Crypto Terms: Letter C

What is Chunk (NEAR)?

Meaning:

Chunk (NEAR) - A chunk is a portion of each block produced via sharding on NEAR.

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Let's find out Chunk (NEAR) meaning, definition in crypto, what is Chunk (NEAR), and all other detailed facts.

A part of every block generated by sharding on NEAR is referred to as a chunk. Chunks enable the system to scale horizontally by dividing the blockchain state into non-overlapping portions. It is a component of the data sharding system in the NEAR protocol.

Chunks have all transactions of a block, including results of completing those transactions as receipts.

In a Proof-of-Stake consensus algorithm, anyone can partake as a validator. It is one of the reasons why the consensus is also referred to as an open Proof-of-Stake. This guarantees that it is open and permissionless, as well as secure. Proof-of-Stake consensus algorithm is utilized by NEAR.

There are two main functions of chunks:

Execution
State storage

In the process of execution, a chunk processes transactions by utilizing the EVM. Besides, it keeps a transaction history including successful and failed transactions.

State storage, on the other hand, implies that a chunk retains a history of phases, as well as provides indexing and searching services.

Moreover, NEAR utilizes sharding as a way to balance the network. This implies that the speed depends on how many individuals are using it. NEAR is developed keeping sharding in mind throughout the whole process, and it is included in the fundamental protocol, which is different from a lot of other systems.

The maximum manageable decentralization at a performance level similar to centralized alternatives is achieved by a unique set of design tradeoffs. Sharding also assists in this regard since it parallelizes transactions across thousands of devices.

NEAR protocol has revealed “chunk-only producers” to make it possible for more individuals to participate in safeguarding as well as decentralizing the system. It is a process that operates on a node and it is qualified to issue blocks. Every shard is given a dedicated chunk-only producer (COP).

Shards are groups of computers or validators that complete transactions in a synchronized manner. Every one of them is processing a small portion of all transactions at the same time. This system is used by NEAR.

NEAR has three main advantages for developers:

Compute Resources. CPU, RAM compute resources can be accessed by developers using the protocol to process their application.
Scalability. Developers are able to scale their applications. This way the demand is matched as a result of state sharding. This type of machine learning might be utilized throughout a number of shards, along with decreasing the cost scaling.
NEAR tokens. Users are able to transact on the platform using NEAR tokens. This enables opportunities for connecting with systems and applications developed on top of the protocol.

NEAR is a decentralized cloud computing network that makes it possible for developers to create applications on top of a shared infrastructure. This network is controlled by validators and stake-weighted community members, who are paid with NEAR tokens for their participation.

