Crypto Glossary

Important cryptocurrency terms you need to know.

Bounty

In the cryptocurrency world, a bounty program is a marketing approach employed by entrepreneurs during their initial coin offering (ICO) campaigns. It enables them to devote a portion of their coin’s supply to the promotion of their initiative. In other words, community work is offered in exchange for a reward when completed. Bounties could be used to audit a project’s smart contract, develop marketable content, or do market research, among other things.

Fiat money

Fiat money is government-issued money that is not backed by a physical asset like gold or silver, but rather by the government that issued it.

Hash

Output data that is the result of utilizing a hash function. The output data in the blockchain is the result of utilizing a deterministic hash function, which ensures that the same input data always yields the same output data.

From any length of a data record, cryptographic hash functions generate a fixed-length character string. A data record can be a single word, a sentence, a paragraph, or a whole file. The backbone of crypto security is a cryptographic hash function, which is employed for security purposes.

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.