EduCrypto Club Words to Know

Necessary words and definitions to understand blockchain and cryptocurrencies.

Address

Destination identifier for a cryptocurrency transaction.

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Airdrop

Cryptocurrency distribution to holders.

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Altcoin

Cryptocurrency other than Bitcoin.

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Bitcoin

The first decentralized cryptocurrency.

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Blockchain

Distributed, immutable ledger.

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DAO

Decentralized Autonomous Organization, a digitally native organization.

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DEX

Decentralized exchange for peer-to-peer trading.

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DeFi

Decentralized financial services on the blockchain.

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Address

Ethereum

Decentralized blockchain mainly used for smart contracts.

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Fork

Split in blockchain protocol.

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FUD

Fear, Uncertainty, Doubt influencing crypto perception.

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Gas

Transaction fee on Ethereum network.

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HODL

Holding cryptocurrency for the long term.

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Hash

Unique output from input data.

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ICO

Initial Coin Offering, crypto's IPO.

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Layer 2

Framework built atop existing blockchain.

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Mining

Process of validating blockchain transactions.

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NFT

Token representing unique content ownership.

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Node

Computer part of blockchain network.

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Private Key

Key to access personal cryptocurrency wallet.

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Proof of Stake

Consensus algorithm based on wealth/age of staked coins.

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Proof of Work

Consensus algorithm requiring work.

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Public Key

Key shared to receive cryptocurrency.

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Sharding

Process to hasten blockchain transactions.

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Smart Contract

Self-executing contract coded into a blockchain.

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Stablecoin

Cryptocurrency with value pegged to a reserve asset.

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Token

Representation of certain asset/utility.

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Wallet

Digital location for storing cryptocurrency.

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