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Faucet A succinct definition of Faucet FaucetLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYFAUCETCopy linkShare on TwitterShare on FacebookShare on LinkedinFaucetA faucet is an effortless way for users to earn cryptocurrency that doesn’t require any technical skills or purchasing of digital assets. It incentivises users to use a particular cryptocurrency, where users perform various tasks like completing a captcha or viewing an ad, and, in turn, they receive a small amount o…
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Offshore Account A succinct definition of Offshore Account Offshore AccountLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYOFFSHORE ACCOUNTCopy linkShare on TwitterShare on FacebookShare on LinkedinOffshore AccountAn offshore account is a bank account held in a country other than the one in which the account holder resides or where the funds are generated. These accounts are often opened in jurisdictions known for favourable tax regulations.Individuals and companies may open off…
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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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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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Coin A succinct definition of Coin CoinLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCOINCopy linkShare on TwitterShare on FacebookShare on LinkedinCoinA coin is a digital asset that runs on a native blockchain, acts as money, and can be created through mining. Unlike tokens, coins are not designed with utility functions, such as voting rights. Instead, they serve as digital currencies used as a medium of exchange within a digital economic ecosystem. A coin is defined by thre…
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Bear Trap A succinct definition of Bear Trap Bear TrapLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYBEAR TRAPCopy linkShare on TwitterShare on FacebookShare on LinkedinBear TrapA bear trap is where an individual or a group of traders looks to manipulate a cryptocurrency in order to create a pattern. For instance, a group of traders may simultaneously sell a large amount of a cryptocurrency, sending fake market signals because it paints a picture on the price chart that looks l…
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Unit of Account A succinct definition of Unit of Account Unit of AccountLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYUNIT OF ACCOUNTCopy linkShare on TwitterShare on FacebookShare on LinkedinUnit of AccountIn traditional financial (TradFi) systems, national currencies like the US dollar or euro serve as units of account. In the context of cryptocurrencies, a unit of account refers to the function of a digital currency to serve as a standardised measure of value for goods, ser…
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Proof of Stake (PoS) A succinct definition of Proof of Stake (PoS) Proof of Stake (PoS)Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPROOF OF STAKE (POS)Copy linkShare on TwitterShare on FacebookShare on LinkedinProof of Stake (PoS)In a Proof of Stake (PoS) system, validators are required to pledge a ‘stake’ of digital currency for the chance to be randomly chosen to validate transactions. They are selected based on the number of tokens they hold, a process not unlike a lo…
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TradFi A succinct definition of TradFi TradFiLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYTRADFICopy linkShare on TwitterShare on FacebookShare on LinkedinTradFiTraditional finance, commonly known as TradFi, is a conventional approach to financial activities that relies on established institutions, regulations, and intermediaries like banks, insurance companies, and stock exchanges. It encompasses various services like banking, investment management, and asset trading. Key c…
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Layer-2 A succinct definition of Layer-2 Layer-2Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYLAYER-2Copy linkShare on TwitterShare on FacebookShare on LinkedinLayer-2Layer-2 projects like Polygon enhance scalability by building a new computational layer to decongest the Layer-1 chain (mainchain). They aim to enable a high throughput of transactions while keeping the high level of security of the Layer-1 blockchain. The main forms of Layer-2s are optimistic rollups and Zero-Kn…
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