BitSong
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Glossary
Account - A public and private keypair that “holds” your funds.
Address/ Public key - Used to send and receive transactions on a blockchain network. An address is an alphanumeric character string, which can also be represented as a scannable QR code. For example: bitsong1yuajbkafahg4uiuhvgv08
Block - Think of a blockchain as consisting of a ledger that is being constantly updated, and those changes synced between any number of different nodes.After a certain number of transactions have been added to the ledger and consensus has been reached among the nodes that the transactions are valid, then they are cryptographically locked into a “block” and officially recorded.
Block Explorer - An online tool to view all transactions that have taken place on the blockchain, network hash rate, and transaction growth, among other useful information. In short, a block explorer is a tool that provides detailed analytics about a blockchain network since its first day at the genesis block. We can say a block explorer acts as a search engine and browser where users can find information about individual blocks, public addresses, and transactions associated with a specific cryptocurrency.
Block Height - The number of blocks connected together in the blockchain. For example, Height 0 would be the very first block, which is also called the Genesis Block.
Bots - Automated trading software bots that execute trade orders extremely quickly, based on a preset algorithm of buy-and-sell rules.
BTSG - the ultimate currency for music, powering all the features of the BitSong ecosystem
Community Pool - a self-managing fund that exists to support the ongoing development of the BitSong ecosystem and community
Confirmation - A confirmation happens when the network has verified the blockchain transaction.
Consensus - The process used by a group of peers, or nodes, on a blockchain network to agree on the validity of transactions submitted to the network.
Decentralized Application (Dapp) - An open source, software application with backend code running on a decentralized peer-to-peer network rather than a centralized server. You may see alternate spellings: dApps, DApps, Dapps, and Đapps.
Deflation - Reduction of the general level of prices in an economy. May also refer to deflationary monetary policy, such as most cryptocurrecy, where there is a fixed supply of coins
Dump - To sell off all your coins.
Exchange - A place to trade cryptocurrency. Centralized exchanges, operated by companies like Coinbase and Gemini, function as intermediaries, while decentralized exchanges do not have a central authority.
Decentralized Exchange (DEX)- A decentralized exchange is a platform for exchanging cryptocurrencies based on functionality programmed on the blockchain (i.e., in smart contracts). The trading is peer-to-peer, or between pools of liquidity. This is in contrast with a centralized exchange, which is more akin to a bank or investment firm that specializes in cryptocurrencies.
Delegator – someone who delegates their BTSG tokens to a Validator to help secure the BitSong blockchain in return for a share of rewards
DPoS - delegated Proof-of-Stake, or DPoS, is the governance model that BitSong uses to secure its blockchain
Epoch - An epoch, in general, is a measure of time, or of blockchain progression, on a given blockchain.
Fan Tokens - the artist's cryptocurrency, Fan Tokens are a branded token allowing artists and fans to connect through a new channel of value
Faucet A faucet is an application, sometimes a very simple website, other times more complex, that dispenses cryptocurrency for use on test networks only.
Fiat - Government-issued currency. For example, US Dollars (USD), Euros (EUR), Yuan (CNY), and Yen (JPY).
Futures - A futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. They are different from forward contracts, which can be customized for each trade and can be conducted over-the-counter, instead of being traded on an exchange.
Gas - A measure of the computational steps required for a transaction on the network.
Gas Limit - A term used on the crypto platform that refers to the maximum amount of gas the user is willing to spend on a transaction.
Genesis block - The initial block of data computed in the history of a blockchain network.
Hold - A type of passive investment strategy where you hold an investment for a long period of time, regardless of any changes in the price or markets.
IBC - Inter Blockchain Communication, or IBC, is a protocol that’s part of the Cosmos technology stack, allowing seamless communication between blockchains. IBC enables BitSong to interoperate with any other IBC-enabled blockchain in the Cosmos ecosystem
Inflation - A general increase in prices and fall in the purchasing value of money.
InterPlanetary File System (IPFS) - A decentralized file storage and referencing system for the Ethereum blockchain. IFPS is an open source protocol that enables storing and sharing hypermedia (text, audio, visual) in a distributed manner without relying on a single point of failure. This distributed file system enables applications to run faster, safer and more transparently.
Keplr - a BTSG-compatible wallet, also compatible with other IBC-enabled blockchains in the Cosmos ecosystem
Ledger - An hardware wallet to secure, store and manage your crypto assets.
