Crypto Words | Dictionary

Cryptocurrency & Blockchain Dictionary | Basics | Part 5

By CryptoCata | crypto-general | 15 Feb 2021


Here we are at Part 5 of this series - you can find at the end of the article at the Resources section links to all the other parts. I hope you enjoy reading new crypto words and you find out something new today.

1. VALIDATOR = it can be a person, group of people or organization who have the hardware infrastructure and the necessary amount of crypto tokens to run a node on the blockchain - this means that they will confirm transactions on the network and by doing this they will be rewarded with tokens; for example Elrond Network is using validators in order to confirm transactions on their blockchain, but to become a validator you will need at least 2500 EGLD;

2. DELEGATOR = holders of a cryptocurrencies that cannot run a full node; basically they will delegate their coins to the validators and they will also get a small part of the reward; for example to become a delegator in Elrond Network you need 10 EGLD;

3. SHARDING = splitting a task into multiple subtasks so in this way subtasks can be solved by different nodes in the blockchain; some of the current blockchain projects are using this technology in order to increase the number of TPS (Transactions Per Second);

4. TOKENZIE = transform real world assets into tokens (digital assets);

5. ATOMIC SWAP = it's a process that allows to exchange 2 different cryptocurrencies that are running on different blockchain networks;

6. BITCOIN ATM = as we are using ATMs to withdraw money (fiat) there exists also ATMs for Bitcoins from where you can sell and buy Bitcoins;

7. CRYPTOJACKING = when someone with bad intentions is using someone's else computer to mine cryptocurrencies without their concern; (eg. there were some app games that mine crypto when you play them);

8. HALVING = it's an event when the miners rewards halve (eg. last Bitcoin halving took place on May 11, 2020, and the next halving for Bitcoin it's likely to occur in 2024);

9. MINING = it's a process when blocks are added to the blockchain when transactions are verified; also for some blockchains this process helps to create new coins;

10. MAINNET = live blockchain network that uses it's technologies and protocols; (eg. Bitcoin and Ethereum have different blockchain that are running on);

11. TESTNET = developing and testing environment before releasing the Mainnet;

12. NO-COINER = person who does not invest in cryptocurrencies because he thinks it will fail;

13. SHA-256 = hash function that encrypts data, it generates a 256-bit signatures of characters; (eg. it is used in Bitcoin for POW - Proof of Work);

14. SIGNAL = it's a call to action for buying or selling assets;

15. BLOCK EXPLORER = it's an interface, usually accessible in the browser where you can see all the transactions; as you may know blockchain is transparent so you can see all the transactions history; for example you can take a look at the Elrond Network Explorer here;

 

Hope you have learned something new today. Please take into consideration to read also Part 1Part 2Part 3 and Part 4 (links down below in the Resources section) where you can find other interesting crypto words.

Let me know in the comments what words were new to you, if any.


Thanks for reading and have a nice day,
CryptoCata

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CryptoCata
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Newly to crypto and very enthusiast to find out more!


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crypto-general

General information about blockchain and cryptocurrencies. Let's learn together more about them.

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