphics rendering and increasingly perform parallel computing tasks across various applications.

What is a Graphical Processing Unit (GPU)?

A graphical processing unit (GPU), sometimes called a graphics card, is a computer component that is responsible for digital rendering. It has a higher processing power than a central processing unit (CPU). GPUs are used to create digital images on computers and mobile phones. They can also perform video rendering for games and create 3D graphics for various applications. 

Due to their high processing power, GPUs are also used to mine some Proof of Work (PoW) consensus cryptocurrencies. Miners can use GPUs to mine cryptocurrencies more efficiently and profitably than mining with CPUs. 

Miners have used GPUs to mine POW cryptocurrencies like Bitcoin and Dash.

To mine a cryptocurrency, miners have to use a significant amount of computing power to solve complex puzzles and validate transactions on the blockchain to earn rewards. The strong computing power of GPUs means that they can process thousands of mathematical computations and find the right values for each puzzle. This makes them a good machine for crypto mining. 

There are two main brands of GPUs in the market and they are produced by the NvidiA and the AMD brands. The Nvidia GeForce RTX 3090 and the AMD Radeon RX 5700 XT are two popular products from both brands. Miners will often consider a GPU’s power consumption, hashrate and potential profits per day when they select a GPU.

A standard GPU will process 3,200 32-bit transactions per clock at peak capacity. It also comes with several Algorithmic Logic Units (ALU) which conducts all arithmetic and logic operations in a computer. These properties make the GPU an ideal machine for cryptocurrency mining as it can handle repetitive, complex mathematical computations that PoW blockchains demand.

Gwei

In Ethereum, Gwei serves as a standardized unit that quantifies transaction costs, gas fees, and computational resources for executing transactions.

What is a GWEI in Ethereum?

Gwei, short for gigawei, serves as a unit of measurement within the Ethereum network. It is used to measure the cost or value of transactions and computational operations on the Ethereum network. It is primarily used to determine the transaction fees or gas fees for executing transactions and running smart contracts on the blockchain.

Gas fees are rewards paid to miners for validating transactions. It is calculated by multiplying the amount of gas required to execute a transaction or contract operation by the current gas price in gwei. 

The gas price, denominated in gwei, is determined by the dynamics of market supply and demand. Users have the ability to set the gas price they are willing to pay for their transactions, and miners prioritize those transactions with higher gas prices. This incentive encourages miners to include these transactions in the blocks they mine. Gas limit is the maximum amount of gas that a user wants to spend on a transaction.

While almost all transactions that are initiated on the Ethereum blockchain will be processed, users who pay more in gas fees have their transactions processed faster. The amount of gas fee that you will pay for a transaction is dependent on the size of the transaction and network congestion. Higher congestion on the Ethereum network usually leads to an increase in gas fees. 

How Much is 1 GWEI?  

One unit of Gwei is calculated as one nano of ETH (0.000000001 ETH).

In other words, 1 ETH equals 1 billion units of Gwei. There are other units of measurement on Ethereum, including Wei, which is the smallest unit. 1 Gwei is equal to 1 billion units of Wei. 

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