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Two-Factor Authentication (2FA) A succinct definition of Two-Factor Authentication (2FA) Two-Factor Authentication (2FA)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYTWO-FACTOR AUTHENTICATION (2FA)Copy linkShare on TwitterShare on FacebookShare on LinkedinTwo-Factor Authentication (2FA)Two-factor authentication (2FA) is a security measure that adds an extra layer of protection to user accounts and transactions by requiring users to provide two different forms of identification…
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Encryption A succinct definition of Encryption EncryptionLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYENCRYPTIONCopy linkShare on TwitterShare on FacebookShare on LinkedinEncryptionEncryption in blockchain refers to the process of converting original data (plaintext) into a secure and encoded format (ciphertext). This is done to protect sensitive data from unauthorised access or tampering. Encryption plays a crucial role in ensuring the confidentiality, integrity, and securit…
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Nonce A succinct definition of Nonce NonceLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYNONCECopy linkShare on TwitterShare on FacebookShare on LinkedinNonceIn cryptography, a nonce is used for securing communication, as it comes in the form of a non-repeated number. On Ethereum and various smart contract platforms, a nonce is used to segregate and sequence transactions. It is an arbitrary number generated only once by a miner when they hash a transaction. For Ethereum, a nonc…
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RSA A succinct definition of RSA RSALevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYRSACopy linkShare on TwitterShare on FacebookShare on LinkedinRSARSA (short for Rivest–Shamir–Adleman) is one of the most widely used public-key encryption algorithms for secure data transmission. Named after Ron Rivest, Adi Shamir, and Leonard Adleman, who publicly described the algorithm in 1977, RSA is used to securely transmit messages over the internet. As an asymmetric cryptosystem, RSA…
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Decentralised Exchange (DEX) A succinct definition of Decentralised Exchange (DEX) Decentralised Exchange (DEX)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDECENTRALISED EXCHANGE (DEX)Copy linkShare on TwitterShare on FacebookShare on LinkedinDecentralised Exchange (DEX)Decentralised exchanges (DEXs) act as an alternative to centralised exchanges (CEXs); they are non-custodial and allow users to operate anonymously. Cryptocurrency trades are typically handled by the user and …
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Virtual Machine A succinct definition of Virtual Machine Virtual MachineLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYVIRTUAL MACHINECopy linkShare on TwitterShare on FacebookShare on LinkedinVirtual MachineA blockchain virtual machine is a software environment that mimics a physical computer and is designed to execute smart contracts or decentralised applications (dapps) on the blockchain network. It provides a secure and isolated environment, ensuring that code execution is …
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Deflation A succinct definition of Deflation DeflationLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDEFLATIONCopy linkShare on TwitterShare on FacebookShare on LinkedinDeflationDeflation is a decline in prices of goods and services, usually accompanied by the contraction of monetary and credit supply. However, this is not always the case. For example, electronics get cheaper over time because of advancements in technology, productivity, and automation rather than as a result o…
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Decentralised Applications (Dapps) A succinct definition of Decentralised Applications (Dapps) Decentralised Applications (Dapps)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYDECENTRALISED APPLICATIONS (DAPPS)Copy linkShare on TwitterShare on FacebookShare on LinkedinDecentralised Applications (Dapps)Visually, decentralised applications (dapps) are like normal apps; they offer similar functions and look the same. However, dapps are applications or programmes that operate on a …
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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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Public Key A succinct definition of Public Key Public KeyLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPUBLIC KEYCopy linkShare on TwitterShare on FacebookShare on LinkedinPublic KeyA public key is a cryptographic key used to encrypt messages intended for a particular recipient. A more technical definition of a public key is a series of letters and numbers used to encrypt plaintext into ciphertext. Because of this, public keys can be freely shared, as opposed to private keys, …
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