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Commonly Used Crypto And Blockchain Terminologies You Should Know

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commonly used crypto and blockchain terminologies you should know

The Blockchain and cryptocurrency ecosystem frequently use terminologies like “decentralization”, “cryptography”, “keys” and “wallet address”. However, to those that are not familiar, these blockchain terminologies can be a bit confusing even for early adopters, the Blockchain technology is an ever-evolving technology which produces terms that can be quite difficult to grasp.

While some terms are newly developed slangs, others are technical blockchain terminologies that have been in existence for a long time. This ever-growing list is a starter pack that offers a simplified explanation of some of the frequently used terms in the Blockchain sphere.

Cryptography

Cryptography is heavily based on mathematical theory and computer science practice that ensures information is transmitted in secrecy. That is, the process of encrypting and decrypting information so that only the only the audience that the information is intended for can access it. In a nutshell, it is the practice and study of techniques for secure communication.

Blocks

Blocks are files where data pertaining to the Bitcoin network is permanently recorded. By way of analogy, you can compare block as the individual pages of your book. A block represents the ‘present’ and contains information about its past and future. Each time a block is completed it becomes part of the past and gives way to a new block in the Blockchain.

Block Chain

This is a type of distributed ledger, when blocks are created, they are structured into a sequence over a period of time. Each time the computer solves a mathematical puzzle, that block is added to the previous one, and the process continues. The addition of these individual blocks forms a chain of blocks called Blockchain.

A DAO (Decentralized Autonomous Organization)

This can be thought of as a corporation run without human involvement under the control of an incorruptible set of business rules.

Gas

A layman interpretation of gas would be a substance in a form like the air that is neither solid nor liquid. However in the crypto space, gas is a measurement roughly equivalent to computational steps (for Ethereum). Every transaction is required to include a gas limit and a fee that it is willing to pay per gas; miners have the choice to including the transaction and collecting the fee or not. Furthermore, every operation has a gas expenditure; for most operations, it is 3-10, although some expensive operations have expenditure up to 700 and a transaction itself have an expenditure of 21000.

Mining

Mining is the process of several computers competing to solve a mathematical puzzle found inside a block. This process verifies the transaction, add it to the Blockchain and triggers the release of cryptocurrency as the output. Also, the people that verify the transactions are called Miners.

Cryptocurrency

A cryptocurrency is a form of digital currency that uses cryptography, where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Unlike fiat currency, cryptocurrencies operate independently of a central bank. Examples of cryptocurrencies are Bitcoin, Ethereum, Dash, Tron, Kurecoin, Litecoin, etc.

 A private key

A private key is a string of data that shows you have access to bitcoin in a specific wallet. Private keys can be thought of as your password or ATM pin and should not be revealed to anyone as they allow you to spend the cryptocurrency from your wallet.

Cryptocurrency wallet

A wallet is a digital storage location – a file that contains a collection of private keys for your cryptocurrency – same as your physical wallet but in this case for digital currencies. Typically, it is like the “bank account” for your digital assets. There are different types of wallets, including software and hardware wallets.

Consensus

A consensus is a mechanism on the Blockchain that allows the computers responsible for validating transactions are in agreement. A consensus is reached when the majority of the miners validate a block on the Blockchain.

Hash rate

This is the speed at which a mining computer used to verify and validate transaction on a Blockchain can go. Computers with higher hash rates would be able to verify transactions faster than those with a low hash rate.

A Node

A node is any computer that connects to the Blockchain network/database. Nodes are instrumental in making cryptocurrencies decentralized with every node keeping a version of the entire Blockchain.

Proof of Work (PoW)

Proof of work is a system that ties mining capacity to computational power. Blocks must be hashed, which is in itself an easy computational process but an additional variable is added to the hashing process to make it more difficult. Upon the successful hashing of the block, some time and computational effort must have been taken. Hence, a hashed block is considered proof of work.

Proof of Stake (PoS)

This is an alternative to proof of work system, in which the amount of crypto that you hold that is your existing stake in the crypto is used to calculate the amount of cryptocurrency that you can mine.

