NFT Glossary
The digital ledger where all transactions with cryptos are made and recorded. A blockchain is a list of records of many blocks of data that are organized in chronological order and are also unalterable.
A blockchain bridge is a connection that allows tokens or different types of data to be transferred between one blockchain and another. The two chains may have different consensus models and protocols, but the bridge provides compatibility to securely interoperate those transfers.
These are digital assets, especially NFT, valued for their rarity and collectibility. The equivalent of minifigures or card collecting.
Crypto-collectibles are digital assets or assets that are not tradable, as they represent one-of-a-kind items such as crypto-art or NFT collections.
This is a decentralized application, running on a blockchain-based computational system. Dapps have grown popular over the last few years thanks to DeFi and the proliferation of blockchain technology and NFTs. A decentralized application must be open source and operate autonomously, stored on a public blockchain.They are used for the execution of smart contracts.
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Although an obvious term, these are the people engaged in the purchase and exchange of digital collectibles. A secondary resale market is applicable especially for NFT.
This is a function integrated into the proof of work algorithm in which it satisfies the encryption demands needed for the completion of a transaction in a blockchain. They are security methods that make it impossible to hack a blockchain since their length is impossible to guess.
Minting is the process of creating a new token.
There are two different types of minting:
- Mint a Token: This is when an asset creator chooses who can create tokens/NFTs.
- Burn Minting: The creator gives all NFTs another digital wallet private key so that they are locked forever and no longer destructible or transferable. Minting is the process of creating a new token together.
The place where a user stores their tokens while not trading with them. There are different wallet operators, but there are also cold storage wallets.
This has nothing to do with the popular collection of nuclear nerds’ NFTs. Nuclear NFTs are very rare collectibles with over 1000 owners. They represent a project in their own right and cannot be traded without the consensus of all owners on the list.
Operations which are performed without going through an intermediary are known as peer to peer or person to person.
Just as in ethereum, most blockchain permanently stores the record of transactions performed on their blockchains. These logs cannot be deleted and are freely accessible.
Without the need to compromise usernames, email addresses or personal data a private key, is the access code to digital property on a blockchain. Each user has a public address and their private key is the access code to control their wallets or assets within the blockchain.
This is a cryptographic key that allows people to access their wallet or NFT publicly and also works in complement with private classes to strengthen the security of an address.
These are programs stored in the blockchain that are executed once certain particular conditions are met. They are automated functions that guarantee their fulfillment in the case of buyers or investors and do not require any intermediary for their completion.
Staking is the process of investing tokens in a network that has a reward for doing so. By blockchaining tokens in a wallet for a set amount of time, the proof of stake blockchain protocol is validated. Also known as staking: Staking is a process in which the more tokens that are blocked, the more likely it is to earn a reward. This is only viable on blockchains that operate with this consensus protocol.
