Crypto Jargons and Slangs
It’s is a randomly generated ALPHANUMERIC CHARACTER STRING also called a wallet address because it’s used to transmit and receive transactions on a blockchain network
A technique of sending cryptoassets to wallet addresses via tokens.
A type of computer security that prevents the device from connecting to the internet or other open networks.
Any cryptocurrency that isn’t Bitcoin. Altcoins range from Ethereum to thousands of coins with extremely low market value.
A block is the groups of data within a blockchain and can be compared to a ledger page.
The fundamental technology underpinning cryptocurrencies and a digital type of record keeping like a ledger. The blockchain is a chain of data blocks. It keeps a list of organized records or the blocks that is always increasing.
A representational storage of digital value on a blockchain or cryptocurrency network. Some, such as Bitcoin, call both the network and the coin by the same name but others, like the Tron blockchain, which contains a native coin called TRX, can have different names for each.
8 Cold Storage
Because these wallets are not accessible through the Internet, cold storage or offline wallets or cold storage is one of the safest ways to store cryptocurrencies.
At the point when a decentralized network agrees to the credibility of transactions and chooses which transaction ought to be included in a block, it goes through this interaction.
In order to conceal information, mathematics generates codes and cyphers. Cryptography is utilized to solve the mathematical challenges needed to validate and secure transactions on the Blockchain.
In contrast to a central authority, blockchains are usually decentralized since they require majority approval from all users to operate and make modifications. So, the process of distributing and dispersing authority away from a central place is known as decentralization.
12 Decentralized Finance (DeFi)
DeFi allows any two parties to deal securely and directly without the need for a middleman or a central authority
As defined on Wikipedia, a decentralized application (Dapp, dApp, or DApp) is a programme that is run by a large number of users on a decentralized network using trustless protocols.
It is an abbreviation for Decentralized Exchange. DEXs are peer-to-peer cryptocurrency exchanges that connects cryptocurrency buyers and sellers and hence eliminates the need for a third party.
When two distinct addresses are used to send the same bitcoin. A user cannot spend tokens in more than one place at the same time because of decentralized consensus and mining. Otherwise, similar to counterfeiting, digital assets can be copied and circulated.
EVM or the Ethereum Virtual Machine is a collective system made up of thousands of individual nodes around the world.
Currency issued by the government. Example US Dollar, Euro etc.
A future scenario in which Ethereum’s market valuation surpasses that of Bitcoin. It’s worth mentioning that this has never happened before.
When a community modifies the blockchain’s protocol, a fork occurs. A second blockchain is produced because of the act.
Gas is the amount of computing power necessary to carry out operations the Ethereum platform and generally refers to the fee.
21 Genesis Block
It is also known as Block 0. It is the very first mined block of a blockchain.
Producing a fixed-length encrypted output through a mathematical function from an arbitrary-length input is called Hash.
23 Hot Wallet
A hot wallet is connected to the internet and allows a crypto owner to receive and send tokens.
The attribute describing the fact that data added to the blockchain is permanent and cannot be changed.
25 Initial Coin Offering (ICO)
A method of raising funding for a new cryptocurrency project.
The process by which new coins are entered into circulation and the log of transactions between users is maintained
Transactions are transmitted to this digital waiting room before being included in a block by a miner.
NFTs or Non-fungible Tokens are a form of digital assets and represent ownership of unique items.
A node is a connected computer that follows rules while sharing data with other computers.
30 Orphan Blocks
Orphan blocks (defined on Investopedia) are ones that aren’t added to the blockchain or aren’t acknowledged because of a network lag.
31 Peer-to-peer (P2P)
Without the involvement of a third party, two users interact directly.
An option in contrast to the proof-of-work system in which your present stake in a coin (the measure of that coin you own) is utilized to decide the amount of that coin you can mine. The greater your speculation, the better your shots at being picked as a validator and getting a block reward.
A system that connects mining power to computing power. At the point when a block is hashed accurately, it more likely than not needed some time and computational exertion As a result, a hashed block is regarded as proof of work.
34 Public Key
Address of the wallet like bank account number. Transactions can be sent to the public key by anyone.
35 Private Key
The code that permits you to get immediate access to your cryptocurrency and helps you prove that you are the owner of the address. And is paired to a private key. It is like the password of your bank account.
36 SATOSHI OR SATS
The unit of bitcoin. It is named after the creator of Bitcoin. 1 bitcoin is made up of 100 million Satoshis.
37 Smart Contract
Smart contracts are essentially algorithmic programs that run when predetermined criteria are satisfied and between the contract creator and the recipient.
38 Stablecoin or Digital Fiat
A Stablecoin represents a specific fiat currency like Tether for US Dollar.
A token is a set of rules and a denomination of a cryptocurrency. It belongs to a blockchain address.
A crypto wallet is a program that lets you store coins and the public and/or private keys for cryptocurrency transactions. It is a digital wallet analogous to a physical wallet.