CRYPTOSPEDIA

In this section you can find all the Cryptocurrency definitions with easy to understand explanations and paradigms.

What is a Cryptocurrency?

Cryptocurrency is a form of digital asset, split into units like virtual coins or tokens, that can be used as a digital currency.  Cryptocurrencies use cryptography for security and a network of computers that verify each transaction. Each user can have public addresses for storing his...

What is Proof of Work (PoW)?

In a cryptocurrency network the users send each other digital coins. A decentralized ledger gathers all the transactions into blocks. However, the confirmation of the transactions and the arrangement of blocks are necessary. Proof-of-Work, or PoW, is the default consensus algorithm in a...

What is “Premining”

Premining is the creation of a number of crypto coins before the cryptocurrency is launched to the public and their allocation to specified coin addresses. Premining has a negative connotation in the cryptospace due to the ability of developers to privately mine and allocate a number coins to...

What is “Instamining”?

Instamining (from the words "instant" and "mining") is usually used alternatively for premining in the cases where closed groups , usually consisted of the developers of a cryptocurrency project, mine a huge number of the coins before launching it to the public. The difficulty level in such...

What is “Developer’s Fees”?

Developer's fees in the cryptocurrency world, is a percentage of the mining rewards that is automatically allocated to specified coin addresses. Usually, the developers of a coin are mentioning this percentage and the time frame that this process of accumulation is going to take effect. The...

What is “transactions privacy” and “Zk-snarks”?

Privacy coin is defined as a cryptocurrency that allows private transactions hiding data about its users . Such data are the amount of cryptocurrency traded and held in wallets. Bitcoin and many popular cryptocurrencies are not true privacy coins. Bitcoin users are identified by their public...

What is “mining” the “block reward” and the “reward halving” ?

In the Cryptocurrency world, the block reward (or mining reward) is the number of coins that are given as reward to the miner that first "found" the next block by solving the a mathematical puzzle. The whole procedure of finding the next block in a cryptocurrency blockchain, is called mining....

What is an “ASIC”?

Application-specific integrated circuit (abbreviated as ASIC) is an  intergrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. In Bitcoin mining hardware ,ASICs were the next step of development after CPUs, GPUs and FPGAs. Capable...

What is a Project’s “Roadmap”?

The project roadmap is a graphical, high level overview of the project's goals presented on a timeline andthe major steps or milestones needed to reach it. Unlike the project plan where details are fleshed out, the roadmap should be simple and free of special details. This makes the project...

What is BITCOINZ’s “VAULTZ”?

VaultZ is the Community Fund of the BitcoinZ Project. It is a major upgrade for the Project and came with the 2.05 version, after a massive 96% YES vote by the Community. The idea consists of getting a sophisticated and democratized funding mechanism for the support of the Community Fund. With...

What is “Equihash”?

Equihash is a memory-hard Proof of Work algorithm. It was introduced by the University of Luxembourg's Interdisciplinary Center for Security, Reliability and Trust (SnT) at the 2016 Network and Distributed System Security Symposium. The algorithm is based on a generalization of the...

What is “Decentralization”?

Decentralization is the process of distributing and dispersing power away from a central authority. In the world of cryptocurrencies , decentralization plays a critical role in many aspects like safety , security and their very philosophy which has lead to their design and future expansion....

What is a “Genesis block”?

A genesis block is the very first block of a blockchain. It is usually mentioned as block 0 or block 1. For a blockchain powered Project, like a Cryptocurrency, having its own genesis block means a few important things about its integrity and fair distribution of digital coin rewards....

What is an “airdrop”?

In the world of cryptocurrencies, an "airdrop" is the distribution of free coins to specific coin addresses. Usually there are two common scenarios of airdrops. a) The airdrop because of a blockchain fork, by coins that have been launched without their own genesis block. In this case, the new...

What is a “block” and “Blockchain”?

A block is a file where data (pertaining to a specific cryptocurrency network) are permanently recorded. A block records  the most recent digital coin transactions that have not yet been recorded to any prior blocks. You can imagine that a block is like a page of a huge ledger or...

What is Hashrate ?

