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

Smart Contract

A smart contract is a computer program or a transaction protocol that is designed to automatically execute, control, or document legally significant events and activities in accordance with the conditions of a contract, agreement, or negotiation.

Other Important Terms

HealthTech

HealthTech is an abbreviation for "health technology." It refers to any health service or product that is delivered using digital technology and has been used both within and outside of the traditional healthcare environment. Common examples of health tech include wearable devices and home diagnostic equipment. Because of the broad use of health tech solutions that provide quicker and more efficient health-related outcomes, health tech has emerged as one of the fastest-growing verticals in the healthcare industry. Blockchains offer a wide range of potential applications in health tech. Blockchains, for example, enable the decentralized storage of enormous amounts of personal medical data and medical records, which may be made available to providers considerably more swiftly and securely than traditional systems.

Airdrop

An airdrop is a method of distributing coins. End users can typically obtain coins for free or in exchange for doing a small task, such as subscribing to a newsletter, sending a tweet, or inviting others via a personal affiliate link. Cryptocurrency airdrops — the act of depositing cryptocurrency into public crypto wallets — are utilized as a marketing, liquidity creation, and network bootstrapping technique for many different types of blockchain initiatives.

Tokenization of Real Estate

Real estate tokenization refers to the development of crypto tokens that are tied to tangible assets. In this context, tokenization divides the value of a property into several smaller sections, similar to shares in a firm, which purchasers may then acquire. Transactions are recorded on a blockchain that is linked to the transaction. Real estate tokenization broadens the market to include a wider range of purchasers, boosts the liquidity of traditionally illiquid assets, and enables real estate owners to obtain funds fast. Tokens are issued by property owners via an Initial Coin Offering (ICO). Representative tokens can be exchanged on the open market once the property has been "converted" into smaller constituent portions. Ongoing challenges include legal ambiguity around smart contracts on blockchains, cybersecurity concerns, and the potential avoidance of taxes on the part of sellers. 

Staking

The act of participating in a blockchain that uses a stake-based consensus process is known as staking. Stakers lock a portion of their cryptocurrency balance to prove their investment in a blockchain. Stakers are required to meet the blockchain's balance requirement, which deters fraudulent actors. Users will be able to verify blocks and vote on the network if their stake is large enough. Stakeholders compete to forge blocks in the Proof of Stake consensus paradigm. The blockchain assigns transactions to stakes depending on their stake as well as other parameters such as randomization and period of staking. Thus, the greater the stake, the more likely a staker will be picked to validate blocks and the higher value transactions they can authorize. Blockchains reward stakers with transaction fees for their service to the network. Stackers, on the other hand, risk losing some of their locked cryptocurrency if they engage in any harmful conduct.

Daedalus Wallet

Daedalus is a cryptocurrency wallet for the native token of the Cardano blockchain, ADA. Users download it to their desktops. It is compatible with Windows, macOS, and Linux Daedalus is an open-source and operates on a stake-in-stake blockchain platform, Cardano. It is a full node wallet that stores a complete, authenticated, authenticated blockchain This full-node functionality, which doesn’t rely on third-party servers for data, makes the wallet trustless and secure.The Daedalus wallet is non-custodial and lets users maintain control of their private keys. In addition, a fixed wallet that supports multiple key pairs is based on a single seed phrase.

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