Start with the Basics: Crypto Definitions

Learn more about the world of cryptocurrencies & blockchain with us.

DAO

•Decentralized Autonomous Organization.

•Run by a code and not by humans

• Self-sustainable

Consensus mechanism

A standard procedure where a team comes to a common conclusion.

Different types of consensus

•Proof of work: energy-intensive, secure

•Proof of stake: random selection, cost-effective energy

Address

Cryptocurrency coins are identified on the blockchain by unique addresses. You can think about the blockchain as a GPS and your cryptocurrency address as its targeted mailing address. Every time a transaction is confirmed, the value of your wallet is updated based on your address.

KYC

KYC is a compliance term. It will probably come up if you take a more mainstream approach to purchase crypto. KYC refers to knowing your customer. Regulators require identity background checks for new banking clients as a means to deter money laundering and terrorist funding.

Coins vs Tokens

•Coins have their own blockchain

•Tokens live on rent

Seed phrase

A recovery seed is a series of twelve, sometimes sixteen words that can be used to access your wallet if something goes wrong and you lose it. Your recovery seed is the equivalent of asking twelve security questions for a forgotten password.

Scarcity

Demand for a good or service is greater than the availability of the good or service.

Web 3.0

The upcoming version of the internet that includes blockchain, crypto, AI, and networks.

Fees

In order to accomplish a transaction on a blockchain, extra payment should be done at the same time with the crypto-value which has been defined between two peer-to-peer parties.

Coorest

A digital marketplace for carbon transactions for offsetting emissions granted by blockchain and smart contracts.

NFTrees

A non-fungible token (NFT) is a unique unit of data stored on a digital ledger that can’t be copied. NFTrees are created to reflect a real-world asset. Users can then trade, or reduce their CO2 footprint through the platform. You can buy your own tree here, on the Venly market.

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Coorest’s NFTrees, $CCO2 tokens and DApp make carbon compensation easy and transparent.

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