40 Crypto Speaks To Pick Up.

SchoolOfCrypto.com

Have you been trying to learn the Web3 language but finding it difficult to keep up because there are just so many of them? And you think you are not gonna make it (NGMI)? I don’t blame you because most of us are struggling to keep up, but that shouldn’t deter you from learning. This article could not possibly cover all of the Lingo, but here are some fundamentals to help you keep up in the Web3 space.

1. Altcoins: Alternative cryptocurrencies to Bitcoin are known as altcoins. Ethereum, Bitcoin Cash(BCH), Litecoin, Ripple(XRP), and Cardano(ADA) are examples of altcoins. According to CoinMarketCap, there are over 18,000 altcoins on the market.
2. Apecoin: Apecoin is an ERC-20 governance and utility token managed by the ApeCoin DAO, which allows ApeCoin holders to actively participate in strategic decision-making, and vote on governance proposals on the DAO, and have access to exclusive APE ecosystem features.
3. Atomic swap: Atomic swaps, also known as atomic cross-chain trading, are automated exchange contracts that enable participants to trade cryptocurrency tokens across blockchain networks without the use of centralized intermediaries. Smart contracts are used to automate the trading of tokens in atomic swaps.
4. Bag: The coins and tokens in your cryptocurrency portfolio.
5. Bear, bearish: A bear market exists when the price of a cryptocurrency is in a downward trend, with lower highs and lower lows. Bull/bullish is the polar opposite of this.
6. Bitcoin: Bitcoin is the first decentralized cryptocurrency in the world. It’s a digital asset that records, signs, and sends transactions over the blockchain network using public-key cryptography.
7. Block Explorer: A block explorer is a blockchain search engine that assists you in finding specific information on the blockchain. An online application that allows you to monitor and track all blockchain transactions, including the total network hash rate, coin supply, and transaction growth. CoinMarketCap, Tradeblock, Blockchain.com, and Blockcypher are examples of Block Explorers.
8. Blockchain: Blockchain is a peer-to-peer network that records transactions and monitors assets in a decentralized, distributed ledger.
9. BTFD: BTFD means “Buy The Fucking Dip” It’s an exclamation to buy a cryptocurrency while prices are at a low point.
10. Bull/Bullish: When the price of a coin moves in the positive/upward direction.
11. Burned: When a cryptocurrency is reported to be burned, it means it has been removed from circulation permanently. This is accomplished by transferring the tokens to a non-recoverable dead wallet.
12. Consensus: A consensus mechanism is a system that cryptocurrencies like Bitcoin and Ethereum use to validate the authenticity of transactions and maintain the security of the underlying blockchain
13. Consortium blockchain: A consortium blockchain is a combination of multiple private blockchains belonging to different organizations, with each forming a node on the chain. Consortium blockchains include Quorum, Hyperledger, and Corda.
14. DAO: A decentralized autonomous organization(DAO) is a blockchain-based cooperative that is collectively owned by its members and has rules that are set and executed via code. . DAOs are built on top of blockchains (typically Ethereum), and their transactions are visible on the blockchain protocol.
15. DApp: Decentralized applications, or DApps, are open-source applications that interact with smart contracts (for example, tokens) that run on a peer-to-peer network of servers. Uniswap, Dark Forest, Foundation, and PoolTogether are all examples of DApps.
16. Defi: Decentralized finance(Defi) is an umbrella term for peer-to-peer financial services on public blockchains, primarily Ethereum. Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain.
17. Dex: A decentralized exchange (DEX) is a peer-to-peer marketplace where users can trade cryptocurrencies without the need for a third party to facilitate the transfer and custody of funds.
18. ERC: Stands for “Ethereum request for comments” and is a compilation of proposed Ethereum system improvements.
19. ERC-20: The ERC-20 commands the standard to which each Ethereum token complies; it defines a set of rules that all Ethereum tokens must follow. Some of these rules govern how tokens can be transferred, how transactions are approved, how users can access token data, and the total supply of tokens.
20. EVM: EVM is an abbreviation for Ethereum Virtual Machine. The EVM allows code to be executed exactly as intended; it serves as the runtime environment for all smart contracts. It enables developers to create smart contracts using the Solidity programming language.
21. FOMO: An acronym for “fear of missing out”.
22. FUD: “Fear, uncertainty, doubt,” a catchall phrase for any negativity, criticism, or bad news about a crypto-currency
23. Gas Price: Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform.
24. HODL: Acronym for “hold on for dear life”. HODL is a term used by cryptocurrency investors that refuse to sell their cryptocurrency regardless of the price rising or falling. It is commonly used during a bear market when people refuse to sell their coins despite the price drop.
