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What Is NFT
Non-Fungible Tokens (NFTs) are unique digital assets built on blockchain technology, each possessing distinct identification codes and metadata that make them non-interchangeable. NFTs can represent ownership of digital art, music, in-game items, or physical assets, typically following blockchain standards such as ERC-721 or ERC-1155.
What Does LFG mean
LFG has two primary meanings in the cryptocurrency space: 1) as slang, it stands for "Let's F***ing Go," expressing enthusiasm and bullish sentiment toward crypto projects or markets; 2) it represents the "Luna Foundation Guard," a non-profit organization established in early 2022 to support the Terra ecosystem and maintain the UST stablecoin's dollar peg.
What Does FOMO mean
FOMO (Fear Of Missing Out) is a market psychology phenomenon referring to the anxiety investors experience when worried about missing potential profit opportunities, leading to emotional and impulsive investment decisions. This psychological state is particularly prevalent in cryptocurrency markets, typically triggered during rapid price increases, and represents a significant factor contributing to market bubbles and price volatility.
What Is a Nonce
A nonce (number used once) is a one-time value used in blockchain mining processes, particularly within Proof of Work (PoW) consensus mechanisms, where miners repeatedly try different nonce values until finding one that produces a block hash below the target difficulty threshold. At the transaction level, nonces also function as counters to prevent replay attacks, ensuring each transaction's uniqueness and security.
What Is a Node
A node is an individual computing device within a blockchain network that validates transactions, propagates information, stores blockchain data copies, and participates in consensus mechanisms. Based on their functions and permissions, nodes can be categorized into full nodes, light nodes, mining nodes, validator nodes, and other types. Collectively, these nodes form the infrastructure of blockchain networks, maintaining decentralization and data integrity.
What Is Fiat Currency
Fiat currency is a government-issued money form with legal tender status that derives its value not from backing by physical commodities like gold, but primarily from the issuing government's creditworthiness and legal decree. Modern fiat currencies (such as the US Dollar, Euro, and Chinese Yuan) function as the foundation of national monetary systems, typically issued and managed by central banks, performing three essential functions: medium of exchange, unit of account, and store of value.
What Is a Payee
A payee is an individual, organization, or smart contract that receives funds in a cryptocurrency transaction. In blockchain systems, payees are identified by their public wallet address or payment ID, consisting of alphanumeric characters that serve as the destination for fund transfers. Unlike traditional finance, blockchain payees can remain anonymous or pseudonymous, identified only by their public key addresses rather than personal information.
What Is a Basis Point
A basis point (bp) is a precise unit of measurement in finance equal to 0.01% or one-hundredth of a percentage point. In financial and cryptocurrency markets, basis points are primarily used to express small percentage changes in interest rates, yields, fees, and other financial metrics, offering greater precision than simple percentage expressions.
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