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Section 1 Resources & Glossary

Glossary

  • blockchain: an expanding system that records transaction information in a manner that makes it hard or almost impossible to hack the system. Information gets recorded in blocks, which are like little lists of records. Blockchain transactions explained.

  • cold wallet: physical device that stores and protects your private keys. Not as convenient and are less accessible due to costing a fee to purchase, they provide the best security, as no one can access their contents without interacting in person with the hardware wallet. Some popular cold storage wallet options include Ledger and Trezor.

  • gas fee: a transaction fee that all users must pay in order to perform a function on the blockchain. Ethereum gas fees explained.

  • hot wallet: one of the most common ways to store crypto assets and is always connected to the internet. This is a very convenient option because it's typically accessed via web, mobile, or desktop. Since hot wallets are always online, they are more vulnerable to attacks. Some popular hot wallet options include MetaMask, Coinbase, and Phantom.

  • mainnet: the primary public Ethereum production blockchain used to describe when a blockchain protocol is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology (blockchain).

  • blockchain explorer: an online tool that enables you to search for real-time and historical information about a blockchain, including data related to blocks, transactions, addresses, and more. Some popular blockchain explorers include Etherscan and PolygonScan for Mainnet transactions.

  • recovery phrase: aka "seed phrase" is basically a human-readable form of your wallet's private key—the unique, secret passcode used to authenticate and encrypt your wallet access. NEVER share your private key or recovery phrase with anyone.

  • smart contract: a computer program compiled from code that can control events and actions according to the terms set within the contract's code. Introduction to smart contracts.

  • testnet: an instance of a blockchain and only exists as a working prototype used for testing and experimentation without risk to real funds on the mainnet. Some testnet explorers include Goerli (Ethereum) and Mumbai (Polygon).

Resources

Writers: Krystal