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Technology based on the idea of decentralization of information. Imagine hosting or a digital register, whose sole vision is only to save new data and is scattered across all the computers on the web – thousands to millions, but the information on it is minimal – bytes, not KB or MB, to reach the maximum speed of transmission and reception. This basic information is associated with registering (who, where, what holds, and transfers between them) but will still be in all other directions – registering is only one use case.
A digital currency (or in other words – a code, an application, or a digital program) that uses Blockchain technology to register its information. In some cases, they have their Blockchain, and tokens are created on an already developed Blockchain that has the capabilities to deploy Smart Contracts.
A Cryptocurrency created by Smart Contract and has the ability for a specific function under conditions. I.e., if a user keeps ‘this’ in his portfolio wallet, do ‘that’ or on ‘this’ condition, do ‘that’ (just a simple sample of what those functionalities can be). Tokens can be used for transfers and any other type of logic to enable a kind of contract between different users without the intervention of external auditors.
The essence of the digital token type, containing the powers of the corresponding currency and the interaction with it. They are published on Blockchain – the main one is Ethereum. Almost all other token-based Blockchains have the same options and functions as Ethereum – communicating with the Smart Contract and using its capabilities, conditions, and operations.
The primary type of token standard on Ethereum. It is suitable for making tokens and currency types because there is no distinction for each Token, and it is the same as all the others of the same kind.
An additional primary type of token standard on Ethereum. It’s allowing diversified or, in other words – allowing for different metadata in each Token separately, i.e., suitable for NFT projects because you can have tokens in the same collection but look completely different as a visualization.
Term for an ERC-721 type, mainly connected to collections, games, or metaverse. In other words – painting, music, documents for collections and artifacts, heroes, and personas for games and metaverses on the Blockchain. These tokens use the ERC-721’s ability to visualize pictures with unique content.
Mainly for Cryptocurrencies, but tokens can also be mined. This is the way to save and send logs with Blockchain information and be rewarded in the process. Two main types are distinctive: Proof of Work and Proof of Stake. For PoW, video cards are primarily used because of their ability to absorb large amounts of data and calculate them in parallel. With processors, the difference is that only one packet of data can enter, and you have to wait to be calculated to be able to continue with the next one. Mining happens primarily on video cards because no matter how fast a processor is, it is limited by the number of requests it can calculate. The video card is not, and the more RAM you have on the video card, the more data you will store and count, i.e., you will be able to mine more and more efficiently. For PoS, collateral of previously acquired Cryptocurrency or Token is locked for a specific time. That is the way to get the rewards there. All Crypto-Mining is going through a Crypto-Mining Pool.
A term to describe one, several, or thousands of competing computers for a reward in the mining process. The reality of Crypto-Mining is that only one user gets the dividend for the current register block. A register block is the one package of data saved onto the Blockchain. This one user is randomly selected, and many other users have competed for nothing. Nevertheless, it’s much easier and faster to get the reward if you race with others in a Crypto-Mining Pool. That is because all of you are calculating the same block.
It’s work proven by the Crypto-Miners and parts or all of the Blockchain passed through their computers – sending permanent data packets over the Internet, processing by video card or processor, and back to Blockchain.
The technology for obtaining Cryptocurrency or Token through so-called – holding. The idea is that instead of using computer power to calculate Blockchain data and be randomly rewarded, the same thing can happen, but for those who hold the respective Cryptocurrency or Tokens. Lock them in for some time and benefit the same way everybody will be rewarded if they lock some tangible assets in banks. Cryptocurrency or Token must have been acquired in some way beforehand. This is usually done with ICO – Initial Coin Offering or Crowdfunding methods.
A minor Blockchain is like a separate object connecting to a major Blockchain. Example – Polygon is a side-chain of Ethereum. The idea is to do the data calculations elsewhere, which is not as congested as the leading Blockchain. In this case, Ethereum’s fees have skyrocketed due to congestion.
A secondary blockchain that is like a separate object using the base blockchain, only to stand on it as a base. It is usually a detailed and complex Smart Contract that mimics the functions of the primary Blockchain but makes it much more efficient. An example is Immutable X.
How much a Cryptocurrency or Token is valued. The formula is simple – the stock exchange price is multiplied by the number of such currencies or tokens created.
