cryptocurrency glossary
The crypto space is roaring at its might yet again, and if you want to kick off in this limitless sea of possibilities, knowing the sector could help you in a big way. In this comprehensive cryptocurrency glossary, you will be acquainted with all the lexicons revolving around crypto and Web 3.0.
So, let’s get started learning crypto from A to Z.
AltCoin: Anything that is not Bitcoin is termed AltCoin. For example, Ethereum, Matic, ADA, and Solana are all Altcoins.
ASICs, or Application Specific Integrated Circuits, are specialized computing hardware that have very high processing power to solve extremely complex mathematical calculations, which results in creating Bitcoin as a block reward.
Asymmetric encryption is the process of encrypting and decrypting a message using the private key (PK) and public key (PK) pairs.
ATH: ATH is the all-time high an asset reaches during a specific period.
Air gaping is the act of keeping digital information inaccessible to unauthorized users. This is generally done to fortify security.
Bitcoin: The largest cryptocurrency by market cap and network dominance.
Buy the Dip: Buy the Dip is a crypto parlance and also an investment strategy that denotes buying an asset whenever its price dips at regular intervals.
Blockchain: Blockchain is an underlying technology that powers all cryptocurrencies using a decentralized ledger network secured by consensus to safeguard its operations.
Bag Holders: Those in crypto who have full trust in an asset despite its sharp fall. For example, the Bitcoin buyers who purchased during the last bull run have been holding on to their Bitcoin as per Glass Node Reports.
Bitcoin Maximalist: A person who has blind trust in Bitcoin and defends it indiscriminately.
Coin: Coin is a colloquial term in Web 3 representing an asset representative of its native blockchain. For example, Bitcoin is a representative of the Bitcoin blockchain. Ethereum of the Ethereum blockchain. But Matic is not a Coin, but rather a token of the Polygon blockchain. Anything presentative of Layer 1 is termed as a Coin.
Cold Wallets: Cold Wallets are external wallets where you have full control of the private keys. For example, Ledger Nano and Trezor. It is also termed as a storage device for keeping cryptocurrencies.
Cryptocurrency: A digital asset powered by an underlying blockchain technology that is used for value exchange. Cryptocurrencies use a UTXO model to validate their authenticity, which is hosted on the gossip network via nodes to validate the transaction. In comparison to what banks do, these nodes verify the transaction through consensus.
Chafing is the act of sending false signals between nodes so that it becomes very hard to reach a consensus on the state of the blockchain.
Crypto Kitty: Crypto Kitty was an internet meme that went viral during the 2016–17 bull market and clogged the interview network, exposing the scalability bottlenecks of monolithic chains.
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Dapp: Dapp is a decentralized application that is governed by a DAO instead of a centralized authority. As a result, they are community-owned, safe and secure. Uniswap is one such example of a Dapp.
DeFi, also known as decentralized finance, is a type of finance without intermediaries. To put that into perspective, when sending money to a known family member, you get the help of a bank that does the job of checking the balance and sending the money to the beneficiary. On DeFi, you can do that on your own by paying a small network fee to the miners responsible for validating the transaction.
The process works much the same, but it is nearly instantaneous and cost-effective. To put that into perspective, a typical $10,000 transaction using a centralized finance medium like banks would cost you $50; you can do the same transaction using DeFi, paying as little as $1 to $2 based on the network congestion. If you are using L2s for transactions, the cost can be further reduced.
DAO: In CeFi, there are board members responsible for streamlining operations. Likewise, in a DeFi, there’s a DAO, or Decentralized Autonomous Organization responsible for looking after the administration. These individuals share a common goal, and they actively participate by voting for protocol upgrades, feature add-ons, and other aspects by collective consensus. All of these are governed by smart contracts to execute operations.
Distributed Ledgers: Distributed ledgers are shared records that are broadcast across computed nodes and validated based on the consensus of the nodes to record a transaction as legitimate. In this way, they work much like traditional banking ledgers; however, the only difference is that banking ledgers are maintained solely by the banks, whereas distributed ledgers are maintained by a network of shared computers that act independently of each participating node.
Double Spend: Double spending means you are spending the same currency for paying twice. In centralized finance, the banks take note of that so that customers cannot use the same money for double purchases. Likewise, in a decentralized network, the nodes verify and update the ledger so that individuals cannot use the same coin or token to spend twice.
