Glossary A
Tokens are sent directly to an individual’s wallet with no associated cost to the receiver.
An algorithm is a list of step-by-step instructions that are used in the process of solving a problem or performing a computation by a computer.
A list of wallet addresses that have guaranteed access to mint an NFT within a specific window of time. Having allow list access can prevent the disappointment of missing out on minting within popular projects, allow you to mint at a time that is convenient for your time zone and avoid paying high gas fees by having the ability to wait for the gas price to decrease.
Alpha with cryptocurrency assets is a financial metric indicating performance. It is the excess returns earned over the benchmark on an investment. Alpha within the NFT space is prized information often realized before most of the market is aware. This information is often found in alpha groups that share exclusive information and opportunities.
Altcoin was originally a term used to describe any cryptocurrency that wasn’t Bitcoin. It is a combination of the words ‘alternative’ and ‘coin’. It is now used to describe any cryptocurrencies that are relatively new to the market and have a small market cap or valuation.
B
Crypto slang referring to an individual’s cryptocurrency holdings.
Software that is automated to carry out specific tasks such as trading cryptocurrencies. Some other use cases include minting, trading, and placing bids on NFTs as well as use on Discord for actions such as moderation, verification, security, activities, and more.
Reducing the supply of a token by purposely removing it from circulation.
A fundamental part of the blockchain is the block. Blocks are where the transaction data is permanently recorded. They contain information on transactions during a certain period of time and are closed when all data contained within is validated.
A blockchain bridge is a protocol that enables interactions between two blockchains that are economically and technologically separate. For example, Ethereum and Polygon.
C
A coin is a form of currency that exists digitally or virtually on its own independent blockchain. It acts like a native currency within a specific financial ecosystem and is used as a store of value or as a medium of exchange within a digital economic network. It can also refer to a single unit of a particular cryptocurrency. For example, ETH.
A client in reference to blockchain technology is software that connects to other clients in a peer-to-peer manner. It facilitates private key generation and security, transactions on behalf of a private key, and information about the state of the network and transactions. A common application and example of a client is a software wallet.
Contracts are binding agreements that lay out the terms and agreements between the parties. In cryptocurrencies, smart contracts execute these functions as code on the blockchain.
A correction will usually be shown by a gradual decline of an asset’s price of more than 10% over several days. This can be an indication that bullish traders are exhausted and there are no new buyers to support upward price movement. A correction allows for consolidation and recovery.
A period of time when prices of major coins fall significantly from all-time highs without recovery and the overall cryptocurrency market is performing poorly. This can also be referred to as a bear market.
D
Decentralized finance, or DeFi, uses emerging technology to remove third parties and centralized institutions from financial transactions. The components of DeFi are stablecoins, software, and hardware that enables the development of applications. The infrastructure for DeFi and its regulation are constantly evolving.
A subculture of individuals often associated with risky bets, pump-and-dump schemes, meme coins, and other unruly behavior. Degen stems from the term Degenerate Gambler but is not always used with a negative connotation. It is often used as a badge of honor or can describe anyone involved in the cryptocurrency space.
Discord is a web-based communication tool originally developed for gamers to chat with one another. It is often chosen for cryptocurrency and NFT projects as the primary place for the community to gather. Discord is a place to gather information, connect with community members, ask questions, and exchange ideas.
Decentralization in blockchain refers to a system where control is distributed between a peer-to-peer network and does not rely on a central authority, organization, or individual.
The term Diamond Hands refers to someone who holds on to their investment regardless of highs or lows and resists the pressure to sell to either take a profit or to prevent a loss.
E
A fungible token standard used for creating and issuing smart contracts solely on the Ethereum blockchain.
An Ethereum non-fungible token (NFT) standard. Each ERC-721 token is unique with differentiating metadata that can be identified and valued independently.
An Ethereum-based token standard that enables fungible, semi-fungible, and non-fungible tokens to be transferred in a single transaction. They are managed by a single, gas-efficient, smart contract.
A decentralized, peer-to-peer network powered by blockchain technology that enables the creation of smart contracts and DApps.
An online platform where users can buy, sell, and exchange cryptocurrencies. Exchanges convert fiat to cryptocurrencies and vice versa.
F
A currency that is typically issued and supported by government regulation as legal tender.
An individual who has a small portfolio of cryptocurrencies or NFT holdings.
A cryptocurrency asset is considered fungible when it has an agreed-upon value and is interchangeable with another token of the same kind. Fungible assets can be split into smaller parts and sold in fractions.
One of the most used valuation metrics in NFT collections. It is the lowest ‘Buy Now’ price within an NFT collection. The floor price is set by the owners of NFTs when they list them for sale.
A fork is a change in the blockchain’s protocol or set of rules that decide whether a transaction is valid or not. A soft fork is a backward-compatible change and can be likened to a software update. Older nodes (computers connected to the blockchain) continue to recognize new transactions as being valid. A hard fork is not backward compatible with earlier blocks and splits the blockchain into two. Nodes will need to update to the new valid chain to be able to confirm transactions.
G
Gwei is a denomination of ETH and is used as a unit of measurement for gas prices. Each gwei is equal to 0.000000001 ETH (10-9 ETH). The word 'gwei' itself means 'giga-wei', and it is equal to 1,000,000,000 wei.
Gas is the fee required when conducting a transaction, executing smart contracts, or launching DApps on the Ethereum network. This fee will vary depending on the complexity and computational effort required as well as the network demand at that given time. Gas is paid in ETH and denoted in gwei (0.000000001 ETH).
Gains are value appreciation in an asset. Gains are realized when an asset is sold at a higher price than it was originally acquired for, and profit is made on the sale.
The current network market price for Ethereum transactions. Depends on network usage and demand.
Individuals or organizations with decision-making powers.
H
Unauthorized access to data in a computer or computer system. Crypto hacking is often accomplished through phishing schemes where malware (malicious spyware) or viruses are downloaded unsuspectingly by a user and reveals their private wallet keys.
S
Smart contracts defined. Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.
U
User interface (UI) design is the process designers use to build interfaces in software, focusing on looks or style. Designers aim to create interfaces which users find easy to use and pleasurable. UI design refers to graphical user interfaces and other forms—e.g., voice-controlled interfaces.
User experience (UX) design is the process design teams use to create products that provide meaningful and relevant experiences to users. UX design involves the design of the entire process of acquiring and integrating the product, including aspects of branding, design, usability and function.
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