Cryptinc Glossary

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51% Attack

Consider this concept as sort of a “hostile takeover” of a cryptocurrency. The process of mining blocks of digital currency takes considerable computing time and energy. It is conceivable that a miner or mining pool could expend the computing resources necessary to control more than 50% of the total computing

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Acquisition

When one company decides to take over another one, it is referred to as an acquisition. The acquiring company will do this by purchasing either the majority or entirety of the ownership stake of the company being taken over.  

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Addresses

Every cryptocurrency has a unique address that identifies where it resides on the blockchain. It is this address, this location, at which the coin’s ownership data is stored, and where any changes are registered when it is traded. These addresses differ in appearance between cryptocurrencies but are usually a string of over 30 characters.


Airdrop

This is a marketing campaign that refers to the expedited distribution of a cryptocurrency through a population of people. It usually occurs when the creator of a cryptocurrency provides their coin to low-ranked traders or existing community members in order to build their use and popularity. They are usually given away for free, or in exchange for simple tasks like sharing news of the coin with friends.


Application Specific Integrated Circuit (ASIC)

An Application Specific Integrated Circuit (ASIC) is a computer chip created to perform one specific function. Mining of cryptocurrency data blocks demand a lot of computer space and time. Some miners set aside entire devices or partition off a section of their computers to do nothing but mining.


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