Cryptocurrency: Glossary

What Is Cryptocurrency?

Cryptocurrency, also known as crypto, is any type of digital or virtual currency that uses cryptography to secure transactions.

The mathematical and computational practice of encoding and decoding data is known as Cryptography.

Glossary

• Airdrop - An airdrop is the free distribution of a cryptocurrency token or coin to a large number of wallet addresses for marketing purposes.

• Block: A block is a grouping of transactions that have not been recorded in any previous blocks.

• Blockchain: A blockchain is a decentralized public ledger that uses cryptography to record transactions between participating agents in a network.

• Cross-chain: Interoperability between two relatively independent blockchains is referred to as a Cross-chain. Because blockchains are built in a standardized manner, they can communicate with one another.

• Crypto tokens: A crypto token, also known as a cryptocurrency or crypto asset, is a type of virtual currency token that exists on its own blockchain and represents an asset or utility.

• Decentralized application (dApp): A decentralized application is one that runs on a distributed computing system.

• Decentralized autonomous organization (DAO): A DAO is a virtual organization that is implemented in computer code and runs on a distributed ledger or blockchain.

• Hash rate: The hash rate is the amount of computational power that miners contribute to network security in exchange for block rewards and transaction fees.

• Initial coin offering (ICO): An ICO is a mechanism for raising external funding by issuing tokens in exchange for cryptocurrencies.

• Node: A node is any device that connects to the blockchain network, such as a computer, laptop, or server. It stores, disseminates, and preserves blockchain data.

• Private key: A private key is a piece of cryptography that allows a user to access his or her cryptocurrency or transaction.

• Public key: A public key is a cryptographic code or address that allows users to receive cryptocurrencies in their accounts.

References

[1] Kaspersky, 'What is cryptocurrency and how does it work?
' (online, 2022) <https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency>

[2] https://www.emerald.com/insight/content/doi/10.1108/978-1-83982-198-120211028/full/pdf?title=a-glossary-of-blockchain-terms

[3] BULB, 'Write to Earn. Read to Earn' (online, 2022) <https://www.bulbapp.io/>