cryptography, the science of secure communication techniques.<\/p>\nCipher takes the initial text of the message, or plaintext<\/strong>, and transforms it into <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ciphertext/">ciphertext, which is coded to then be safely transmitted to the receiver. The receiver must be in possession of a key that helps decipher the ciphertext back into the original message.<\/p>\nThe sender and the receiver determine the key prior to the communication. Ciphers should be able to create a ciphertext that is nearly or completely impossible to crack without knowing the key.<\/p>\nPrior to the development of digital technology, ciphers were done using pen and paper. There are numerous methods of manually <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-encryption/">encrypting a message without the use of a computer. They are known as classical ciphers<\/strong> and can be categorized into substitution and transposition ciphers.<\/p>\nThe mid-20th century saw many developments in the field of cryptanalysis that led to the classical ciphers becoming easy to decrypt. One of the best-known examples of early electromechanical encryption devices was the Enigma machine<\/strong>. It played an important role in World War II up until the development of the British <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decryption/">decryption device which cracked the Enigma.<\/p>\nDevelopments in computer science over the course of the 20th century led to the creation of new cryptography ciphers that are heavily computational. Such ciphers can only be cracked using computers.<\/p>\n<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">Cryptocurrencies as a project were heavily popular among cryptography enthusiasts, known as cypherpunks<\/strong>. The security of cryptocurrencies is reinforced by the continuous use of cryptographic algorithms in <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain networks.<\/p>","definition":"an algorithm used in data encryption and decryption.","status":"published","meta_title":"What is Cipher? Definition & Meaning | Crypto Wiki","meta_description":"Cipher meaning: Cipher - an algorithm used in data encryption and decryption.","meta_keywords":null}" :prev-section="{"id":168,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Chicago_Mercantile_Exchange_(CME)","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-27T14:48:05.000000Z","slug":"what-is-chicago-mercantile-exchange-cme","title":"What is Chicago Mercantile Exchange (CME)?","section":"C","keyword":"Chicago Mercantile Exchange (CME)","content":"Chicago Mercantile Exchange (CME) was founded as “Chicago Butter and Egg Board” in 1898.<\/strong> The exchange gave foods and beverages as the futures and stocks prior to becoming the dominant exchange provider in the industry.<\/p>\nTo be exact, it was in 1919 that the popular exchange became a standard among traders as Chicago Mercantile Exchange.<\/p>\nTo be fair, CME is considered to be the stepping stone of revolution in the United States stock market since:<\/p>\n<ul>\n<li>It is one of the very first exchanges that began to provide features.<\/li>\n<li>It showcased the first interest bond in the U.S.<\/li>\n<li>It was the first exchange that became a corporation.<\/strong><\/li>\n<\/ul>\nAccording to CME statistics, the business manages roughly 3 billion agreements with average revenue of around $1 quadrillion. As a result, the CME group is one of the most respected exchange service providers in the United States. The CME's enormous success is due to the group's ongoing diversification of the tools and goods it provides to investors.<\/p>\nCME has a Globex platform, the guide in presenting digital trading back in 1987. By presenting the futures to the global trading industry, CME guides the world through the adoption of the asset on traditional exchanges.<\/p>\nThe CME exchange merged with the Chicago Board of Trade, thereby becoming the CME group. Ever since the CME has been rapidly acquiring full or partial control of other exchanges around the United States. Such as the New York Merchantile Exchange (NYMEX) and Commodity Exchange, Inc. (COMEX).<\/strong><\/p>\nIn addition, CME Group purchased a 90% stake in the Dow Jones equities and financial benchmarks in 2010, as well as the Kansas City Board of Trade IN 2012.<\/p>\nThe Chicago Mercantile Exchange began actively trading <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin futures in 2017. Furthermore, trading in futures has piqued the interest of both institutional and private investors during the last few decades.<\/p>\nThe CME group and all of its exchanges strive to create a structured, controlled environment with high liquidity in which investors may readily take chances and profit from price fluctuations in various assets.<\/p>","definition":"is one of the largest and most essential exchanges in the United States.","status":"published","meta_title":"What is Chicago Mercantile Exchange (CME)? Definition & Meaning | Crypto Wiki","meta_description":"Chicago Mercantile Exchange (CME) meaning: Chicago Mercantile Exchange (CME) - is one of the largest and most essential exchanges in the United States.","meta_keywords":null}" :model="{"id":864,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Shard_(database_architecture)","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-12-27T14:51:27.000000Z","slug":"what-is-chunk-near","title":"What is Chunk (NEAR)?","section":"C","keyword":"Chunk (NEAR)","content":"A part of every block<\/strong> generated by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-sharding/">sharding on NEAR is referred to as a chunk. Chunks enable the system to scale horizontally by dividing the blockchain state into non-overlapping portions. It is a component of the data sharding system in the NEAR protocol.<\/p>\nChunks have all transactions of a block, including results of completing<\/strong> those transactions as receipts.<\/p>\nIn a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">Proof-of-Stake consensus algorithm, anyone can partake as a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-validator/">validator. It is one of the reasons why the consensus is also referred to as an open Proof-of-Stake. This guarantees that it is open<\/strong> and permissionless, as well as secure. Proof-of-Stake consensus algorithm is utilized by NEAR.<\/p>\nThere are two main functions of chunks:<\/p>\n<ul>\n<li>Execution<\/li>\n<li>State storage<\/li>\n<\/ul>\nIn the process of execution, a chunk processes transactions by utilizing the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ethereum-virtual-machine-evm/">EVM. Besides, it keeps a transaction history including successful and failed transactions.<\/strong><\/p>\nState storage, on the other hand, implies that a chunk retains a history of phases, as well as provides indexing and searching services.<\/p>\nMoreover, NEAR utilizes sharding as a way to balance the network<\/strong>. This implies that the speed depends on how many individuals are using it. NEAR is developed keeping sharding in mind throughout the whole process, and it is included in the fundamental protocol, which is different from a lot of other systems.<\/p>\nThe maximum manageable decentralization at a performance level similar to centralized alternatives<\/strong> is achieved by a unique set of design tradeoffs. Sharding also assists in this regard since it parallelizes transactions across thousands of devices.<\/p>\nNEAR protocol has revealed “chunk-only producers” to make it possible for more individuals to participate in safeguarding as well as decentralizing the system<\/strong>. It is a process that operates on a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">node and it is qualified to issue blocks. Every <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-shard/">shard is given a dedicated chunk-only producer (COP).<\/p>\nShards are groups of computers or validators<\/strong> that complete transactions in a synchronized manner. Every one of them is processing a small portion of all transactions at the same time. This system is used by NEAR.<\/p>\nNEAR has three main advantages for developers:<\/p>\n<ul>\n<li>Compute Resources. CPU, RAM compute resources can be accessed by developers using the protocol to process their application.<\/li>\n<li>Scalability.<\/strong> Developers are able to scale their applications. This way the demand is matched as a result of state sharding. This type of machine learning might be utilized throughout a number of shards, along with decreasing the cost scaling.<\/li>\n<li>NEAR tokens. Users are able to transact on the platform using NEAR tokens. This enables opportunities for connecting with systems and applications developed on top of the protocol.<\/li>\n<\/ul>\nNEAR is a decentralized cloud computing network that makes it possible for developers to create applications on top of a shared infrastructure. This network is controlled by validators and stake-weighted community members, who are paid with NEAR tokens for their participation.<\/p>","definition":"A chunk is a portion of each block produced via sharding on NEAR.","status":"published","meta_title":"What is Chunk (NEAR)? Definition & Meaning | Crypto Wiki","meta_description":"Chunk (NEAR) meaning: Chunk (NEAR) - A chunk is a portion of each block produced via sharding on NEAR.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\nWith close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\nAaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\nAaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo 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