Best I can tell, all of it is theoretical and academic and doesn't refer to any sort of actual commonplace practice.

By changing the name and putting the word "crowd" in there, it's suddenly a new term we can use however we want, as long as it's based on a triple-entry scheme (which of course Bitcoin is).

The answer to that, that comes to mind, is that "crowd" conveys that the ledger is public, out there, and collectively maintained by everybody.  When you say "peer", I think of two people of the same approximate age and social status.  When you say "relay", I am thinking of relay races, or delivering messages or things.

In fact, I would almost boldly propose that the term "block chain" be renamed to "public ledger".  This would be a jargon change to use a term familiar to anyone with anything to do with banking and accounting, rather than a term that only has meaning to computer scientists.  It would encourage non-engineers to make many more useful assumptions, such as the fact that entries are only added to the end of it, and that it's available to everybody.

  Exactly. ;p  But in my mind, 'crowd' makes me visualize random people, maybe ones I don't trust. Where as 'peer', as you say makes you think of people of the same age, social status, in my mind, people 'like me'. It makes it seem mroe trustworthy.  And with relay, thats exactly what we are doing, delivering messages to the ledger. =)

  Cheers

  I see your point in that my offered terms don't do enough to motivate a more personalized and independent intrepretation of Bitcoin. I still think 'crowd' is not sensational enough either in that respect.

  Maybe, 'Triple Entry World Accounting', or 'Triple Entry Global Accounting', or 'Triple Entry Fiscal Accounting', or 'Triple Entry Universal Accounting'? shrug

I would address this concern by calling it a magic documented process, as documented magic is more appealing than "technology".  Magic "just works" and is scary, but documented magic not only "just works", it just works for a reason.  I updated the OP just to see how it looks.

I say that because people throw around the word "technology" nowadays to mean the most trivial things.  It seems anyone who buys gadget X and puts it in place Y where it has never been before, is said to have invented a new technology.  Anyone with a soldering iron can produce technology.  Apple soared to where it's at by selling magic.


The word that comes to mind for me to describe the process as I visualize it, is "recording", "hardening", or "memorializing" the transactions to the public ledger.  I think of it as the same thing the local County Recorder does, to make a real estate transaction permanent on public records.

someone get 2112 in here.  i'm sure he'll have alot to say about this.

This is how I explain it to people unfamiliar with accounting or computing...

a) Single entry accounting: Single transaction record
e.g I bought a loaf of bread for $1

b) Double entry accounting: Double transaction record describing input and output
e.g I bought a loaf of bread for $1.  I took the $1 from my saving account.

c) Triple entry accounting: Double transaction record WITH a validation record.
e.g I bought a loaf of bread for $1.  I took the $1 from my saving account.  The seller of the loaf of bread and I agree the transaction was legitimate and here is a signed paper saying so.

For most people, Bitcoin would have introduced them to the concept "triple entry accounting".  

To the OP, I would drop the word "crowd" and replace it with nothing.
Bitcoin has a chance to be the THE definition of triple entry.  

Why not "reconciling"? And instead of triple-entry, if it is a crowd, why not use multi-entry accounting?

Not sure I like verifying or reconciling. These mean things that have absolutely nothing to do with what miners do.

Verifying means checking to see if something is valid.  It is sort of like asking a question and seeking either "valid" or "invalid" as an answer. For example, nodes verify digital signatures before deciding whether to relay transactions.  On the other hand, miners are competing to create a record, not competing to see if something is valid or true. Verifying in Bitcoin is a quick process, miners are doing work towards confirming, recording, logging transactions that were already valid the moment they were created.

Reconciling is a misuse of an established accounting term. The established meaning has nothing to do with what miners are doing. Reconciling is like checking to see if two sums balance and, if not, explaining why.  Miners don't do this.