29 Blockchain and Cryptocurrency terms

Blockchain and Crypto terms

  • Address

Cryptocurrency address, which alphanumerical form, and refers to your wallet address.

Wallet

Cryptocurrencies and crypto exhanges all have a wallet.   A wallet comes in the form of software, hardware, paper wallets, and exchange wallets.

Asic

Application specific integrated circuit.  Asic is a mining term refering to the Asic miners on the market.   Predominantly sold by Asic mining giant which sells Bitcoin, litecoin, dash, and other miners.  These miners can only mine the specified coins which is why they are Asic.

Block

Blocks of data copied and recorded on the blockchain.

Blockchain

A distributed shared ledger.

Cryptocurrency

A digital asset representation.  Cryptocurrencies are not necessarily currency but a reference to the underlying technology or company that has built the specified cryptocurrency for specified reasons, such as shares, utility, voting, etc.

DAPP

Decentralized application which is open source and operate autonomously

DAO

Decentralized autonomous organization which is free from human interaction.  DAO’s operate on their own following a set of rules.

Fork

A different version of a blockchain which runs simultaneously on different parts of the network.   There are softforks and hardforks.

Mining

Miners validate blockchain transactions receiving a reward for doing so.

Multi sig

Usually refers to a crypto wallet with added security features by adding several keys to authorize transactions.

Fiat

Regular currency as in a countries national currency for example the dollar or the euro.

Altcoin

Any cryptocurrency that is not bitcoin.

ICO

initial coin offering.   Think of an ICO sort of like an IPO.   An ICO is a vehicle used for funding.  Tokens are given out for a price which represent shares, utility or another value.

Peer to Peer

Often seen as P2P, which essentially means a decentralized interaction between 2 parties or more in an interconnected network.

Public key

Public key can be shared with others and is used for sending and receiving cryptocurrency.

Private key

Private key is like the password that protects your funds.  It is used to ‘sign’ transactions.  often encrypted.  Do not share your private key or funds could be stolen.

Testnet

Is a blockchain used by developers essentially for ‘testing’ purposes.  New dapps can be tested and developed.

Mainnet

Where actual transactions take place on a distributed ledger.

Proof of Work (pof)

A consensus distributed algorithm which is used to mine data blocks.   For example bitcoin, and litecoin implement a POF system.

Proof of Stake (pos)

A consensus distrubted algorithm in which miners are rewarded tokens/coins, based on the amount of cryptocurrency they hold.

Whale

A masive crypto holder or trader.

Stable coin

A coin with low volatility, therefore often these coins are traded against other cryptocurrencies.  Some examples are USDT and TUSD.

FOMO

Fear of missing out.  So fear of missing out on the rising price of a certain cryptocurrency.

FUD

Fear of uncertainty and doubt.  Most of the time baseless bashing of a cryptocurrency project in which an entity either just hates the project or is tryng to lower the price.

MEW

Mew stands for My ether wallet which is an online ethereum based wallet.  One of the most popular online wallets for ethereum.

Moon or Mooning

A cryptocurrency that is reaching all time highs (ATH) or is expected to rise to the ‘moon’ in terms of price.

JOMO

Joy of missing out on the dropping price of a coin.

Shitcoin

A cryptocurrency that has no value or usage.

 

Please follow and like us: