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A Beginner's Guide : Crypto Glossary
This is for all the artists, designers, and environmentalists that are trying to find their way and understand the world of crypto. If you’re confused or still new to these terms, we compiled common terminologies that are used within these mediums.
Published on March 18, 2021
A Beginner's Guide : Crypto Glossary
A clear and concise glossary for those trying to find their way through crypto world!
This is for all the artists, designers, and environmentalists that are trying to find their way and understand the world of crypto. If you’re confused or still new to these terms, we compiled common terminologies that are used within these mediums.
Bitcoin
Bitcoin is a digital currency and the first decentralized
peer-to-peer payment network that is powered by its users with no central authority or middlemen.
Blockchain
Blockchain is a system where a “chain” or list of transactions (in bitcoin or any other cryptocurrency) are stored and maintained across several computers which are linked in a peer-to-peer network.
Cryptography
Cryptography is a method of transferring and storing data in a certain form so that only certain individuals or for whom it is intended can access and process it.
Ethereum
Ethereum is a decentralized, open-source blockchain featuring smart contract functionality.
Gas fees
Gas fees refer to the fees or payment that is required to initiate and successfully execute a transaction on the Ethereum blockchain platform.
Gas fees come in the form of gwei (small fractions of ether (ETH) , similar to the pennies to the US dollar).
The price of those gas fees is changing and fluctuating as it is determined by the supply and demand on the network.
Mining
Cryptocurrency mining is the process of introducing new coin into the system through solving a computational puzzle. It is also the process where transactions between users are verified and added to the blockchain public ledger.
Minting
“Minting an NFT” is the process of transmitting your digital art piece to the Ethereum blockchain. This way, your digital art is represented as a Non-fungible-Token that can be purchased, traded, and tracked digitally (as it is resold and traded in the future).
NFTs
NFT stands for non-fungible tokens. NFTs are digital assets with a unique identity on the blockchain.
Fungible tokens like bitcoin mean that 1 bitcoin is equal to 1 bitcoin while 1 NFT is not equal to another NFT. Thanks to this property, NFTs are authentic as the NFT’s token proves that this is the original asset.
Royalties
Marketplaces offer Royalties to NFT creators where they will earn a certain amount or a percentage every time their crypto art is sold.
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