ASIC or application-specific integrated circuit is a device utilized only for mining cryptocurrencies.
ATH or all-time high helps in tracking the market valuation of crypto.It refers to the highest point in monetary terms than it has ever reached.
Like ATH, ATL too helps in tracking crypto’s monetary valuation.ATL or all-time low refers to the lowest market valuation that a cryptocurrency has ever reached.
Every transaction in the blockchain world utilizes blocks.These are packages containing permanently recorded transaction data.
Every new information is stored in a block, and all of it becomes a part of the database.
Blockchain is a distributed ledger system containing data in blocks and is the base of the crypto world.A blockchain lists all the transactions ever made for a particular currency and stores the information on a public database.
Cryptography refers to encoding data while transacting to secure and decode it once it reaches the source.It keeps prying eyes away and prevents them from stealing sensitive data.
Cryptocurrency, like any other currency, requires it to be stored somewhere safe and secure.A crypto wallet is a software program where individuals park their currency balance.
They can also receive and send it from the same address.A single crypto wallet can hold multiple cryptocurrencies.
Every time a new version of the blockchain is created, we term it as a fork.These versions run simultaneously.For example – Bitcoin and BCH (Bitcoin Cash)
A hard fork refers to a permanent change of protocols of rules while creating a new blockchain.It means that you can no longer use the old mined blocks containing the old rules for the new blockchain.
The process of performing a hash function is known as a hash.Here, the user performs it on input data with an arbitrary size.The output will be a random string that you cannot recover without a cipher.
Also known as market capitalization, a market cap refers to the total capitalization of a cryptocurrency’s price.It helps the experts in ranking various cryptos conveniently.
The process of creating new crypto units is called mining.
Here, new blocks are added to the blockchain allowing the creation of new tokens, such as that of Ethereum or Bitcoin.
A mining rig is a high-end hardware used for unearthing new units of a cryptocurrency.It can either be dedicated or a system with spare capacity.
PoS or Proof-of-Stake is a consensus algorithm allowing users to figure out the person validating the next block.Here, the token holders secure the existing tokens to secure rewards.
PoW or Proof of Work is a blockchain consensus mechanism that involves solving a series of rigorous puzzles for validating transactions and creating new blocks.
The encryption process generates an asymmetric-key known as a private key.It is a piece of code combined with a public key that helps in decrypting critical information.
A public key is a string in an alphanumeric form that refers to your unique crypto wallet address.
To sum up, industry terminologies can prove to be beneficial for investors in the long run.If you’re planning on getting involved with cryptocurrency you may need to familiarise yourself with the crypto lingo.
However, the good news is that platforms like CoinSwitch Kuber provide BTC to INR converters so as to simplify crypto investing and in the process translate the technical jargon into layman language.So, if you don’t want to memorise the above list, just sign up with one of those simple crypto apps.
Disclaimer: Anything expressed here directly or indirectly is not investment advice.We ask you to do your own research before investing.
Author: Emlie Degn On the DISPATCH: Headlines Local Opinion Subscribe to Weekly Newsletter .