Crypto Dictionary

Binance is an exchange platform for cryptocurrencies and tokens. It is one of the most popular exchanges in terms of market volume and provides a diverse choice of trading pairs and cryptocurrencies. Binance established the Binance Chain blockchain in 2019, with the Binance Coin (BNB) as its native currency. Binance developed a second blockchain dubbed Binance Smart Chain, which operates alongside the Binance Chain, resulting in a "dual-chain" system of two interacting blockchains. This dual-chain is compatible with the Ethereum Virtual Machine and enables smart contracts. The primary exchange of Binance is centralised. Binance, on the other hand, has launched a decentralized exchange, Binance DEX, which operates as a dApp on the Binance Chain.

Bitcoin is the most popular cryptocurrency in the world. Created in 2008, it was the first digital currency to use a peer-to-peer network powered by its users that did not rely on central authorities or a single regulatory person. Despite its popularity, Bitcoin is not considered an official tender by most governments and major banks.

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.

Although not being originally blockchain-based, Bittorent has long been a pioneer in decentralized technology having its own peer-to-peer design. While the original BitTorrent web browser is still widely available, the Tron blockchain-based BitTorrent Speed iteration uses the BTT Token to promote a swarm environment of file seeding. BitTorrent's ecosystem presently has over 2 billion users and 200 million BTT wallets.

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.

The block reward is the payment that is offered to a node that is securing the blockchain. In the case of Bitcoin, which has a Proof-of-Work consensus algorithm, these could be the miners. The payment is in the form of the native cryptocurrency in that blockchain. The amount is a predetermined reward for each block, but often that is supplemented with the fees that are paid for the transactions that the block holds. In Bitcoin, the current block rewards are cut in half every four years.  This is called the ‘halvening’.

A blockchain is a subset of a distributed database. The Bitcoin inventors originally prototyped the system in 2008. This modern database is made up of separate blocks that are connected together in a chronological chain. Blockchains may be used to store a wide range of data types. It has mostly been utilized as a public ledger for bitcoin transactions to date. A peer-to-peer network comprised of independent nodes uses a consensus process to ensure the blockchain's security and legitimacy. Each node in the network keeps a public and immutable copy of the data.

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.

Blockchain programming is the practice of designing and administering blockchains, as well as the second-layer services that operate on them. Blockchains are made up of nodes, which are simply programs that perform computational tasks to validate transactions. Traditional programming, cryptography, and complicated information technology (IT) systems are all incorporated into blockchain programming. Many computer languages, including C++, Python, JavaScript, and others, can be used to create blockchains. C++ is used to create the bitcoin blockchain. Blockchains and cryptocurrencies are complex, and programmers frequently choose to specialize in one area of development, such as smart contracts, Dapps (decentralized applications), consensus methods, decentralized games, and so on.

A “protocol” is a set of rules and systems which govern the operation of a blockchain. A protocol is essentially a framework in which nodes on a network communicate and add new blocks to a distributed ledger. There are three main foundational blockchain protocols (or consensus mechanisms): Proof of Work (Pow), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS). It’s possible to introduce new protocols onto existing blockchains. The term “protocol” may refer to the underlying parameters that determine how nodes communicate. Alternatively, it may describe the specific mechanisms that work on top of existing blockchains, such as smart contracts on the Ethereum network. Competing blockchains have different protocols, each with their benefits and drawbacks.

Verification is the process by which new transactions are added to blockchains. Transactions are added as blocks, which represent discrete units of transaction data. The authentication process involves the use of public and private encrypted digital signatures, which link transactions and corresponding digital assets to particular individuals or parties. Transactions are verified and added to blockchains through consensus mechanisms. A consensus mechanism is a complex algorithm that authenticates the validity of a transaction and renders fraudulent activity financially untenable. Miners are responsible for this process and are usually rewarded with digital currency for expending the resources necessary for verification.

