NGMI stands for "Not Going to Make It." It’s often used when one anticipates a future loss as a result of a poor decision.
Nominated Proof of Stake (NPos)
Nominated proof of stake (NPoS) is a type of blockchain consensus algorithm that uses stakeholder voting to determine which nodes are able to participate in the validation of new blocks. Only nodes that have been nominated by other voters are allowed to validate new blocks, and earn rewards for doing so.
Non-Fungible Token (NFT)
Non-fungible tokens (NFTs) are one-of-a-kind digital assets stored on the blockchain that are not fungible — that is, unique and not interchangeable.
A private key is an encrypted string of alphanumeric characters that creates a unique digital signature and safeguards crypto transactions. It lets users send, receive and access cryptocurrencies.
Proof of Authority (PoA)
Proof of authority is a consensus mechanism that provides fast transactions using identity as a stake. More commonly referred to as PoA, it relies on well-known vendors to produce blocks. It allows the blockchain network to perform transactions more quickly using a Byzantine fault tolerance (BFT) algorithm.
Proof of Burn (PoB)
Proof of burn (PoB) is a type of proof of work (PoW) algorithm that incentivizes miners to burn a portion of their rewards in order to receive block rewards.
Proof of Capacity (PoC)
Proof of capacity (PoC) is an energy-efficient consensus mechanism that allows nodes on a blockchain to use the empty space on their hard drives to mine crypto.
Proof of Developer (PoD)
Proof of Developer, or PoD, is a verification system designed to prove to investors who the real developer behind a certain cryptocurrency or crypto project is. It’s intended to prevent investors from falling victim to fraudulent transactions.
Proof of Replication (PoRep)
Proof of replication (PoRep) is an extension of proof of work (PoW) that allows distributed systems to agree on the state of a blockchain without trusting any single node.
Proof of Stake (PoS)
Proof of stake, or PoS, is a consensus mechanism for processing transactions and creating new blocks in a blockchain. With a PoS consensus, miners are replaced by validators, who stake their cryptocurrency to bet on the next block. If the block they bet on is validated, they earn rewards.
Proof of Work (PoW)
Proof of work is a system that uses computational power to secure networks, process transactions and add new blocks to a blockchain. It is the most popular consensus mechanism in crypto and is used most prominently in Bitcoin.
A shard chain is a sub-blockchain of the main Ethereum blockchain that’s intended to ease blockchain network congestion issues and improve the transactions per second (TPS) rate.
A soft fork is a change in a blockchain’s software protocol that is backward compatible with older nodes.
To the Moon!
“To the moon” is a slang expression in the crypto world. It refers to a significant spike in volume and price for a specific digital currency. It’s also used to describe a trader’s desire to see their assets gain a sky-high value.
A transaction ID (TXID) is a unique string of alphanumeric characters that identifies a blockchain transaction. Every verified cryptocurrency transaction receives a TXID, ensuring transparency, authenticity and security.
Transactions Per Second (TPS)
Transactions per second (TPS) refers to the number of transactions a particular blockchain can handle per second. Higher speeds mean higher payment efficiency, possibly at the expense of decentralization.
A trustless system is a decentralized platform that functions without the need for participants to know or trust each other. Blockchain technology ensures trust, eliminating the need for third-party intermediaries such as banks.
WAGMI stands for “We’re All Going to Make It.” It’s a phrase often used in the crypto community to inspire confidence and encourage community members not to lose hope.
Wrapped Ether (WETH) is an ERC20-compatible token pegged to Ether’s value, meaning that users can redeem it for the original coin anytime without affecting its value.