Cryptocurrency and Blockchain Dictionary

Terms commonly used in the world of blockchain and cryptocurrency

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Smart Contract

A smart contract is a computer program or a transaction protocol respectively, which is intended to automatically execute, control or document respectively legally relevant events and actions according to the terms of a contract, of an agreement or of a negotiation.

Other Important Terms

Blockchain

Blockchain is most simply defined as a decentralized, distributed ledger technology that records the provenance of a digital asset.

Bitcoin

Bitcoin is a digital or virtual cryptocurrency created in 2009 that uses peer-to-peer technology to facilitate instant payments.

Double Spending

With digital currency, there is a risk that the holder could make a copy of the digital token and send it to a merchant or another party while retaining the original.

2 Factor Authentication (2FA)

2 Factor Authentication is a double layer security measure. Most crypto exchanges use it. In order to log in, you not only need to enter a password, but also a code that you receive from the Google authenticator for example.

Ethereum

Launched in 2015, Ethereum is the world's programmable blockchain. Like other blockchains, Ethereum has a native cryptocurrency called Ether (ETH). ETH is digital money. People all over the world use ETH to make payments, as a store of value, or as collateral. But unlike other blockchains, Ethereum can do much more.

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