In simple terms, blockchain voting is the use of a blockchain to record, verify, and save votes as part of democratic processes such as elections. It is a very controversial area. Supporters of her case have been working to make the actual transcript of this statement available online. Critics say such programs are open to fraud and cybersecurity attacks. Nevertheless, a number of small trials have continued worldwide. The blockchain voting process takes place in much of the same way as digital currency transactions. People use private keys to make votes and then store them as separate pieces of data in a digital blockchain booklet. These votes can be re-confirmed and counted by the relevant authorities.

Blocks are file containing data which is linked together in a chain to form a blockchain. Used to record information, the block is like a ledger page. In the Bitcoin blockchain, each block contains a cryptographic hash code, a hash from the previous block, a timestamp, a signature, and additional data. New blocks are connected to previous blocks in chronological order. Whether each new block is validated or not is determined by an algorithm, usually proof of work or proof or Stake. These approaches are based on a peer-to-peer networks to verify block content before publishing.

Bots are computer programs that are designed to do certain tasks. Application processing interfaces (APIs) are used by developers to create bots to connect with exchanges. Bots have a wide range of applications in the crypto world. Traders use trading bots to analyze data, develop investment strategies, arbitrage trades, and automate transactions, among other things. Bots may also be employed for the unlawful activity of front running, which occurs when a trader utilizes insider knowledge to anticipate a change in the value of an asset. Overall, bots are a low-cost, time-saving, 24-hour solution for traders. However, they frequently come with related costs and high computational needs, compelling traders to maintain their assets on an exchange.

Bounties are little tasks assigned to the team behind a coin. Joining a Telegram channel or (re)tweeting are two examples. It could also be more difficult, such as a translation job. In compensation for completing these bounties, players earn prizes in the form of coins.

The Brave browser prioritizes privacy and preemptively bans advertisements on all websites you visit. Additionally, it offers a secure multi-chain cryptocurrency wallet as well as tokens for just browsing.

When an asset’s value drops, it can be said to “dip.” The term is used across a range of financial markets and is often used to describe the price fluctuations of cryptocurrencies.“Buying the dip” is a technique in which investors take advantage of drops in an asset’s value. By purchasing at a lower price, investors “average down” their asset purchase price or maximize profits on undervalued assets. Many markets, however, are highly speculative. And this is particularly the case with the cryptocurrency market. A dip in the value of an asset may signify the start of a longer downward trend. A future bounce back isn’t a given. Waiting for price settling, undertaking due diligence, and utilizing incremental buying protect buyers against poor investments.

Cardano is a blockchain platform that is open source and uses the Proof of Work consensus process. ADA is its native cryptocurrency. Cardano was founded in 2017 by Ethereum co-founder Charles Hoskinson. Cardano is developed in Haskell, a programming language that uses pure functions. Cardano is a third-generation platform that was created with an evidence-based approach. The Cardano blockchain is composed of two layers: the Cardano settlement layer, which monitors balances and transactions, and the Cardano computational layer, which is used for smart contracts and applications. Furthermore, a key component of Cardano's protocol is its Proof of Stake consensus mechanism, Ouroboros, which is built for long-term sustainability and scalability. Cardano is expected to deploy other updates, such as the layer-2 solution Hydra, in the near future at the time of writing.

Central Bank Digital Currency (CBDC) is a digital token, similar to cryptocurrency, issued by a nation's monetary authority or central bank. It is pegged to the value of that nation's fiat currency. They are also called government-backed cryptocurrencies.

Companies maintain centralized cryptocurrency exchanges as middlemen for bitcoin transactions and storage. Customers on a centralized exchange do not have access to their private keys and relinquish control of their funds. The exchange records all buying and selling records of users' orders internally, only turning them into actual currency when they are withdrawn. Because of their ease, speed, and low cost to customers, centralized exchanges now handle the vast majority of bitcoin transactions. However, some see these exchanges as the polar opposite of the objectives of cryptocurrencies like Bitcoin. Furthermore, there are risks associated with the number of money exchanges keep. These problems include wash trading, exchange price manipulation, hacker theft, and government censorship. Binance, Gate.io, KuCoin, WazirX, CoinDcx, Coinswitch Kuber, etc are some examples of centralized exchanges.