 A hash function is any function that can be used to map data of arbitrary size to fixed-size values. The values returned by a hash function are called hash values, hash codes or simply hashes. In the Cryptoworld, the hash is...

What is “ZHash”?

ZHash is a variant of the popular Equihash Proof of Work algorithm, which was developed as a solution that would increase the Resistance of the algorithm versus the ASIC miners. Bitmain, the well known ASIC manufacturer, released ASIC miners that could be very effective in mining the memory-hard...

What is KioskZ and DigitalEatZ?

KioskZ is an innovative Point of Sale Terminal which is especially designed for the restaurant industry, enabling the customer to make cryptocurrency payments to the business that uses the KioskZ. The prototypes have been designed by the BitcoinZ and SafeCoin Projects and the terminal's platform...

What is a “Payment Gateway”?

A Payment Gateway is a decentralized payment platform where the users can pay, receive and transfer money to another user using  digital coins.  The payment gateway is reducing the intermediaries involved in the process and makes fast the payment process.  The work of the...

What is “btcz.app”?

Btcz.app is the second developers team that joined the BTCZ project on 2019. The btcz.app team has worked hard for delivering a series of applications and features that make the ecosystem of the BitcoinZ digital coin, much richer. Some examples are : - The improved versions of the BTCZ payment...

What is “txtZ”?

txtZ is a unique feature of the BitcoinZ cryptocurrency that makes possible for a user with a very simple, old tech mobile device, to use his digital coins with just a txt message! BitcoinZ is the first cryptocurrency project that added this function with a few other cryptocurrencies following...

What is the BitcoinZ’s “Dynamic Roadmap”?

BitcoinZ is the first Cryptocurrency Project that presented and adopted a totally Community oriented Roadmap on August 2019.   This is what we called "Dynamic Roadmap" because it is not a static plan that a specific team has designed and presented. It is an ever evolving Roadmap , highly...

What are the ICO Sales?

 "ICO" comes from "Initial Coin Offering" and it is a procedure that acts as a way to raise funds, when a company looking to raise money to create a new coin, app, or service. It has the same logic with the stock IPO (Initial Public Offer) so the  interested investors can buy into the...

What is Maximum Supply?

Max Supply for a cryptocurrency is the total amount of coins that can be issued. The total supply or  circulating supply is the amount of the already issued coins, circulating in the market or being locked in specific addresses. The total supply for the mineable coins will be achieved in the...

What is a Cryptocurrency Exchange?

Cryptocurrency exchanges are online platforms in which you can exchange one kind of digital asset for another based on the market value of the given assets.   Every exchange is hosting a list of cryptocurrencies and tokens and generate an address for these assets for their clients. The...

What is a cryptocurrency Wallet and Multiwallet?

A cryptocurrency wallet is an application that allows cryptocurrency users to store and retrieve their digital coins. Usually each coin has its own wallet options, aka its own applications for every operating system and device type. So, with their e-wallets , the users are able to create new...

What is a Community Driven coin ?

A Community driven coin is a cryptocurrency project that is has no specified owner and of course not a company structure behind it or a CEO deciding for its future. Instead of it , it has Community-driven development that provides the control of the development process, resources and decision...

What is a minable and a non-mineable coin?

A mineable digital coin (cryptocurrency) is a coin that is created and can be acquired through the mining process. Miners and mining rewards The minable coins are created by (and are rewarded to) the miner, for successfully verifying transactions on the network and adding it to the newly...

Some information about the legendary Bitcoin

The root problem with conventional currencies is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.Bitcoin(₿) was launched in 2008-2009 and it is the first digital...

What is a node?

Coming Soon!

What is mining and mining algorithm?

In the Cryptocurrency world, the block reward (or mining reward) is the number of coins that are given as reward to those who found the next block, by solving a mathematical puzzle. The whole procedure of finding the next block in a cryptocurrency blockchain, is called mining and those who...

What is FIAT currency?

Fiat currency or (fiat money) is currency that is issued by governments and central banks and is not backed by a precious commodity, such as gold or silver. Instead of this, the government or central bank that issued it is backing it up. The term fiat derives from the Latin word "fiat",...

What is ZBrain?

Coming Soon!
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