SOME CRYPTOSPHERE TERMS
For all the very new in the forum,here are some of the things you might need to get yourself familiar with, to be updated as time permit,Enjoy your Bitcointalkforum adventure.
1.
DAPP: DApp is a user interface that allows users to interact with smart contracts stored on a distributed and decentralized”
peer-to-peer blockchain-based network like the Ethereum network.
2.
SMART CONTRACTS: A smart contract is a type of computer script hosted on the Ethereum network. The script is programmed
to preform specific functions when specific conditions are met. For example, a smart contract my distribute tokens when ETH is sent to a specific
Ethereum Address.
3.
BLOCKCHAIN: Blockchain is a distributed ledger, a type of database stored on many computers
4.
MAINNET: A Mainnet is a blockchain that actually carries out the functionality of transferring digital currency from senders to
recipients
5.
TESTNETS: The testnet is an alternative Bitcoin block chain, to be used for testing
6.
FOMO: It is the “Fear of Missing Out.”
7.
FUD: It is the spreading of “Fear and Uncertainty
8.
ICO: It means ‘Initial Coin Offering’. An initial coin offering is a type of funding using cryptocurrencies.In an ICO, a quantity
of cryptocurrency is sold in the form of "tokens" to investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin, Ethereum or
other acceptable coin.
9 .
IEO: It means ‘Initial Exchange Offering’ more like ‘ICO’ but the difference is that, ‘IEO’ is done on exchange.
10.
STO: It means ‘Security Token Offering’
11.
ROI: It means ‘Return on .Investment’
12.
STAKING : Staking is the purchase of cryptocoins and keeping (holding) them in a
cryptocurrency wallet for a reward at the end of the stipulated time.It might be an exchange wallet.
13.
POS: It is an agreement algorithm for some cryptocurrencies which creates new blocks that you can add to the blockchain.
These created blocks are actually staked by somebody who is holding some cryptocoins already and helps to validate a new deal on the platform.
14.
POW: Proof of work (PoW) is a consensus protocol introduced by Bitcoin and used widely by many other cryptocurrencies.
This process is known as mining and as such the nodes on the network are known as “miners”.
15.
ANN : it means announcement thread used mostly to announce ICO on Bitcointalk forum.
16
HODL: is a term in the cryptocurrency community for holding the cryptocurrency instead of selling it.
17.
AIRDROP: An airdrop is a distribution of a token or coin for free, to a large number of wallet addresses.
18.
SELFDROP: It is sending of mostly certain amount of eth or Bitcoin from zero upward to a contract address in return for
certain amount of token.
19.
TESTNET: The testnet is an alternative Bitcoin blockchain, to be used for testing. Testnet coins are separate and distinct from
actual bitcoins,.It allows application developers or bitcoin testers to experiment, without having to use real bitcoins.
20.
FORKING: implies any divergence in Blockchain- temporary or permanent. Forking is said to happen when a Blockchain splits
into two branches. It can happen as a result of a change in consensus algorithm or other software changes
21.
HARDFORK: A hard fork is a thorough change to the protocol that makes previously invalid blocks/transactions valid (or
vice-versa). It requires all nodes or users to upgrade to the latest version of the protocol software.
22.
HALVING: It a block rewards reduction event that reduces the rewards miners get for mining a block, which in turn reduces
the rate of issuance of the cryptocurrency.
23.
KYC: It means, know your customer, it is process of verifying a customer
24.
MAKER: When you place an order that goes on the order book partially or fully (such as a limit order placed via the trading
screen).
25.
TAKER: When you place an order that trades immediately, by filling partially or fully, before going on the order book, those
trades are refer to as ’taker’ trades.
