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ETH, BNB, Polygon, Fantom, CRO, AVAX, WAN, OASIS, VLX, KCC, METIS, OP, ARBITRUM, CELO, TELOS, AURORA, MOONBEAM, MOONRIVER and whatever new is coming up next!
What is Crypto?
A cryptocurrency is a medium of exchange that is digital, encrypted, decentralized and secured by cryptography which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are based on blockchain technology – a distributed ledger enforced by a disparate network of computers known as miners. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency
What is Blockchain?
Blockchain is a system in which a record of transactions made in cryptocurrency is maintained across several computers that are linked in a peer-to-peer network. As the name suggests, it is a chain of blocks. Each block holds a historical database of all cryptocurrency transactions made until the block is full. It’s a permanent record, like a bag of data that can be opened and viewed at any time.
What is a CEX / CeFi?
A CEX - centralized exchange is a platform that offers a convenient on and off ramp of your local currencies, such as the US Dollar or Euro, which allows cryptocurrency investors to buy and sell crypto assets on the live market using FIAT currencies or other cryptocurrencies like Bitcoin. CEX are sometimes referred to as the middleman for investors by offering an order book service that pairs each buyer with a seller - and vise-versa. An easy way to think about this topic is as follows; when you use a credit card at any vendor, you are allowing the credit card company to be the middleman between you and the vendor. This is similar to the way centralized exchanges work.
CEX normally offers a better trading experience by providing a simplistic user-friendly interface that allows the trader to easily understand, place trades, and view balances. Some CEX's offer premium features like leveraged trading, limit orders, and stop losses.
Examples of CEX: Crypto.com, Binance.com / Binance.US, Coinbase.com
What is a DEX / DeFi?
A Decentralized Exchange (DEX) is a peer-to-peer marketplace where crypto traders can directly transact with each other without the need of a middleman/intermediary. While transactions on a centralized exchange are recorded on the exchange's database, DEX transactions are settled directly on the blockchain.
Unlike centralized exchanges, DEX's don't allow for exchanges between FIAT and crypto.
Arguably, the most notable differences between the two is that CEX's offer a more user-friendly interface, crypto to FIAT on/off-ramping and a limited but vetted cryptocurrencies whereas DEX's offer a vast variety of unvetted tokens in their infancy, anonymity, speedy transactions and trader's funds are stored directly on their own wallet.
Examples of Decentralized exchanges : Uniswap on Ethereum PancakeSwap on Binance Smart Chain VVS on Cronos
What is a crypto wallet? (hot / cold)
A crypto wallet is defined by a unique code that represents its “address” on the blockchain. The wallet address is public, but within it is a set of private keys determining ownership of the balance and the balance itself. There are different forms of wallets such as software, hardware, paper, or other forms. Furthermore, there are two types of wallets, referred to as either “hot” or “cold” wallets. The difference between the two is that the hot wallet requires an internet connection whereas cold wallets do not require one. Examples of hot wallets are : Exchanges, MetaMask, Trust Wallet, Phantom Wallet
What is a smart contract?
When a contract is written in a computer code, as opposed to traditional legal language, it is deemed a smart contract. This programmed contract is set up to execute, control or document relevant events or actions automatically according to the agreement, thus allowing parties to agree to complex terms without needing to trust each other and without involvement of third parties.
What is Web 1/2/3?
The first version of the world wide web is the Web 1.0 where users were limited to reading information provided by the content producers. An example of Web 1.0 are static websites and personal sites.
The Web 2.0, also referred to as Social Web, was not limited to reading information only but rather allowed users to communicate with other users. This means that every user can be a content creator as content is distributed and shared between sites. Some of the famous Web 2.0 applications are Facebook, Twitter and YouTube
The Web 3.0 , also known as "Semantic Web" is also referred to as the future of Web. The purpose of Web 3.0 is to make the Web readable by machines rather than only by humans, and this is accomplished thanks to a Metadata system. Other technologies such as Machine Learning and Artificial Intelligence are also found in Web 3.0, Apple's SIRI being one example of such application.
