LEARN NEW TERMS IN CRYPTO SPACE BY SAFU ACADEMY
Curious to know what are the meaning of many terms you see circulating around about crypto? Are you eager to increase your knowledge? Are you new or pro crypto enthusiast? Let's get to know some important terminologies and what they mean.
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An attack on blockchain by a group of miners controlling more than 50% of network hash rate
gm is the short form writing for good morning. Used extensively within the crypto community where individuals greet each other casually. On the other hand, good night (gn) is used when people sign off for the day.
Delegation of a wallet's stake to a Super Staker
A way to promote cryptocurrencies by sending some free tokens to traders
Algorithm is a set of rules to follow to solve a problem or conduct a task.
Algorithmic stablecoins are tokens pegged to a fiat currency which is usually the US dollar, purely through software and specific conditions.
The highest point (in price, in market capitalization) that a cryptocurrency has been in history.
The lowest point (in price, in market capitalization) that a cryptocurrency has been in history.
Coins althernative to Bitcoin
It is a software that acts like an intermediary or a bridge that lets two applications talk to each other. It is the one that lets applications, data and devices interact.
Refers to specialized computers that are made to do a very specific task (eg. calculate hashes for Bitcoin's Proof-of-Work)
A strategy where investors buy a currency in a market and sell it at a higher price in another market to gain profit.
A term used to describe cryptocurrency proof-of-work protocols that are resistant to Application-Specific Integrated Circuit (ASIC), by packing in various parameters that make it difficult for ASICs to have a competitive edge against consumer hardwares.
Ask me anything refers to actions where individuals of certain profession (eg. fireman, nurse, journalists) or company (eg. CEO of Tesla) conduct a session for users to ask them questions.
Atomic Swap refers to the exchange of cryptocurrencies that operate in different block chains without intermediaries.
Automatic Replay Protection refers to the upgrade implemented by Bitcoin Cash to stop the loss of funds from exchanges through replay attacks.
A person who is holding a large quantity of cryptocurrency which is declining in value or becoming worthless
Bakkt is a company developed by the Intercontinental Exchange (ICE), owner of the New York Stock Exchange. It specializes in Futures/Options contracts for cryptocurrencies.
A Batch Auction distributes an amount of tokens to users that is proportional to their contribution to the pool.
A term used to indicate negative sentiment towards the market or an asset, where investors believe that there will be downward price movement.
Contrary to bull market, it indicates the direction of the market going for downward trend.
A machine from which you can buy or sell Bitcoin. Typically also offers different types of cryptocurrencies.
Individuals who are passionate about Bitcoin, and are dedicated in spreading knowlege about Bitcoin
Refers to improvement proposals for Bitcoin, used to introduce features or any updates on the Bitcoin network.
Refers to the business license issued by the New York State Department of Financial Services (NYSDFS) to companies dealing with Cryptocurrencies (subject to certain exceptions) in New York.
In the context of blockchain, block refers to the collection of transactional data or information that are bundled together in a predetermined size.
In Bitcoin's case, blockchain describes its decentralized, public ledger which contains transactional information.
Refers to the number of confirmation a particular block has. Each block ahead of the referenced block adds one block confirmation to it.
Application or websites which display information such as status of transactions or data contained in a block of a given public blockchain network.
A number that is used to indicated the position of a particular block within a blockchain
One of the mechanisms built into a blockchain to incentivize validators
In context of trading, the term bloodbath is commonly used to describe a market which is on a downtrend with many assets suffering from value depreciation.
Bots Refers to software or programmes that automatically trade based on preset behaviours.
Public tasks available for anyone for a reward
An advice for investors to contribute new projects on blockchain rather than holding cryptocurrencies and waiting for the price to increase
A term used to indicate positive sentiment towards the market or an asset, where investors believe that there will be upward price movement.
A bull market indicates the direction of the market going in an upward trend.
Tokens which have been sent to addresses whose private key are not known, effectively becoming unusable.
On-chain buy or sell tax rate where a percentage of the tokens bought/sold will be transferred to a set address.
An encouraging rally by asset/cryptocurrency supporters to buy during a price decline
Anomalously large buy order(s) at a single price point that reflects as a "wall" in the order book.
A byzantine fault is where an error has occured, yet a computer system does not know due which component/what failed to the lack of information and continues to iterate on a given instruction.
A term used to describe the situation a single strategy which requires consensus from all members within a group who cannot be trusted or verified
It is a digital fiat currency issued by the central banks, contrary to cryptocurrency that issued by non-legislative party.
An organization structure wherein a small handful of actors have control over the entire network.
Central data repository of a company or bank
An approximation of the number of coins or tokens that are currently not locked and available for public transactions.
Mining on blockchains through rented processing power rented from companies that host the physical equipment.
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Wallets that are offline and require physical access to certain devices (eg. hardware wallet, paper wallets)
A collateralized debt obligation (CDO) is a form of derivative in which the value is generated from another underlying asset, and is sold to institutional investors.
Composability refers to the ability to combine different components of a software stack.
Consensus is achieved in a blockchain system when all participants agree on the content of the next block that will be added onto the blockchain.
This type of auction has a fixed price per token that is sold on a first-come-first-serve basis.
t is a speculation in the cryptocurrencies and the price of cryptocurrencies would go extremely high before the bubble bursts.
A form of digital currency that utilizes cryptographic protocols to record ownership and prevent counterfeiting
The Cryptocurrency Act of 2020 is a bill which aims to clarify which federal agencies would regulate which type of crypto assets.
A discipline or field of study which practices using cryptography to convert human-readable information that can only be deciphered by individuals who have the knowledge to.
Protective care or guardianship of an asset.
On a blockchain, users interact with one another through their addresses, and daily active addresses (DAA) refers to the number of addresses which fulfills the defined activity parameter on a given blockchain.
Price rally that is short lived after a prolonged decline. Price charts will show a recovery in anticipation of a market turnaround only to decline further.
A system where there are no centralized points of failure or organization with no central authority figure.
Applications that run on decentralized peer-to-peer networks such as Ethereum.