Testnet

Testnet- Testing network is an alternative bitcoin blockchain where developers can test their system. The cryptocurrencies used in testnet do not have any real world value as the application allows developers to experiment without having to worry about breaking the main bitcoin blockchain.

There are other blockchain terminologies that can not all be presented in this article, you can also refer to cryptocurrency terms every crypto-newbie should know.

 

Find this Article helpful? Do share your thoughts, contributions or suggestions with us in the comment section.

 

 

 

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Kudi Exchange is Live in Beta Testing

What else makes Kudi Exchange special? It is the first and only exchange in West Africa to offer a U.S. Dollar backed stable coin through our co-marketing partnership with Gemini

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Kudi Exchange is Live in Beta Testing

Ferrum Network in a Medium Post announced that it’s first product — Kudi.Exchange — is now live in beta testing with over 400 users in the pilot and 2500 more signed up!

This is big news for Ferrum Network because we built and launched a world-class exchange and payments product on a seed budget.

But it is even bigger news for the people of West Africa who for the time first time can purchase a U.S. Dollar backed stable coin with fiat and send fiat currency peer-to-peer instantly with no third-party intermediaries. We are proud to introduce Kudi.Exchange — A Digital Currency Exchange + Peer-to-Peer Payments App with U.S. Dollar Stability.

It’s a Fiat Gateway, But Runs on the Ferrum Network

What is Kudi.Exchange? It is a fiat-to-crypto exchange + mobile payments app based in Nigeria that runs on top of our network. With Kudi, users can buy digital assets directly with fiat. It is the fastest, lowest cost and most advanced digital currency exchange in Nigeria.

Why Nigeria? Nigeria is a massive crypto market. It has the 7th highest BTC volumes in the world, 1st in Africa, highest Google searches in Africa for “bitcoin”, a population of 200 million with 50% under the age of 35, and an existing financial system that is ripe for disruption.

Competing exchanges that offer far less regularly achieve $5 million USD in monthly volumes. With such a large market with low incumbent competition, we look forward to offering this product to millions of customers.

Faster Speeds, Lower Costs

How do we achieve millisecond transactions at lower cost than our competitors? Simple — the backend of Kudi.Exchange is running on the Ferrum Network— a high-speed interoperability designed for low cost financial applications. This means users can buy/sell/send digital assets faster and for less network fees than other exchanges.

The Only Exchange In West Africa to Offer U.S. Dollar Stable Coin

What else makes Kudi.Exchange special? It is the first and only exchange in West Africa to offer a U.S. Dollar backed stable coin through our co-marketing partnership with Gemini

Like many emerging markets, the demand for U.S. Dollars in Nigeria is high, but physical dollars are difficult and costly to obtain. Now for the first time, Nigerians can access digital U.S. Dollars through an app. They can rest assured those assets are backed by a fully-regulated trust company, Gemini.

Our market tests indicate that demand for a U.S. Dollar stable coin is incredibly high, and we are proud to offer our customers easy access to this critical safe haven asset.

It’s Also An Instant Peer-to-Peer Payments App

Perhaps the most exciting aspect of Kudi has nothing to do with cryptocurrencies. Remember — the market for people who deal only in fiat is far larger than those interested in digital currencies.

Therefore, Kudi also functions as a peer-to-peer mobile payments app for instant fiat money transactions. Our customers can now send Naira to each other instantly with no banking intermediaries at a fraction of the cost of a traditional bank app.

How is this possible? The Kudi.Exchange mobile wallet also doubles as a payments app. Users simply deposit their Naira into the app, enter the address of the recipient, and “send”. Customers can also send money to non-customers through their phone number or What’s App number, and the recipient will be prompted to download the app to receive the money. Since this all runs on Ferrum Network tech, the Naira is transferred in milliseconds, and it never goes through a third-party.

Normal banking apps in Nigeria can take up to 24 hours to send money, and charge fees on everything from minuscule transactions to using cellular data! With Kudi, users can now send Naira instantly peer-to-peer at a fraction of the cost. We are now talking to merchants who are interested in using this app to replace costly point-of-sale system, and who want to incorporate a fast, cheap, mobile payment solution.

