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Cold Wallet A succinct definition of Cold Wallet Cold WalletLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCOLD WALLETCopy linkShare on TwitterShare on FacebookShare on LinkedinCold WalletBy definition, any form of cryptocurrency wallet that is not connected to the internet is considered a cold wallet. In comparison with a hot wallet, which is connected to the internet, cold wallets are generally considered more secure since they keep a user’s private keys offline.Types of co…
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Multi-Signature Authentication A succinct definition of Multi-Signature Authentication Multi-Signature AuthenticationLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYMULTI-SIGNATURE AUTHENTICATIONCopy linkShare on TwitterShare on FacebookShare on LinkedinMulti-Signature AuthenticationMulti-signature authentication (often referred to as multisig in cryptocurrency and blockchain) is a security feature that requires multiple private keys to authorise a transaction. Instead of relyin…
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Centralised Exchange (CEX) A succinct definition of Centralised Exchange (CEX) Centralised Exchange (CEX)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCENTRALISED EXCHANGE (CEX)Copy linkShare on TwitterShare on FacebookShare on LinkedinCentralised Exchange (CEX)A centralised exchange (CEX) is an organisation that facilitates the exchange of cryptocurrency assets. It is owned and run by a central authority figure or company in a centralised manner.Centralised exchanges typicall…
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Lightning Network A succinct definition of Lightning Network Lightning NetworkLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYLIGHTNING NETWORKCopy linkShare on TwitterShare on FacebookShare on LinkedinLightning NetworkThe Lightning Network is built on top of Bitcoin, acting as a Layer-2 protocol that aims to improve Bitcoin’s scalability and transaction speed. A major feature of how the Lightning Network facilitates this is by taking transactions off-chain to process them ins…
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Hardware Wallet A succinct definition of Hardware Wallet Hardware WalletLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYHARDWARE WALLETCopy linkShare on TwitterShare on FacebookShare on LinkedinHardware WalletA hardware wallet is an offline physical cryptocurrency wallet that heavily emphasises the security of private keys. Hardware-based cold storage is generally considered more secure than software-based hot wallets because it keeps the private keys of a digital wallet complet…
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Cryptocurrency A succinct definition of Cryptocurrency CryptocurrencyLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCRYPTOCURRENCYCopy linkShare on TwitterShare on FacebookShare on LinkedinCryptocurrencyA cryptocurrency is a digital or virtual currency in which all peer-to-peer (P2P) transactions are verified and recorded using cryptography, making it very difficult to counterfeit or hack. Cryptocurrencies are built to enable a decentralised financial (DeFi) system where anyone…
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Bank Run A succinct definition of Bank Run Bank RunLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBANK RUNCopy linkShare on TwitterShare on FacebookShare on LinkedinBank RunBank runs typically occur in panic situations, when customers believe that their bank — or, in cryptocurrency markets, a centralised exchange (CEX) — may become insolvent or go bankrupt. However, banks often do not have enough cash on hand to replace all of the withdrawn funds, as they typically only mai…
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Forks A succinct definition of Forks ForksLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYFORKSCopy linkShare on TwitterShare on FacebookShare on LinkedinForksForks occur when there is a split in a blockchain network, forming two different versions. This happens when blockchains wish to have new features added to their chain or to fix known issues.Since blockchain networks are open-source, they allow for anyone to contribute to the code and make changes and improvements, which c…
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Solidity A succinct definition of Solidity SolidityLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYSOLIDITYCopy linkShare on TwitterShare on FacebookShare on LinkedinSoliditySolidity is an object-oriented, high-level programming language used to develop smart contracts and automate transactions on a blockchain. First proposed in 2014 by Ethereum co-founder Gavin Wood, this programming language is now one of the most common tools for writing self-executing codes on Ethereum and o…
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Consensus Mechanism A succinct definition of Consensus Mechanism Consensus MechanismLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCONSENSUS MECHANISMCopy linkShare on TwitterShare on FacebookShare on LinkedinConsensus MechanismConsensus is the process by which a group of peers — or nodes — on a network determine which blockchain transactions are valid and which are not. Consensus mechanisms, on the other hand, represent the rules that govern the block verification process …
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