Gather vocabulary for crypto traders, don't miss out!
Gather vocabulary for crypto traders, don't miss out!
For anyone new to the Blockchain industry, this article will take you to understand various terminology. used in this industry together
Fiat Money: Money that has no intrinsic value. or money that we commonly use But what makes it valuable is the order that this money can be legally paid.
Ethereum: Blockchain platform and the name of the digital currency (ETH) that allows its development. Decentralized Application, Smart Contract (smart contract) or can create a Token by paying a fee in ETH.
Fork: The fork of a blockchain's main chain or coin. to increase system performance or increase security measures, etc.
Decentralized: separation of power from the center or distribution.
When Bitcoin took the lead in revolutionizing the new financial system by using decentralized It breaks the shield of a centralized financial system with banks at the center.
Altcoin : Alternative coins except Bitcoin such as Ethereum, Ripple, Bitcoin Cash and thousands of others.
Blockchain: An online transaction storage network in which the systems in the network are lined up in a chain manner.
Bounty : Awards that can exchange work for the owner of that project. in accordance with the specified agreement
Airdrop : It is a method of coin distribution for project owners who want their coins to be released in the market quickly.
Cryptocurrency: Encrypted digital currency and operate in the system Decentralized without an intermediary
Token : A fictitious coin representing the value of that project.
It can be categorized as follows:
- Utility Token : A token used to access a certain platform, application, or ecosystem from the beginning.
- Payment Token : Token used to pay debt It can be used as a substitute for cash such as Bitcoin and Ethereum.
- Asset Token : similar to debt instruments where holders of this token can earn a share of the project's future profits.
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