Coinranking terminology

We use quite some difficult terms on our platform, which might be hard to understand if you are just starting and want to explore cryptocurrencies. Here we explain the words we use, to guide you through our products. 

Blockchain

A blockchain is a chain of blocks in which information and transactions are stored which makes it transparent. Blocks are made by validators and are hashed so they are irreversible. Blockchain is a blockchain-based on a reward system of fees.

Cryptocurrency 

Cryptocurrencies are the money valued communication method of a blockchain. It is used to grant access to a blockchain and to reward validators. The first generation of cryptocurrency is bitcoin. The second generation is the range of alternative coins that have a different type of blockchain technology. The third generations are tokens build on an existing blockchain.

Exchanges

Exchanges are the online markets where cryptocurrencies can be bought and sold.

Markets

The number of markets available on Coinranking; the available transactions between two cryptocurrencies.

Prices

The price of a cryptocurrency is the amount of money that has to be paid to purchase or sell that particular cryptocurrency. The prices are most frequently shown in Dollar, Euro or Bitcoin. On Coinranking you can see the prices in any currency of your choice. Example: the price of one Bitcoin in Ethereum is 53 ETH. 

24h trade volume

24h volume is the total value of all trades on exchanges made in the past 24 hours.

(Custom) Price bot

The Price Bot is a bot on Telegram, that gives all the information (prices/stats/best or worst performers) of every coin listed on Coinranking, on request. Want a customized bot for your project, in your own Telegram group? Get it here

All-time high

At every coin page on you find the ‘all-time high’. This is the highest value of that coin, ever measured in its history.         

Circulating supply

Circulating supply is the number of coins or tokens that's been mined or generated. It's the number of coins that's currently in public hands and circulating in the market.

Total supply

Total supply is the number of coins that’s already in circulation + newly mined coins that are not in the market yet. 

Maximum supply

Maximum supply is the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.

(Total) market cap

In crypto, the market cap is the circulating supply of a coin multiplied by its current price. If a coin has 100 tokens outstanding and is trading for $10 a coin, it has a market cap of $1000. The total market cap is the total value of all cryptocurrencies combined.

Bitcoin dominance (vs. alt dominance)

Bitcoin dominance refers to the percentage of market share Bitcoin holds in the total cryptocurrency market. Example: if the total market cap of all cryptocurrencies is 1 trillion, and Bitcoin’s market cap is 400 billion, then the Bitcoin dominance would be 40%. The altcoin dominance is the market share of alternative coins in comparison to Bitcoin.

Open-source                          

Open source means that the source codes of software is available to anyone and that you’re free to analyze and to copy it in almost any way. We are open sourced a part of our code; read all about it on our blog.

Non-fungible tokens

A non-fungible token (NFT)  is a completely unique digital asset stored on the blockchain. An NFT has its own identifiers and is one of a kind. An NFT is a token standard with a set of attributes and functions in the form of a smart contract that must be met to be managed, owned, and traded. 

Peer-to-peer network            

Peer-to-peer network is a decentralized network of direct contact. Transactions are made without a third party.

Smart contract                      

Smart contracts are pieces of code that run without the reliance on a single entity, but on a network of entities. This code ensures censorship resistance, up-time and transparency.

Proof of work                         

Proof of work is a consensus mechanism that determines the miner of the next block in the form of mathematical puzzles. The cracking of the puzzle ensures security by proving that work had been done.

Proof of stake                         

Proof of stake is a consensus mechanism that determines the validator of a next block in the form of various stakes. This could be age, weight in tokens, or randomness. This consensus mechanism costs less energy.

Delayed proof of work           

This is a proof of work mechanism that works on the energy of a normal proof of work mechanism. It is slower but eco-friendly and therefore ideal for smaller blockchains.

Public key                               

Public key is the official name of an address. It is a hash that codes the information. It is public so it can be used to receive transactions without giving anyone access.

Private key                             

A private key is a code that works together with the public key. This code is private because it gives full access to the stored value on the public key.

Wallet                                     

A wallet is a program that lets you interact with your public and your private key. (e.g. You can make transactions with a wallet.)

Initial Coin Offerings (ICO)   

ICO is the method for fundraising and distributing tokens. Participants of an ICO buy tokens generated by a start-up or a foundation.

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