The term for software or hardware with software that holds transaction logs + private key and can interact with Blockchain. In reality, no wallet keeps money but registers and the ability to do something with that wallet. The currencies themselves hold on to Blockchain, and the wallet only makes connections from Blockchain to the place with which it interacts. There are different options – hardware – USB flash drive with Digital Certificate, browser extension – for example – MetaMask or software for computer or device, example for Windows, Android, iOS.
A way for each organization to make an initial investment in their project and thus secure a future. In reality, this is one of the main ways used by scammers and people with paper hands to make another boom and a way to deceive people. Over 90% of ICO projects have closed the shutters and fled with millions without anyone being able to hold them accountable because we are still in the Wild West of Crypto. Almost all the ICOs are dead, but in their place appeared another big bubble with NFTs. The world has already begun to realize that those who do not have a genuine product, but only promise, will do nothing. Hopefully, the ICOs and NFTs will soon reach their real potential with regulated laws, and frauds and scams will become less likely.
Any organization with the financial part of Blockchain, i.e., has a token placed on exchanges or is tradable through some digital protocol. The idea is that it is like a separate financial organization globally, with well-defined pre-set plans for how the Cryptocurrency or Token will develop, how it will be distributed, what its future is, and is not attached to any government or banks. DeFi aims to be decentralized because it is controlled by all the people that hold the relevant Cryptocurrency or Token, and they govern it, and DeFi is its government and bank in that sense (or this is the leading case with DeFi that are DAOs).
This is the unique code to access the wallet. You never share that with anyone. You save them somewhere secretly, if possible offline – on a USB flash drive or a piece of paper, for example, and they are your backup if you ever forget your wallet password. Usually, a few words in English are written in a particular order for you to be able to memorize them. It is also a 256-bit number that is more difficult to understand and therefore has a representation with these words.
This is your wallet address. You share it with everyone when you want the money sent to you. For example, CryptoTeka’s official Ethereum wallet is: 0xbaa920Aa247c08354a4B4039EAbfBe654C39b8D0 – most of them (Crypto Wallet addresses in particular) are like that, but they have some differences. For example, all Ethereum addresses start with 0x. Others start with different numbers or symbols or a combination of both, but in general, they all have some kind of structure according to the currency and Blockchain they are on. Be careful when sending coins here and there – they always look at which network you send from and which network you want to send. They must always be the same because otherwise, there will be an irreversible loss of funds. Ethereum has its Blockchain, Binance has its own, and Bitcoin is separate. On Ethereum networks, you can have many different tokens in one wallet, as long as they are on the Ethereum network, while on the Bitcoin network, everything is a Bitcoin coin and the only thing you can keep in your wallet.
An organization with no centralized authority to say how and where the project will develop, but all decisions are made when different network shareholders make proposals. Other network shareholders either accept or reject submissions. In this way, everyone who has a part of this organization has the opportunity to be part of its ruling. Such an organization cannot be created as a decentralized in the beginning. First, it has to go through the phase of a ‘Centralized Organization’ to make a product that will be widely used, and then comes the ‘Decentralized Migration’ – the one that gives the shareholders to govern and vote.
A term used to transfer funds or tokens from one Blockchain to another. As we wrote above in Public Keys – Cryptocurrencies or Tokens cannot be sent from one network to another, and this is done with particular sites/tools called Bridges, allowing this transfer.
Some Cryptocurrencies and Tokens
BitcoinThe first Cryptocurrency. Nothing special, except that it is the first, everyone else is coping its core, and no one knows precisely the person or organization that created it. We understand why Bitcoin is made, though – it’s after the 2008 markets crash. You can guess the rest.
LitecoinA copy of Bitcoin, with the ability to transfer more data faster.
DogecoinA copy of Litecoin. As a joke, the whole thing started, no matter what.
MoneroOne of currently best known and significant Cryptocurrencies, whose main idea is privacy – everything on Blockchain is hidden, and no one knows which wallet holds how much or where it comes from.
EthereumThe first based on Smart Contracts. Since Ethereum block size is currently tiny and, as a consequence, fees have skyrocketed due to traffic jams, Ethereum 2 is expected to be launched in 2022 (we hope), which will be a much more advanced Blockchain, allowing for lower fees, faster execution, more transactions per second, etc. Ethereum with the symbol ETH is the primary Token of the Ethereum Blockchain.
