Crypto ABC's! Crypto vocabulary worth knowing! Letters D-F!
Crypto ABC’s
Letters D-F
DAO
It's all about a cool decentralized autonomous organization, dude! It's like a business entity that's laid out in smart contracts with transparent rules. The goal is to stick it to the man and reduce centralization as much as possible. The community gets to call the shots and decide the future of the DAO and its products by voting on any proposed changes. Power to the people!
Decentralized
Picture this, man: technologies that use distributed systems to amp up security, redundancy, and stick it to the big shots. No more relying on those governing bodies and centralized intermediaries. We're all about freedom and breaking the chains of centralization!
DeFi
Welcome to the wild world of DeFi, bro! It's like this massive ecosystem of apps and services that use blockchain and crypto to dish out decentralized financial services to regular folks like you and me. We're talking about borrowing, lending, and earning interest on crypto, all without the middleman. It's like financial freedom in your pocket, man!
DYOR
Do Your Own Research, bro! That's the golden rule when it comes to crypto. Those influencers out there, they're just reminding us that there's no substitute for good ol' due diligence. Don't blindly trust what they say. Take the time to dig deep, find the facts, and make your own informed decisions.
ERC-20
This one's the king of crypto-token standards, my friend. It's the go-to standard for creating digital currencies that play nice with the existing crypto infrastructure. It's all about compatibility, ease of use, and making sure everything runs smoothly. ERC-20 is where it's at!
ERC-721
Now, this is where things get interesting, dude. ERC-721 is the standard for non-fungible tokens, aka NFTs. These bad boys are all about uniqueness and can't be copied or counterfeited. Whether it's digital collectibles, gaming items, or tokenizing real-world treasures, ERC-721 is the way to go.
EVM
Check it out, man, the Ethereum Virtual Machine, aka EVM. It's like a global blockchain-based computer that gives developers the power to create trustless, decentralized apps on the Ethereum network. It's all about coding cool stuff that's secure and doesn't rely on any central authority. Let your imagination run wild, bro!
Fiat
You know those traditional moolahs like the US dollar and the euro? That's what we're talking about with fiat, bro. In the blockchain world, dealing with fiat usually means putting your trust in some centralized entity to take care of your funds. It's like playing by the old rules in this new game.
Fork
Time for a fork in the road, my friend! When a blockchain goes through a protocol change that creates two parallel chains, we call it a fork. It's like when the crypto developers or communities decide it's time for a change. There are hard forks that break things up and create a whole new currency, and soft forks that just update the ruleset with majority support. Forks, man, they shake things up!
FOMO
Fear of missing out, bro! It's that anxious feeling when you see others having a blast or making bank while you're left out. In the crypto world, it's all about watching those tokens you don't own skyrocket in price. FOMO can hit hard, man!
FUD
Fear, uncertainty, and doubt, my dude! It's like when you hear info that makes you think the market's going down the drain. It's all about spreading that negative vibe and making people doubt the whole crypto scene. Don't let the FUD get to you, bro!