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Exchange: a platform from which you can trade in cryptocurrencies and other digital assets like NFTs.
Ether is the native token of the Ethereum blockchain.
Encryption: Encryption is the process of hiding important information by introducing the encoding and the decoding parameters to extract a message. Hence, through this process, you can transmit important information without the fear of compromise or a possible hack.
Ether Scan: Ether Scan is a web tool that provides complete information about the Ethereum blockchain, where you can validate transactions, wallets, and other things in the Web 3 realm.
EVM: It is a Turing complete virtual machine that helps in running smart contracts that validate the state of the blockchain and provide information to the nodes through broadcast to change the state of the blockchain based on consensus. In addition to this, the EVM also helps in analyzing and setting up the gas fees so that users do not spam the network by posting infinite loops of codes that might clog the network. Because if they intend to do so, they will have to pay a fee for interacting with the smart contract.
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Fear and Greed Index: It is a technical indicator that says whether the market is bullish or bearish.
FOMO: It is a market phenomenon where investors are swayed by market frenzy instead of fundamentals to buy assets. It generally occurs when an asset has reached its peak and creates a sentiment that you will miss out on if you do not buy now. Hence, creating a FOMO situation.
Fork: A fork is an upgrade to the protocol that is not backward compatible. For example, BTC hard forked into BCH, so Bitcoin Cash cannot go back to being Bitcoin again.
FUD: FUD represents fear, uncertainty, and doubt in the market, which is often caused by multiple macro-factors involved.
Futures: A contract that allows buying and selling assets at a future price. Often, these contacts are used as a hedge against positions to earn through them. For example, an investor can open a future contract with one person specifying that the asset price of A will rise shortly, whereas he or she will get into another contract where he says that the asset price of A will fall. In this way, they can create a balance and optimize their earning potential by leaps and bounds.
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Gas: Gas is the transaction fee paid whenever you are interacting with the smart contract to complete a function or trigger a query. For example, if Alice is sending 10 ETH to Bob, she will bear the gas fees because the smart contract triggers that transaction, and validators are responsible for checking whether Alice has 10 ETH in her account and whether Bob’s account is live for receiving that amount. Subsequently, the transaction is triggered when Alice pays for the transaction in GWEI, which is a billionth of ETH to execute that transaction.
Genesis Block: It is usually the first block that is ever mined on any blockchain network. The Bitcoin genesis block was mined on January 3, 2009.
GameFi: GameFi is an emerging segment in gaming where traditional games are fused with economics powered by blockchain, which helps in minting NFTs and tokens to sustain the ecosystem. In this way, GameFi creates a whole new gaming experience for the gamers, where along with playing games, the users can also earn in the process.
Generative Art: It is the process of creating an art form by using a software program that is powered by blockchain technology, which has value and can be easily traded within the ecosystem.
Game Theory: A game theory is a study of human behavior or that of an agent when they are put into different situations where the participants are not aware of the desired outcome that they may be forced into. To put that into perspective, the Bitcoin Network works on the game theory that the network is secure because, for a 51% attack to occur, it would require massive computational power and resources. The odds of that happening are negligible because, by sabotaging the network, the expenses outweigh the rewards. Hence, the game theory ideally protects the Bitcoin network from a collapse, and so far it has never met with a glitch because of the same.
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Halving: It is the shrinking of the supply of Bitcoin that usually occurs every 4 years, in which the Bitcoin rewards are reduced by half. For example, in 2020, the BTC reward was 6.25 for mining a block; in 2024, it will be 3.125; and then in 2028, it will be 1.56; and likewise, it will go on till the rewards become 0 by 2140, making Bitcoin a deflationary asset.
HardCap: It is the total market cap of an asset.
Hard Fork: A change to the protocol that validates all previous invalid transactions while invalidating all previous valid transactions. To explain it better, when Bitcoin hard forked into Bitcoin Cash, all the previous Bitcoin transactions on the Bitcoin Cash blockchain were invalidated. Simultaneously, all Bitcoin Cash transactions stood separate from the Bitcoin Blockchain and took a separate path as a new chain with Bitcoin Cash as its native token.
Hardware Wallet: A hardware wallet resembles a USB drive or stick where you can store cryptocurrencies. The key trade-off of such a wallet is that you can own your private keys, and irrespective of which exchange you use, the exchange has no rights to your cryptocurrencies.
