Glossary

Some useful info to familiarise with the subject of blockchain and crypto. There are many more term you can find on the internet and exchanges. However I’ve focused on some key words which you will come across.

ASICApplication-Specific Integrated Circuits is a crypto mining machine
Altcoin Any cryptocurrency that was created after Bitcoin
BearMarket that is experiencing significant downward pressure 
BlockIs the file containing the information on the transactions completed during a certain time period. This is the key security feature of blockchain technology, making it virtually impossible to forge the ledger
BlockchainA series (chain) of individual blocks. Each attached block contain a unique identifier to differentiate them from every other block in the chain.
Bull Bullish market conditions is when in which most or all assets are steadily rising in price.
Burned Coin burning reduces the total supply in circulation since the coin is intentionally destroyed. It is an effective method of increasing and stabilising the valuation of coins and tokens.
Chain split Is also known as Forks are separation of one or more projects from the original, “parent” project. Such as LTC and BCH which were splits from BTC
Cloud MiningRemote crypto mining solution offered via mining contracts
Cold Storage Offline storage of Cryptocurrencies
Cold WalletA hardware crypto wallet which is not connected to the internet offering cold storage
Consortium BlockchainA non public or privately owned blockchain
DApps A type of application that runs on a decentralised network, avoiding a single point of failure. Smart contracts launched in the ETH network is a good example
DAODecentralised Autonomous Organisations which operate via smart contracts
DEXDecentralised Exchanges are peer-to-peer exchanges allowing users to trade cryptocurrency without the need for an intermediary. These are relatively new and will be the new wave of exchanges offering anonymity to the users.
FiatPhysical currency
ForkRefer chain split
GasConsidered the “fuel” of the Ethereum network which rewards miners in the network for usage of their computation power
HalvingPopular term in Crypto which refers to reducing the rewards to miners to ensure the control of the supply. BTC rewarded 50 coins during the initial stages which is now reduced to 6.25 in 2020.
Hash Rateor Hash Power is the computation power of a mining machine or a network
Hot WalletWallet which is connected to the internet
ICOInitial Coin Offering is a type of crowdfunding, using cryptocurrencies as a means of raising capital 
KYCKnow Your Customer, the process of verifying the identity of a customer
LedgerA record of transactions that cannot be changed, only appended with new transactions in blockchain
MainnetAn independent blockchain running its own network with its own technology and protocol
MinersContributors to a blockchain taking part in the process of mining. Mining; process where blocks are added to a blockchain, verifying transactions and process through which new bitcoin or some altcoins are created.
NodeThe most basic unit of blockchain infrastructure that stores data
OraclesOracles collect, query, verify and validate data from different sources and deliver them to smart contracts.
SidechainA semi-independent blockchain which works together with an associated main chain to improve its performance.
Smart contractsSmart contracts enable transactions and agreements to be anonymously executed among two or more parties, without the need for a third-party authority, justice system or another external mechanism.
StablecoinA cryptocurrency with low volatility. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. USDT is a good example
StakingParticipation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. Ethereum launched staking in Q4 of 2020.
TestnetAn alternative blockchain used by developers for testing. At present Pi coin is a testnet
WhaleA term used to describe investors who have uncommonly large amounts of crypto, especially those with enough funds to manipulate the market
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