Difference between revisions of "Glossary"
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*'''Fiat currency''': Traditional centralized currencies such as USD or EUR | *'''Fiat currency''': Traditional centralized currencies such as USD or EUR | ||
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+ | *'''Wallet''': A wallet is a software program that stores private and public keys and interacts with the blockchain to enable users to send and receive digital currency and monitor their balance. To use a cryptocurrency, a digital wallet is needed. | ||
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*'''Proof-of-Stake (PoS)''': Type of algorithm by which a blockchain aims to achieve consensus. The generator of the next block is determined by the size of his stake. The bigger his stake, the higher his chance. | *'''Proof-of-Stake (PoS)''': Type of algorithm by which a blockchain aims to achieve consensus. The generator of the next block is determined by the size of his stake. The bigger his stake, the higher his chance. |
Revision as of 09:47, 6 November 2017
Glossary
- Cryptocurrency: A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
- Fiat currency: Traditional centralized currencies such as USD or EUR
- Wallet: A wallet is a software program that stores private and public keys and interacts with the blockchain to enable users to send and receive digital currency and monitor their balance. To use a cryptocurrency, a digital wallet is needed.
- Proof-of-Stake (PoS): Type of algorithm by which a blockchain aims to achieve consensus. The generator of the next block is determined by the size of his stake. The bigger his stake, the higher his chance.
- Proof-of-Work (PoW): Type of algorithm by which a blockchain aims to achieve consensus. The algorithm rewards network participants who solve cryptographical puzzles in order to submit & validate transactions and create new blocks. Also referred to as mining.
- Cryptocurrency Exchanges: Online cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for another digital currency or fiat money (USD, EUR, BTC, CLOAK, etc).