Binance Coin / BNBA copy of the ETH Token, i.e., Ethereum. Binance, as the largest Crypto exchange, decided that it is suitable for them to make a token, like everyone else.
Tether / USDTThe first to realize – a representation of the dollar as a token on the Ethereum network. I.e., 1 USDT cost, 1 USD always. The problem is that this organization should have over 80 B USD to be able to cover all the tokens it has ever created, but there are severe rumors that this money is hardly there somewhere.
Binance USD / BUSDSame as Tether, but Binance did it on their network. Binance exchange, by the way, is developed on the Cosmos Ecosystem.
PolkadotA Layer Zero Solution. The project’s primary goal is to become the base of all other Crypto projects, and they aim to create an Ecosystem that is interconnected to all other Blockchains. Polkadot is fighting for the unification of On-chain technology, but we will see how far it will go.
Solana, AvalancheExamples of a new type of Smart Contract Blockchains that have faster and cheaper transactions on their networks but are copies of Ethereum, with some improvements.
Axie Infinity, Decentraland, The SandboxEthereum tokens, which gained great popularity and Market Cap in 2021 due to the growing popularity of Blockchain games + Metaverse + NFT technologies, etc.
PolygonSide-chain has the largest Market Cap of all other Side-chains.
Immutable XThe most famous at the end of 2021 Layer 2 Solution of Ethereum. Offers Zero Gas Fee – or transactions that cost nothing to translate. The main goal is to be effective in gaming and the type of projects that will require many transactions daily.
Here is a list of Crypto exchanges. You can easily register and receive bonuses from taxes with our unique link. This is also one way you can support CryptoTeka.
Binance / Binance.USBinance was founded by Changpeng Zhao in China, a developer who had previously created high-frequency trading software.
Before the Chinese government banned cryptocurrency buying and selling in September 2017, Binance moved its servers and headquarters to Japan.
As of January 2018, Binance was the most significant cryptocurrency change with a market capitalization of $1.3 billion, a title it has retained since April 2021, despite opposition from Coinbase.
In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened BINANCE.US. Launched in September 2019 and headquartered in California, BINANCE.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry. Designed to comply with all applicable US laws, Binance.US is a separate exchange registered with the United States Financial Crimes Enforcement Network. Brian Shroder is the president and CEO of BINANCE.US.
On 28 October 2020, Forbes staff launched leaked files alleging that Binance and Zhao created an elaborate company structure designed to deceive intentionally.
USA regulators secretly benefit from cryptocurrency traders positioned in the country. Binance formally blocks access from IP addresses in the USA., but potential clients could teach how to avoid geographic restrictions, Forbes claimed.
In May 2021, it became mentioned that Binance was under investigation by both the Internal Revenue Service and the USA Department of Justice on allegations of money laundering and tax offenses.
In April 2022, Reuters reported that, in 2021, Binance shared information with Rosfinmonitoring about funds raised by jailed Russian opposition leader Alexei Navalny’s network.
CoinbaseCoinbase was based in June 2012 by Brian Armstrong, a former Airbnb engineer. Armstrong enrolled in the Y Combinator startup incubator program and obtained a $150,000 cash infusion. Fred Ehrsam, a former Goldman Sachs trader, later joined as a co-founder.
Coinbase is a cryptocurrency exchange platform, and it is the largest cryptocurrency exchange in the United States by trading volume.
KrakenFounded by Jesse Powell, Kraken is a United States-based cryptocurrency exchange and bank operating since 2011.
Kraken provides trading between cryptocurrency and fiat currencies and price information to Bloomberg Terminal.
The exchange is available to residents of 48 U.S. states and lists 95 cryptocurrencies for trade. Kraken operates in 176 countries except Cuba, Iran, and North Korea.
Powell said in May 2018 that Kraken was considering registering as an Alternative Trading System (ATS) that would place the company directly under the oversight of the U.S. Securities and Exchange Commission (SEC).
In September 2021, it was announced that Kraken would pay $ 1.25 million to the Commodity Futures Trading Commission to offer unregistered margin trading.
KuCoinKuCoin is a cryptocurrency trader based in Hong Kong, and Johnny Lyu is the Co-Founder and CEO. The global leading cryptocurrency exchange founded in 2017 has grown into one of the most famous traders and already has over 8 million registered users across 207 countries worldwide. KuCoin has one of the world’s most impressive trading pair selections, with more than 300 trading pairs.
