Glossary

There is a new technology that surpasses traditional banking services, which is blockchain technology, and you need a complete blockchain glossary to understand the basics of this ecosystem. Join our guide and explore the main crypto and blockchain terms.

The products of blockchain technology, digital assets called cryptocurrencies, have been in our lives for a long time. Many businesses have started to accept crypto as a payment method.

The impact of blockchain technology, which is revolutionizing the world of economics, is growing. While regular cryptocurrencies involve the risk of fluctuations and volatility depending on various factors, stablecoins do not have such a risk.

EURK is an example of a stablecoin and represents the reputation of the fiat currency EUR in the digital universe. You can safely carry out your business' commercial activities through the eur stablecoin EURK.

Additionally, with each passing year, more and more businesses are in need of services in this area to integrate their existing systems with this innovative technology.

While some of those in the business world are familiar with the concepts related to blockchain technology, we have listed the meanings of the most commonly used ones for those who want to step into this advantageous world. Let’s explore some important concepts and their meanings!

Blockchain

Blockchain is a new technology that calls for an ecosystem of blocks encrypted with mathematical problems stacked one after the other. This technology is accepted as the backdrop for cryptocurrencies, which are digital assets. It has a decentralized working mechanism.

Through open ledger technology, crypto payments and crypto exchanges are transparent and subject to other users' verification. Blockchain technologies are projected to be the biggest alternative economy technology of the future.

Cryptocurrency

As valuable products of blockchain technologies, digital assets are called cryptocurrencies. Cryptocurrencies have different types according to the different crypto investment projects that they operate.

There are various types of cryptocurrencies, such as Bitcoin, Ethereum, and EURK. Each has a different financial value. Today, you can easily use crypto trading for individual and business purposes.

Bitcoin

Bitcoin is the most traded digital asset among other cryptocurrencies. It is also the first crypto asset in the blockchain environment. Most digital asset project developers conduct their transactions in Bitcoin.

Today, countless businesses, including many popular websites, accept Bitcoin just like fiat currency. It is one of the most valuable cryptocurrencies, though it has fluctuations.

Altcoin

Blockchain technology products other than Bitcoin are called altcoins. Altcoins are valued by varying according to different investments and projects.

While some lose value on crypto exchanges, stablecoins like EURK maintain a stable value with fiat currency pagination, making altcoins a safer choice.

Wallet

Thanks to the crypto wallets used on cryptocurrency exchanges, we have the privacy to store our data and secure crypto assets. Wallets can be defined as the area where our data, account movements, and digital assets are stored.

Mining

Crypto mining is the process of creating cryptocurrencies as a reward for contributing to the mechanisms of blockchain technology through highly equipped computers. It has been a very trendy business model in recent years.

Stablecoin

Stablecoins are cryptocurrencies that maintain their mechanisms at the same value as assets such as fiat currencies or commodity assets, unlike cryptocurrencies that involve fluctuations and the risk of volatility.

Stablecoins are one of the most reliable tools for trading. With euro-based stablecoin ones like EURK, you can safely operate in business for many years. You can check “trade stablecoins” and “What are euro stablecoin and EURK?” for further information.

WaaS

Wallet as a Service, also known as WaaS, is a digital wallet service that intermediary companies offer to developers or businesses, such as one-stop shop crypto service provider expert Cryptobunq.

CaaS

Crypto as a Service, or CaaS in short, is one of the most popular services for those who want to transform their business into a form compatible with blockchain technologies and products such as cryptocurrencies.

Node

For blockchain networks to run smoothly and in harmony, computers called blockchain nodes take responsibility. Nodes are the units that take care of all data storage and verification processes, from mining to transfers. There are also node as a service (NaaS) solutions you can benefit from.

Hash rate

The hash rate is a very common term, especially in mining contexts. It is a special calculation of the balance between the value of the cryptocurrencies to be earned with the setup and the energy to be spent in this mining process. If this ratio makes users happy, the crypto mining process progresses.

Fork

In blockchain technology, a potential conflict or disruption in operation is called a fork, as in traditional economic literature. Thanks to their digital structure, forks are not seen very often in cryptocurrencies.

ICO

Initial Coin Offering (ICO) is an acronym for crowdfunding applications, serving ongoing and newly launched cryptocurrency projects.

SPV

Simplified payment verification is both a blockchain technology protocol and a type of blockchain node. If you need more information, you can check “types of nodes in blockchain”.

Cryptocurrency Exchange

In the digital universe, platforms where cryptocurrencies can be traded are called crypto exchanges. These areas usually provide services through a website interface.

They are suitable for different users for different purposes. There are dozens of different cryptocurrencies available on cryptocurrency exchanges.

This allows users to carry out various investment projects in different types of cryptocurrencies. On the other hand, these platforms offer speed and freedom that traditional banking does not.

Currently, there are dozens of different cryptocurrency exchanges, including EURK. Both businesses and cryptocurrency users can maintain their digital transactions within seconds on these exchanges. Check “Decentralized Exchanges DEX” for further details.

Smart Contract

A digital contract where both parties are deemed to have approved the crypto transactions you initiate after you create a digital wallet ensures your security, as in traditional banking.

A smart contract is a contract that cryptocurrency traders automatically approve. It requires no extra processing or paperwork. There is also a more developed version of them: the Smart Contract 2.0 type.

Floating Exchange Rate

A floating exchange rate is a mechanism that ensures that the relevant foreign currency or cryptocurrency is kept in the desired amounts according to the supply and demand balances in the stock markets. For more details, you can check “fixed and floating exchange rates”.

Decentralized

Decentralized systems are those that are unrestricted, unaudited by any organization or individual, and that use open ledger technologies to store transactions in a transparent and accessible manner.

It offers users both speed and security. It is one of the most important reasons why cryptocurrencies and blockchain technology have become so widespread today. DEX, DeFi, and dApps are the decentralized solutions you can benefit from with the power of blockchain.

Thanks to EURK, you can also enjoy all the freedoms of the decentralized operation of cryptocurrencies, while at the same time, you will be as safe as in fiat currencies. Become a partner and explore the benefits of euro-backed stablecoin for your business with EURK!