Glossary

Bitcoin is a decentralized digital currency and a cryptographic payment system. It is the first fully implemented peer-to-peer payment network that is completely open source and has no central authorities, intermediaries, and fees. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Litecoin allows you to be your own bank. With the power to control your finances and the freedom to participate in a growing economy, Litecoin is an open source payment network that is fully decentralized without any central authorities. You can take part in the increasing flow of money simply by staking your coins.
A blockchain is a decentralized database of all the transactions that have ever occurred, replicated across multiple networks and maintained by the users. The blockchain databases are public and transparent, meaning anyone can view them.
A blockchain database isn’t stored in a single location like a traditional database, making it more resistant to hacking and tampering. If a change gets made in one place, it’s instantly updated everywhere else as well. Blocks or ‘chunks’ of information are added to the end of each individual blockchain as new transactions occur.
The term ‘crypto’ is a combination of two Greek words, meaning “hidden” and “to write”. It refers to the process of converting information into codes or ciphertext (which can then be readily translated into its original format), or the usage of numerical encryption in safeguarding information on the Internet.
Crypto is a blanket term for modern technologies that rely on either public blockchains, cryptographic tools or processes to enable them to be secure.
Your crypto wallet identifies and assesses the digital assets that are yours. It contains a private key that helps you manage permissions with whom you share your data, store and send cryptocurrency, NFTs or other tokens.
Cryptography is a method for secure communication using encryption. It has been used for centuries, originally from Greek and meaning "hidden writing." Nowadays, cryptography most often refers to a method for secure communication using encryption.
The use of cryptography in conjunction with blockchain networks allows for these networks to be both public and secure. Each blockchain address generated for a user is paired with a private key, which allows the user to send and receive transactions with that address.
Digital decentralized autonomous organizations, or DAOs, are powerful and flexible organizational structures built on a blockchain.
Currently, there are nearly 5,000 DAOs that manage billion-dollar treasuries and make decisions via wallet-based voting mechanisms.
In the digital age, decentralization is a way to move authority and responsibility from a centralized organization, government, or party to a distributed network. This can happen in a number of ways: by creating an open-source system that anyone can access and contribute to; by allowing users to contribute content to an online community; or by allowing users to vote on decisions affecting their personal lives or communities.
The creation of a token on a blockchain network. Most often used in the context of non-fungible tokens (NFTs).
The process involves creating an initial block with some information about the token and then allowing users to join the network and add more blocks to create more information about the token.
A Non-Fungible Token, also called as NFT is a digital file or any other asset, which is unique and has no other equivalent. The uniqueness of the asset is verified and authenticated through blockchain and provides proof of ownership.
NFT 2.0 is an upgraded experience, and a new wave of solutions to deploy decentralization and revolutionize modern-day Industries. We are proud to set up an advanced industry standard with blockchain. Moreover, FT 2.0 would also incur direct b2b solutions for artists, academics, Freelancers, Educators, Employers, Students, and alike.
In the world of crypto, a private key is an alphanumeric string of data that corresponds to a single specific account in a wallet. Private keys can be thought of as passwords that grant access to, and control over, that specific crypto account.
Never reveal your private key to anyone—because whoever controls the private key controls the account. If you lose your private key, then you lose access to that account.
Protocols are the rules that govern the way data are exchanged and transmitted on a blockchain network.
They exist at several levels: the essential, “low-level” processes that keep network data syncing and transactions being confirmed, are considered being “at the protocol level”. Additionally, smart contracts, once deployed to the blockchain and run by users, work the same for everyone, and are therefore often referred to as “protocols”.
An address is an alphanumeric character string, which can also be represented as a scannable QR code.
Addresses are used to identify yourself and send and receive transactions on a blockchain network.
A seed phrase is a set of words that you can use to access and control your crypto wallet.
It's exactly what it sounds like: something that is secret, and should be known only to the owner of the account. If the seed phrase is given to someone else, that person has complete control over the account; they can drain it of tokens and funds, execute transactions with it, etc.
A wallet like Cyto Wallet gives you total control over your blockchain addresses and the assets held by those addresses, through the use of a Secret Recovery Phrase. Sometimes referred to as a “non-custodial wallet”, this type of wallet allows you to have full control over your cryptocurrency, without having to give up any information about your holdings.
Smart contracts are computer programs that are recorded, or “deployed,” to a public blockchain, and can then be used, or “called,” by users or other smart contracts.
While smart contracts often contain agreements or sets of actions between parties that emulate a traditional legal contract, they are not, in and of themselves, legal documents or contractual instruments.
Smart contracts are automated actions that can be coded and executed once a set of conditions is met and are the dominant form of programming today.