WEB3 GLOSSARY

AED - The United Arab Emirates dirham, also known as the Emirati dirham, is the currency of the United Arab Emirates.

Airdrop - free distribution of cryptocurrencies, NFTs, tokens, etc., usually with certain conditions in the form of inviting several people to the project or performing a list of simple actions like likes and reposts in the project community.

ATH (All-Time High) - the highest registered price value for the entire existence of the cryptocurrency. This indicator shows how much the price of a specific cryptocurrency or coin has fallen as a percentage.

ATL - (All-time low) - lowest registered price value.

Altcoins - all cryptocurrencies except Bitcoin. The term appeared after altcoins entered the market to overcome the technical limitations of Bitcoin and expand the potential of blockchain technology.

ASIC - specialized equipment created to mine a specific cryptocurrency with high performance.

Bears - crypto market investors who attempt to profit from a decline in stock prices.

Bitcoin address - the address of a specific Bitcoin wallet from or to which users transfer BTC.

Block reward - the profit that a miner receives for generating a block.

Blockchain - decentralized ledger technology owned by no one used to securely encrypt and store information. All records are encrypted with high-level cryptography.

Since the registry is decentralized, it is impossible to alter records; it is stored simultaneously on many devices.

BNB - BNB Coin is a cryptocurrency that is used primarily to pay transaction and trading fees on the Binance exchange.

BTC - Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network.

Bulls - crypto market investors who attempt to profit from growth in stock prices; that is, buying cryptocurrency at the lowest price (on a drawdown) and selling it after increase.

Cold Storage - offline cryptocurrency storage. Any crypto wallet not connected to the internet is considered cold storage and referred to as a cold wallet. The most common type of cold wallet is a hardware wallet, typically a device connecting to a computer.

Cryptocurrency - is any digital or virtual currency; encryption (cryptography) is used to protect transactions in cryptocurrency.

Cryptocurrency exchange - an online resource where you can buy and sell cryptocurrencies.

Cryptography - the science of encrypting information. It protects messages in transit and uses algorithms proven in open environments that allow you to detect and fix any vulnerabilities quickly.

DeFi (Decentralized Finance) - a set of services and applications developed using blockchain, cryptocurrencies, tokens, and smart contracts. These services are integrated into a single network, offering users services that banks and other financial institutions usually provide.

DOGE - Dogecoin is a cryptocurrency, like Bitcoin or Ethereum, and is based on the Scrypt algorithm. It takes only 1 minute to confirm, while BTC takes 10 minutes.

Doxxing - is the search and publication of personal information about someone with malicious intent.

Dump - an action that causes an artificial decrease in the rate of a cryptocurrency, is performed intentionally.

ETH - Ethereum is a decentralized, open-source blockchain with smart contract functionality.

Farm - equipment used for cryptocurrency mining (for one PC with one GPU, the term is usually not used).

Fiat - ordinary money issued by Central Banks or other financial institutions - standard dollars, euros, etc.

Flip - buying and quickly selling an asset to obtain a small income, usually repeated many times.

Floor Price - the lowest fixed price for items in the collection.

FOMO - "Fear of Missing Out". Syndrome of an irresistible desire to buy a particular currency / NFT seeing its rapid growth.

Gas - a unit of measure for the miners' commission in exchange for validating transactions on a blockchain network. This commission goes to the miners as a reward for computing power for the network, which is why it is called gas or fuel.

Gem - is a potentially profitable asset, usually undervalued and hardly noticeable among all others.

Hard Fork - fundamental changes in how blockchain algorithms and the code work. Most often, during a hard fork, new technologies are introduced.

HODL - Long-term (a year or more) holding the currency in the wallet, based on its global growth.

Hodler - someone who doesn't sell their coins for years, regardless of the market situation.

ICO - Initial Token Offering is selling tokens before they are listed on the exchange at a reduced price. This allows companies to attract more investment at the initial stage.

