- Blockchain and Common Technical Terms
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Cryptocurrencies, encrypted assets, and the blockchain are interlinked terms and refer as digital currencies, these assets can be used to buy services and goods, these assets utilized the online ledger technology with strong encryption rules to protect online transactions, much of the population interest in crypto assets is to earn a great profit, after the success of Bitcoin the crypto assets considered as the payment methods and can be exchanged for goods and services, many companies and individual have issued their own cryptocurrencies often refer as the tokens, all of the encrypted assets follow the rules of blockchain technology such as decentralized (not control by a central authority), distributed (the application reside on the thousands of the computers), and save all of the user activity in a public ledger.
A single chain of records where each record is connected with another record, if the link has been broken between the two sides then both sides of the chain become the independent blockchain, it is never connected with a database but works like the distributed database, the first block of the chain marked as the -Genesis Block, every blockchain generate blocks with help of mining and that depends on the consensus agreement either PoW or PoS.
Many times when a new coin introduced to the crypto world, the company mostly distributes the coins free to anyone, this part of the distribution is called the AirDrop event.
It is the abbreviation of any cryptocurrency other than Bitcoin and refers as the Altcoin, because of the many technical problems in the Bitcoin blockchain, the number of alternatives that appeared to the crypto world in order to present the better blockchain, there are many such projects in the crypto world such as Litecoin (LTC), BitcoinCash(BCH) and Ripple(XRM)
It is the total number of coins that freely traded in the crypto world, generally, it is the representation of the total number of coins in users' hands.
Hash Code / Function
This code is generated from the blockchain function it contains numbers and letters and has a fixed length.
Every cryptocurrency wallet is secured with the private key, which is generated mathematically in relation to a crypto wallet address, if you lost your private key or share it with someone else your chance of losing your crypto assets increasing, you must be careful and vigilant when dealing with your private keys.
Air Coin / Shitcoin
These coins are issued for the purpose of defrauding the users, most of these coins have no value, scammers make them look attractive and futuristic for deceiving novice users.
When the project team is in the process of selling tokens for raising funds the process is referred to as STO
When you first set up the crypto wallet, when entering login credentials you have been informed to save the auto-generated seed phrase, it is the absolute private key that prevents you from the loss of the crypto assets, when you recover your crypto account, you have to show this phrase in order to secure your the wallet.
Gas fees have nothing to do with actual energy reserves but it is the charge of amount against the packing of the transaction in the blockchain, the more you set gas fees the faster the transaction completed, because of the higher returns more miners will be incentivized to process only the high yield transactions.
- Date of publication:
- Fri, 06/11/2021 - 05:42
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