The Word Definition of Skeb Coin

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SkebCoin

4 min readOct 25, 2022

The following is a glossary of terms commonly used in Skeb Coin. Please use it as a reference when looking up the meanings of words you don’t understand.

List of words to be introduced

AMA
Buyback & Burn
CEX
DEX
Governance
MetaMask
Penalty
SBT / SBE Badges
Skeb Coin Power
Skeb Point
Snapshot
Staking
Token
Wallet
Wallet address
Withdraw

AMA

Abbreviation for Ask Me Anything, an event where crypto issuers and managers answer questions about their projects on Telegram and Twitter.

Buyback & Burn

Buyback is the act of a crypto asset issuer buying back tokens from the market. Burn is the act of rendering the token permanently unusable and is done by transferring the crypto asset to a wallet from which it can never be retrieved.

In the world of stocks, “share buybacks” exist to increase the distribution of revenues to shareholders by buying back shares issued by the company from the market. The purpose is to increase the profit (i.e., value) per share relative to the company’s total profits by reducing the number of outstanding shares circulating in the market.

Buy-backs and burns of crypto assets usually have the effect of reducing token inflation and are expected to increase the value per token.

CEX

A centralized exchange (CEX) provides crypto asset trading using a business model similar to an exchange such as a stock exchange. CEXs allow the exchange of legal tender for crypto assets and the exchange of crypto asset/crypto asset pairs (e.g., exchanging a portion of your bitcoin holdings for ETH).

DEX

Decentralized Exchanges (DEX) are markets where transactions are conducted directly between traders of crypto assets. Unlike centralized exchanges (CEX), DEXs do not allow the exchange of legal tender and crypto assets but specialize in the exchange of crypto asset tokens for other crypto asset tokens. The DEX is structured in such a way that users who provide liquidity are incentivized.

Governance

In the decentralized world of blockchain, projects have ways to distribute authority and responsibility to users, and one way is to create a special form of collective governance called a “decentralized autonomous organization (DAO),” which requires users to invest their own crypto assets in exchange for voting rights. Typically, those who invest more money will have greater voting rights, and utility tokens called “governance tokens” are issued to users to represent each participant’s rights in the DAO. In this way, the authority and responsibilities of the token holder can be determined on-chain (at the address where the token is held). Typically, the authority of a governance token includes managerial and other roles. Skeb Coin is currently developing a governance structure as well.

SBT / SBT badges

Abbreviation for Soulbound Token, a non-transferable token, Skeb Coin distributes SBT badges to those who participate in staking, depending on the amount of money they hold. Rewards and services are determined by the type of SBT badge earned.

MetaMask

Operating a software wallet for managing Ethereum-based crypto assets and NFTs in one place is available in browser extensions and mobile app versions.

Staking

A system that you can get rewarded for holding (“locking”) a cryptocurrency for a certain period of time. Skeb Coin also offers a staking feature, whereby customers can earn more Skeb Coins by holding Skeb Coins for a certain period of time and receive SBT and other rewards such as SBT Badges.

Skeb Coin Power

Skeb Coin Power is a point awarded for staking Skeb Coin, and is the standard value for tier division when SBT badges are distributed.

Skeb Point

Skeb Point is a point required for payment via bank transfer, Pay-easy, and convenience store payments on the Skeb Web2 platform.

Snapshot

A snapshot is taken when a crypto asset issuer grants some rights to a crypto asset holder in order to determine who that holder is. Skeb Coin distributes SBT badges based on this snapshot.

Token

Tokens are synonymous with crypto assets and virtual currencies; Skeb Coin is classified under the ERC20 token standard.

Penalty

If you leave within a certain period of time after joining staking (“unstake”), you will be penalized. Staking is designed to encourage mid to long-term participation, so we have introduced this type of penalty. The staking period during which the penalty occurs is called “penalty days.”

Wallet

A place to store crypto assets. You can also send and receive virtual currency.

The wallet’s private key keeps your assets safe from third parties. Keep the 12 words you register when you create a new wallet, and do not share them with anyone.

Wallet address

A wallet address is like a bank account to which crypto assets are sent. In the case of BTC, a random number starting with 1 or 3 is generated and consists of 27–34 characters.