19 septiembre, 2018 0

10 crypto terms you have to know

10 crypto terms you have to know

Siendo que el mundo de las criptomonedas se está haciendo cada vez más conocido e indagado, se ha hecho cada vez más necesario explicar algunas definiciones que son comunes para los OG o para fanáticos de la tecnología, pero no para el ciudadano común. Así, hemos decidido compilar 10 conceptos utilizados comúnmente en el criptomundo que todo principiante debe conocer para no perderse. Esperamos sea de ayuda.

10 crypto terms you have to know

1. Fintech

The first crypto term we’ll explain is one you probably have read before. And that’s because the world fintech is frequently used in many writings or information about the cryptoworld. The term’s used for both the industry and ecosystem as to denote that hardware and software, whose main focus is to optimize the financial, monetary and banking operations through the technology.

This way, you must know the focus that’s being given to the commentary or article to tell if they’re talking about the industry or the software.

2. Hash

Another common word in the cryptoworld. We can find this in any exchange, wallet or article about transactions with cryptos. The hash is just a random and complex mathematic formula used in the verification of transaction data of blocks in the process known as mining. Thus, we can understand it a a mathematic formula that’s used to verify blocks from the Blockchain in the mining process. This is also used to create public and private keys on Wallets.

3. Bitcoin

Even when we all know bitcoin, we use the word to only define the word and it goes beyond that. This way, bitcoin’s not just the token, but also the project and network, related to the currency but with own identity. Strictly, Bitcoin with uppercase “B” is referred to the protocol and network, while the Bitcoin with lowercase “b” is the currency.

4. Hardware wallet or cold wallet

We can read this term when we’re talking about cryptocurrency safety. This is a hardware device designed to store cryptoactives safely and isolated from the internet. The use of a harware (that’s kept off line), makes a wallet less accesible for hackers and more safe.

5. Halving

This a a well known term for bitcoin fans. This crypto has a finite supply, which makes it a scarce digital product. We all know that the total amount  of bitcoins that will ever emit is 21 million. This way, processes of reduction of reward by mining are carried our every so often. The number of bitcoins generated by block is reduced in a 50% every four years. This is called “halving”. The last half will happen in 2140.

6. Genesis block

When you’re investigating about cryptos, you can find this term being used frequently. The Blockchain’s a set of information blocks intertwined, creating a sort of a cryptographic and digital contability. This blockchain has to start some way, even when it’s considered a an infinit chain. The genesis blocks’s the name given to the first block created and verified of a cryptocurrencies Blockchain.

7. Proof of Work

This is a somewhat complex term and that’s going to be discuss in the following articles. Nonetheless, since it’s so common to hear it or read it in the cryptoworld, we wanted to add it. Its a system of digital puzzles very difficult to decode but easy to verify, through which the exploitation of a crypto through mining is limited. Many explain it as a captcha for cryptocurrencies, difficult to decode and that requires a lot of computer power.

8. Algorythm

More than a crypto term, is a computer own, but since they’re related and used in all the tech world (created by the computer engineering), we decided to explain it. This is no more than a set of steps and logical methods that in a computer network its participants must follow to execute a command or solve a problem. In the Blockchain field is referred to the methods implemented by the mining to verify transactions.

9. Nod

We’ve spoken about this term before, but it’s never bad to review them. A nod is esentially a computer or set of computers connected to the cryptocurrencies network. This supports the network through validation and retransmission of transactions while receiving a copy of the complete Blockchain. This is what miners use to do their jobs.

10. GPU

Another concept from cryptomining. Denominated graphic processing unit, this is just a silicon chip designed specifically to make complex mathematic calculations necessary to translate visual graphics of computer games. They’re very suitable to make cryptographic calculations necessary to mine cryptocurrencies.

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