Akt.io Glossary

Do you speak crypto? Here are some of the crypto terms and phrases you should know to help you enter the world of crypto with confidence

Common Crypto Terms

Get familiar, you’ll surely see them again

AKTIO

AKTIO is our multi-utility token

APY

Average Per Year

DEX

Decentralized crypto EXchanges (DEXs)

DeFi

Decentralized Finance

FOMO

Fear Of Missing Out

HODL

“Hold On for Dear Life”

IBAN

International Bank Account Number

ICO

Initial Coin Offering

NFT

Non-fungible Tokens

SEPA

Single Euro Payment Area

SWIFT

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication.

All financials & web3 terms you need to know

A

Altcoin

An altcoin is a term to describe any alternative cryptocurrency to Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any crypto with no market value you’ve never heard of.

B

Bitcoin

Bitcoin is the first cryptocurrency, launched on Jan 3, 2009. Today, it is the most valuable crypto, but the price can fluctuate wildly.

Bitcoin Cash

A peer-to-peer electronic cash system originated from a fork of the original Bitcoin. Bitcoin Cash helps optimize transactions for those who deem Bitcoin to be too volatile to function as a currency.

Block

In cryptocurrency, blocks are groups of data within a blockchain containing transaction records. Once a block reaches the data limit it can hold, a new block is formed to continue the chain.

C

Coin

A name of digital value stored on a given blockchain or crypto network. Some coin names can be the same as the network, such as Bitcoin or different, like the Stellar blockchain and its coin - Lumen.

Cryptocurrency

A digital and decentralized currency. Cryptocurrency can be used for transactions or to store value.

D

DEX

Decentralized crypto EXchanges (DEXs) are blockchain-based apps that allow direct transactions of crypto assets between traders without financial institutions or banks.

Decentralization

The transfer of control away from a single place to smaller ones. Requiring majority approval rather than from a single authority makes blockchains decentralized.

Decentralized Applications (DApps)

Programs or applications that are designed to run on a blockchain, or a peer-to-peer network, and are often used to execute Decentralized Finance activities. DApps are often created on the Ethereum network.

Decentralized Finance (DeFi)

Financial activities executed through peer-to-peer networks rather than a bank or any financial institution.

E

Ethereum

Ethereum is a crypto network, and a decentralized software platform developers can use to create new applications and the second most popular crypto after Bitcoin. It has a native token called ether (ETC).

Exchange

A platform functions as a marketplace to buy and sell cryptocurrency.

F

Fork

An event when the community changes the protocol or rules of the blockchain. The fork splits the chain into two paths - one follows the original rules and the new one to the new direction. (Example: a fork of Bitcoin created Bitcoin Cash).

G

Gas

A fee required paid in ether to execute transactions on the Ethereum platform.

Genesis Block

The first block of a cryptocurrency ever mined.

H

HODL

“Hold On for Dear Life” or HODL is a crypto trading strategy term meaning to buy and hold onto cryptocurrency.

Halving

A pre-set rule in Bitcoin’s code that reduces the amount of Bitcoin awarded to miners by half every four years.

Hash

A unique set of block identification assigned to crypto buyers and sellers.

Hot Wallet

A crypto wallet that is connected to the internet. Hot wallets give easy access to stored crypto but are more vulnerable to hacks than cold storage wallets.

I

ICO

Initial Coin Offering (ICO) is a fundraising method for a new cryptocurrency project. The concept is similar to Initial Public Offering (IPO), but instead of stocks, ICO offers investors a new crypto token. The akt.io ICO has now come to an end.

ICO: Initial Coin Offering

A fundraising method for a new cryptocurrency project. The concept is similar to Initial Public Offering (IPO), but instead of stocks, ICO offers investors a new crypto token.

M

Market Capitalization

The total value of all the coins mined. It is calculated by multiplying the value of one given crypto by the number of coins.

Mining

The process of creating new cryptocurrency coins and verifying new transactions.

N

Node

A computer that connects to a blockchain network.

Non-fungible Tokens (NFTs)

NFT is a digital asset with a unique identification code to identify the ownership and authenticity of an item, such as art. Most NFTs are based on the Ethereum blockchain.

P

Peer-to-peer

Two users interacting directly without a third party or intermediary.

Private Key

Similar to a bank account password, a private key is a secret code giving access to your cryptocurrency.

Public Key

Similar to a bank account number, a public key is the address of your crypto wallet. You can share your public key with others in order to receive money.

S

SEPA transfer

The Single Euro Payment Area (SEPA) is a system of transactions created by the European Union (EU) to harmonize transactions between participating countries.

Satoshi Nakomoto

The pseudonymous creator(s) of Bitcoin. Until today, the true identity of Nakomoto is still unknown

Smart Contract

A self-executing contract through written code that controls and executes actions according to the agreements contained within.

Stablecoin

A cryptocurrency that has its value pegged to another stable asset such as fiat currencies, commodities and other cryptocurrencies. (Example: Tether is pegged to the U.S. dollar)

T

Token

A unit of value on a blockchain normally offers more functionality on top of transferring value.

V

Vitalik Buterin

A programmer and one of the co-founders of Ethereum.

W

Wallet

A place to store your cryptocurrency. Wallets can be “hot” (online, easy access) or cold (offline, less vulnerable to hacking).

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