Hash: It is the output of the hashing algorithm that contains a string that secures arbitrary data in an encrypted manner.
Hashed Time Lock Contract: It is the contract that uses a specific time to trigger a transaction, and if the transactions are not triggered within that specific time, the blockchain state is rolled back to the previous. That’s why it is called a Hashlock time-lock contract. The nature of the function of this contract establishes trustless operations between parties since two parties need not have to trust each other because the transactions are atomic.
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Immutable: It is the property of the blockchain that makes it fixed for an infinite time. Meaning you cannot change a transaction once it has been mined into a block. Hence, it is called immutable.
Impermanent Loss: Temporary loss to the liquidity providers because of the change of liquidity of an asset in any liquidity pool.
Inflation: An increase in the price of a commodity and a fall in its value are generated.
ICO: A crowdfunding initiative where a project can open a website, release a whitepaper, and opt for public funding. In this type of crowdfunding, usually cryptocurrencies are used.
IOHK: A research wing launched by Charles Hoskinson to provide blockchain infrastructure to companies for undertaking their pursuits of harnessing the benefits of decentralization.
John Bollinger: John Bollinger was the author, financial analyst, and expert who vouched for both fundamental and technical analysis to evaluate the volatility of an asset. The Bollinger bands are the brand child of John Bollinger’s efforts, where he has explained the correlation of the highs and lows of the market, which helps an investor analyze whether the market is overbought or oversold. Usually, the line demarcating the two segments is ideally suited for an entry point.
Jager: It is the smallest denomination of the BNB coin used for paying gas fees.
JOMO: Ever experienced the respite when you miss an asset at its peak while others are FOMO-ing to the same and suddenly the prices drop abysmally? That’s what is construed as a JOMO, or the joy of missing out, which is the exact opposite of a FOMO, which is the fear of missing out.
JSON is a data exchange along with an open standard file format that uses human-readable text for transmitting and storing data. Here’s an example:
It provides data validation based on the human-readable format and converts the same into ciphertexts to execute a function.
Java Programming Language: This popular programming language has been widely used in the creation of multiple applications.
KYC: It is the compliance procedure that every exchange has to follow while allowing users to trade on their platform. In the KYC, the users have to furnish government-recognized IDs like a driver’s license, passport, or other supporting documents to get themselves registered on an exchange.
Key Management Interoperability Protocol (KMIP): It is the process of standardizing the key management system for both symmetric and asymmetric encryption so that different organizations can easily communicate among each other despite managing different authorization modules. To put that into perspective, through a KMIP, a centralized key management system can easily consolidate an organization’s encryption elements to trigger a response. Or, simply put, one key manages operations of all the objects associated with the master key that manages all of them.
Key: A key is a string of bits that is used to decrypt an encrypted message into plain text by inputting the matching public-private key pair to retrieve a message and vice versa. These keys do not have to be memorized by the senders and receivers because they are randomly generated and used for a specific time period.
Keylogger: It is a program that can be secretly stored on your computer through email or other messages that are often sent to the targeted IP. The moment these emails are opened, the key logger will be installed in your system, and they will provide all the information about the keystrokes that you are making on the keyboard. As a result, it can lead to financial scams because the perpetrators can track the keys you type on your keyboard to extract the information of the user’s ID and password and compromise your account.
Kraken: It is a renowned cryptocurrency exchange that was founded by Jesse Powell in 2011. This exchange offers derivatives trading, spot trading, and other related services that you want to get exposure to in the crypto space.
Large Cap: Those cryptocurrencies that have the largest market cap in the market are referred to as having a large cap. For example, Bitcoin and Ethereum are cryptos that have the latest market cap at the time of writing.
Ledger: It is a digital file that is shared electronically with every node on the network that can make changes to it via consensus. You can take the ledger as an electronic book where you can record all the transactions, receipts, and payments that, once included in the ledger, cannot be changed. Since they are immutable and protected by cryptography,
Limit Order: The process in which you can designate a specific price at which you wish to buy or sell an asset on any exchange or marketplace
Latency: It is usually the time that the network takes to complete a transaction. The higher the latency, the lower the finality, and vice versa.
Lambo: Lambo is a crypto slang that equates to an asset reaching such a price that it can help you easily buy a Lamborghini with it.
Mainnet Swap: When a crypto project or a protocol switches from one blockchain to another, it is termed the mainnet swap.