25. ICO: Acronym for “initial coin offering”. ICO is a fundraising method where a company sells a new cryptocurrency to investors to raise money.
26. NFT: NFT stands for Non-fungible token. An NFT is a cryptographic record of ownership for a unique item that is encoded into a blockchain. NFTs are tokens that can be used to represent ownership of unique items. They let us tokenise things like art, collectables, and even real estate. They can only have one official owner at a time and are secured by the Ethereum blockchain which means that no one can modify the record of ownership or copy/paste a new NFT into existence.
27. NGMI: An acronym for “Not Gonna Make It”.
28. (PoA): Proof of Authority is a private key that allows the holder to create blocks in a private blockchain. It may be held by a single entity or by a group of entities. Instead of getting multiple random Nodes to approve a transaction, a group of specific nodes are given the authority to approve.
29. PoS: Proof of stake is a type of consensus mechanism for validating cryptocurrency transactions and creating new blocks on the blockchain.
30. PoW: Bitcoin pioneered the use of proof of work as a crypto consensus mechanism. Miners must demonstrate that their computers contributed effort to approve a transaction to receive a reward for mining a cryptocurrency. A variable is added to the hashing process to require that effort before a block can be successfully hashed. Having a hashed block proves that the miner did work and deserves to be rewarded — thus proof of work.
31. Public Key: A public key is a cryptographic code that allows users to receive cryptocurrencies into their wallets. It is your unique wallet address, which appears as a long string of numbers and letters
32. Private Key: A private key is an encrypted alphanumeric code that allows a cryptocurrency user to own the funds on a specific address. They can also be used to sign transactions and prove ownership of a blockchain address. Private keys denote ultimate control and ownership of cryptocurrency. It is critical to protect one’s private keys from being lost or compromised.
33. Rug pull: A scam in which developers raise a huge sum of money for a cryptocurrency project, then abandon it and sell or disappear with all of its liquidity. One of the most notorious rug pulls occurred in 2018, when a start-up called Prodeum, after receiving a modest amount of funding, disappeared with all of the users’ money and left only the word penis on its home page.
34. Shit Coin: There are no points for guessing this one. It’s a term used to describe a cryptocurrency with little to no value or a digital currency with no obvious, immediate purpose.
35. Smart Contracts: Simply put, a “smart contract” is a program that runs on the Ethereum blockchain. It is a set of code (its functions) and data (its state) stored at a specific address on the Ethereum blockchain. Smart contracts enable trusted transactions and agreements to be carried out between disparate, anonymous parties without the use of a central authority, legal system, or external enforcement mechanism.
36. Token: A cryptocurrency’s “coin” is a token. These tokens represent fungible and tradable assets or utilities that exist on their respective blockchains. Crypto tokens are frequently used to raise funds for crowd sales, but they can also be used in place of other things. These tokens are typically created, distributed, sold, and circulated via the traditional initial coin offering process (ICO).
37. WAGMI: “We’re all going to make it,” is a catchphrase, an expression of solidarity and hope. Frequently used after something good has occurred: “I bought this NFT early, and now it’s mooning.” WAGMI.” Its antonym, NGMI, or “Not going to make it,” refers to a person or entity who made a poor decision and is doomed to failure: “Oh my God, I missed this NFT drop!” “NGMI” or “Facebook’s Meta rebrand is so cringe-worthy.” NGMI.”
38. Wallet: A cryptocurrency wallet is a software program that stores your cryptographic keys and provides access to your digital assets.
39. Whale: A term that describes extremely wealthy investors or traders with sufficient funds to manipulate the market. A whale movement occurs when a whale makes a large crypto transaction. Many whales prefer to remain unknown. Nobody knows who the world’s largest dogecoin holder is, who has amassed 39.6 billion doge since 2019. (about 30 percent of the total supply).
40. White Paper: A detailed explanation of a cryptocurrency, intended to provide adequate technical information, explain the coin’s purpose, and lay out a strategy for success. It’s intended to persuade investors that it’s a good investment before an ICO.

Before you go…

Breaking down these language barriers can be a good place to start if you’re interested in investing in cryptocurrency or learning more about the Web3 space. It is a sprint, not a marathon. You must take it one step at a time. Congratulations for making it to the endzone.

Related Articles

Ethereum Whitepaper | ethereum.org

What are the best altcoins to invest in 2022: Top Altcoins to Watch - Phemex Academy