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July 11, 2018, 03:19:55 AM |
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Hi guys! I think this is great project.
1/Fiat money: This is a type of currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material from which the money is made.
2/Cryptocurrency: This is a digital asset that is designed to work as a medium of exchange and it uses cryptography to secure its transactions, control the creation of additional units and verify the transfer of assets. Most cryptocurrencies protect transactions authenticity through advanced cryptography, keeping transaction information distributed among all users. Each new transaction requires consensus, thus transaction history and account balance cannot be faked or altered in any way. Cryptocurrencies give users the possibility to shift power from the government and corporate institutions to the independent parties.
3/ ICO (Initial Coin Offering): It refers to the means of raising various sums of money from a large number of people in exchange for digital assets, usually similar to shares or bonds. ICO is a method of selling participation in an economy, giving investors access to the features of a particular project starting at a later date. The pre-created digital assets can be easily sold and traded through cryptocurrency exchanges.
4/Token: This is a digital asset that is sold for fiat currency (USD, EUR) or cryptocurrency of liquid value (Bitcoin, Ethereum, etc.). Tokens can have various functions; they are designed to perform a variety of functions. For example, owning a company’s token allows one to have access to specific services of the company.
5/Mining: This simply means the verification process of a transaction. It is also a process whereby new coins get created. Anyone with an essential hardware and access to the internet can become a miner and earn money. It is not that easy however, because the high cost of industrial hardware and regular electricity has limited large-scale mining operations to Bitcoin and a few other alternative coins.
6/ ERC-20: One of the most significant token standards of all for Ethereum is called ERC-20, which was developed about a year and a half ago. In short, the ERC-20 defines a common list of rules for all Ethereum tokens to follow, meaning that this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system.
Gook luck for team!
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