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10 Terms
1
Blockchain
A decentralized digital ledger that records transactions across multiple computers in such a way that the registered data cannot be altered retroactively.
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2
Cryptocurrency
Digital or virtual currency that uses cryptography for security and operates on a technology called blockchain.
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3
Proof-of-Work (PoW)
A consensus mechanism in blockchain that requires participants to solve complex mathematical problems to validate transactions and create new blocks.
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4
Proof-of-Stake (PoS)
A consensus mechanism where validators are chosen to create new blocks based on the amount of cryptocurrency they hold and are willing to 'stake' as collateral.
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5
Smart Contract
Self-executing contracts with the terms of the agreement directly written into code on the blockchain.
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6
Decentralized Finance (DeFi)
Financial services that operate on a blockchain, allowing for peer-to-peer transactions without the need for intermediaries such as banks.
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7
Gas Fees
Transaction fees paid to miners or validators to compensate for the computational energy required to process and validate transactions on a blockchain network.
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8
Tethering (Stablecoins)
The practice of pegging the value of a cryptocurrency to a stable asset, such as a fiat currency or commodity, to reduce price volatility.
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9
Non-Fungible Token (NFT)
A unique digital asset verified using blockchain technology, which represents ownership of a specific item or piece of content.
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10
51% Attack
A situation where a group of miners controls over 50% of the network's computing power, allowing them to manipulate the blockchain by preventing other transactions.
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