Man-in-the-Middle Attack: It generally occurs when a person enters in between the communication nodes of two participants and sabotages the network for personal gains. It generally takes place in the form of eavesdropping, where the attacker will relay a message to both parties and make them believe that they are talking to each other independently, but in reality, it is the attacker who is in full control of the entire conversation and uses the same for his personal benefits.
Margin Call: While using an exchange to open a futures contract and speculate on the price of an asset, an investor has to usually set up an account balance for the same. For example, if they are speculating that the price of BTC will rise in the coming days and if the price starts falling, to maintain their position, the investor has to deposit a minimum amount that responds to market fluctuations. If the contract is for 7 days and on the third day, BTC is falling and the investor has failed to secure his position, he will be squared off unless he deposits the shortfall balance. That’s when the margin call will be triggered, and he will be squared off.
Market Maker: Those who provide liquidity to the market are termed market makers in crypto. They are the ones who set up the liquidity pools and receive money for what is referred to as liquidity mining.
Masternodes: Masternodes are servers that sound much like a full node but with an additional trade-off where the individuals or groups running the masternodes can anonymize transactions, participate in voting, perform clearance of transactions, and also participate in management through governance and voting.
NFT Royalty: It is the money a creator receives whenever his or her NFT changes ownership. To put that into perspective, let’s take the example of Alice. Alice is a painter who paints beautiful paintings. Now, when Alice sells the paintings in the real world,. She will receive an amount for the same and lose ownership of the painting forever. Now, if Alice has sold the painting to Bob for $5,000 and Bob sells the same painting to Dan for $10,000, Alice will end up getting just $5,000. But when Alice makes that painting into an NFT and transfers the rights to Bob, she creates an earning stream for herself in the form of royalty. She can define that logic on the smart contract by saying that for every exchange of hands, she is entitled to x% of the value of the exchange. Hence, Alice will be continuing to receive payments even after selling the painting in the form of NFT royalties.
Nick Szabo is the inventor of Bitgold and the person who flagged the use of smart contracts.
No Coiner: Someone who doesn’t hold any cryptocurrencies in their wallets is called a no-coiner.
Node: Node is the network that stores all the blockchain data.
Non-custodial: This is the process of holding your private keys on your own without trusting any exchange or wallet to store your crypto.
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On-chain: A transaction that happens on the blockchain ledger is termed on-chain. It is reflected on the ledger, and it is immutable.
On-ledger Currency: A currency that is minted on the blockchain and used as a utility token. For example, Bitcoin was created out of mining to be used as a currency on the Bitcoin blockchain. For creating Bitcoin, heavy computational machines are required to mine Bitcoins for use.
Orphan Block: If a block has been solved but has not been added to the blockchain, these blocks are called orphan blocks.
Offline Storage: The act of storing crypto in an off-line or hardware wallet is called offline storage.
Optimistic Rollups: Optimistic rollups are L2s that help scale the Eth Layer, and they take all the transactions as valid until a fraud proof is submitted against them. The withdrawal times, as a result, are generally between 7 and 14 days.
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P2P trading is a type of trading without middlemen involved in it where two parties can independently engage in a trade and choose a currency of their choice to complete a transaction. Generally, in P2P trading, an escrow contract is opened where the required crypto will be stored, and the seller will trigger a trade request. The buyer accepts the requests, makes the payment, attaches a screenshot of the payment to the chat window, and the seller has to release the crypto thereafter. Hence, everything happens in a truly semi-decentralized and peer-to-peer manner.
Paper Wallet: A paper wallet is generally a piece of paper on which you can write the seed phrase or the private key and store the same for future use.
Parachain: app-specific network blockchains that are auctioned to host separate use-case-specific applications that run in parallel in conjunction with the Polkadot network. To put that into perspective, they inherit the security of the Polkadot ecosystem while keeping the governance model to themselves for executing operations.
Peg: A specific, predetermined price to extract for keeping two assets stable. For example, 1 USDT is equivalent to 1 US dollar. Or, to mint 1 USDT, the Tether Foundation has to submit 1 dollar equivalent to the Tether vault, either in the form of US dollars, bills, or anything else that is recognized by the government and has a value attached to it.
