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Definition: crypto glossary


(CRYPTOcurrency glossary) Following is a summary of crypto terminology. Major terms are cryptocurrency, Bitcoin, Ethereum, crypto token and blockchain.

Aave
A blockchain-based lending platform. See Aave.

Algorand
Smart contract blockchain that uses the Algo native crypto. See Algorand.

altcoin
A non-Bitcoin cryptocurrency. See altcoin.

ASIC miner
Specialized hardware for mining cryptos. See miner hardware.

Binance
The largest cryptocurrency exchange by trading volume. See Binance.

BIP
(Bitcoin Improvement Proposal) See BIP.

Bitcoin address
The public address in a Bitcoin transaction. See Bitcoin address.

Bitcoin ATM
An ATM machine that dispenses Bitcoins. See Bitcoin ATM.

Bitcoin faucet
A mechanism for dispensing Bitcoins as rewards. See Bitcoin faucet.

Bitcoin Gold
A hard fork of Bitcoin in 2017. See Bitcoin Gold.

Bitcoin miner
A node in the Bitcoin network that competes to add transactions to the blockchain. See Bitcoin mining.

Bitcoin mining
The mechanism that adds Bitcoins to the Bitcoin blockchain. See Bitcoin mining.

Bitcoin node
A computer that is participating in the Bitcoin network. See Bitcoin node.

Bitcoin pizza
The first Bitcoin transaction. See Bitcoin pizza.

Bitcoin vs. Ethereum
A summary of the two major blockchain networks. See Bitcoin vs. Ethereum.

Bitcoin wallet
The interface to a user's Bitcoins. See Bitcoin wallet.

Bitmain
Major maker of crypto mining hardware. See Bitmain.

BIP
(Bitcoin Improvement Proposal) The procedure for adding features to Bitcoin. See BIP.

Bitcoin
The cryptocurrency that started the blockchain revolution. See Bitcoin.

block explorer
Software for viewing the blockchain. See block explorer.

block reward
The amount of coins credited to a miner's account for adding the block to the blockchain. See block reward.

blockchain
The network architecture behind cryptocurrencies and smart contracts.

blockchain oracle
A service for transferring off-chain data to the main chain. See blockchain oracle.

blockchain validator
A computer node that checks a blockchain's integrity. See blockchain validator.

BTC
(Bitcoin) Bitcoin's native crypto. See Bitcoin.

burning crypto
Destroying crypto coins. See crypto burning.

Cardano
Third-generation blockchain architecture. See Cardano.

CBDC
(Central Bank Digital Currency) A digital currency under control of a central bank. May or may not be blockchain based. See CBDC.

CEX
(Centralized Exchange) See crypto exchange and decentralized exchange.

chain of custody
History of blockchain transactions. See cryptographic chain of custody.

Chivo wallet
The state-sanctioned Bitcoin wallet of El Salvador. See Chivo wallet.

Cirus platform
A crypto-based platform for paying users for their data. See Cirus platform.

cloud mining
Cloud-based crypto mining for users. See cloud mining.

Coinbase
The largest crypto exchange in the U.S. See Coinbase.

coinbase transaction
The first transaction in a block. See coinbase transaction.

confirmation
A crypto transaction that is considered incontestable. See Bitcoin confirmation.

consensus algorithm
The method used to determine which blockchain miner wins the competition to add blocks to the chain. See consensus mechanism.

cold wallet
A crypto wallet not connected to the Internet. See cold wallet.

Compound
A blockchain-based lending platform. See Compound.

crowdsale
A crypto crowdfunding. See crowdsale and ICO.

crypto
An abbreviation of "cryptocurrency."

crypto art
Digital art created as an NFT. See crypto art.

crypto craze
The massive public interest in cryptocurrencies in the 2020-2021 timeframe. See crypto craze and crypto revolution.

crypto games
A blockchain-based amusement. See crypto games.

crypto hacking
Stealing cryptocurrencies. See crypto hacking.

crypto revolution
The huge effect of crypto in the 2020s. See crypto revolution and crypto craze.

crypto trading
Exchanging one crypto for another. See crypto trading.

cryptocosm
The universe of cryptocurrency. Also called "cryptoverse" and "cryptosphere."

cryptocurrency
A blockchain-based digital currency. See cryptocurrency.

cryptocurrency exchange
An online provider that allows people to buy, sell and trade cryptocurrencies. See crypto exchange.

cryptocurrency tumbler
A service that mixes crypto transactions to hide the originating parties. See crypto tumbler.

cryptocurrency wallet
The interface to crypto, which is software in a computer, mobile device or stand-alone USB dongle. See crypto wallet.

cryptography
Methods for encrypting data. See cryptography.

cryptoshuffler
Malware that changes the address of a crypto payment to the hacker's account. See cryptoshuffler.