The exchange has its cryptocurrency called KuCoin Shares (KCS).
Many traders have competitive trading fees but then charge you on exit with a withdrawal. When you withdraw BTC, KuCoin charges a withdrawal fee amounting to 0.0005 BTC, and this fee is also below the industry average.
The trading and withdrawal fees are substantial competitive advantages against most other top crypto exchanges.
KuCoin accepts deposit methods only in crypto. The new crypto investors with no previous holdings of cryptocurrencies are restricted from trading.
KuCoin also offers fiat currency for cryptocurrency trading.
Crypto.comCrypto.com is a cryptocurrency trade app based in Singapore. The app presently has 10 million customers and 3,000 employees.
The company was initially created by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco.” In 2018, the business enterprise was renamed Crypto.com following a purchase of a site owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at USD$5-10 million.
Crypto.com is operated via Foris DAX Asia, a Singapore-based organization subsidiary of Foris DAX MT (Malta) restricted.
In January 2022, Crypto.com was the sufferer of a hack totaling $15 million in stolen Ether. After a few users stated suspicious activity on their bills, the organization paused withdrawals. Withdrawal services later were restored with a declaration from the company that no client funds were misplaced.
Crypto.com strengthened its protection after suffering a hack in January 2022, which noticed $30 million stolen from customers.
Huobi GlobalHuobi Global was founded in China in 2013 and is a leading cryptocurrency exchange with a strong presence in the Asian markets. Huobi provides a digital asset ecosystem that encompasses spot trading, crypto loans, crypto yield products, derivatives trading, staking, etc.
The changing regulatory landscape in China forced Huobi to move its crypto trading services abroad in 2017. The company subsequently incorporated in Seychelles and set up a new headquarters in Singapore, focusing on expanding to other Asian markets and the rest of the world.
In 2019 a report by Bitwise Asset Management accused Huobi Global of wash trading to inflate its reported trading volume figures. Huobi announced that it put measures to discourage wash trading on its platform and denied the accusations, and Huobi’s reported trading volumes dropped a few weeks after the Bitwise report.
Despite setbacks in its company history, Huobi has built a thriving crypto-asset ecosystem composed of its blockchain, Huobi Eco Chain; the Huobi Token (HT); a dollar-backed stablecoin called HUSD; and more. Nowadays, Huobi Global serves tens of millions of users in 100+ countries.
BitfinexRegistered in the British Virgin Islands, Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc. In several incidents, their customers’ money has been stolen or lost, and they have been unable to secure normal banking relationships. In late 2017 research suggests that price manipulation of bitcoin on Bitfinex accounted for about half of the price increase of bitcoin. Bitfinex was launched in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. The trader initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.
Gate.ioGate.io was founded in China in 2013 by Lin Han and is one of the oldest Chinese bitcoin exchanges. The exchange suffered a 7,000 BTC hack in 2015, and it was stolen coins from its cold wallets. Gate.io has launched a bug bounty, which rewards those who report bugs and vulnerabilities to provide additional security on the platform. Gate.io holds some client assets in cold storage disconnected from the internet to reduce the risk of hacks.
The exchange supports the most extensive selection of crypto assets of any cryptocurrency exchange- more than 1,200 coins. The recent changes in the regulatory environment in the U.S. and Canada stop Gate.io from providing any services to users there.
GateToken (GT) is the native token on the platform and entitles users to trading discounts based on their holdings and to pay trading fees. It may also grant you access to special activities, like initial coin launches.
CoinListCoinList is a token sale designed for blockchain projects’ first adopters. From protocol tokens to securities, the daily creation of digital assets is increasing.
CoinList aims to manage the inevitable logistical, compliance, and regulatory burdens that accompany the debut of a new financial instrument. By offering this direction, organizations developing new digital assets will be able to devote more resources to creating world-changing goods.
Token issuers are utilizing CoinList to access an audited KYC and AML compliance procedure, a growing network of investors, and an established token sale facilitation process with full-service support.
Investors utilizing CoinList may benefit from the extensive due investigation undertaken before project approval and a user-friendly platform for token trading and participation in secondary auctions.
CoinList collaborates with industry leaders to hold a series of virtual hackathons as part of a partner product called CoinList Build.
