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List of Blockchain Definitions
What is ERC20?
ERC20 stands for Ethereum Request for Comments which is the standard protocol using on Ethereum network for issuing tokens. On the Ethereum network, ICOs use ERC to present their tokens and remain the standard of trading and managing sets. Besides, ERC20 also use these tokens to fuel its economy.
What is Ether?
Ether fuels the Ethereum platform which makes transactions, actions or other activities possible on the Ethereum blockchain. Ether is required on many apps to function in the network. At first, Ether was sold to investors in crowd sale and it also concerned by miners who provides computational power to the transactions. Currently, Ether has been used Proof of Work method for validating transactions.
What is Ethereum?
Ethereum is one of the successful points of Bitcoin which is an open source platform using blockchain technology. Creating smart contracts and developing, deploying and maintaining decentralized applications are the standout features of it. Both miners rewards and transaction fees used Ether because Ether is usedá a native token to fuel the platform. In addition, it is able to use for other services which are suggested by dApps.
What is Ethereum Classic?
Ethereum Classic or ETC is a cryptocurrency that appears after the hard fork of Ethereum blockchain. After the big Ethereum Decentralized Autonomous Organization (DAO) hack occurs, we have Ethereum Classic. Ethereum Classic carried the properties of the primitive Ethereum chain so this is the reason why it was a hard fork. And one of the purposes of Ethereum Classic is that it is done to look after the interest of the community. After the hack process, there will appear two forces. The first one is against the fork and the other one for the fork.
What is Ethereum Gas?
Ethereum Gas is used as the foundation element of computation try to execute transactions on the Ethereum blockchain platform. There will have some transaction fee associated with Ethereum if a transaction takes place. It bases on the GAS value at the time of the transaction to calculate the number of transaction fees. In addition, there also have Gas Limit and Gas Price combine with it. One of the main functions of Gas Limit is that it is used for protecting unintended expenditure. Besides, it also cares for the network from becoming too crowded. And the transaction fee or we can call TX was calculated when Gas limit multiplied with the gas price,
What is Federated Blockchain?
Federated Blockchain is also known as Consortium Blockchain which is a partly private Blockchain. It is the same in many points to the fully private network. In addition, it also attracts some features from a public Blockchain network and provides users with the best from the two works. As you know, the power may not stay with one entity. Federated Blockchain belongs to a group of leaders who manage the Blockchain. Federated Blockchain is a really necessary tool for companies who are working together on a project or a group of entities managing a consortium Blockchain. This also means that people cannot take part in the network and requires permission to access it because the basic use-case is for organization and collaboration for examples EWF, r3, or etc…
Definition of Fiat
Fiat is also known as legal tender which is the legal money issued by the government. According to the legal tender, Fiat is considered the only currency which can be used to buy, sell or trade goods using it. Apart from it, other types of currencies are not acceptable. Cryptocurrencies are also stated as legal tender in many countries and states in the world. However, it is not the same in other countries. However, there are many countries which have also banned Cryptocurrencies so Cryptocurrencies is not the same in other countries. Government and the market conditions are responsible for Fiat and control the value of their for example of fiat include Yen, US dollar, Euro, Pound, etc.
What FOMO means?
FOMO is a popular word used in Cryptocurrency community which stands for Fear of Missing Out. Fear of Missing Out happens with an individual when he or she makes a decision based on fear. In addition, it is also able to happen because rumors or news widen through social media accounts. One of the best examples in this situation would be Bitcoin because increased just $1000 to $19,000 in the year 2017. Currently, most of the investors who do not know the emotion of FOMO in invested when it was around all-time-high are stuck with their investment. FOMO is one of the most popular ones among newbie traders, and even veterans are not free from this emotion.
Definition of FUD
FUD in crypto FUD stands for the fear, uncertainty, and doubt about a crypto coin or the community as a whole. it leads to big market crashes because people sell off in groups and listen to bad advice that is very popular in social media. Until now, one of the biggest FUD that we keep hearing is that Bitcoin is a Bubble. It is used many times in media and still, people fall for this. In short, FUD can be induced by the negative news and it is able to bump into the market.