Identity verificatio- the highest registered price value for the entire existence of the cryptocurrency. This indicaåtor shows how much the price of a specific cryptocurrency or coin has fallen as a percentage.

KYC - user identification requirements to combat money laundering are usually required by exchanges and ICOs. They can be different, but as a rule, these are passport data.

Listing - placing a cryptocurrency on an exchange to make it tradable with other assets (most commonly other cryptocurrencies).

LTC - Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license.

Miner - a person (or group) who has set up mining equipment and validates transactions for a blockchain network.

Mining - is the process of mining cryptocurrency by performing mathematical operations on special equipment (CPU, GPU, ASIC, etc.).

Mint - The process of creating a cryptocurrency token (most commonly referred to NFTs) on the blockchain by paying the corresponding amount of GAS to cover the transaction fee.

Money-hold - a delay in the process of a transaction in a cryptocurrency.

NFT (non-fungible token) - cryptographic assets (like tokens) on a blockchain with unique identification codes and metadata that distinguish them from each other.

Unlike tokens, NFTs cannot be exchanged or traded equivalently like other cryptographic assets.

Order - an application for the sale or purchase of cryptocurrency on the exchang.

Pending - used when the cryptocurrency is withdrawn, but the transaction itself has not yet been completed.

Pre-Sale - Most commonly referring to the very first sale round when cryptocurrencies are offered at the cheapest price to a handful of investors during a token sale.

Private Key - a key that opens access to the cryptocurrency address and allows users to manage its contents.

Pump - an action that causes an artificial increase in the rate of cryptocurrency, is performed intentionally.

Public Address - the address (account) to which digital money is sent. It can be seen by other users, which is why it is public. The encryption process is performed using the public key- creating a transaction.

Royalty - a bonus given to the NFT-creator (the one who minted first) for each resale of his work, in the form of a certain percentage of the amount received by the seller.

Rug pull - when developers abandon a project, taking investors' money in the process.

Short - risky trading on the exchange, performed in short periods.

Smart contract - a self-executing digital programme with the terms of the agreement between two parties being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

Staking - The process of staking cryptocurrencies on a smart contract, with the expectation to either earn more cryptocurrencies during a certain time period (like a deposit), or become a validator on a Proof-of-Stake blockchain network and earn tokens in exchange for their service.

Swap - the exchange of one asset for another at a certain rate, performed between two users or between a user and an exchange.

Testnet - an identical version of the main network, created to test the functionality without using a real cryptocurrency.

Token - cryptocurrency tokens represent an asset or specific use and reside on their own blockchain. Tokens can be used for investment purposes, to make purchases, or perform operations on the blockchain.

TRX - a decentralized operating system with smart contract functionality, proof-of-stake and a cryptocurrency native to the system, known as Tronix (TRX).

USD - The United States dollar (USD) is the official currency of the United States and several other countries.

USDT - Tether is a cryptocurrency with a value meant to mirror the value of the U.S. dollar.

Video card (GPU) - a separate device that is part of a PC, is used as a device for cryptocurrency mining.

Volatility - is the property of a cryptocurrency to change its value constantly.

White-label crypto exchange - A white-label crypto exchange is a ready-made, customizable online platform that lets you launch your own branded crypto trading business.

White Paper - the business plan and detailed technical documentation of the blockchain project.

Whitelist (WL) - a limited list of users, mainly partners of a project, who are guaranteed to be able to buy a token of a project since, usually, the number of people wishing to mint exceeds the number of tokens.

Withdrawal of funds - the withdrawal of the cryptocurrency or fiat currency (most commonly from a centralized crypto exchange) to a corresponding crypto wallet or bank account/credit card.

XRP - XRP is a digital asset that’s native to the XRP Ledger—an open-source, permissionless and decentralized blockchain technology. Created in 2012 specifically for payments, XRP can settle transactions on the ledger in 3-5 seconds, using a network of trusted validators to verify transactions on the ledger.