POS, POW, Private Key, and Public Address - Deepstash
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POS, POW, Private Key, and Public Address

POS, POW, Private Key, and Public Address

Proof of Stake: A mining construct that states a miner can mine/validate block transactions based on how many coins they hold.

Proof of Work: A mining construct that achieves consensus through solving complex mathematical problems using computation to validate/achieve consensus on transactions.

Private Key: Think of this like the key to your house. You should take extreme care to protect these and never give them out to anyone.

Public Address: Think of this like your home address. It’s a semi-public record of your location on the blockchain(s).

566

822 reads

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Gas, GM, Gwei, and HODL

Gas, GM, Gwei, and HODL

Gas: Transaction fees to process things on a blockchain. gas fees are often suggested by a wallet or platform depending on the congestion of the network but you can opt to lower or raise them which may influence the speed (or certainty) with which your transaction is processed.

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1.24K reads

NFT, NGMI, Oracle, and Paper Hands

NFT, NGMI, Oracle, and Paper Hands

NFT: Non-fungible token (see fungible above). An NFT can be almost anything from a photo to a video to a song.

NGMI: Not gonna make it (often used to refer to individuals that make less-than-ideal decisions to buy/sell in the space)

Oracle:

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1.1K reads

Staking, Token, Whitelist, and WGMI

Staking, Token, Whitelist, and WGMI

Staking: An arrangement where you agree to lock up your assets (cryptocurrency or NFTs) for a period of time in exchange for rewards (usually tokens or cryptocurrency or NFTs). Rewards are similar to interest for keeping money in a savings account.

Token: A...

563

724 reads

Hot Wallet, KYC, and Minting

Hot Wallet, KYC, and Minting

Hot Wallet: An internet-connected wallet that stores digital assets. It’s wise to exercise caution with these and generally avoid holding too much value in them to help mitigate against risk.

KYC: Know your customer. Many exchanges/wallets/platforms require...

570

1K reads

Cold Wallet, DAO, Defi and Diamond Hands

Cold Wallet, DAO, Defi and Diamond Hands

Cold Wallet: A wallet that stores assets. It is not connected to the internet which adds an additional layer of security.

DAO: Decentralized Autonomous Organization

Defi: Decentralized finance; financial entities that operate using sm...

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2.92K reads

ERCs, Fiat, FUD, Fungible

ERCs, Fiat, FUD, Fungible

ERC 20, ERC 721, ERC 1155: Most common token standards on Ethereum (for things like NFTs)

Fiat: Traditional currency like USD or EUR

FUD: Fear, uncertainty, and doubt

Fungible: With many goods/assets, it’s not r...

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1.82K reads

Roadmap, Smart Contract, and Sniping

Roadmap, Smart Contract, and Sniping

Roadmap: Many NFT projects have a “roadmap” that lays out their plans for a project. It’s helpful to look at these with a critical eye.

Smart Contract: A self-executing contract that spells out the terms for buyers and sellers in code that is recorded and d...

570

705 reads

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sheilaja

Product designer

Web3 is mired in a dizzying array of acronyms that make diving an uphill battle. Here are some which will help you become more familiar with this exciting, dynamic space.

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Proof of stake

Similar to Proof-of-work, Proof-of-Stake is a consensus mechanism which underpins security of the blockchain by preventing doubles...

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