Cryptocurrency and Blockchain Dictionary
A complete list of crypto definitions
Cryptocurrency and blockchain glossary
Commonly used terms in the world of blockchain and cryptocurrency
Terms commonly used in the world of blockchain and cryptocurrency
This is a set of 12–24 words in a certain order that generate private keys for wallets according to various algorithms. This phrase must be stored very reliably and not showed anyone.
A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’, who hold more than 50% of the hashrate. In such a situation the ‘miners’ have the possibility to deliberately not confirm transactions or to issue transactions twice (double-spend).
DAO is an abbreviation of ‘Decentralised Autonomous Organization’. This is basically an organisation that runs automatically on itself without any human interventions. The work is automatically excecuted through Smart contracts.
This is a format for attracting investments in which the sale of tokens of tokens of a project is organized and controlled by a centralized exchange, for example, Binance.
This is a way of obtaining passive earnings. This method is based on the Proof-OF-Stake algorithm. Its essence is to keep the tokens on the wallet to obtain the right to participate in the extraction of cryptocurrencies. Tokens are blocked for a certain period of time and are used to ensure the activity of the blockchain. The user receives awards for performing these actions. Steering is a kind of analogue of a bank deposit at a certain percentage.
"Decentralized autonomous organization", which is controlled by smart contracts. DAO does not imply a hierarchy, the organization’s data operate transparently according to the rules prescribed in the code. In order to become a member of the DAO and have the right to vote, it is necessary to purchase native tokens, the more tokens, the greater the weight has the voice.
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