Glossary

Protocol

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A protocol is governed by a set of rules which define the behavior of a network. The Bitcoin protocol has many rules dictating its use, similar to a constitution. Rather than relying on a central entity like a Supreme Court or a CEO, all nodes in the Bitcoin network enforce the entire ruleset. The Bitcoin protocol uses a blockchain based on Proof-of-Work and a token (bitcoin) in order to establish a peer-to-peer monetary network.

Related Terms
Consensus
Consensus is the ideal and the method of coordination between individuals in a decentralized system. Consensus is achieved at the development level with regards to changes to the Bitcoin protocol, and it is also achieved with regards to agreement on the state of the blockchain.
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Blockchain
A blockchain is a chronological list of records, called blocks. Each of these blocks contains transactions. Once a block is added to the blockchain, it is infeasible to alter, giving Bitcoin its immutability.
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