Crypto Savvy Life

Practical knowledge, guides, and tips

Glossary Category:

2-Factor Authentication

Two-factor authentication (2FA) is an access security measure that requires two different forms of authentication…

51% Attack

When one person (or single group) controls over 50% of the total block creation and they disrupt the integrity of the blockchain….

Blockchain

A never-ending digital chain of data where records of transactions are stored…

Consensus

Consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain…

dApps

DApps (decentralized apps) are applications, just like those you download on your phone or PC, except that they run on a network of computers instead of relying on a single computer….

Decentralized

Identical copies of the Blockchain spread across a network of computers around the world…

Defi

Decenralized Finance

Hot Wallet

A crypto wallet is said to be ‘Hot’ when it is connected to the internet…

Phished

Tricking Internet users into revealing personal or confidential information which can then be used illicitly

Private Keys

Your Private Key is like a very long password for protecting access to a particular crypto account…

Public Address

The public address is the location on a particular blockchain where details about your transactions (and therefore how much you own!) for that particular blockchain are stored and updated…

seed phrase

A seed phrase is a unique sequence of words ( usually 12 or more) that act as a type of password….

Shot-gun KYC

This is where an exchange offers account signup without KYC and subsequently requests it from users when they try to withdraw funds.

Staking

When you deposit your tokens/coins to a Staking Pool, used by a Validator, in order to gain a reward…

Team

For further information on how to assess a crypto projects team: https://cryptosavvylife.com/how-to-secure-your-google-account/

Validator

A validator determines whether or not a proposed block conforms to the rules that deem it as valid….

Wallet

A wallet is a secure place where the codes for your crypto are stored. Check our post for a general overview of Crypto Wallets