August 27, 2020
Last Monday, we started a cryptionary series starting from Crypto terms from A – D. Today, we continue the cryptionary as we learn the terms from E – H.
If you missed the first part of the series, feel free to check it out here:
Without more delay, here are the crypto terms from E – H
This is converting plain text into incomprehensible text using a cipher.
Stands for “Ethereum request for comments” and is a summation of proposed improvements to the Ethereum system.
This means the standard to which each Ethereum token submits. It defines the way that each token acts so that dealings are predictable. Some cryptocurrencies also use the ERC-20 standard, taking credit on the Ethereum network in the process.
This happens when the middle is used to hold funds during a transaction; those funds are being detained in escrow. This is typically a third party between the individual sending and the other receiving.
It is one of the top three cryptocurrencies in the world based on its market capitalization. Despite being open source and established on blockchain technology, it varies from bitcoin in two key ways: it permits developers to create dApps and write smart contracts.
Ethereum Virtual Machine (EVM)
It is a virtual machine, effectively sitting in the cloud, Turing thorough and used by all nodes on the network during blockchain validations. It allows those on the node to execute random EVM Byte Code, which is part of the Ethereum Protocol.
This the platform through which cryptocurrencies are exchanged with each other, with fiat currencies and between entities. It can vary widely in the currency conversions they enable and their fee structures.
This happens if a user finds a website that offers free cryptocurrency for connecting with them, it is termed a faucet. The majority of these are scams.
This refers to money recognized as legal tender by governments, such as the US dollar, British pound, Euro, and Australian dollar.
This is an acronym for “fear of missing out.”
When a new version of a blockchain is created, resulting in two versions of the blockchain running side-by-side, it is termed a fork. As a single blockchain forks into two, they will both run on the same network. Forks are categorized into two categories: soft or hard.
If there is no business charge and no restraints on trading, then the system is deliberated frictionless.
It is an acronym for “fear, uncertainty and doubt.”
Nodes download a blockchain’s entire history to enforce its rules thoroughly. If they fully implement the practices, they are considered a full node.
Fundamental Analysis (FA)
It is a method to attach value to a coin by looking at similar economic and financial features and researching the causal causes of the creators and market opinion.
This is a pre-approved agreement between two individuals to accomplish a transaction when the value of cryptocurrency smashes a specific price. It’s diverse than a bound order in that the consumer and vendor are already selected and bound. A future contract becomes pertinent when a buyer wants to go short, and a seller wants to go long on the asset.
Gas is the measurement specified to an operation in the Ethereum network that narrates to the computational power essential to complete it. That measurement relates to the fee given to miners who process that transaction. Other processes have a small cost of 3 to 10 gas, but full contract costs 21,000 gas.
This happens when users make a transaction on the Ethereum network; they set their gas limit, which is the greatest they are eager to pay us a fee for that transaction. If the transaction charges more gas than what is offered, the transaction will not go through. If it costs less, the alteration will be reimbursed.
It is the sum that you are eager to pay for a business on the Ethereum network. If you want miners to process your transaction fast, then you should give a higher price. Gas prices are usually denominated in Gwei.
This is the first or first few blocks of a blockchain.
It is another term used to describe a mining pool.
This is the denomination used in describing the cost of gas. Set a gas price of 20,000 Gwei, for example.
Bitcoin is earned every time miners approve transactions on the bitcoin blockchain. A certain amount of bitcoin enters the marketplace as each block on the blockchain fills up with trades. However, the number of bitcoin that will ever be created is finite, locked at 21 million. To safeguard that this cap is kept, the amount of bitcoin earned by miners for satisfying one block is halved after that block. This is called the halving. For the record, by the year 2140, all 21 million bitcoins will be in circulation.
The creator can set a hard cap during an ICO. This is the extreme amount it planned to raise, and it will consequently stop offering coins at this figure.
This is a fork in the blockchain that adapts transactions previously labeled invalid to valid, and conversely. For this fork to work, all nodes on the network must advance to the newest protocol.
It is a physical device, comparable to a USB stick, which stores cryptocurrency in its converted form. It’s deliberated as the most secure way to store cryptocurrency.
It means the shorthand for a cryptographic hash function.
This is the measurement of performance that reveals how many hashes per second your computer is producing. Each hash is trying to find a block by creating a unique block candidate and testing it against the network.
It is the hash rate of a computer, measured in kH/s, MH/s, GH/s, TH/s, PH/s, or EH/s depending on the hashes per second being produced. 1,000 kH/s = 1 MH/s, 1,000 MH/s = 1 GH/s and so forth.
It is an acronym for “hold on for dear life.”
Those are the crypto terms from E – H; stay tuned in cryptonetwork.news for updates.