Crypto Dictionary Staging

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DIC stands for Definitions in Crypto. It is a dictionary for everything crypto and memecoins. And it is written by Degens like you.

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Proof of Stake (PoS)

Proof of Stake is like choosing who gets to manage the pub quiz based on how many pints they've bought. The more you own, the more you can influence things, and you get rewards for keeping the quiz fair instead of cheating.

Example

With Proof of Stake, it's like if the more lottery tickets you hold, the better your chances of winning, except it's all about validating transactions and earning some crypto rewards.

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29 Apr 2024

DAO

A DAO (Decentralized Autonomous Organization) is like a club where there's no boss. Everyone has a say, and decisions are made together. It's democracy gone wild, all powered by blockchain, making sure no one can fudge the votes.

Example

Joining a DAO was like being part of the world's most bureaucratic book club, but everyone actually gets a fair say.

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29 Apr 2024

Dapp

It is like an app on your phone but it runs on a blockchain, so it's not controlled by any one bloke. It's like having a group chat where no one person can kick you out.

Example

Using a dapp feels like going to a pub where the customers make the rules, not the landlord.

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29 Apr 2024

Altcoin

Basically means "not Bitcoin." It's like every other drink at the bar that isn't your usual pint of lager. There are loads of them, and some are weirdly fruity or just knock you off your feet.

Example

I started trading altcoins, and it's like switching from beer to those fancy cocktails—more variety, but you've got to watch what you're doing!

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29 Apr 2024

All Time High (ATH)

ATH is like when you hit your personal best at anything, say, finally managing to not laugh at your own jokes. In crypto, it's when a coin's price hits the highest it's ever been, and everyone's either cheering or kicking themselves for not buying more.

Example

The coin hit its all-time high, and it was like watching your favourite underdog score the winning goal at the last second.

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29 Apr 2024

Airdrop

An airdrop is like someone dropping free drinks at a party. You're just standing there, having a good time, and boom—free stuff! It’s a way for crypto projects to throw their tokens at you hoping you'll get interested and join their party.

Example

When I got that crypto airdrop, it felt like finding a tenner on the street—totally unexpected and made my day!

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29 Apr 2024

Byzantine Generals’ Problem

The Byzantine Generals' Problem is like a really complicated game of "telephone" that computer scientists like to use to explain the challenges of distributed systems like blockchains. Imagine you're a general in the Byzantine army, and you're trying to coordinate an attack on a city with your fellow generals. But here's the catch - some of the generals might be traitors who are trying to sabotage the attack by sending mixed messages. How do you make sure everyone's on the same page and not getting bamboozled? That's basically what the Byzantine Generals' Problem is all about - how to reach consensus in a distributed system where not everyone can be trusted. Blockchains like Bitcoin solve this problem through a combination of cryptography, game theory, and good old-fashioned peer pressure.

Example

"I was trying to explain the Byzantine Generals' Problem to my date last night, but she just looked at me like I was speaking a foreign language. I guess not everyone finds distributed systems as sexy as I do." "Sometimes I feel like the crypto community is just one big Byzantine Generals' Problem. Everyone's got their own agenda, and nobody knows who to trust."

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24 Apr 2024