Are you ever left scratching your head, when you come across some blockchain tech jargon in project reports, or see crypto slang on Twitter and in community chats? Well, fear not, because WEEX Exchange has curated a list of the 50 trendiest crypto terms for 2023, covering technical jargon, community lingo, and meme hot takes. This will have you transforming into a Web3 wizard in no time! Get Started with WEEX for Your Cryptocurrency Journey!

Technical Terms

Bitcoin Evangelist: These are individuals who are passionate about Bitcoin and dedicated to spreading Bitcoin knowledge. In the early days, Bitcoin was mainly shared online through digital means, but as it gained popularity, it started spreading through word of mouth and sometimes even on physical posters. Some famous Bitcoin evangelists include Roger Ver (Bitcoin Jesus), Craig Wright (aka Satoshi), Wu Jihan (translated the Bitcoin whitepaper), Chang Jia (co-founder of 8btc), and Li Xiaolai (known as "China's Bitcoin Millionaire").

Cryptography: The science of securely transmitting information by converting it into a form that's readable only by humans. In the world of cryptography, encryption is the process of encoding original information (plaintext) through cryptographic algorithms.

DDoS Attack: A common cyber threat where attackers flood a network or service to disrupt it. This traffic overload can reject legitimate requests.

Encryption: The process of encoding original information (plaintext) into ciphertext using cryptographic algorithms, making it secure and unreadable to unauthorized users.

EIP: Ethereum Improvement Proposals, which are used to introduce features and updates to the Ethereum network. Think of them as design and technical documents detailing what a proposal entails and what needs to be done.

Ethereum's EIP Official Website Update on ERC Standards

ERC-20: An Ethereum Request for Command (ERC) standard that is widely used for creating fungible tokens on the Ethereum network.

ERC-721: This standard is based on EIP-721 and is used for issuing non-fungible tokens (NFTs) on the Ethereum network. Unlike ERC-20 tokens, ERC-721 tokens are unique and not interchangeable. As a result, most NFT projects typically opt for the ERC-721 standard, although some choose the ERC-1155 standard.

ERC-20 vs. ERC-721

ERC-1155: Built on the EIP-721 token issuance standard, it's a multi-token standard on the Ethereum blockchain. This allows the creation of both fungible tokens (FTs - identical and interchangeable) and non-fungible tokens (NFTs - unique) within a single smart contract.

EVM: Ethereum Virtual Machine, the virtual runtime environment for executing smart contracts on the Ethereum blockchain. It enables developers to build decentralized applications (DApps) and deploy secure, trustless code.

Flappening: A term used to describe how Litecoin (LTC) is becoming increasingly valuable and strong compared to Bitcoin Cash (BCH).

Mainnet: Originally referred to Bitcoin's main network where BTC transactions occur. Now, it's used to denote the primary network for any blockchain, where tokens have real value, as opposed to the Testnet.

Mempool: Short for Memory Pool, it's the collection of unconfirmed transactions on a blockchain. When a transaction is submitted, it goes directly into the mempool, and miners group these transactions to form blocks.

LPoS: Liquid Proof of Stake, a system that allows token holders to lend their staking rights to others without giving up ownership of their tokens.

PoS: Proof of Stake, a consensus mechanism used in blockchain networks where participants validate transactions and create new blocks based on the amount of cryptocurrency they hold. Ethereum switched from Proof of Work (PoW) to PoS on September 15, 2022.

Ring Signature: A privacy-preserving method in encrypted transactions that hides the identity of the actual signer by mixing a group of signatures.

Salt: In cryptography, "salt" is additional random data added to a password or passphrase to ensure the uniqueness of password hashes, preventing easy hacking of hashed passwords.

Satoshi: Sats, short for Satoshis, derived from Bitcoin's creator Satoshi Nakamoto, represent the smallest Bitcoin unit, 1 Sat being 0.00000001/10^(-8) BTC. The Ordinal protocol by Casey Rodarmor, launched on January 21, 2023, assigns unique serial numbers to 'Sats' before embedding info (text, images, audio, video) into ciphertext. Domo, BRC-20's founder, sees Ordinals for issuing NFTs and FTs via a unified JSON data Minting standard on Bitcoin, termed BRC-20.

SHA-256: A cryptographic hash function used in Bitcoin's Proof of Work (PoW) algorithm. It generates a 256-bit signature for text. SHA stands for Secure Hash Algorithm, which is a component of the SHA-2 family, originally designed by the NSA.

UTXO: Unspent Transaction Output. In every Bitcoin transaction within a block, there's at least one output.  These outputs must be unlocked via digital signatures, typically ECDSA, to serve as inputs in new transactions, allowing them to be spent. Before an output is utilized as input in another transaction, it remains categorized as UTXO.

ZKP:

Zero Knowledge Proof, a technique that allows one party to prove that a statement is true without revealing any additional information. It enhances privacy and scalability in blockchain systems.

Two of the most prominent ZKP systems are Zk-SNARK and Zk-STARK. Each represents a distinct application within the realm of ZKP, with the zk-SNARK approach currently being the most widely adopted.

Zk-SNARK: Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, enhances privacy and scalability in distributed ledgers. Zcash pioneered zk-SNARKs for shielded transactions, keeping sender, receiver, and amount confidential, yet verifiable within network consensus. In early 2023, Binance embraced zk-SNARK tech for reserve proof system upgrade.

zk-STARK: Zero-Knowledge Scalable Transparent Argument of Knowledge, a protocol that allows blockchains to offload computations to off-chain STARK provers and then verify their correctness on-chain.