A simple guide in distinguishing the difference between Web Version is as follows:
Web 1.0 = Read Web 2.0 = Read-Write Web 3.0 = Read-Write-Execute
Known Scams: Rug Pull / Honeypot
Crypto has opened up new and revolutionary ways of investing, but along with the potential for great returns comes great risk of losing money to scams. Investors can increase their security by avoiding the red flags of crypto scams and rug pulls. Common warning signs of crypto scams are fake testimonials, unlicensed or unregistered sellers,promises of guaranteed high returns, websites or messages having many spelling/grammar errors and depicting rapidly increasing investment accounts, among others.
Rug pulls are inherently more difficult to spot as there are various ways in which the founders/team members of a project are able to do that. Most frequently used method is by using smart contract functions maliciously. Investors can mitigate some of these risks by taking the time to do proper research on various aspects such as scanning the smart contract for malicious functions (audits), research team members (KYC), search the website and project documentations such as gitbook or whitepaper.
What are gas/gas fees?
Gas is essentially a fee that is required to execute a transaction on the blockchain. Fees vary according to blockchain and are paid in native tokens. For instance, BNB is the native token for the Binance Smart chain (BSC) and thus all gas fees are paid in BNB.
What is a blockchain explorer?
A blockchain explorer is an online tool for exploring the blockchain of a cryptocurrency, where you can watch and follow all the transactions happening on the blockchain in real time. Block explorers can serve as blockchain analysis and provide information such as total network hash rate, coin supply, transaction growth, etc.
What is a bridge and how to use it?
A cryptocurrency bridge is an interoperability protocol which allows the transfer of tokens or data from one network to another. Bridges generally use a mint-and-burn protocol to keep the tokens supply constant on all platforms. When a token leaves one blockchain, said token is burned or locked and an equivalent token is minted on the opposite blockchain. When said token is moved back to its original network, the newly minted equivalent token is burned or locked. Thus keeping a constant supply across all platforms.
What is staking?
The concept of Crypto staking is primarily used in proof-of-stake blockchain and it involves committing holdings to support a proof-of-stake blockchain network and confirm the transactions. For their contribution to the network, participants are rewarded with tokens and thus earn passive income on their holdings. As the technology evolves, however, more applications have been making use of this concept such as launchpads, NFT's and most notably in the DeFi sector. For instance, most launchpads have adapted a staking system where participants are required to stake a set amount of tokens to be eligible for a guaranteed allocation in projects using said launchpad.
Compared to traditional markets, staking cryptocurrencies offer much higher returns mainly because there are no third party fees and a portion of all transaction rewards go directly to the staking pool as rewards to participants.
What are liquidity tokens?
For decentralized exchanges (DEX) that offer an automated market makers protocol (AMMs) like Uniswap, Sushi, and PancakeSwap, crypto liquidity providers must contribute/stake assets to crypto liquidity pools (LP). When tokens are deposited into a crypto liquidity pool, the platform automatically generates a new token that represents the share the depositor owns of that pool. This is called liquidity provider tokens (LPT) . Liquidity pool tokens are held in providers' DeFi wallet until they are removed from the Liquidity Pool. In that case, the LPT's are reverted back to the pair of assets provided according to the participants share of the pool.
What is liquidity farming?
Funds are locked, or staked, into smart contracts that control the liquidity pools DeFi lending protocols rely on. These are simply pooled funds from which borrowers draw funds. Pool members earn a share of the interest received based on how much they have locked.
What is liquidity mining?
Liquidity mining is a process in which crypto holders lend assets to a decentralized exchange in return for rewards. These rewards commonly stem from trading fees that are accrued from traders swapping tokens.
What is Fiat Currency?
Fiat currency is a medium of exchange in the form of physical money, issued and backed by the government. Most modern currencies, such as the U.S. dollar, euro, pound, and yen, are all fiat currencies. The value of fiat money depends on supply and demand, which is controlled by central banks who gauge how much money is needed in the economy and print accordingly. The current fiat-money system came about during the 20th century when countries moved away from the gold standard. Because fiat money is not linked to physical reserves, such as a national stockpile of gold or silver, it risks losing value due to inflation or even becoming worthless in the event of hyperinflation. There are currently over 180 fiat currencies in the world today.
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