Glossary

Here you can get acquainted with the basic terminology of the cryptocurrency world.

1. Cryptocurrency is a type of digital asset for mutual settlements on the Internet, which has its own blockchain. Often have no collateral and are not backed up by anything.

2. Secret recovery phrase (mnemonic phrase or seed phrase) - 12 or more words, which are a kind of password for cryptocurrency wallet recovery. Generated by the system when registering a wallet. Without this phrase it is impossible to restore access to the lost wallet.

3. Bitcoin is the first created cryptocurrency.

4. Altcoin - any cryptocurrency other than Bitcoin.

5. Blockchain is essentially a huge database where your digital assets and all the data about transactions with them are stored. Cryptographic encryption is used to protect data

6. A Token is a type of digital asset that does not have its own blockchain and is created based on the blockchain of another cryptocurrency. As in our case, the CL (clonero) game token will be created based on the Solana cryptocurrency blockchain.

7. Stablecoin - a cryptocurrency (token) that is backed by an asset - fiat currency, cryptocurrency, bonds, stocks or some other commodity. Can be secured either 100% or partially.

8. Gas (gwei) is the number of computational operations required to perform a transaction. These transactions are charged in cryptocurrency. In simple terms - the commission for the operation.

9. p2p is trading between two people registered in the system, bypassing the common market. Roughly speaking - you transfer money to the person on the card (or online wallet), and he gives you a purse of cryptocurrency. In this case, the exchange acts as an intermediary to prevent fraud.

10. DEX - decentralized exchanges. Allow you to trade anonymously, without verification.

11. CEX - centralized exchanges. Mandatory KYC (know your customer) verification. And there you need a verification document of the country of residence. Anonymity is excluded.

12. Fiat - currency, the value of which is secured by any state (dollar, ruble, hryvnia, yen, etc.)

13. Spot balance (spot) - the amount of various cryptocurrencies available for settlement in your wallet.

14. NFT - Non-fungible token - a special kind of token with which you can digitize a product or object: a picture, a song, a video and so on. In fact, it is a digital certificate that confirms the unique and exclusive right of ownership of a digital asset.

15. Stacking is a type of cryptocurrency storage where you get a % of your cryptocurrency amount. Simply put - a cryptocurrency deposit. Stacking can be with or without a fixed term, with or without early closure. It's just like regular bank deposits. The cryptocurrency you put into the stacking pool is not available for withdrawal or sale until the stacking pool is closed.

16. Airdrop - free distribution of tokens or NFT to the project participants who fulfill the given conditions.

17. Vesting - distribution of tokens according to certain timeframes. This strategy avoids manipulating the price of the token and facilitates opening trades with a fair price. Westing aligns the common interests of all token holders with the long-term vision of the entire project team.

18. Listing - admission of a cryptocurrency or token to a certain exchange. Various trading pairs with this cryptocurrency are created on the exchange and it becomes available for trading.