Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Node

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.

Other Important Terms

Food/ FAD

These are manipulations performed by some persons in order to spread obviously false or negative information, which will later cause a decrease in the rating of any project, the emergence of distrust of it or will contribute to the fall of the price of token.

Sid Fraza

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.

Block Reward

The block reward is the payment that is offered to the node that is securing the blockchain. In the case of Bitcoin, which is has a Proof-of-Work consensus algorithm, these would be the miners. The payment is in the form of the native cryptocurrency of that blockchain. The amount is a predetermined reward per block, but often that is supplemented with the fees that are paid for the transactions that block contains. For Bitcoin the current block rewards are cut in half every four years. This is called the ‘halvening’.

TIR

The degree of steepness/reliability/profitability of cryptocurrency funds - for example, TIR -1 is the coolest, shooting room -2 - less cool and so on

NFT

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

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