Crypto Words

"DAOs" are "decentralised autonomous organisations" that run on self-executing code on blockchains. Contrast to normal companies that are controlled by central management and board. Theoretically, DAOs are meant to be transparent and without beauracracy #blockchain #crypto #DAO

Heard of "layer 1s", "layer 2s"? Layer 1 blockchains provide the base infrastructure for recording blockchain transactions eg Ethereum, Solana. Layer 2 blockchains are built on top of these layer 1 blockchains to help exchanges scale eg Polygon, Immutable X #blockchains #crypto

"Off chain" transactions do not happen on the blockchain-they move value outside of it (eg by swapping private keys). Since off chain transactions do not create a record on the block chains, off chain transactions are gaining popularity due to their low cost. #Crypto #cryptowords

Heard of off-chain versus on-chain transaction yet? Firstly, an on-chain transaction (often what we call a blockchain transaction or simply a "transaction") is where the blockchain is modified to reflect the transaction on the public ledger. #cryptocurrency #Crypto #blockchain

Happy NYE everyone! We are back after a short hiatus! #DigitalAssets2023

Following the FTX hack, the Serum coin did an emergency "fork" for better security. In blockchain speak, a "fork" means copying the underlying code and starting it afresh. A fork is also when a project changes the blockchain's protocol or the basic underlying set of rules #Crypto

FTX = crypto chaos. A "bank run" or "run on the bank" occurs when many customers withdraw their money or, these days crypto, from a bank/crypto exchange because they believe the bank/exhange may cease to function in the near future. The bank/exchange can literally run out of cash

Apart from Halloween, why is 31st October special? Of course because it is the birthday of Bitcoin - on 31 October 2008, Satoshi Nakamoto published the ever famous Bitcoin White Paper laying the groundwork for what was to be the most significant cryptocurrency for years to come!

Haven't we all heard of "staking" already? Staking - it's like giving collateral where a person agrees to lock up their cryptoasset for a time period allowing others to make transactions on the blockchain. In return you get a reward or a yield. #staking #blockchain #crypto

Smart contracts are codes that live on the blockchain but operate automatically when certain conditions are met. #bitcoin #smartcontracts #Blockchain #Crypto #cryptoassets #cryptocurrencies

"ICOs" are to crypto markets as "IPOs" are to equities markets. Made famous by the crypto world, initial coin offerings/ICOs are a way for a project to raise $ by issuing new cryptocurrencies or tokens/coins (run on existing blockchains) to public #cryptocurrecy #ICO #crypto

Check out the White Paper here: rba.gov.au/media-releases…

Have you heard of an "eAUD" yet? This is the name given to the Australian Central Bank Digital Currency to be trialled in Australia next year. The Reserve Bank of Australia has recently published a White Paper inviting industry to play with eAUD on a private Eth blockchain! #CBDC

What is crypto burn? Think share buybacks... the process of taking a cryptocurrency or tokens out of circulation often increasing (short term) demand. Mostly executed by sending the crypto to an "eater" address which can receive but not send crypto #cryptoburn #cryptocurrencies

A stablecoin is a cryptocurrency where its value is pegged to another asset such as a fiat currency (eg USD), a commodity (eg gold) or another cryptocurrency (remember the Terra Luna collapse?) #stablecoins #StableCoin #Cryptocurency #cryptocurrency #cryptocurrencies #TeraLuna

What is an "Altcoin"? This one is easy! Any coin or cryptocurrency other than Bitcoin! #Altcoin #Bitcoin #cryptocurrency #cryptocurrencies #Crypto #Cryptos

Most have heard of the Eth Merge by now! Have you heard of the Surge though? "Surge" is an upgrade to a blockchain (like Ethereum) to scale up the blockchain to handle more transactions. #ETHMerge #blockchain #Ethereum #Crypto #Cryptocurrency #CryptoNews #cryptocurrencies #Surge

A Satoshi is the smallest unit of Bitcoin currency. 1 Satoshi = 0.00000001 BTC. Satoshi Nakamoto also happens to be the name used by the founder of Bitcoin and the author of the famous Bitcoin white paper! #satoshi #Bitcoin #Cryptocurency #cryptohistory #crypto #learncrypto