When am I ever going to catch up with the cryptocurrency jargon
Tales of nouveau riche abound in the crypto-space and one would not be wrong to attempt to take a look and see where one could fit in; not to be greedy attempt to make earn some income passively from the crypto-space.
I have been looking for a relatively short time now and I can’t find my way the in the maze formed by the cryptocurrency jargon; I am trying to get past what a cryptocurrency is, blockchain that seem straight forward , Bitcoin ok, no Altcoin or just coins, tokens which can be like a share but not a share, and Wallets which could be Hot or cold, or exchanges which could be centralized or decentralized or Managements which could be centralized or Decentralized Autonomous Organization(DAO) who votes on actions to be taken even though the market waits for no one, or staking, liquidity pools, farms, mining, decentralized everything including DeFi and if you think you have seen it all then you have not seen a cryptocurrency key, which can be public or private, o o o you should know that if you misplace your private keys you are done, kabish, finito, and then there is my personal favorite HODL (Hold on to Dear Life) interesting stuff. Phew! Get into crypto and you can never be bored ever again. So here I am wondering
1. When am I ever going to get all the jargons to even ever enter the rat race?
2. If techie’s get all the financial-Technology jargon then it can’t be that hard right?
So let’s take a course of Crypto Jargons together
In this course we would learn the meaning of the following below and how and when to use them appropriately including but not limited to
Adaptive State Sharding, Addresses, Airdrop, Airnode, Algorithmic Market Operations (AMOs), Algorithmic Stablecoin, Altcoin, Anti Money Laundering (AML), Arbitrage, Atomic Swap, AtomicDEX, Automated Market Maker(AMM), Beacon Chain, BEP-2, BEP-20, BEP-721, BEP-95, Bitcoin, Bitcoin Dominance(BTCD), Bitcoin Improvement Proposal(BIP), Block, Blockchain, Blockchain 1.0, Blockchain 2.0, Blockchain 3.0, Block Explorer, Block Height, Block Reward, Blockchain Transmission Protocol(BTP), Bots, Bridges, Burn, Casascius Coin, CeDeFi, CBDCs, CeFi, Centralized Exchange(CEX), Chain Reorganization, Chain Split, Change, Change Address, Circulating Supply, Cloud Mining, Coin, Coin Mixer, Coinbase, Cold Storage, Cold Wallet, Collateral Tokens, Collateralized Stablecoin, Compoable DeFi, Composable Token, Confirmation, Consensus, Consensus Mechanism, Core Wallet, Cross-Chain, Cryptoasset, Cryptocurrency, Cryptocurrency Pairs, Cryptographic Hash Function, Cryptography, Curve AMO, Custodial, Daedalus Wallet, DAO, Decentralized, DApps, Decentralized Currency, Decentralized Exchange(DEX), Decentralized Social Network, Decentralized Stablecoin, DeFi, DeFi Aggregator, DeFi Degens, Delegated Proof-Of-Stake(dPOS), Deterministic Wallet, Dex Aggregator, Diamond Hands, Digital Currency, Digital Dollar, DAG, Distributed Ledgers, DYCO, Effective Proof-of-Stake, ELI5, Enterprise Ethereum Alliance(EEA), Equity, ERC-1155, ERC-20, ERC-223, ERC-721, ERC-777, ERC-827, ERC-884, ERC-948, Ether, Ethereum Improvement Proposal(EIP), Ethereum Virtual Machine(EVM) …….etc
We would stop here for now and continue from where we stopped in our next class, we would also update the list with new words, names and meanings that may come-up before our next class, It’s almost as if there is a competition to form the most out of this world naming, and definitions, take for example-
Cryptographic Hash Function defined as (short definition) Cryptographic hash functions produce a fixed-size hash value from a variable-size transaction input.
Long –Explanation.
A cryptographic hash function is an algorithm, i.e. a repeatable sequence of specific actions, that can be used to transform an arbitrary data string of a variable length into one of a fixed length and format, called the hash.
One of the simplest examples of a hash function is adding up the digits in a number until one is left with a single-digit output. If the input is 49, for example, then adding 4 and 9 yields 13, whose digits 1 and 3 are then summed up again to give the output of 4. Regardless of the length of the input number, the output will always be a single digit.
That is not a good algorithm, however, because, in order to perform its functions well, a hash function needs to possess several characteristics:
It should be easy to compute an output for any given input, but nearly impossible to reverse the process and calculate the input of a known output;
Determinism — feeding a specific input into the algorithm should always produce the same output;
Collision resistance — two different inputs should be very unlikely to produce the same output;
Avalanche effect — changing even a single bit of data in the input should result in a wildly different output.
Hash functions are applied in many use cases, for example, as checksums to verify the integrity of computer files after their transmission of prolonged storage, or in randomizing functions.
They are also a key component in the mining of proof-of-work cryptocurrencies, such as Bitcoin (BTC), which uses the SHA-256 hash function. In order to add a new block to the blockchain and claim their reward of newly-mined Bitcoin, miners first need to produce a hash value that is below a certain threshold, called the target.
The fact that hashes are pseudorandom and it is impossible to predict an output of any input before actually running it through the hash function ensures that miners cannot print new Bitcoins out of thin air and need to prove the work they have performed.
There you go quite easy and straight forward.
When am I going to learn all these terms, and how to apply them and then start my rat race. I have come to the conclusion that Cryptocurrency is not yet ready for mass adoption, when it does the nouveau riche opportunity would have been lost, so I thought to still get involve using simpler approach.
