CRYPTO CURRENCY DICTIONARY

TERMS COMMONLY USED IN THE WORLD OF BLOCKCHAIN AND CRYPTOCURRENCY

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Initial Dex Offering (IDO)

decentralized Initial dex offerings, or IDOs, are tokens that represent any sort of asset hosted on a decentralised exchange (DEX). An IDO occurs when a project debuts a token via a decentralized liquidity exchange. IDOs may be constructed for anything ranging from cryptocurrencies to a music CD to aether-powered combat ships. IDOs provide companies with a mechanism for engaging their communities in an economy that both enhance their products and services and allows them to make sound business decisions about their assets.

Other Important Terms

Polkadot

 A blockchain interoperability protocol founded in 2016. It is a sharded blockchain, meaning it connects several different chains together in a single network, allowing them to process transactions in parallel and exchange data between chains without sacrificing security.DOT is the native cryptocurrency of Polkadot.The phrase came as a result of the popularity of the polka dance around the same time the design became popular, just as many other items and styles of the time did as well.

Algorand

Algorand is an open-source, decentralized blockchain network that uses a two-tiered structure and a unique form of the Proof-of-Stake (PoS) consensus method to speed up transactions and achieve finality. Algorand's block rewards are given to all ALGO currency holders, providing a possibility for all ALGO holders to gain rewards rather than simply block creators.

Phishing

Phishing is a scam in which a scammer impersonates a respected organization or individual in order to get access to confidential material, such as banking credentials and passwords, in order to steal digital assets. Phishers frequently target individuals by sending emails or text messages that appear to be real. Because fraudsters utilize human psychology rather than technology, phishing is better defined as a social engineering attack rather than a cyberattack. In the cryptocurrency world, phishers attempt to steal bitcoin from individuals by impersonating legitimate crypto exchanges or wallets. One example is the trading of lookalikes. A phisher delivers a bogus link to a website that looks very similar to a valid exchange web address. The receiver is then asked to provide their private key or exchange log-in information, which the fraudster subsequently uses to take their money, Individuals should read emails and messages with caution and set two-factor authentication on their accounts to avoid phishing.

Satoshi Nakamoto

Satoshi Nakamoto is an anonymous creator of Bitcoin. Despite hoaxes and theories claiming to know the person behind the pseudonym, it is still unknown whether the founder of Bitcoin is a single person or group. Nakamoto released a white Bitcoin paper in 2008. Nakamoto was also the first to use a fully-fledged blockchain and solve the problem of dual digital currency.

Block explorer

Block explorers are online search tools that can be used to find specific pieces of blockchain data. Users can search for block contents, transaction addresses, the network hash rate of a blockchain, and so on. There are various block explorers available for Bitcoin and other altcoins. Users can leverage block explorers to observe blockchain activity in real-time. Miners, for example, can confirm that they have successfully mined a block. In addition, block explorers show how much a miner has earned, what addresses rewards have been sent to, and the number of confirmations associated with a block. Cryptocurrency traders use block explorers to check transaction statuses, track blockchain activity, and obtain market data.

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