Definitions for commonly used terms

Bitcoin

[ bit-koin ]

noun

a type of digital currency that uses state-of-the-art cryptography, can be issued in any fractional denomination, and has a decentralized distribution system.

Crypto Wallet

A cryptocurrency wallet is a virtual wallet or digital wallet, i.e., a software program. It stores public and private keys. These keys interact with blockchains to enable the user to receive and send cryptocurrencies. If you have a cryptocurrency wallet, you can also monitor your balance.

Fungible

[ fuhn-juh-buhl ]

adjective Law.

(especially of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind.

Blockchain

[blok] [cheyn]

A blockchain is a type of decentralized database system based on linking together previous records in secure blocks of information.

Ethereum

[ih-theer-ee-uh m]

Ethereum is a blockchain computer program similar to Bitcoin. It can be used to create automated contracts or circulate a digital currency called Ether.

Cryptocurrency

[ krip-toh-kur-uhn-see ]

noun

a digital currency or decentralized system of exchange that uses advanced cryptography for security. 

ERC-721

ERC-721 is a free, open standard that describes how to build non-fungible or unique tokens on the Ethereum blockchain. While most tokens are fungible (every token is the same as every other token), ERC-721 tokens are all unique.

Think of them like rare, one-of-a-kind collectables.

Cryptokitties

[krip-toh-kit-eez]
CryptoKitties is a virtual reality game, made with blockchain technology, where the user can buy, breed, and sell cartoon cats.

ERC-1155

ERC-1155 is a digital token standard that can used to create both fungible (currencies) and non-fungible (digital cards, pets and in-game skins) assets on the Ethereum Network.