Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Trading Pair

Trading pair – a trade between one type of cryptocurrency and another. Allows trader to purchase one of these two currencies with the another one. For example, BTC/ETH is a trading pair. It allows the trader can buy Bitcoin with his/her Ether or Ether with his/her Bitcoin.

Other Important Terms

Block

Block – a file containing the information about the most recent transactions which have not been recorded in the previous blocks. All the blocks mined are recorded in the blockchain.

DeFi

'Decentralized Finance' or 'DeFi' - generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum blockchain.

DApp

DApp – short for decentralized Application. They are applications that run on a P2P network of computers rather than a single computer. There are several blockchains that support dApps. For example, Ethereum is a blockchain that supports dApps.

Cryptocurrency Wallet

Cryptocurrency wallet – A medium of accessing and controlling user’s cryptocurrency. Contrary to a common misconception, cryptocurrency wallet does not store any cryptocurrency; it just grants user access to a certain amount of cryptocurrency associated with the wallet. A wallet stores user’s private keys. There are two types of cryptocurrency wallets: physical and virtual.

DAG

DAG – short for Directed Acyclic Graph. The alternative to blockchain where each next transaction is being confirmed by the previous transaction(s). Has better scalability than the blockchain. There are several DAG-based cryptocurrencies right now. For example, Nano is a DAG-based cryptocurrency.

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