![]() ![]() There are many different blockchains which feature varying degrees of decentralization, efficiency and security. Once a block is mined and added to the chain, it can’t be altered, thus blockchains offer public records of unchangeable data. In simpler terms, it’s a decentralized ledger that records information in digital blocks. blockchainĪ blockchain is a distributed database. It’s under investigation by the US Department of Justice and the IRS for tax evasion and money laundering. The world’s biggest cryptocurrency exchange, where people buy and trade cryptocurrencies. “Hopefully the bullrun pumps my bags.” Binance Your bags are investments you hold over a long period of time, often ones that have performed poorly. altcoinĪny cryptocurrency that’s not bitcoin or ether. To “ape” into a project is to see its value rising and to throw money into it hoping for the best. Everyone knows scams abound, and careful investors do research to vet a cryptocurrency or NFT project to ensure it’s safe. To “ape” into something is to recklessly invest in the hopes of short-term profit. The more people had used Ethereum Name Service, the more tokens they were airdropped - in some cases worth tens of thousands of dollars. ![]() In December, it launched its own ENS token, airdropping an amount to everyone who had used the service. This can be done for several reasons: It can be pure marketing, as airdrops raise awareness of a token that people can then invest in, or it can be to provide governance tokens for a DAO.Ī recent example: The Ethereum Name Service allows users to change their wallet number to a wallet name (like CNET.eth). Instead of an initial public offering, blockchain services will launch a token and airdrop people who have used that service in the past. airdropĪn airdrop is when a company drops cryptocurrency or an NFT directly into your wallet. But it will provide beginners with a basic understanding of terms and phrases. ![]() It is neither an investment guide nor an exhaustive list of terms and phrases. This alphabetical glossary of blockchain terms might prove useful to you. Many of the esoteric terms used by the communities that trade in cryptocurrencies, blockchains, and NFTs make them difficult to understand. While cryptocurrencies – and their cousin, the non fungible token or NFT – are in the spotlight, few understand the technologies that underlie these coins.īlockchain technology is still somewhat obscure, as it is understood only by talented engineers who were early adopters of cryptocurrencies like bitcoin and ether. The blockchain has become mainstream despite all odds. There is increasing acceptance of cryptocurrencies like bitcoin, ether, and dogecoin among financial institutions around the world. Crypto Abbreviations, Slang & Lingo Cheat Sheet for Blockchain Beginners 2022 ![]()
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