Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

Quick Links

Tools

NFT

These are non -replaceable tokens. Each of these tokens is unique, inseparable and exists in the singular.

Other Important Terms

BEP-20

This is the standard of tokens in the BSC blockchain (Binance Smart Chain).

Influenser

This is a very famous and authoritative personality in the crypto industry, who is the leader of opinions and affects the minds of many users.

A computer (server) connected to a blockchain and performing the functions of confirming transactions, creating blocks and storing copies of blockchain. In order for the computer (server) to become a node, it is necessary to install special software.

Wrapped token

This is a copy of any token transferred from one blockchain to another. There are many blockchains in the cryptocurrency industry: Bitcoin, Ethereum, Cosmos, Avalanche, etc. Blockchains are deprived of the opportunity to "understand each other": everyone acts according to their own rules and speaks their own language. Each blockchain has its own Native token - a coin that is used to pay for the commission: for the Bitcoin network, this is bitcoin (BTC) for Ethereum - ETH For Cosmos - Atom For Avalanche - Avax If you want to carry out any actions, for example, send a USDT tokens to the EThereum network to another wallet, the commission will have to be paid in ETH tokens if Avalanche is an AVAX commission, etc. However, if you decide to send your USDT from Ethereum to Avalanche, your USDT will be lost. Why? Because USDT on the Ethereum and USDT network on Avalanche is not the same thing, because we remember that each blockchain lives according to its own rules. And what to do if you urgently need to send your USDT from one network to another? For these purposes, cross -miners were invented - special applications that allow you to translate tokens from “one language to another”, that is, from one blockchain to another. In one network, the token is blocked, and in another - a copy is created that does not lose its original value. For example, if you transfer BTC from the Bitcoin network to Ethereum, it will become WBTC, i.e. wrapped.

Scam

A fraudulent cryptocurrency project, which organized a fundraiser, but at the same time violated a number of obligations - in fact deceiving investors.

Cryptocurrency News

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.