The blockchain industry is developing very fast, and navigating in the sea of blockchain terms can be quite difficult. Check your knowledge of blockchain terminology and learn some new terms in this quiz.
A document containing details about a cryptocurrency
A way of storing cryptocurrencies online
A document a person has to sign when buying cryptocurrency
In general, a whitepaper is an extensive report or guide that concisely analyzes a complex issue. In the context of blockchain, it is most often a document with technical details about a cryptocurrency and a roadmap for its development.
ICO stands for initial coin offering, that is a type of funding with cryptocurrencies, an analog of IPO.
A cold wallet doesn’t contain cryptocurrencies, while hot wallet does
A cold wallet is an offline wallet, while a hot wallet is operated online
A cold wallet is a reliable wallet, while the term “hot wallet” relates to a wallet that has been compromised.
A cold wallet is an offline wallet, while a hot wallet is operated online; hence there names: hot wallets contain funds which are easily available, unlike cold wallets.
A fork can be hot if you use it for hot food. But in the context of blockchain “fork” relates to a currency split into two, and its two types are a soft fork and a hard fork.
Name of a cryptocurrency, Bitcoin’s fork
The smallest entity of a cryptocurrency (e.g. 0.00000001 BTC)
Name of the most popular website about blockchain
Named after Bitcoin’ founder, Satoshi is the smallest decimal entity of a given cryptocurrency (e.g. 0.00000001 BTC)