Liquidity Module - enables liquidity for Fan Tokens and NFTs in the BitSong Marketplace
Liquidity provider - someone who provides liquidity to a token pool on a decentralized exchange
Mainnet - The primary network where actual transactions take place on a specific distributed ledger. For example, The Ethereum mainnet is the public blockchain where network validation and transactions take place.
Market Cap - Short for Market Capitalization, this term refers to the total value held in a particular industry, market, company, or asset.
Max Supply - The best approximation of the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.
Mnemonic phrase - A mnemonic phrase (also known as mnemonic seed, or seed phrase) is a list of words used in sequence to access or restore your cryptocurrency assets. It should be kept secret from everyone else. It is a standard in most HD wallets.
Metamask - a BTSG-compatible wallet, also compatible with other Ethereum-based tokens and applications
Mining - A process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoins or some altcoins are created.
Node (full node) - Any computer connected to the blockchain network is referred to as a node. A full node is a computer that can fully validate transactions and download the entire data of a specific blockchain.
NFTs - non-fungible tokens, or NFTs are unique digital assets enabling artists to create digital scarcity around their work and merchandise
Peer to Peer (P2P) - The decentralized interactions between parties in a distributed network, partitioning tasks or workloads between peers.
Private Key - A private key is an alphanumeric string of data that, in MetaMask, corresponds to a single specific account in a wallet. Private keys can be thought of as a password that enables an individual to access their crypto account. Never reveal your private key to anyone, as whoever controls the private key controls the account funds. If you lose your private key, then you lose access to that account.
Protocol - A set of rules that dictate how data is exchanged and transmitted. This pertains to cryptocurrency in blockchain when referring to the formal rules that outline how these actions are performed across a specific network.
Private Key - In cryptography, you have a keypair: the public and private key. You can derive a public key from a private key, but cannot derive a private key from a public key. The public key, therefore, is obtained and used by anyone to encrypt messages before they are sent to a known recipient with a matching private key for decryption. By pairing a public key with a private key, transactions not dependent on trusting involved parties or intermediaries. The public key encrypts a message into an unreadable format and the corresponding private key makes it readable again for the intended party, and the intended party only.
Public address - Is the cryptographic hash of a public key, allowing the user to use it as an address to request for payment.A public address is the cryptographic hash of a public key, allowing the user to use it as an address to request for payment.
Scam - A fraudulent or deceptive cryptocurrency or ICO.
Seed (phrase) / Secret Recovery Phrase - The seed phrase, mnemonic, or Secret Recovery Phrase is a crucial part of public blockchain technology, they all refer to a set of ordered words which correspond to determined values. These values never change, and therefore the same string of words in the same order will always produce the same number–this is the underlying functionality that allows seed phrases to back up wallets. The Secret Recovery Phrase is exactly what it sounds like: something that is secret, and should be known only to the owner of the account. If the seed phrase is given to someone else, that person has complete control over the account; they can drain it of tokens and funds, execute transactions with it, etc.
Smart contract - A smart contract is a computer protocol intended to facilitate, verify, or enforce a contract on the blockchain without third parties.
Slashing - the act of penalizing a Validator for an act deemed to be against the overall good of the blockchain
Stable coin - A cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include fiat-pegged cryptocurrency.
Staking - the act of depositing cryptocurrencies to help secure the BitSong blockchain, either as a Validator or Delegator
Testnet - An alternative blockchain developers use to test applications in a near-live environment.
Trade Volume - Is the amount of the cryptocurrency that has been traded in the last 24 hours.
Transaction Fee - A small fee imposed on some transactions sent across a blockchain network. The transaction fee is awarded to the miner that successfully hashes the block containing the relevant transaction.
Wallet - A designated storage location for digital assets (cryptocurrency) that has an address for sending and receiving funds. The wallet can be online, offline, or on a physical device.
Validator - someone who operates a full node and validates transactions to secure the BitSong blockchain in return for rewards
Volatily - A statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index.
Volume - The amount of cryptocurrency that has been traded during a certain period of time, such as the last 24 hours or more. Volume can show the direction and movement of the cryptocurrency as well as a prediction of future price and its demand.
White paper - A document prepared by an ICO project team to interest investors with its vision, cryptocurrency use and cryptoeconomic design, technical information, and a roadmap for how it plans to grow and succeed.
Last modified 6mo ago
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