A cryptocurrency which is underwritten by an asset or assets (e.g., fiat currency, commodities, etc.) designed to minimise the volatility of the price of the coin/token.
62. State Channel
A process by which blockchain transactions are executed off-chain, collected and then written to the main chain as a single transaction in order to improve performance and reduce cost.
63. Testnet
A staging blockchain environment for testing application before being put into production (or onto the mainnet)
64. Token
Cryptographic tokens represent programmable assets or access rights, managed by a smart contract and an underlying distributed ledger.
65. Token Generation Event
The creation and first sale of a blockchain coin or token.
66. Token Type – ERC-20
A type of fungible Ethereum token (i.esmart contract) standard which is defined by a series of functions that must be supported, including functions to retrieve the total supply, transfer from one wallet to another, and approve a transaction.
67. Token Type – ERC-721
A type of non-fungible Ethereum token (i.e., smart contract) standard which is defined by a series of functions that must be supported, including functions to retrieve the total supply, transfer from one wallet to another, and approve a transaction.
68. Token/Coin Exchange
An application to buy, sell and trade cryptocurrencies.
69. Tokenless Ledger
A ledger that doesn’t require a native currency to operate.
70. Tokenomics
The study, design and implementation of monetary management and distribution based on blockchain technology.
71. Transactions Per Second (TPS)
A measurement of the speed of a blockchain. The low TPS of most blockchains is a significant barrier to using blockchain for business, especially financial, applications.
72. Transparency
A primary property of public blockchains whereby any participant in a system or transaction can view the transactions on the blockchain.
73. Trust
Confidence in the integrity of an entity (e.g., person, organisation, etc.).
74. Trustless
Blockchain is called a trustless system because the two entities performing a transaction do not need to trust one another. The properties of blockchain – digital signatures, cryptography, etc. – provide the trust.
75. Vyper
A Python-like programming language for the Ethereum blockchain built for security, language and compiler simplicity, and auditability.
76. Wallet
A digital file that holds coins and tokens held by the owner. The wallet also has a blockchain address to which transactions can be sent.
77. Wallet (Cold)
A wallet disconnected from the internet.
78. Wallet (Hot)
A wallet connected to the Internet.
79. Wallet (Multisignature)
A wallet that requires multiple digital signatures to execute a transaction.
80. Zeppelin/Open Zeppelin
A community of like-minded Smart Contract developers.
Conclusion
In this highly informative article we reviewed some of the most commonly used blockchain terminologies. We understood what they mean in the easiest language to get a better idea of the blockchain concepts.
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