Are you new to the crypto world and feeling a bit lost? Don't worry, you're not alone. That's why we've compiled this small but helpful list of the most common crypto abbreviations and definitions.
A 0 Confirmation Transaction refers to a cryptocurrency transaction that has been broadcast to the network but has not yet been included in a block. It is considered less secure than transactions with multiple confirmations.
0x is an open protocol that facilitates the decentralized exchange of ERC-20 tokens on the Ethereum blockchain. It provides a standard set of smart contracts for developers to build decentralized exchanges (DEX) and trade tokens.
The 21 Million Club represents individuals who aim to accumulate at least one whole Bitcoin, considering the maximum supply limit of 21 million Bitcoins. It's a symbolic milestone for Bitcoin enthusiasts.
The 24-Hour High/Low in cryptocurrency refers to the highest and lowest prices a particular asset reached in the last 24 hours. Traders use this data to analyze price trends and make informed decisions.
24-Hour Trading Volume represents the total value of a cryptocurrency traded on all exchanges in the last 24 hours. It is a key metric for assessing market liquidity and activity.
24/7 Trading refers to the continuous availability of trading markets, allowing participants to buy or sell assets at any time, without the limitations of traditional market hours.
Two-Factor Authentication is a security process that requires users to provide two different authentication factors, typically something they know (like a password) and something they have (like a mobile device),adding an extra layer of security.
30-Day Volume in cryptocurrency trading refers to the total trading volume of a particular asset on an exchange over the past 30 days. It is a metric used to assess the liquidity and popularity of a cryptocurrency.
3D Printing with Blockchain involves integrating blockchain technology with 3D printing processes. It can enhance the security, traceability, and intellectual property protection of 3D-printed objects.
3D Secure (3DS) is a security protocol for online credit and debit card transactions. It adds an additional authentication step, often involving a one-time password (OTP),to enhance the security of online payments.
3D Secure 2.0 is an updated version of the 3D Secure protocol used in online payment authentication. It enhances security and provides a smoother user experience compared to its predecessor.
3DES is a symmetric-key algorithm used for encrypting sensitive data. In cryptocurrency, it may be employed to enhance the security of transactions and communications.
Third-Party Logistics involves outsourcing logistics and supply chain management functions to external service providers. In the context of cryptocurrency, it might be relevant to businesses handling physical goods linked to blockchain-based tracking.
3rd-Party Risk in cryptocurrency refers to the potential risks associated with relying on external services, platforms, or entities, such as third-party wallets or exchanges, to handle transactions or store digital assets.
A 401(k) Rollover in the traditional finance space involves transferring funds from one retirement account to another. In the context of cryptocurrency, it might refer to strategies for incorporating digital assets into retirement planning.
403 Forbidden is an HTTP status code indicating that the server understood the request, but it refuses to authorize it.
A 404 error occurs when a web page or resource is not found on a server. It is a standard HTTP response code indicating that the server could not locate the requested page.
The Fourth Industrial Revolution represents the ongoing transformation of traditional industries through technologies like blockchain, artificial intelligence, and the Internet of Things, impacting various aspects of the global economy.
500 Internal Server Error is an HTTP status code indicating a generic error on the server side.
A 51% attack denotes a malicious actor (or group acting together) governing over 50% of the entire mining power of the blockchain network. This can disrupt the integrity of the blockchain by modifying the order of transactions, preventing transactions from being confirmed, or double-spending.
The jeopardy of a 51% attack is higher for blockchains with less hashing power, as it is easier for a mischievous actor to procure the required majority computing power. The more miners and resources spent mining a blockchain, the safer the blockchain is.
The Bitcoin network is recognized as the safest blockchain in existence as it has an immense amount of hashing power mining it.
An example of a 51% attack happened in January 2019 on the Ethereum Classic blockchain. This was when a bad actor who controlled the majority of the hashing or mining power managed to form the majority in the consensus mechanism and disrupt the integrity of the blockchain.
A 51% Consensus Attack is similar to a 51% attack but involves gaining control of over 51% of the consensus mechanism, such as Proof of Stake (PoS) or Delegated Proof of Stake (DPoS),to manipulate blockchain consensus.
A 51% Defense Mechanism refers to strategies and protocols implemented by blockchain networks to protect against potential 51% attacks. These measures aim to enhance network security and resilience.
The 6 Confirmations Rule suggests waiting for a cryptocurrency transaction to be confirmed in six consecutive blocks on the blockchain before considering it secure and irreversible. This level of confirmation is often considered highly secure and irreversible.