A blockchain/cryptocurrency glossary
and educational launchpad.
Altcoin: Alternative Coins besides Bitcoin
Cold Wallet: Offline wallet, there are e.g. USB devices
Crypto dot com: Headquartered in Hong Kong, Crypto.com is a cryptocurrency payment platform. It provides users with a mobile app for both Android and iOS devices where it is possible to transact, store, monitor and/or manage their cryptocurrencies. Investment tools and MCO visa cards are also available for the users on Crypto.com.FOMO: “Fear of missing out” - It’s the fear to miss an opportunity while there’s a price increase. After buying crypto, Bitcoin or altcoin, for a high price, there’s often a phase where the price corrects itself. The term FOMO can be used in every life situation.
Fractals in Cryptocurrency: basic repeating (reversal) patterns of five bars or more, they’re used in price predictions
Massive adoption: Massive adoption was a festival planned to invite people to study, work and build in the industry. Unfortunately it was cancelled.
MCO: The MCO token is an Ethereum-based (ERC-20) cryptocurrency. The token was developed by Crypto.com and is able to serve as a medium of exchange value between users within the platform.
Proof of Work PoW: Protocol that validates transactions with complex cryptographic calculations, which has to be solved from a miner. By solving these calculations the Miner is creating new blocks which have to be controlled by other miners to create consensus.
Mining: Miners validate the transactions by solving the calculations. If they complete a block they are rewarded with a certain amount of cryptocurrency.
Predictability in cryptocurrency: Possibility to predict the price movement of a cryptocurrency. Here’sa link to an abstract that used different algorithms to prove that.
Proof of Stake PoS: Protocol which validates transactions by showing, opening the amount of coins in your wallet. You can validate e.g. 5% of all transactions, of got 5% of all coins. The more you stake the greater are your rewards.
Stake Pool: A pool where you can pledge your stake. You’re putting your stake together to get a higher reward. The stake pool operator also has to provide a stable network.
Node, smart contract and other essential words are explained in the first link below.
EMURGO BLOCKCHAIN GLOSSARY
BLOCKCHAIN BASICS (EDUCATION)
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CRYPTO UTOPIA? IN ANY EVENT, A GAME CHANGER... SHORT VIDEO
MY QUESTIONS ON THE CARDANO FORUM
I know staking refers to holding ADA for a period of time, without selling.
Does ADA have to be held in a certain place to qualify as staking?
yes and no, in regards to holding and not selling. and yes, it does need to be held in. a certain place to qualify (for a period of time).
in order to delegate your ADA, it currently needs to be in a cold wallet that supports delegating. at the moment as far as i can tell there are only two wallets that do (Daedalus and Yoroi)
delegating doesn’t just mean having your ada in the wallet, you have to explicitly go to the delegation centre, select a stake pool then select the option to delegate to that pool of your choice. once you’ve done that, and an epoch has begun, technically at this point you can move, sell and do whatever you want with your ADA without it affecting the rewards that you’re owed - for delegating when the epoch begun - come the end of the epoch. and these rewards will go into the same wallet.
now come the next epoch, (if you’d sold or something after the previous epoch had begun, or maybe the opposite, you’d bought more) you’re only going to get the amount of rewards proportional to how much was in the wallet at the start of this new epoch.
for reference you can think of epochs and slots, like pages and lines. each epoch has a number of slots contained within it, the same way a page has a number of lines contained within it, or a paragraph contains sentences. and each epoch is approximately ~ 5 days long.
For example, if I hold ADA in the Crypto dot com wallet, does that count as CARDANO staking?
at some point in the future, yes, that might be the case BUT for the moment - no, not it does not.
how staking-as-a-service might apply for Ada held on exchanges has as of now not yet been disclosed. but it might be possible in the near future as it’s been/being worked on. in the mean time, please never leave your funds on exchanges, it’s not good practice. move them to a cold wallet which you control, meaning one which you have the keys to.
there’s an important distinction to make here however, crypto.com offer two services which could very easily be conflate/confused. they have an app and a wallet (recently released).
while they both are technically apps and both have wallets, the distinction is one, what they refer to as “App”, is what is what is known as a hot wallet (you’re not in control of your keys, and as a consequence you’re not in control of your funds = not good ). while the other, what they call “wallet” is what is know as a cold wallet (you’re in control of your keys, and as a consequence you’re in control of your funds = very good ).
Start here: https://www.youtube.com/watch?v=BapcrB8xSeI
Then feel free to ask any more questions.
Gary: Update June 3. After receiving the Ledger Nano S cold wallet ordered, I realized for my purposes it is not needed. I am interested in long-term investment into something I believe in, such as the missions, visions and values espoused by the Cardano project and Crypto dot com - and in developing a passive supplemental income with fluidity for making purchases in the world of goods and services. For that, at this time, staking is my solution. Because it locks the crypto coins like a traditional CD, and gives a contracted rate of return paid weekly, there seems to be no need to take any coins offline. There are new developments almost daily, and big ones coming soon. A one month stake suits me well for now.