Crypto crash course Crypto terms that every Crypto user should know

in blurt365 •  4 years ago 

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Intro
Many whom find themselves in the crypto community/market without much experience can be somewhat overwhelmed by all the terminology. Even those with a background in tech industry still got curveballs to deal with like HODL which only really makes sense to those of us whom have been dealing with crypto a while

Cryptocurrency
A form of digital currency that utilizes cryptographic protocols to record ownership and prevent counterfeiting

HODL
A crypto slang of saying holding the assets rather than selling it. A crypto slang encouraging investors to hold on to their assets rather than selling it.

Proof of Work (PoW)
A consensus algorithm in which a block is validated via mathematical hashing

Proof of Stake (PoS)
A consensus algorthm that assigns block validation queue based on the coins/token locked in by the validator.

Delegated Proof-of-Stake (dPOS)
A consensus mechanism where selected members of a network are voted as delegates to validate transactions and produce blocks on a blockchain.

Proof-of-Authority (PoA)
A consensus algorithm that asigns block validation queue based on identity and reputation.

Proof-of-Burn (PoB)
A consensus algorthm that assigns block validation queue based on the coins/token burned by the validator.

Proof-of-Developer (PoD)
A concept of identifying the developers of a project as a means of vouching reputation for a project

Hashrate
Total processing power of a blockchain or what is the same, are the amount of hash values that can be made in a period of time.

Initial coin offering (ICO)
Initial Coin Offering (ICO) is the equivalent of Initial Public Offering (IPO), where a company/cryptocurrency venture raises funds through crowd sales.

Liquid Proof of Stake (LPoS)
A proof of stake consensus mechanism by Tezos that slightly differs from Delegated Proof of Stake

Hash
A hash function is an output code (unique and alphanumeric) that we obtain from an input string,

IEO
Initial Exchange Offering (IEO) is a spin-off of Initial Coin Offering (ICO), where the sale of tokens are conducted on an exchange rather than by the coin team themselves.

Hybrid PoW/PoS
It is the allowance for both Proof-of-Stake and Proof-of-Work distribution consensus to work on the same network.

Decentralized applications (dApps)
Applications that run on decentralized peer-to-peer networks such as Ethereum.

Halving
Event that serves to reduce in half the reward of the Proof-of-Work miners that operate in the blockchain network

Gwei
The monetary domination of gas, involving Ether

Hard fork
It is a permanent divergence of a blockchain into two blockhains. The original blockchain does not recognize the new version.

Gas price
A term refers to the amount of price user is willing to pay for a transaction on Ethereum blockchain.

ERC-20- ERC 72
ERC-20/ERC-72 are two of the most widely used token standards in Ethereum to create fungible, exchangeable tokens.

Decentralized Finance (DeFi)
Decentralized Finance (DeFi) refers to the movement of building decentralized financial applications that have no central authority and is censorship free.

Blockchain
In Bitcoin's case, blockchain describes its decentralized, public ledger which contains transactional information.

Altcoin
Coins althernative to Bitcoin

Airdrop
A way to promote cryptocurrencies by sending some free tokens to traders

Faucet
A faucet usually represents a site or app where a user can navigate to for small rewards repeated over time.
Helpful resources
crypto term glossary
https://www.coingecko.com/en/glossary
Leopedia useful info on Leo and hive
https://leopedia.io/

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