Altcoin – any cryptocurrency (digital token), offered as an alternative to bitcoin.
Application-specific integrated circuit – an integrated circuit designed to solve a particular problem, for example, bitcoin mining. It consumes much less energy than video cards, and has a higher efficiency (it produces coins faster). It is mainly used for industrial scale mining.
Attack 51% – an attack of the blockchain, which becomes possible when 51% of the computing power of the network is controlled by one group of persons.
Block – the base element of the blockchain structure; includes a list of checked transactions and is added to the blockchain as a result of mining.
Blockchain (ledger of transaction blocks) – a continuous sequential chain of blocks (linked list of records), built according to certain rules, containing information about a certain object and stored on several computers simultaneously, which ensures that it can’t be hacked.
Bounty-campaign – performing functions to support the ICO-project (non-financial assistance to the project) by any person in exchange for tokens.
Corda – a blockchain for the creation of financial services, which was developed by a consortium of banks R3.
CPU-mining – mining of the cryptocurrency, using a conventional computer processor.
Cryptocurrency – (legal definition) bitcoin, another digital token, used in international circulation as a universal means of exchange.
Cryptocurrency exchange – a financial institution that trades cryptocurrencies, exchanges them among themselves and at fiat money.
Cryptoexchange operator – (legal definition) resident of the High-Tech Park, which uses information systems and (or) software and hardware complexes operating in the self-service mode (crypto ATM), on its own behalf and in its interest, exchange of digital tokens of one type on digital tokens of another kind, their purchase and sale for Belarusian rubles, foreign currency, electronic money.
Cryptoplatform operator – (legal definition) is the resident of the High-Tech Park who provides the possibility of following transactions (operations) with the use of the information system to individuals and (or) legal entities, including non-residents of the Republic of Belarus, with each other and (or) with the cryptoplatform operator:
- alienation, acquisition of digital tokens for Belarusian rubles, foreign currency, electronic money;
- exchange of digital tokens of one type with digital tokens of another type;
- other transactions (operations) in accordance with the requirements of Decree No. 8 of December 21, 2017 "On the development of the digital economy."
Dapp – a decentralized open source application that does not have a single point of failure and generates digital tokens according to cryptographic algorithms.
Decentralized autonomous organization (DAO) – a company that does not have traditional founders and management bodies; each participant is a co-owner, and all relations are settled by smart contracts.
Digital token – (legal definition) is a record in the ledger of transaction blocks (blockchain), another distributed information system that certifies the owner of the digital token of rights to civil rights objects and (or) is a cryptocurrency.
Double expenditure – repeated sale (alienation) of the same assets (including cryptocurrencies) in electronic payment systems.
e-Wallet – (legal definition) software or software and hardware designed to store digital tokens and allows its owner to carry out transactions with them.
ETF – an exchange investment fund. Fund, which shares (stocks) are traded on the exchange.
Fiat money – money issued by the state, the nominal value of which is established and guaranteed regardless of the cost of the material.
Forging (minting) – the type of issue of digital tokens through the creation of new blocks in the blockchain in various cryptocurrencies based on confirmation of the share of ownership (Proof of Stake) with the possibility to receive compensation in the form of new units and commission fees.
Fork – creating an alternative successful version of the chain of blocks.
GPU-mining – cryptocurrency mining with using a computer graphics card or a whole farm of them; came to replace the CPU-mining.
Hardfork – a modification of the blockchain protocol, in which nodes that have adopted new rules are not able to interact with nodes that refused to accept them.
Hashrate (computational power) – the computing power of computer equipment for the cryptocurrency.
Hedging – insurance of risks from fluctuations in the price of an asset in the market by opening transactions of the opposite position in another market.
ICO (ITO, TGE, offering of digital tokens) – issue of digital tokens in the form of selling to investors a fixed number of new units of cryptocurrency and, thus, attracting investments in the project.
Mining – the type of emission of cryptocurrency through the creation of new blocks in blockchain at the expense of computing power. For this activity, miners receive compensation in the form of digital tokens.
Multi-signature – a method of protection in which several participants of the network must sign it to authenticate the transaction.
Node – the computer on which the full current version of the blockchain is stored.
Pool (Mining pool) – unification of mining capacities for collective extraction of blocks; are used as an opportunity to increase profitability while increasing the complexity of mining.
Private blockchain – a blockchain, in which access to transaction processing has only a limited list of participants.
Proof of Stake – a method of protection in cryptocurrencies and a means of achieving consensus (a single vision on the chain of blocks), with more chances to create a new unit and get users with a large number of coins in the account.
Proof of Work – protection principle of distributed systems and means to achieve consensus in which remuneration directly proportional to the computing capacity miner (large computational job = greater fees).
Public blockchain – a blockchain with an unlimited number of participants, each of whom can be engaged in mining.
Rect – loss of money as a result of a very unprofitable transaction (including, with cryptocurrencies).
Secret key – secret information known only by the owner of a cryptocurrency wallet, used when verifying a digital signature.
Segregated Witness – an initiative aimed at optimization of Bitcoin network, in particular, the increase in transaction processing speed.
SHA-256 – encryption algorithm, which is built Bitcoin-mining and mining of some altcoins.
Smart contract – (legal definition) program code intended for functioning in the ledger of transaction blocks (blockchain), another distributed information system for the purpose of automated execution and (or) execution of transactions or the performance of other legally significant actions.
Softfork – a change in the cryptocurrency protocol, which does not require software updates.
Volatility – the change in price movements over time on tradable financial assets (including cryptocurrencies).
White paper – a description of the architecture of the ICO project for acquaintance of potential investors with it.