Crypto Glossary
Important cryptocurrency terms you need to know: Decentralized Applications (DApps), Initial Coin Offering (ICO), and Mint.
Decentralized Applications (DApps)
Decentralized applications (dApps) are digital programs or applications that run on a blockchain or peer-to-peer (P2P) network of computers rather than on a single computer. DApps (also known as “dapps”) exist outside of a single authority’s jurisdiction and control. DApps can be made for a variety of purposes, such as games, finance, and social media.
Decentralized apps are commonly used to carry out decentralized finance activities. Ethereum is the most important network for decentralized finance activities.
A normal web app, such as Uber or Twitter, runs on a computer system owned and maintained by a company, allowing them complete control over the app and its functionality. On one side, there may be several users, but the backend is managed by a single entity. In the context of cryptocurrencies, a developer, for example, could design a Twitter-like dApp and deploy it on a blockchain, allowing any user to post messages. No one, including the app’s makers, can delete the messages once they’ve been uploaded.
DApps can run on either a peer-to-peer (P2P) or a blockchain network. BitTorrent, Tor, and Popcorn Time, for example, are software that runs on computers that are part of a peer-to-peer (P2P) network, where numerous participants are consuming, feeding, or seeding content, or doing both roles at the same time.
Initial Coin Offering (ICO)
An initial coin offering (ICO) is a sort of cryptocurrency-based fundraising, that works similarly to an initial public offering (IPO). Initial coin offerings, unlike IPOs, take place on the blockchain rather than the stock exchange. Token sales or token fundraising are other names for cryptocurrency ICOs.
The goal of an ICO is to raise funds for a company by selling digital tokens to investors. Frequently, the token grants investors access to project features. It may also rise in value over time, providing a profit opportunity for early investors.
Mint
Minting is the process of adding a file to a blockchain, such as a JPEG or GIF. An NFT can be sold or traded once it has been minted. When you take part in a mint, you are the first person to purchase a piece from its author. You have the option to keep it, sell it, or exchange it.
The author specifies the royalties they will receive from future sales throughout the minting process. This serves as a commission if the piece is sold in the future, and it’s a key selling point for artists who want to go digital. If you sell an NFT on a secondary market, it will very certainly receive a cut of the sale.
About us:
NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello@itsmyne.club.
We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.
