Crypto Basics

What’s BEP2? BEP2 stands for Binance Chain Evolution Proposal2. Similar to the ERC-20 standard in Ethereum, BEP2 is a technical standard for the issuance and implementation on the Binance Chain. This standard basically defines the rules that tokens should follow in the Binance Chain blockchain.

WaltonChain aims at building a blockchain infrastructure that leverages radio-frequency identification (“RFID”) technology to facilitate the development of Internet of Things. It aims to incorporate physical assets into the blockchain automatically.

In finance, volatility describes how quickly and how much the price of an asset changes. It is usually calculated in terms of standard deviations in the annual return of an asset over a set period of time. Likewise, volatility crypto meaning refers to how rapidly a crypto asset changes. Volatility is therefore used as an effective measure of the investment risk associated with the asset.

TXID meaning is “transaction ID”, which is the unique string of characters given to every transaction that is verified and added to the blockchain. Thus, every TXID is unique, and is essentially an identification number that labels each transaction in the blockchain.

Turing Complete meaning refers to a machine that, given enough time and memory along with the necessary instructions, can solve any computational problem, no matter how complex. The term is normally used to describe modern programming languages as most of them are Turing Complete (C++, Python, JavaScript, etc.).

Trustless meaning is that the participants in that system do not need to know or trust each other for the system to function. In such a system, there is no single entity that has authority over the system, and consensus is achieved without participants having to know or trust anything about the system.

Tokens meaning is non-mineable digital units of value that exist as registry entries in blockchains. They come in many different forms – they can be used as currencies for specific ecosystems or encode unique data. Furthermore, some serve purposes as stores of values redeemable for other off-chain assets.

DeFi meaning stands for “decentralized finance” and refers to the ecosystem of financial applications that are being developed based on blockchain systems.

The Oasis Protocol is a decentralized blockchain network built by Oasis Labs. Its main aim is to enable secure and private data-sharing and control. It is a scalable layer-1 blockchain network.

ICO crypto meaning is Initial Coin Offering. It is an innovative approach for raising funds through the use of digital currencies (cryptocurrencies). Such a strategy is more common in cryptocurrency projects that are yet to fully develop their blockchain-based product, service, or platform. The funds collected on ICO events are normally received as Bitcoin (BTC) or Ether (ETH), but in some cases, fiat currency may also be taken as payment.

Hard fork meaning is a backward-incompatible software update. Typically, these occur when nodes add new rules in a way that conflicts with the rules of old nodes. New nodes can only communicate with others that operate the new version. As a result, the blockchain splits, creating two separate networks: one with the old rules, and one with the new rules. In this article we will be talking about forks, as well as the difference between hard forks and soft forks.

GWEI meaning refers to a small denomination of ether (ETH), which is the native currency of the Ethereum blockchain.

Flippening meaning is the possibility of market capitalization of Ethereum (ETH) overtaking the market capitalization of Bitcoin (BTC). Hence, the term refers to the hypothetical situation in the future when Ethereum overtakes Bitcoin to be the largest cryptocurrency in terms of market capitalization.

Farming crypto meaning is also known as yield farming (or liquidity mining) and it is a way to generate rewards with cryptocurrency holdings. In simple terms, it means locking up cryptocurrencies and getting rewards.

ERC20 meaning is a technical standard that was used to issue and implement tokens on the Ethereum blockchain. The standard describes a common set of rules that should be followed for a token to function properly within the Ethereum ecosystem. Therefore, ERC-20 may be described as a technical guideline or specification, instead of a piece of code or software.

DPoS meaning is Delegated Proof of Stake, which is a consensus algorithm considered by many as a more efficient and democratic version of the PoS mechanism.

Diluted market cap meaning is the measure of market caps when all the coins are issued. Market cap (market capitalisation) is typically used as an indicator of the dominance and popularity of cryptocurrencies. To calculate the exact value of market cap, we multiply the current price by the circulating supply.

DEX crypto meaning stands for Decentralized Exchanges. These are trading venues where no intermediaries are required.

Cryptocurrency mining meaning is the process in which cryptocurrency transactions between users are validated and added to the blockchain public ledger. The mining operations also introduce new coins into the existing circulating supply.

Crypto gas fees meaning refers to the pricing mechanism used on the Ethereum network. Such a mechanism calculates the costs (fees) for performing a transaction or executing a smart contract operation. As such, gas is a special unit that is used to measure how much work certain tasks require.