Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Block Explorer

A block explorer is an online service to track blockchain transactions. It usually is a website where you can see all the new blocks that are being created. You can also search for transactions and wallet addresses. The best-known block explorers are blockchain.info for Bitcoin and etherscan.io for Ethereum.

Other Important Terms

Roadmap

Roadmap – a future plan of a cryptocurrency project with events and their respective deadlines. Usually published in marketing materials.

2 Factor Authentication (2FA)

2 Factor Authentication is a double layer security measure. Most crypto exchanges use it. In order to log in, you not only need to enter a password, but also a code that you receive from the Google authenticator for example.

Public Key

Public key – a unique alphanumeric string that allows cryptocurrency to be received to user’s wallet. It is generated from the private key. For example, 0418fae4ee 35dae20c20 9da4aa4921 156c3fb519e c33fbf37ec7 13e9c7276dc 9d41bce8825 34118684dc8 e47b6ee49cc ce4c77b197e 38441a06c6d 3a15978c724b is a public key.

Airdrop

An airdrop is a way to distribute coins. End users can generally get coins for free or in exchange for a small task, such as subscribing to a newsletter, sending a tweet or inviting other people via a personal affiliate link.

51% Attack

A ‘51% attack’ refers to a possible attack on a blockchain by a group of ‘miners’, who hold more than 50% of the hashrate. In such a situation the ‘miners’ have the possibility to deliberately not confirm transactions or to issue transactions twice (double-spend).

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