Favorite words used in Crypto industry and meaning

Hopefully this helps those that are new in crypto understand more crypto terminology.

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NFT
This stands for Non-Fungible Token. This is an exclusive digital asset that can represent anything. The authenticity and ownership is stored and tracked in a blockchain. They are unique and not interchangeable.

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DAPP
This is a Decentralized Application that has no control that is centralized. These are apps that run on distributed network without a central authority. Example of Dapps on hive

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DYOR
Do Your Own Research is a common acronym in the community. This means that you should do proper research before investing, because you are entirely responsible for your crypto investments.

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BRR
This refers to the sound money printers make when printing money.

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LIGHTNING NETWORK
This is a second layer of the bitcoin that is a payment protocol, which is intended to be extremely fast and cheaper.
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BLOCK
This is part of the blockchain that contains files where data that are permanently stored in the blockchain
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HALVING
This refers to when the block rewards for miners is cut in half.

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Posted via proofofbrain.io



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