CryptoKitties
An Ethereum-based game about breeding cats that are non-fungible tokens (NFTs). See CryptoKitties.

CryptoPunks
Non-fungible tokens for pop art characters. See CryptoPunks.

cryptosphere
The universe of cryptocurrency. Also called "cryptocosm" and "cryptoverse."

cryptoverse
The universe of cryptocurrency. Also called "cryptocosm" and "cryptosphere."

custody
Safekeeping of cryptocurrency. See crypto custody.

custodial wallet
A cryptocurrency wallet maintained by a centralized exchange. See crypto wallet.

DAO
(Decentralized Autonomous Organization) A blockchain-based association run by its members. See DAO.

dApp
(Decentralized Application) An application on Ethereum or a similar blockchain. See Ethereum and DeFi.

Dash
A cryptocurrency noted for its privacy features. See Dash.

dead coin
A cryptocurrency that is no longer viable. See dead coin.

decentralized exchange
An exchange that allows one type of crypto to be swapped for another. See decentralized exchange.

decentralized finance (DeFi)
Blockchain-based finance without the middleman. See DeFi.

decentralized wallet
A crypto wallet that is used on a decentralized exchange. See decentralized exchange.

DeFi
(Decentralized Finance) Blockchain-based finance without the middleman. See DeFi.

DeFi lending
Lending and borrowing crypto. See DeFi lending.

DeX
See decentralized exchange.

Diem
A future cryptocurrency from Facebook. See Diem.

digital dollar
A future digital version of U.S. currency. It may be based on a blockchain. See digital dollar.

Dogecoin
A crypto named after the Shiba Inu dog. See Dogecoin.

double spend
Spending an amount of crypto twice. See double spending.

EIP
(Ethereum Improvement Proposal) The procedure for adding features to Ethereum. See Ethereum.

ETH
(Ether) Ethereum's native crypto. See Ethereum.

Eth2
The second version of Ethereum. See Ethereum 2.0.

Ether
Ethereum's native crypto. See Ethereum.

Ethereum
A major blockchain platform for cryptos and smart contracts. See Ethereum.

Ethereum 2.0
The second version of Ethereum, which is switching to a proof-of-stake consensus algorithm. See Ethereum 2.0.

fiat currency
Legal money backed by a government. See fiat currency.

Foundation
An NFT auction platform. See Foundation.

full node
A complete copy of a blockchain. See full node.

fungible token
A representation of something that is interchangeable. See fungible token.

gas
A fee paid for executing a transaction on Ethereum. See gas and Ethereum.

Gemini Trust
First regulated crypto exchange. See Gemini Trust.

genesis block
The first block created in a blockchain. See block height.

governance token
A crypto token with voting rights. See governance token.

gwei
A fraction of Ether. See gwei.

halving
Decreasing the number of new Bitcoins. See Bitcoin halving.

hardware wallet
Same as cold wallet. See cold wallet and hardware wallet.

hash rate
Speed of mining calculations. See hash rate.

HD wallet
The type of crypto wallet in common use. See crypto wallet.

high-frequency crypto trading
The crypto version of high-frequency trading. See high-frequency crypto trading.

hodling
"Holding" cryptos while they are coming down in price. See hodling.

hot wallet
A crypto wallet connected to the Internet. See hot wallet.

ICO
(Initial Coin Offering) Fundraising for a new cryptocurrency. See ICO.

IDO
(Initial DeX Offering) Fundraising via a centralized liquidity exchange. See crypto fundraising.

IEO
(Initial Exchange Offering) Fundraising via a trading platform. See crypto fundraising.

Kraken
First crypto exchange in U.S. See Kraken.

Layer 2 blockchain
An auxiliary blockchain that operates in parallel with the main chain. See Layer 2 blockchain.

