Glossary
Address. The address is the identifier where a transaction is sent. The address is derived from a user’s public key
Bitcoin. A decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. https://en.wikipedia.org/wiki/Bitcoin
Blockchain. A decentralized ledger invented in 1991 by Haber and Stornetta. Every node in the ledger has a copy. The ledger can be added to through consensus protocol, but the ledger’s history is immutable. The ledger is also visible to anyone.
Cryptocurrency. A digital token that is cryptographically secured and transferred using blockchain technology. Leading examples are bitcoin and Ethereum. Many different types of cryptocurrencies exist, such as stablecoin and tokens that represent digital and non-digital assets.
Cryptocurrency wallet. is an app that allows cryptocurrency users to store and retrieve their digital assets.
Cryptographic hash function (CHF) is a mathematical algorithm that maps data of arbitrary size (often called the “message”) to a bit array of a fixed size (the “hash value”, “hash”, or “message digest”). It is a one-way function, that is, a function which is practically infeasible to invert or reverse the computation.
Crypto tokens. are a type of cryptocurrency that represents an asset or specific use and resides on their blockchain. Tokens can be used for investment purposes, to store value, or to make purchases.
Decentralized. A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
Ethereum. is a decentralized, open-source blockchain. It is the second-largest cryptocurrency blockchain, which has existed since 2015. The currency is known as ether (ETH). Ethereum has the ability to run computer programs known as smart contracts. Ethereum is considered a distributed computational platform.
Fiat currency. Uncollateralized paper currency, which is essentially an IOU by a government.
Gas. (aka Gas Prices, Gas Fees). A fee required to execute a transaction and to execute a smart contract.
Metaverse. The word “metaverse” is made up of the prefix “meta” (meaning beyond) and the stem “verse” (a backformation from “universe”); the term is typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe.
The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space,[1] including the sum of all virtual worlds, augmented reality, and the Internet. The word “metaverse” is made up of the prefix “meta” (meaning beyond) and the stem “verse” (a backformation from “universe”); the term is typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe.
Minting. an NFT is how your digital art becomes a part of the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.
NFT drop. When you hear the term “NFT drop,” it refers to the date that a particular NFT becomes available for an investor to buy. Since part of the appeal of NFTs is their uniqueness, NFT investors might want to watch for upcoming NFT drops in order to be the first on the scene to try to buy
NFT project. The process and development of an NFT
Polygon (originally known as MATIC network) is a Layer 2 scaling solution for the Ethereum network, resulting in low gas fees and high speed, without sacrificing security. Good explanation of Polygon in first 5 minutes, 30 seconds of this video.
Solana. is positioned as an “Ethereum Killer” because of its speed and cost-effectiveness compared to Ethereum(CRYPTO: ETH). The blockchain claims its maximum throughput is more than 50,000 transactions per second, whereas Ethereum averages between 10 and 15 transactions per second.
Smart contract. A smart contract is a computer program or a transaction protocol which automatically executes when conditions of the agreement are met. Smart contracts the key mechanism for DeFi and Dapps and are an important feature of the Ethereum blockchain.