More Transactions = More Burned Tokens

What does all of this mean for token holders? Well for now the exchange is running on a limited private Mainnet. But when the full Mainnet goes live in a few months, users will be spending FRM tokens for every transaction. Remember: every transaction that runs on the Ferrum Network burns FRM tokens.

With thousands of Nigerians sending Naira to each other, and buying/selling digital currencies, this will have an immediate positive impact on the Ferrum Network ecosystem.

In other words, Ferrum Network will be the first project with users, daily transactions and network utility on day 1 of main net launch.

Designed to be Replicated in other Markets

Finally, the best part is that this solution is not limited to one country. The technology is designed to replicated. We can easily import this solution to other emerging markets, and partner with existing exchanges who want to incorporate a U.S. Dollar stable coin and instant peer-to-peer fiat payments. And since it all runs on the Ferrum Network, the more we expand, the more it benefits the ecosystem.

Thank You to Everyone Involved

We want to thank TLG Ventures for being the driving force behind Kudi.Exchange. We also want to thanks all of our pilot users who are making sure the product is as great as it can be — you know who you are. Finally, we want to thank the Ferrum Network community for sticking with us since the early days. We could not have done this without you.

Coming Up Next

Since Kudi is still in the pilot, we will be sending weekly traction updates on our progress. You’ll also get updates on specific aspects of Kudi, including our user acquisition strategy, and expansion into other countries and other services (e.g. merchant point of sale).

Of course all of this is leading up to a token sale (details to be released soon) so YOU can get involved in Ferrum Network!

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An Overview of SaBi Exchange

SaBi Exchange happens to be the most advanced centralized Cryptocurrency Exchange in Africa. Find out more in this review by cryptowisser.
#BUIDL

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An Overview of SaBi Exchange
An Overview of SaBi Exchange

There are currently over 15 cryptocurrency exchanges in Africa with about five centralized cryptocurrency exchanges in Nigeria. However, among these exchanges. SaBi Exchange happens to be the most advanced centralized Cryptocurrency Exchange. SaBi Exchange was launched 10 March 2019. It was founded by Lucky Uwakwe and Peter Huang. Lucky Uwakwe is a graduate of Nicosia University in Cyprus and has earned a Masters Degree in Cryptocurrency and Blockchain Technology. He is the current Ambassador of Dash Cryptocurrency to Africa, Founder of Cheetah Africa and a citizen of Nigeria.

SaBi Exchange is based in Abuja Nigeria.

Huobi Partnership

The exchange is powered by Huobi Cloud and has the same security and liquidity features as Huobi. SaBi Exchange has partnered with Huobi to deliver outstanding crypto trading services to the region. According to the review from cryptowisser. It has not been able to verify the details of the Huobi partnership with SaBi Exchange and as such investors are advised to read this partnership details with caution. SaBi Exchange allows cryptocurrency deposits and fiat deposits on its platform with limitations.

Deposits

US citizens aren’t allowed to deposit fiat currency into the platform while some listed countries are allowed to deposit fiat currency. The countries allowed to deposit fiat currency on SaBi includes China, South Korea , Canada, Russia, Britain, India, Australia, Switzerland, Brazil, Taiwan, NewZealand, Singapore, Vietnam, Nethaland, Hongkong, Nigeria, Indonesia, Philippine, Cambodia, Middle-east, Malaysia, Myanmar, Turkey. Fiat deposits through Wire Transfers and Card Deposits are allowed using Qiwi, Paytm, Paynow etc. However, Cryptocurrency deposits are allowed by users worldwide.

Trades And Fees

Aside from the normal trade features, SaBi offers four types of trades. They include OTC-trading, Margin, Exchange and Leveraged Trading. The OTC-trading feature of Huobi Exchange comes under the following currencies—USDT, BTC, ETH and EOS. SaBi Exchange offers 2x to 5x leverage. The leveraged trading features are available on 41 trading pairs out of the 240+ trading pairs available for regular exchange trade. It also offers 0.20% trading fees on both makers and takers which is slightly below the normal 0.25%  fee charged by other exchanges worldwide. It charges a withdrawal fee of 0.0005 BTC. The withdrawal exchange fee charge is approximately 40% lower than the global exchange fee charge.

