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CRYPTO CURRENCY DICTIONARY

TERMS COMMONLY USED IN THE WORLD OF BLOCKCHAIN AND CRYPTOCURRENCY

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Dust

The term "dust" refers to relatively small quantities of cryptocurrency. To manage transactions, blockchains such as Bitcoin use the idea of "unspent transaction outputs" (UTXO). UTXO model traders on a blockchain may obtain modest sums of "change" from a transaction. These little amounts of money are not always usable. Users are not permitted to transfer "dust" of a currency if doing so would cost more than the transaction costs specified. However, transaction costs change according on transaction volume, which means that individuals who hold defunct "dust" may be able to trade it at a later date.

Other Important Terms

Bitcoin Halving

Bitcoin halving is the halving of miner payouts on the Bitcoin network on a regular basis. Nodes are responsible for storing data and fulfilling the difficult computational demands required by the Proof of Work consensus mechanism on the Bitcoin network. There are only twenty-one million bitcoins that can be mined (approximately two million remain unmined). To curb inflation, the amount of Bitcoin given to miners is half every time around 200,000 more coins are created. Bitcoin halving occurrences are associated with considerable price volatility, with the price frequently remaining higher than it was. This price increase encourages miners to keep serving the network while earning fewer Bitcoins.

Shiba Inu (SHIB)

Shiba Inu (SHIB) began as a meme blockchain experiment centered on informal community governance, but the project has made major efforts to distinguish itself from Dogecoin (DOGE) and other meme coins by developing a distinct three-token ecosystem with explicitly specified use cases. Its BONE, LEASH, and SHIB tokens are ERC-20 interoperable tokens that provide use cases such as ShibaSwap, a decentralized exchange (DEX), community-wide charity activities, and a non-fungible token (NFT) incubator. The spectacular growth of its SHIB token, as well as the project's tokenomic liquidity gambit involving Ethereum developer Vitalik Buterin, garnered global attention.

Decentralized Network

A decentralized network distributes information-processing information among several devices rather than relying on a single central server. Each of these unique devices serves as a tiny central unit that connects with other nodes on its own. As a result, even if one of the master nodes fails or is compromised, the other servers can continue to offer data access to users, and the whole network may continue to operate with little or no disruption. Recent technological advances have provided PCs and other devices with significant quantities of computing capacity that can be synced up and used for distributed processing, allowing decentralized networks to be realized. While decentralized networks differ greatly from centralized networks, it is critical to note that decentralized networks do not spread data storage and processing over the whole network.

Forge

Forge is a decentralised content delivery network built on fog computing and artificial intelligence (AI), with participants making bitcoin settlements and transactions being recorded in blockchain. Anyone with a PC or laptop can join the ForgeCDN network and become a node (a static IP address is necessary). When a network member connects to the network and pumps traffic from content distributors to end users, they are paid in FORGE (money), which is issued by and based on the blockchain platform Etherium.

Non-Fungible Tokens (NFT)

Non-fungible tokens are discrete modules of data, stored on a blockchain, that verify ownership of a digital asset. A non-fungible token basically works as a virtual fingerprint or signature, tying a specific digital asset to an owner or set of owners. NFTs represent digital assets. They are not, as is commonly thought, digital assets in themselves. Instead, an NFT could be used to check the authenticity of the original digital asset, which may be stored on the token’s blockchain, a separate blockchain, or a third-party server, and prove ownership. “Fungibility” is a property of an item that means it can be replaced with other things that are exactly the same. Non-fungible tokens are “non-fungible” because they are entirely unique. Cryptocurrency currencies like Bitcoins, on the other hand, are all the same and can be interchanged.

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