Play-to-Earn: It is the latest game economics in which the players are gratified for playing the game. It could be in the form of game hours that they spend, against which an NFT is minted. These NFTs can be traded in a secondary NFT marketplace for cash. Or, they can also get NFTs in the form of skins, which they can either use in other game environments or trade with their fellow peers for cash.
Quantum Computing: A computer that does computing at a massive scale exists between two states at the same time. To achieve this feat, these computers make use of quantum mechanics and are generally resource-intensive. It is believed that quantum computing will be a threat to cryptography, but lattice-based cryptography could be a probable solution to help deal with the same shortly.
QuBit: It is the smallest measurement of the number of bits present in quantum information. It exists in duality; as a result, it is very small in size.
Quorum: The minimum number of members required to pass a vote or a proposal is termed a quorum. In the world of blockchains, generally, the quorum is ⅔ of the node validators agreeing to vote on a contract for the change of the state of the blockchain.
Quasar Smart Contracts: Quasar Smart Contracts solves the capital inefficiency problem of moving assets from L1s to L2s by shortening the time from 7 to 14 days to minutes and allowing quick withdrawal to trigger massive level adoption.
Quant Zone: It is a widely used tool on the FTX exchange to share trading strategies.
Rekt: A crypto slang that denotes someone losing everything by investing in a highly volatile asset that goes up and down hysterically.
Raiden Network: It is an off-chain scaling network that helps Ethereum achieve near-infinite scalability concerning throughput by processing transactions in volumes and at low fees. It works much like what the LN, or Lightning Network, does for the Bitcoin Network by providing near-infinite scalability by processing smaller transactions off-chain through channels. However, in the case of the Raiden Network, the transactions are not done through channels; rather, they use plasma for the same.
RWAs, or real-world assets, are asset classes that can be represented on the blockchain in a tokenized form. They are primarily used in the DeFi ecosystem for supporting a wider range of use cases, from lending to derivatives and other investment vehicles that are deemed fit as per the use cases supported.
Recovery seed: When using a hardware wallet, there are 12-letter words that are used as a seed phrase to restore the wallet in case it has been lost or damaged. The individual who has access to these words has full control over their wallet.
RSi: It is the parameter to judge whether an asset has entered an overbought or oversold zone.
SATS: The smallest unit of Bitcoin
Satoshi Nakamoto is the anonymous person who created Bitcoin.
Scaling Problems: It is the technological barrier that is hindering the growth of the blockchain. Generally, it revolves around the Trilemma Challenge, which says that for blockchains to remain scalable, they need to choose between security, scalability, and decentralization. The scaling problem revolves around the same idea: if the blockchain wishes to scale, it must compromise on the validator sets. This means a handful of the validators will be securing the network, diluting decentralization. Whereas, if the network wants to include more validator sets for validating the blocks to safeguard decentralization, in such a case, the network will have to compromise scalability because until and unless all the nodes have provided a consensus on the state change of the blockchain, such entries will not be recorded on the blockchain to change its state.
Scam: It is generally an engineered scheme that is meant to defraud customers and take their money away. You can take the example of Celsius Network for context, which lured customers on the pretext of providing them with 20% interest on the stake and eventually ran away with their funds.
Script: It is a list of commands that are executed to trigger a program.
Take Profit Order: It is the technique of executing the trade at a profit margin by setting a specific price at which the sale order will be executed. Whenever the asset reaches that price threshold, the trade executes, and the trader walks away with a profit.
Tamper Proof Ledger: It is a recording system that uses typical blockchain technology in which the entries are recorded based on consensus and are irreversible and immutable at the same time and without censorship.
Taproot: The Taproot function is a soft fork on the Bitcoin blockchain that allows the full node to either break free from the main network or choose to stick with the same. However, there’s no obligation as such that if they intend to increase the block size or TPS, they will have to create a separate chain for the same. As a result of this, it averts any instances of a hard fork, thereby creating another Bitcoin network like BCH.
Tendermint: It allows different applications to launch their consensus across machines that better suit their use cases. As a result, unlike what applications have to undergo while preparing the consensus for a monolithic blockchain, using the Tendermint Core stack, they can define their standards and build an application-specific blockchain, keeping all the aspects of decentralization intact, like ⅔ validators needed to change the state of the blockchain, and immutability and censorship resistance will be promised using the Tendermint Core stack.