What is Genesis Block?
The Blockchain is included many blocks. The first one of that said Blockchain is known as a beginning block which is numbered 0. After releasing, nothing can change it because it is also hardcoded. The Genesis Block was founded by the existence in the Bitcoin white paper. The first Genesis Block of Bitcoin is able to contain 50 Bitcoins.
What is HashGraph?
HashGraph and blockchain are completely different. One of the standout points is that HashGraph may resolve many problems that blockchain has. For example, HashGrap is more secure, faster and fair to HashGraph’s users. It is the reason why HashGraph can easily be termed as a new generation blockchain in the feature. Besides, Hashgraph is a directed acyclic graph which has the properties of distributed ledger technology.
What is HyperLedger?
HyperLedger is managed by Linux Foundations and it is another blockchain project. To improve the blockchain technology, it tries to bring collaborative effort from all main blockchain players in the market. Brian Behlendorf-the executive director of the project, also added that HyperLedger will focus on the improvement of blockchain ecosystem facilitated so it would not have any tokens by cross-industry reach.
Definition of HOLD
HODL is a really popular term in the cryptocurrency community which stands for “HOLD” in cryptocurrency. In 2013, the term “HODL” was released when a user in Bitcointalk forum, spelled it HOLD as HODL and that time is the worst period of Bitcoin. In spite of the bad fall, GameKyuubi still came forward and said that he will try his best to held their coins as well. Although it was GameKyuubi’s mistake, it quickly became popular among the community members and they use it to convey the idea of holding. Now, most people read as “hold on for dear life” as a humorous backronym
I – Blockchain Definitions
What is an ICO?
ICO stands for Initial coin offering. Startups or businesses often use it to raise funds by selling their token to the investors. Although ICO’s may sound similar to Initial Public Offering (IPOs), they work differently. If anyone wants to run a successful ICO, they need to have a working product or an idea. Because ICO’s are unregulated and have more risk associated with it, so you should be careful when using it.
Definition of Lambo
It is a crypto slang that is used to cryptocurrency traders and investors. Lambo stands for Lamborghini. Lambo is one of the fastest cars available at the time of writing and also the most expensive as well as the luxury car in the world.
What is Mainnet?
Technically, Mainnet provides users with numerous functions. It is able to provide users with the ability to send and receive digital currency as a blog blockchain. Especially, it is different from Testnet. WhileTestnet just simulates the desired functionality, Mainnet is actual end product ready for real-world use.
What is NEO?
At first, NEO is known as AntShares which is a decentralized Blockchain platform that is also known as “Chinese Ethereum.” Thanks to it, developers can open the source and create powerful dApps taking advantages of the smart contracts 2.0. Moreover, it is very convenient because developers don’t need to learn any specific language to develop dApps on the platform. NEO Blockchain uses DBFT Tolerance which can support 10,000 transactions per second. And this is one of the standout features of it. And of course, GAS plays an important part in the NEO ecosystem.
What is NEP5?
NEP5 is one of the standards of NEO tokens which stand for NEO development protocol with the number “5” denotes the revision that everyone agreed on. It is an important protocol that controls how NEO token is developed, shared and behave in the NEO network. You have to meet the NEP-5 standard if you want to pass around your token. Because it wants to make sure that the communication between two parties systematically takes place. NEP5 has some stand out functions like token approval, balance checks, transfer, etc.
Read the ultimate guide on NEP5 here and expand your knowledge beyond Blockchain glossary terms.
What is NFT?
NFT means Non-Fungible Token which it is not fungible. This means that nothing can replace the tokens and hence is useful for unique scenarios. NFT is distinguishable and cannot be interchangeable to other tokens. For instance, it can be used to issue a game card or a baseball card that is unique and cannot be exchanged with other forms of tokens. It is completely verifiable and provides ownership through Blockchain and Cryptocurrency.