Investment Terms

Bagholder:

A bagholder is someone who holds cryptocurrencies that have lost their value, hoping for a future price rebound to minimize their losses. For example, those holding the "Eight Great Doomsday" projects like EOS, NEO, ICP, FIL, LUNA, FTX, XCH, and BZZ.

Bloodbath: This term describes a sudden and significant drop in cryptocurrency market prices, often leading to panic selling and extreme market volatility.

BTFD: short for "Buy the F***ing Dip", is a popular phrase in the crypto community that advises traders to seize buying opportunities during market downturns. However, WEEX  reminds you that not every dip is an opportunity; it could also be a pitfall. You can do more research, or also join the WEEX's community to discuss with other traders.

Buidl:

Originally a misspelling of "Build", Buidl is used to emphasize active development and construction within the cryptocurrency space, encouraging contributions, innovation, and value creation within the WEEX Blockchain ecosystem.

Hodl: A deliberate misspelling of "Hold" and sometimes seen as "Hold On for Dear Life", it signifies a steadfast attitude of holding onto cryptocurrencies despite market fluctuations.

Cloud Mining: Cloud mining involves renting computing power from companies that host physical mining equipment for blockchain mining activities.

Cold Wallet:

Also known as a hardware wallet, a cold wallet is an offline storage solution for cryptocurrencies that can only be connected to the internet physically, such as by plugging in a USB device or powering up a hardware wallet. WEEX Exchange stores the majority of user deposits in cold wallets for security purposes, while the 1,000 BTC Investor Protection Fund is kept in a hot wallet for transparency and user oversight. With this Investor Protection Fund, WEEX demonstrates a commitment to safeguarding user assets.

Goblin Town: This term is used to describe a sustained downward trend in the market, similar to a "bear market."

Hey Hey Hey: Made famous by Carlos Matos, the spokesperson for the Bitconnect Ponzi scheme, this phrase was frequently used to rile up crowds during Bitconnect events. Eventually, "Hey Hey Hey" became a common expression among cryptocurrency enthusiasts when chatting with each other.

IEO: Initial Exchange Offering, is a derivative of Initial Coin Offerings (ICO) where token sales are conducted on an exchange rather than by the project team itself.

STO: Security Token Offering refers to the public issuance of tokenized digital securities, also known as “security tokens traded in cryptocurrency exchanges”.

Margin Call: A margin call occurs when an trader's margin account balance falls below the amount required to maintain open positions, prompting a request from the exchange to add more collateral.

Margin Trading:

Margin trading encompasses various derivative markets in the cryptocurrency space, including futures, options, and leveraged lending. In margin trading, traders don't need to pay the full asset price, but only a portion known as margin. For instance, WEEX Exchange supports up to 200x leverage on BTC and ETH futures. While leverage increases the efficiency of capital use, it also magnifies risks and rewards, making it a high-risk, high-reward strategy. To assist novice traders, WEEX offers futures copy trading, allowing beginners to follow professional traders and lower the entry barrier to contract trading while increasing potential returns.

Money Printer Go Brrr: This phrase, originating from a meme video, describes the Federal Reserve's use of unlimited quantitative easing or money printing to support traditional financial markets on the brink of collapse.

Privacy Coins: Privacy coins are designed with a strong focus on transaction privacy and data anonymity within the cryptocurrency realm. Monero (XMR) and Zcash (ZEC) lead the way in the realm of privacy coins.

Pump and Dump Scheme: In the world of crypto, we've got the classic "pump and dump" scheme. This when the so-called "whales" spreading false information to artificially boost a coin's price, enticing unsuspecting investors to jump in. Then they dump their holdings, causing a massive crash and leaving the little fish in a sea of losses.

REKT: Crypto slang for "you messed up big time”. Originating from "wrecked," it describes significant crypto losses, even inspiring "$REKT" meme coin.

RSI: Relative Strength Index is a technical indicator used to measure the strength and momentum of price movements in cryptocurrencies. It helps traders identify overbought or oversold conditions. Other common technical indicators include MA, MACD, KDJ, and BOLL. Of course, these technical indicators can be customized freely on WEEX to meet traders' needs.

Rug Pull: It's crypto-speak for making a hasty exit. It happens when liquidity is suddenly withdrawn, usually leading to a sharp price drop due to the lack of buying/selling activity.

Token Burn: Token burn involves removing a specific number of tokens from circulation. This is done by sending the tokens to a burn address (an address without a private key) or through a smart contract designed to destroy the tokens. The goal is to create scarcity and potentially increase the token's value.

TVL: Total Value Locked refers to the total amount of assets currently staked or locked within a protocol, particularly in the world of DeFi (Decentralized Finance). For instance, Ethereum's TVL is currently valued at $33.85 billion, with the top three contributors being Lido, Maker, and Uniswap.

UTC Time: Universal Time Coordinated, the global time standard. Given the decentralized nature of the crypto industry, businesses and consumers span various time zones. To streamline communication, everyone uses UTC time. Other common time standards include GMT (Greenwich Mean Time) and EST (Eastern Standard Time), but UTC, with its atomic clock precision, takes the crown.

Wash Trade: Wash trading, or faking trades, involves a deceitful practice where traders buy and sell the same asset to create fake trading volume and manipulate prices. It's illegal and harms the integrity of the market.

Whale: Whales means the investors who hold substantial amounts of cryptocurrency, especially those with enough funds to influence the market significantly.

When Lambo: Is a common phrase in the crypto community, expressing the desire for investment success and financial freedom. It's shorthand for the dream of one day being able to afford a Lamborghini.

Here's the Latest Blockchain Lingo for 2023. WEEX will continue delivering the most professional and comprehensive information.
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