Glossary A to Z

2FA (Two-Factor Authentication)

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2FA (Two-Factor Authentication) is a security process that adds an extra layer of protection to user accounts beyond just a password.

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API (Application Programming Interface)

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An API (Application Programming Interface) is a set of rules and protocols that allows different software applications to communicate with each other.

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Blockchain Technology

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Blockchain technology is a distributed-ledger-based computer-generated network that fosters decentralization and avoids single-point failure of any network.

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Cryptocurrency

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Cryptocurrencies, like traditional currencies, are a medium of exchange for goods and services. They are digital currencies created and stored on a blockchain, such as Polygon or Ethereum, and secured by cryptography.

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Decentralized Applications

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A decentralized application is an autonomous application that operates on a peer-to-peer blockchain and is focused on enhancing transparency and security.

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Encryption

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Encryption is a method of securing data by converting readable information into an unreadable format using mathematical algorithms and keys. This process ensures that only authorized users with the correct decryption key can access the original content.

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ERC-20

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ERC 20 stands for Ethereum Request for Comment 20. It has established a standard for fungible tokens, which must be included in the smart contracts on the Ethereum blockchain.

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Form Validation

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Form Validation is the process of checking user inputs in forms to ensure they are accurate and complete before submission. It helps catch errors early, making sure data like emails, phone numbers, and required fields follow the correct format.

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GameFi

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The word GameFi is a combination of two words: Game and Finance. The words Game and finance refer to online gaming and decentralized finance, respectively.

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Hardware Wallet

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Hardware wallets are crypto wallets in which users’ private keys are stored in external devices such as USB or Bluetooth devices. They are the most secure crypto wallets for safely storing a large amount of cryptocurrency. Like software wallets, hardware wallets cannot be operated through the Internet, which means they are less vulnerable to phishing,...

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Immutability

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The word 'immutable' means that the data can not be altered by anyone once it is created. Immutability is the real strength of distributed ledger technology. All data and information shared on the blockchain are stored in blocks and validated by nodes.

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JavaScript (JS)

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JavaScript (JS) is a programming language primarily used for developing web applications. JavaScript was inspired by two programming languages: Java and Scheme, which is a minimalist dialect of Lisp.

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KYC (Know Your Customer)

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KYC is the building block of cryptocurrency regulations because service providers (VASPs) can use the KYC mechanism to determine their users' authenticity as citizens of any specific region or country.

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Liquidity

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Liquidity in crypto exchanges represents the ease with which assets can be bought and sold without any substantial variation in the price.

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Multi-signature Wallets

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A multi-signature wallet is a digital wallet in which private keys are held by more than two people or, as its name suggests, multiple people. This ensures that no single person has complete authority over the shared assets.

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Non-fungible tokens (NFTs)

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Non-fungible tokens are tokenized digital assets, including digital art, photographs, paintings, audio clips, or any other art form. They are stored on the blockchain and have a unique digital signature that defines them and makes them different from others.

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Open-source Blockchain

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An open-source blockchain is a blockchain platform whose source code is publicly available for anyone to inspect, modify, and distribute. The platform is not controlled by a central entity but rather by a community of developers.

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Penetration Testing

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Penetration testing, also known as a pen test, is a security test in which a simulated cyberattack is launched to identify vulnerabilities and loopholes in a computer system.

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Private Key

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A private key, similar to a password, is used to access a digital crypto wallet and also proves the ownership of the private key holder of blockchain assets. It is a unique alphanumeric code generated by a cryptocurrency wallet.

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Proof-of-Work (PoW)

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The proof-of-work (PoW) mechanism is a decentralized consensus mechanism used by blockchain networks to validate transactions. It indicates the efforts of the miners to solve a mathematical puzzle necessary to add new blocks to the blockchain network.

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Public Key

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A public key is a cryptographic key used for encrypting and decrypting sensitive information. Public keys are pieces of information that scramble data, which can be unlocked by a specific algorithm designed to unlock it.

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Quality Assurance (QA)

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Quality Assurance (QA) is a systematic approach in software development aimed at ensuring the final product meets expected standards of quality and performance.

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REST API

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REST API (Representational State Transfer Application Programming Interface) is a method for enabling communication between client and server using standard web protocols like HTTP.

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Smart Contracts

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Smart contracts are digital agreements stored and signed using blockchain technology. They are designed to self-execute when the required terms and conditions are met.

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Tokenomics

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Tokenomics combines the words ‘token’ and ‘economics’ and refers to the study of the economic ecosystem in the blockchain and cryptocurrency landscape.

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Utility Token

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Utility tokens in the cryptocurrency space are tokens created for a specific purpose within a blockchain ecosystem. They are not considered financial instruments; therefore, they are not subject to the same regulations as securities.

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Volatility

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Volatility is a measure of the price fluctuations of an asset, indicating whether its value is increasing or decreasing. Volatility can be both beneficial and detrimental to investors.

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Wallet

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A crypto wallet is a type of digital vault where people store public and private keys needed to perform transactions of cryptocurrencies. These wallets are safe, easy to use, and have multi-platform support.

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XRP Ledger

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The XRP Ledger, or the Ripple protocol, is a distributed-ledger network launched in 2012. It is also known as one of the oldest blockchain networks. XRP is the utility coin of the Ripple protocol.

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Yield Farming

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Yield Farming is a method for maximizing profits in the cryptocurrency market by lending or staking cryptocurrency assets. In this process, users are rewarded for providing liquidity to decentralized finance (DeFi) protocols.

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Zero-Knowledge Proof (ZKP)

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A Zero-Knowledge Proof (ZKP) is a cryptographic method that allows one party (the prover) to prove to another party (the verifier) that a statement is true without revealing any information beyond the validity of the statement itself.

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