decentralized storage</strong></a>. </p>\n<p><em>What is Sia blockchain about?</em> It is a <strong>blockchain-based platform</strong> owned by Nebulous that allows users to lend a part of their hard drives to others. Other users can rent that part of the hard drive to store encrypted data, giving them <strong>total control over their information</strong>. The borrower uses Siacoins (mineable Sia's tokens), to pay for the space.</p>\n<p>Skynet is built on the premise that people should have control over their data rather than third-party organizations. Skynet's most beneficial apps are on the web, therefore, a <strong>web browser</strong> can be used to browse and use these applications. Social media sites, storage apps, mobile apps, <strong>desktop apps</strong>, and practically everything else that can be established on the standard web are all possible Skynet applications.</p>\n<h3>What is the Selling Point of Skynet?</h3>\n<p>Since Skynet is a decentralized system, it frees users from the control of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized/">centralized servers, giving them <strong>complete charge over their data</strong>. It benefits both – developers and users – by allowing them to be a part of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web3. /nIn consideration of developers, they <strong>don't have to pay for hosting their apps</strong>, they can maintain failover sites, and prevent businesses from accessing their resources. Users, on the other hand, can have complete control over their data and browse the web <strong>without being bothered by advertisements</strong>.</p>","level":"easy","meta_title":"What is Skynet? Definition & Meaning | Crypto Wiki","meta_description":"Skynet meaning: Skynet - a protocol built on the Sia blockchain that facilitates content distribution and file sharing across the internet by providing decentralized storage.","meta_keywords":null,"language":"en","created_at":"2022-03-29T12:35:23.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-skynet"},"prevSection":{"id":695,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Side-Channel Attack?","slug":"what-is-side-channel-attack","section":"S","keyword":"Side-Channel Attack","status":"published","definition":"a hacking method that relies on information obtained from a computer system’s performance rather than flaws in the algorithm itself.","content":"<p>A <strong>side-channel attack</strong> is a type of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hacking/">hacking that depends on data gathered from the performance of a computer system rather than faults in the algorithm itself. These attacks <strong>exploit simple computer outputs</strong> that appear to be harmless such as timing data, power consumption, electromagnetic leakage, and even sound. Every computer is<strong> susceptible to revealing information</strong> about its processes because they give off sounds, light signatures, and other indicators that can be used to communicate what is going on. </p>\n<p>In the world of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency, side-channel attacks could be used to detect when a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private key</strong></strong></a> is being inserted into a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hardware-wallet/">hardware wallet</strong></a> because it emits a stronger signal. Overall, if the information is not adequately protected, hackers can use the attacks to obtain nearly any type of information. Even the most <strong>encrypted</strong> networks can be harmed if they don't account for what happens beyond the electronic codes that carry out operations.</p>","level":"easy","meta_title":"What is Side-Channel Attack? Definition & Meaning | Crypto Wiki","meta_description":"Side-Channel Attack meaning: Side-Channel Attack - a hacking method that relies on information obtained from a computer system’s performance rather than flaws in the algorithm itself.","meta_keywords":null,"language":"en","created_at":"2022-03-29T11:21:28.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-side-channel-attack"},"currentChapter":"S","currentSection":"what-is-silk-road","chapterTitle":"S","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-silk-road","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter S
What is Silk Road?
Silk Road MEANING:
Silk Road -
an online black market that accepted Bitcoin (BTC) transactions and existed on the dark web before it was shut down by the FBI.
Let's find out Silk Road meaning, definition in crypto,
what is Silk Road,
and all other detailed facts.
Before the FBI shut it down, Silk Road was an online black market that accepted Bitcoin (BTC) transactions and thrived on the dark web. It was established by Ross Ulbricht in 2011 and it functioned as a marketplace for clients to order a variety of illegal commodities, such as fake IDs, drugs, and so on.
The market accepted cryptocurrencies as a payment method. It was convenient because of the fact that BTC and other cryptocurrencies usually guarantee anonymity. Though only when there’s no trail left, if you buy with a credit card or on an exchange, there will be a trail.
Over the course of two years, Silk Road was estimated to have made at least $1.2 billion and ranked at roughly $80 million in commissions. The FBI confiscated 174,000 BTC when it shut down Silk Road in October 2013, however, at least 444,000 BTC are still missing.
Ulbricht was accused of using a different computer that might contain information about the missing coins. The Manhattan court found him guilty of seven crimes originating from the Silk Road market.
