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Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

Quick Links

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Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Other Important Terms

Altcoin

An altcoin is any cryptocurrency or token created after the Bitcoin was developed.

A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.

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.

Cold Storage

Cold storage refers to storing cryptocurrency on a place where the private key cannot be accessed via the internet. This can be done on a hardware wallet, paper wallet or software wallet in an offline environment.

Block Reward

The block reward is the payment that is offered to the node that is securing the blockchain. In the case of Bitcoin, which is has a Proof-of-Work consensus algorithm, these would be the miners. The payment is in the form of the native cryptocurrency of that blockchain. The amount is a predetermined reward per block, but often that is supplemented with the fees that are paid for the transactions that block contains. For Bitcoin the current block rewards are cut in half every four years. This is called the ‘halvening’.

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