SaBi Security

SaBi uses the Huobi security protocol “Huobi Cloud” to secure its platform against hack attempts. It equally shares the Huobi liquidity to ensure a liquid trading platform for its users. The exchange platform boosts of speed and faster transactions on trading of cryptocurrency on its platform. Fiat deposits are available through wire transfer and debit cards with a good security feature ensuring the safety of users account details in Nigeria. Fiat deposit can also come through Paynow, Paytm, Qiwi, IMPS, UPI or Interac e-transfer on the platform. SaBi has developers with over 6 years of experience working with Huobi and Huobi Cloud.

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Sirin Labs and MyEtherWallet Partners to Increase Outreach of Blockchain Smartphone

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sirin labs ans myetherwallet partners to increase outreach of blockchain smartphones

Swiss developer Sirin Labs will fuse popularly known cryptocurrency interface MyEtherWallet (MEW) in its Finney blockchain smartphone, this was confirmed by the company on social media on March 21.

Sirin Labs, which released Finney late last year will now enable MyEtherWallet users to buy the device via the latter’s cell and web interface. Also, MEW will attribute as the go-to wallet interface for Finney customers.

The move according to Sirin and MEW came about as a result of a need to promote adoption and ease the process of assessing and handling cryptocurrency tokens.

“We’re always looking to bring more secure integrations to Ethereum to make our users feel safe while navigating the crypto waters, and we believe having an on-phone hardware wallet is immensely valuable to users,” – Kosala Hemachandra, MEW CEO and founder expressed to Finextra.

Hemachandra buttressed further:

“This will not only make it easy to send and receive crypto transactions, but it will also make crypto more accessible to a wide range of users.”

The partnership is the newest to close for Sirin that became popular among cryptocurrency users in 2017 when it signed Lionel Messi, a popular footballer as its brand ambassador.

“We see this integration as a strong step towards a greater market share for both companies, as the two products complement each other” – Zvika Landau, Sirin Labs CEO.

The blockchain smartphone arena already contains several players which launched devices at similar times. Recently, HTC partnered with web browser Opera to increase the functionality of its blockchain-centric offering, the Exodus. Samsung has also received consideration after it published it might come with a cryptocurrency wallet in its latest Galaxy S10 smartphone.

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Crypto Now Accepted By Largest Swiss Online Retailer Digitec Galaxus

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crypto now accepted by largest swiss online retailer digitec galaxus

Digitec Galaxus – a leading Swiss online retailer has announced that it will now accept cryptocurrencies in accordance with a press release published on March 19.

According to the announcement, the online retailer is now accepting bitcoin (BTC) Bitcoin SV (BSV), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Tron (TRX), NEO(NEO), Litecoin (LTC), and OmiseGO(OMG) on purchases over CHF 200 (about $200). the press release also claims that the online retailer host close to 2.7 million products ranging from wheat beers to shoehorns.

This new payment method was reported to have been jointly developed as part of a pilot project with swiss payment processor Datatrans in conjunction with Danish crypto payments startup Coinify.

Going further the managing director of Datatrans, Hanspeter Maurer said:

“We are keen to find out how Digitec and Galaxus customers take up this offer”

As part of the move towards crypto, if the customers of the online retailer choose the new method of payment – cryptocurrency, the checkout process redirects them to Coinify page where they would be asked to choose means of payment from a list of options. After which customers then receive a conversion rate that applies for 15 minutes as well as payment details QR Code format and text. the customer then activates the transaction with a crypto wallet.

There are no fee charges by Digitec Galaxus for any payment made with cryptocurrencies but a 1.5% fee is charged by Coinify of the purchase through the conversion rate.

Lastly, a blog post was also released by the company explaining its internal engineering team behind the crypto integration.

Picture Credit: Bitcoinist

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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