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I see this terminology everywhere in ethereum Wikis. What does it mean to be 'bounded'? Its a noob question I know.

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I think 'bound' is another way of saying 'limit'. 'Limited' and 'bounded' are pretty much the same. The capability of a system is limited to within the bounds specified, so we could say it is bounded.

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  • This answer is correct. I want to add that this term and its usage is not specific to Ethereum.
    – user19510
    Commented Jan 19, 2018 at 16:54

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