The Merge: The Merge is the latest upgrade on the Ethereum blockchain, which has fused the erstwhile Ethereum Mainnet, which used the PoW consensus with the Beacon Chain, which has transitioned the network from PoW to PoS, or Proof of Stake. Due to such a practice, instead of using heavy computational devices to solve mathematical equations, the validators now have to stake 32 ETH and vote for a change in the state of the blockchain. If they are validating transactions correctly, they get rewarded network fees, whereas if they are validating wrongful transactions, their stakes will be slashed.
Uncle Block: When two blocks are simultaneously created, the one with the shortest string is discarded and it is referred to as the Uncle Block.
Unbanked: It refers to the population that is not well-wired to the banking system, and they are the targeted audience for inclusion in the DeFi space.
Unrealized Profit & Loss: The profit or losses that have been reflected on the books because of market fluctuations, but the investors have not capitalized on the same. For example, suppose Alice bought BTC on January 1, 2024, at $43,000; after seven days, on January 8, 2024, the price of BTC is $59,000. Alice has made $16,000, but those profits are unrealized because she has not sold her BTC. That’s what is called unrealized profit & loss.
UTXO: It is the amount of money that is left after purchasing crypto. Usually, the Bitcoin blockchain follows this model, under which whenever someone spends their BTC, the node identifies the same and changes the state of the blockchain. As a result, the ledger balance of the person changes, and the leftover remains in his or her wallet. Due to the UTXO model, it becomes very difficult to perform double spending because, in its absence, a person can make payments twice with the same coin.
Use cases: It is the utility between an ecosystem and its participants. For example, the use cases of AAVE are flash loans. Meaning that the AAVE platform supports the flash loan features, which are its sustainable economics, to help the ecosystem function and serve customers.
Validator Nodes: The nodes that are responsible for validating the blocks. These nodes need to stake crypto tokens to vote for consensus, which changes the state of the blockchain.
Virgin Bitcoin: a bitcoin that has never been spent.
Virtual reality is a digital world that simulates a real world, and you can do infinite things in that world.
Vitalik Buterin: The creator of Ethereum
Volume: It is the number of cryptocurrencies that have been traded over a specific period.
Wallet: It is a place where users can store their cryptocurrencies and NFTs.
Whale: It is a term to describe an investor who has more than 100 BTC in their wallet.
When Lambo: The phrase refers to a positive market sentiment, which denotes that crypto holders are expecting a market rally in the coming days which can help them buy a premium car like a Lamborghini.
When Moon: It is a phrase that denotes when the crypto will touch a new ATH or All-Time High.
White paper: A document that contains all the information of the project from its technology architecture to use cases to tokenomy.
X86 VM: This helps developers write smart contract codes in their preferred language of choice.
XBT: It is a ticker symbol for BTC.
XRP: A crypto token that runs on the Ripple blockchain
Yield Curves: The graph that provides information about the relationship between the yields and the maturity of the securities.
Yield Farming: It is a very famous trend of the 2020–21 bull run where liquidity providers can stake tokens in liquidity pools to get another token, which they can take someplace else to get additional interest on top of the interest they are already getting by locking their crypto tokens. To better explain the same. Suppose Alice has a token named X. She is investing the token in a liquidity pool of X/DAI, and in return, she will get a Y token. Now, Alice is receiving interest from her X/DAI pool, and she can also lock her Y tokens in another Y/DAI or Y/ETH pool and get additional interest along with the X/DAI’s interest.
Yield Sensitivity: It is the measure of the change in the fixed price of the asset due to a change in its interest rates.
ZK Proofs: It is the process of proving something is true without revealing any information. It uses cryptography and math to prove the authenticity of the value. For example, suppose there are two people, Alice and Bob. Bob wants to prove to Alice that he knows the location of a treasure, which she knows. However, Alice is not convinced. Now, if Bob wants to prove something to Alice, he can do that through the ZK Proof protocol. In that, Alice would put up an equation, and Bob would input the details, which would provide an output in the form of true or false. If the output is true, Bob knows the treasure’s location. However, if the output is false, Alice will come to know that Bob doesn’t know the location of the treasure without revealing any information about the same.
ZK Rollups: ZK Rollups are scaling solutions for L1s that use the same technology as mentioned above.
Zk-Snarks: The proof statement that validates a statement as true or false.
ZK Oracles: A ZK oracle uses the ZK -tech to pass information freely across protocols without revealing any specific information about that data.
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