Lightning Network
A Layer 2 network for Bitcoin. See Lightning Network.

liquidity mining
Same as "yield farming." See yield farming.

liquidity pool
A smart contract containing cash. See yield farming.

liquidity provider
An investor who deposits funds into a smart contract. See yield farming.

Litecoin
Cryptocurrency fixed at 84 million coins. See Litecoin.

memecoin
A crypto associated with a theme. See memecoin.

MetaMask
A very popular Ethereum wallet. See MetaMask.

miner
An individual or entity that competes to add the next block to the blockchain. See crypto mining.

mining
The competitive process that enables new transactions to be added to a blockchain. See crypto mining.

minting
The process of generating new coins using proof-of-stake (PoS) consensus. See crypto minting.


Monero
A cryptocurrency noted for its privacy features. See Monero.

Mt. Gox
Early crypto exchange based in Japan. See Mt. Gox.

multi-signature transaction
A crypto transaction that requires more than one private key. See multi-signature transaction.

native cryptocurrency
A blockchain's inherent digital currency. See native cryptocurrency.

NFT
(Non-Fungible Token) A certification of ownership to a digital file. See non-fungible token.

Node40
An online service that keeps track of crypto transactions for IRS compliance. See Node40.

non-custodial wallet
A cryptocurrency wallet that is maintained by the user. See crypto wallet.

Optimistic Ethereum
A Layer 2 blockchain that charges much lower fees than Ethereum. See Optimistic Ethereum.

oracle
An interface to data off chain. See blockchain oracle.

ownership economy
An economy where more users are invested. See ownership economy.

peer-to-peer networking
Distributing the workload among all computer nodes. See peer-to-peer networking.

Polkadot
A cross-blockchain protocol that enables networks of all types to exchange data. See Polkadot.

Poly Network
A platform for blockchain integration. See Poly Network.

Polygon
A framework for secondary blockchains. See Polygon blockchain.

pool mining
Crypto mining in groups. See pool mining.

private key
An encrypted address that shows ownership of crypto. See cryptocurrency and public key cryptography.

proof-of-work/proof-of-stake algorithms
Consensus algorithms for determining how a miner wins the right to add a block to the blockchain. See proof-of-stake algorithm and proof-of-work algorithm.

Ripple
A decentralized payment system. See Ripple.

rollup
A Layer 2 blockchain method for verifying transactions. See Layer 2 blockchain.

Satoshi Nakamoto
The pseudonymous creator of Bitcoin. See Satoshi Nakamoto.

sidechain
An auxiliary blockchain that operates in parallel to the main chain. See sidechain.

smart contract
A software program on a blockchain such as Ethereum that can perform myriad actions. See Ethereum.

SPV
(Simplified Payment Verification) An abbreviated blockchain for verification. See SPV.

stablecoin
A crypto backed by something sound such as a fiat currency or gold. See stablecoin.

staking
Locking up crypto for mining rewards. See crypto staking.

STO
(Security Token Offering) A fundraising for securities. See STO.

SushiSwap
A decentralized crypto exchange (DeX). See SushiSwap.

Tether
One of the first stablecoins. See Tether.

Tezos
Smart contract blockchain using proof-of-stake (PoS). See Tezos.

token
A representation of a cryptocurrency or some other asset. See Ethereum token and crypto token.

token burning
Destroying crypto coins. See crypto burning.

transaction fee
An amount paid to the miner for processing a crypto transaction. See gas.

trusted intermediary
A legitimate third party such as a bank or law office. See trusted intermediary.

trustless
Not having trust or not requiring trust. See trustless.

Uniswap
A decentralized crypto exchange (DeX). See Uniswap.

UTXO
(Unspent Transaction Output) Available Bitcoins for a user. See Bitcoin transaction.

validator
A computer node that checks a blockchain's integrity. See blockchain validator.

wallet
The interface to crypto, which is software in a computer, mobile device or stand-alone USB dongle. See crypto wallet.

Web 3.0
An umbrella term for decentralized finance (DeFi). See Web 3.0.

wrapped token
A tokenized representation of another crypto. See wrapped token.

XRM
Monero cryptocurrency. See Monero.

XRP
The cryptocurrency token for the Ripple system. See Ripple.

yield farming
Putting up crypto for yield. See yield farming.

Zcash
Privacy-based crypto based on Bitcoin. See Zcash.

zero confirmation transaction
Adding a transaction to the blockchain without confirmation. See zero confirmation transaction.