Favorite words used in Crypto industry and meaning
Hopefully this helps those that are new in crypto understand more crypto terminology.
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.
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
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.
BRR
This refers to the sound money printers make when printing money.
LIGHTNING NETWORK
This is a second layer of the bitcoin that is a payment protocol, which is intended to be extremely fast and cheaper.
BLOCK
This is part of the blockchain that contains files where data that are permanently stored in the blockchain
HALVING
This refers to when the block rewards for miners is cut in half.
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