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Blockchain technology is taking the world by storm and, while the technology is rapidly growing, so is the vocabulary surrounding it. Learn the basic terminology for blockchain technology with #TheGreatXBlockchainGlossary101
“Everything will be tokenized and connected by a blockchain one day”
ASSET-BACKED DIGITAL SECURITIES are digital claims on physical assets that are backed by those assets, which can include real estate, gold, equity, or any other real, physical asset.
COIN is a digital store of value, and it lives on a blockchain or cryptocurrency network. Coins, as opposed to tokens, are not intended to serve utility. When transactions are made with coins, the physical coins do not move, as they exist solely as data on the blockchain, and instead, the balances on the accounts of the two transaction parties will change.
This is like two individuals making transactions through their bank with no physical cash being moved, and instead, their personal accounts reflect the transaction.
CRYPTOCURRENCIES are digital and decentralized currencies that can be used to buy and sell things, or as a store of value.
CRYPTOCURRENCY EXCHANGES are digital marketplaces where individuals can buy and sell cryptocurrency.
PEER-TO-PEER NETWORKS allow users to interact directly without an intermediary.
PROOF OF WORK is a consensus mechanism used by miners to add valid blocks to the blockchain. Miners use specialized computers to run computations with the goal of solving the blockchain’s algorithm.
The more computations a miner can churn out, the more likely they are to earn the reward associated with being the first miner to find the target solution to the current math problem; Every time a solution is found, the miners begin competing against to be the first to solve the next algorithm.
PROOF OF STAKE is a faster and less resource-intensive consensus mechanism that aims to lower fees. In this system, staking, the process by which network participants are selected to add the most recent transactions to the blockchain in exchange for some crypto, is like proof of work’s mining. Proof of stake has a community of individuals who contribute their personal crypto in exchange for being randomly selected to validate the newest transactions and update the blockchain.
SMART CONTRACTS are algorithms that enact the terms of a contract automatically based on its code. Smart contracts are processed by the blockchain, which allows them to occur without an intermediary.
STABLECOINS are digital currencies that peg their values to stable reserves, such as the U.S. dollar or gold. Unlike unpegged cryptocurrencies, like Bitcoin or Shib, stablecoins are meant to be less volatile.
TOKEN does not have its own blockchain and instead lives on the blockchains of crypto coins. For example, many tokens are created on the Ethereum blockchain, which has a native coin Ether. Token transactions rely on smart contracts, while coin transactions rely on the blockchain. When a token is exchanged in a transaction, the token is physically moved from one place to another.
Tokens can serve a range of purposes: representing physical assets, activating features of the blockchain, gaming in virtual platforms, or performing work. In order to make transactions with tokens, users often have to pay a coin fee in exchange for using the blockchain.
TOKENIZATION is a process where assets are converted into a token that can be stored, moved, and recorded on a blockchain. Great X has tokenized hotel rooms, allowing investors to be entitled to the earnings of the rooms in which they choose.
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Women of Influence (Innovation) winner Annelise is the co-founder of GreatX with prestigious accolades to her name. Annelise has 25+ years of experience in the capital market and has in the past managed portfolios as large as $400B.
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