# BLOCKCHAIN TERMINOLOGY

## **Blockchain Terms Simplified Explanation**

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| **Blockchain**          | Collection of Distributer Servers that maintain the Blockchain Software and Ledger                        |
| ----------------------- | --------------------------------------------------------------------------------------------------------- |
| **Node**                | Individual servers                                                                                        |
| **Ledger**              | Database                                                                                                  |
| **Wallet**              | Account                                                                                                   |
| **NFT**                 | Media assets (Non-Fungible Token)                                                                         |
| **Token**               | Platform Assets (Cryptocurrency/Token)                                                                    |
| **Royalties**           | Affiliate revenue                                                                                         |
| **Smart contract**      | Irrevocable Electronic Contract/Agreement                                                                 |
| **dApp**                | Decentralized Application                                                                                 |
| **Minting**             | Creating new Tokens/Cryptocurrency                                                                        |
| **Private Key**         | Private Passwords                                                                                         |
| **Public Key**          | User Names broadcast to the Public                                                                        |
| **Seed phrase**         | Simplified password                                                                                       |
| **Account abstraction** | Email login                                                                                               |
| **Airdrop**             | Rewards                                                                                                   |
| **Degen**               | Enthusiast                                                                                                |
| **DAOs**                | Decentralized Autonomous Organization formed comprised of  Communities                                    |
| **Tokenization**        | Digitalization of an Asset                                                                                |
| **DEX**                 | Marketplace (Decentralized Exchange)                                                                      |
| **Miners & Stakers**    | People running servers                                                                                    |
| **Mining**              | Use of Computing Power to Process and Record Transactions on the Blockchain                               |
| **Gas**                 | Costs of running servers                                                                                  |
| **Oracle**              | Trusted Information Source (Data provider)                                                                |
| **Mainnet**             | Production environment                                                                                    |
| **Forking**             | Cloning a blockchain to create a different version                                                        |
| **ICO**                 | Initial Crowdsale Offering of Token                                                                       |
| **TVL**                 | Total Value Locked (Tokens that cannot be sold/traded/used and are secured in a sort of Electronic Vault) |
| **Fractional NFT**      | Share of an NFT                                                                                           |
| **DeFi**                | Decentralized Finance                                                                                     |
