Glossary
Non Fungible Token (NFT)
"NFT" is an abbreviation for non-fungible token. Unlike most cryptocurrencies, which are fungible, NFT’s defining characteristic is that they cannot be divided or split into multiple parts. NFTs can represent many things on the blockchain, such as digital art, music, memberships, real estate deeds, and more.
Nodes
"Nodes" are a point of conversion in the network that acts as a redistribution or end point.
OCO
“One Cancels the Other Order” refers to a pair of contradicting orders created together where only one of them can be executed.
Not Going To Make It (NGMI)
"NGMI" is an abbreviation for not going to make it, “Dave sold all his Bitcoin at the bottom. He’s NGMI!”
Nonce
"Nonce" is a random arbitrary number used to timestamp or otherwise ensure the order of a transaction in order to prevent against a replay attack.
Off-Chain
A transaction or process that occurs outside the main blockchain.
Open Source
Originating from the software industry, it is a program whose source code is made freely available to anybody, allowing them to study, change and distribute the software to anyone for any purpose.
Oracles
A third party data feed used by smart contracts to trigger events.
Orphan Block
"Orphan Block" refers to a block that has been created but was not accepted by the network to be added to the main blockchain.
(P2P)
"Peer to Peer" denotes the ability for two computers to communicate across a network without a server or central authority.
Paper Wallet
An offline wallet that is simply the private key and address printed on paper, usually alongside a QR code, one of the safest ways of storing cryptocurrencies.
Peer-to-Peer (P2P)
A type of decentralized communication model created by two or more nodes who come together to share the workload and communicate.
Pegged Currency
"Pegged Currency" refers to the currencies which are linked to a specific (usually government-backed) asset in terms of their price.
Phishing
A phishing attack happens when the attacker attempts to acquire the credentials of users to gain access to their wallets.
Polkadot
Projects who compete to reserve a spot on the Polkadot chain ask their supporters to stake Polkadots (DOT) to support their projects. This process of collecting staked DOTs is referred to as Polkadot Crowdloan.
Ponzi Scheme
An investment fraud in which the attacker collects funds from investors with promises of high returns, and uses the collected funds to pay certain previous investors back to validate his claims. After collecting enough, the scammer disappears with the funds.
Pre-Sale
A token event sale that operates before an ICO campaign, often with lower targets.
Price Wall
"Price Wall" is an accumulation of buy or sell orders at a specific price.
Private Key
"Private Keys" operates in tandem with a Public key as part of common asymmetric cryptography standards, this key should never be shared.
Proof of Attendance Protocol (POAP)
"Proof Of Attendance Protocol" is a protocol that uses blockchain technology to create badges or collectibles to mark the attendance at an event.
Proof of Authority
"Proof of Authority" is a centralized validation method that gives the right to validate to only to eligible parties that have been approved by an authority.
Proof of Capacity
"Proof of Space" validates method and is similar to PoW, but requires miners to pre-mine unique hashes, relying more on large amounts of storage than vast amounts of computing power.
Proof of Stake
"Proof of Stake" is a power efficient transaction validation system in where users must ‘stake’ their coins in order to mint new blocks, minting of fraudulent transactions will cause staked coins to be lost.
Proof of Work
"Proof of Work" is a transaction validation system that requires the use of a computationally intensive process within the network that acts as a deterrent to prevent denial of Service or like-wise spam attacks.
Pseudorandom
A function that can produce an outcome that can pass statistical randomness tests.
Pump and Dump
"Pump and Dump" is the process of buying a large amount of tokens at once, usually as a co-ordinated group, in order to artificially inflate or ‘pump’ the price causing a market reaction as outsiders attempt to ride the upward trend, then selling or ‘dumping’ at the highest point.