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Technical Terms

Technical Terms

HashFlare

Most Popular Technical Terms

FOMO

Many people who have not yet invested in any cryptocurrency often gets a FOMO, that being a fear of missing out on something that could be rewarding in a financial sense of the word.

Whitepaper

This is the name that is given to a guide or a report that is going to allow you to find out what any digital currency has been designed for and what uses it will have when launched.

Wallet

For you to be able to store and buy or sell and move your digital currencies around you are going to have to get something known as a wallet which is where those transactions are made.

SPV

This is the term that refers to Simplified Payment Verification and it has been designed to allow people to pay for goods using a mobile device without downloading the blockchain.

QR Code

This is also known as a Quick Response code, and are simply a barcode on which you will find they have data encoded into them which allows a mobile phone to read and act on them.

Open Source

The term open source simply means that the source code for any piece of computer software is known and readily accessible and as such it can be distributed and changed by anyone.

NFC

This is a term you may come across as someone who uses any digital currencies but if you do come across is then it simply means Near Field Communication a low power wireless network.

Vanity Address

A Vanity Address is a group of words that are going to be unique to you and will allow you to access certain parts of your digital wallet and your cryptocurrencies too.

Laundry

This is a process whereby someone who may be wishing to cover their tracks in regards to cryptocurrencies will mix their funds in with others and move it around to several wallets.

Kimoto Gravity Well

This is a technical term that many people cannot get their heads around but in very layman’s terms it is a readjustment algorithm that is used when mining of cryptocurrencies.

Fork

When you hear the term Fork being used that simply means that there has been a split in a cryptocurrency that has required some form of a new updated version of it becoming available

EEA

This is the name given to the Enterprise Ethereum Alliance which is basically a collection of start-ups and corporations that tries and works out how to get something up and running smoothly.

Dust Transactions

Any transactions that are so small in value and size that are detected by the network they are going to be considered spam and are never relayed around the network.

Bitcoin QT

To enable you to operate a digital wallet something known as the Bitcoin QT is available as an open source software that simply turns your computer into a node on the network.

Bitcoin JS

To allow anyone who is a developer to be able to use Bitcoin and its many additional features such as digital wallets an online Bitcoin JS java script code is available to developers.

Address

To be able to send a cryptocurrency from one wallet to another you need to know the address of the wallet you are sending them to which is a string or alphanumeric characters.

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