beginner

intermediate

advanced

<h2>Understanding the Functioning of Token Approval</h2>
<h3>A Comprehensive Perspective Into the Mechanisms of Token Approval</h3>
<p>The approval of tokens is a fundamental element in the world of digital assets. We live in an era where digital technology continues to advance at a rapid rate and cryptocurrencies have ensconced themselves as prime components of this advancement. Hence, it becomes crucial to unravel the complexities behind how token approval operates.</p>
<h3>The Essential Framework of Token Approval</h3>
<p>Digital currencies, specifically tokens, work under the key premise of approval. Receiving approval for the transaction of these tokens is of paramount importance for the assurances of safety and adherence to regulatory standards. This principle is what forms the bedrock of cryptographic systems, paving the path for legitimate and secure transactions.</p>
<h3>The Cornerstone of Cryptographic Transactions</h3>
<p>Token approval is quintessential to ensure the legitimacy of any cryptographic transaction. The entire foundation of cryptographic systems revolves around this important function. Not only does it bolster security, but it also ensures compliance with prescribed regulations, thereby ensuring seamless, legal, and secure transitions of these digital currencies. Therefore, grasping the operation of token approval is vital for anyone delving into the fascinating world of cryptocurrencies.</p>
<h3>Unveiling the Dynamics of Token Approval</h3>
<p>Deciphering the mechanism of token approval not only demystifies the world of digital currency, but also makes the route to a blockchain-empowered future more accessible. The more we understand this remarkable function, the more we can optimize its efficacy and potential. In conclusion, the essence of token approval lies in its capability to effectively secure transactions and adhere to the necessary regulations in the world of digital assets.</p>
<h2>Understanding the Risks of Token Approval Exploitation</h2>
<p>On the surface, digital tokens appear to play an important role in the world of blockchain and cryptocurrency. Beyond the fundamental purpose of serving as a digital asset &#8212; one that can be traded, sold, or bought on a blockchain network &#8212; tokens also have other crucial functions. One of these pivotal roles is token approval, a process that is crucial in decentralized networks. However, much like any digital process, token approval presents certain vulnerabilities that can be taken advantage of. Let&#8217;s delve into the potentially exploitable aspects of token approval, and compare methods to curtail this risk.</p>
<h2>The Double-Edged Sword of Token Approval</h2>
<p>Within the vast digital marketplace, token approval holds a highly significant spot. However, this key function, while indispensable, is not without its set of challenges and risks. When utilized under undesirable circumstances or by malicious entities, token approval can become a tool for exploitation.</p>
<h3>Understanding Token Approval</h3>
<p>At its core, token approval is intended as a safety measure: it is a process that allows a smart contract to move a fixed number of tokens from one account to another. It&#8217;s a security protocol that appears straightforward but carries a potential risk of exploitation. This risk warrants a more in-depth understanding of how token approval functions.</p>
<h2>Avenues for Exploitation in Token Approval</h2>
<p>While token approval serves as a critical safeguard, the process is not impervious to exploitation. Various weak points exist within the procedure that can be leveraged by malicious entities, giving rise to the risk as well as potential for abuse.</p>
<h3>Addressing the Vulnerabilities</h3>
<p>Being aware of the potential risks associated with token approval is merely the first step. The next crucial move involves developing strategies to mitigate these vulnerabilities. By implementing appropriate countermeasures, we can minimize the risks of token approval exploitation, safeguarding the integrity of digital assets and the decentralized networks that host them.</p>
<h2>Summary</h2>
<p>With the increasing adoption of blockchain and cryptocurrencies, it&#8217;s vital to understand that token approval, despite being a critical process, can be targeted for malicious exploitation. By comprehending the potential vulnerabilities and implementing strategic countermeasures, we can adapt and uphold the inherent notions of security and trust embedded in decentralized networks.</p>
<h2>Shielding Yourself from Infinite Token Approval Attacks in MetaMask</h2>
<p>The growing digital environment is fraught with potential security threats. Among those threats, Infinite Token Approval exploits have emerged as substantial hazards within the context of MetaMask. This guide will equip you with tips and tricks to protect yourself from these threats. </p>
<h3>The Nature of Infinite Token Approval Exploits</h3>
<p>Understanding the essence of these security exploits is the first step to effectively securing yourself against them. Infinite Token Approval threats primarily emerge within the vicinity of the Ethereum-based MetaMask platform. They utilize a weakness in smart contracts to attempt to gain unlimited access to a user&#8217;s tokens.</p>
<h3>Key Strategies for Protection Against MetaMask Exploits</h3>
<p>How do you protect yourself against such potential vulnerabilities? Here, we will navigate through some key strategies that can act as your shield in the face of these intrusions.</p>
<p><strong>Effective Token Limit Specifications:</strong> One efficient way of mitigating such threats is by setting thoughtful token limit specifications. Instead of granting unlimited access, set specific permissions for each smart contract. </p>
<p><strong>Conduct Regular Token Audits:</strong> Regular check-ups on your tokens can help identify any potential security lapses. Keep track of all active approvals and take necessary actions if you detect any suspicious activity.</p>
<p><strong>Use Advanced Features:</strong> Using advanced features available within the platform can significantly reduce the risk of falling prey to these exploits. MetaMask, for instance, comes equipped with tools designed to help you manage permissions over your tokens.</p>
<h3>The Role of User Awareness in MetaMask Security</h3>
<p>However effective your protective measures may be, the ultimate factor determining your security is your awareness about these exploits. Understanding how these attacks operate, and being vigilant about protecting your assets, can significantly decrease your vulnerability. Stay informed, stay secure. </p>
<p>This guide has sought to equip you with the knowledge and tools necessary to protect yourself from Infinite Token Approval exploits within MetaMask. Guided by the principles highlighted here, it is hoped that you can navigate the digital terrain with increased security and confidence.</p>


Effective Strategies to Prevent Recurring Exploits in MetaMask: A Comprehensive Guide

<p>The gaming industry has experienced a substantial boost in earning potential with the introduction of Web3 technology, and engagement rates have surged. Users now have the chance to play and earn a piece of the value created by these ecosystems. The Pop App founders anticipate that the app&#8217;s rewards system will encourage users and producers to interact and co-create on the platform. The authors are sure that users will find the rewards scheme interesting enough to invest their creative efforts into the app once the incentives are in place. The ultimate objective, according to Michael, is to attract 1 billion people to Web3 and disrupt the present social media market and others, much like Apple did to Nokia. Pop&#8217;s incentive model enables users to produce incentives, digital assets, and collectibles through interactions even though creators should receive a larger share of the profits.</p>
<p>Decentralizing social media has garnered a lot of steam recently as worries about centralization, censorship, and data management continue to plague traditional social media platforms. With the ability to pay users for using the app and consuming content, Pop is one of the platforms leading the charge. Because of how they handle user data, traditional social media platforms have come under fire, as seen by the Cambridge Analytica incident. By offering users more control over their data and privacy, decentralized social media has the potential to empower people. Utilizing user attention, exchanging user data, and fully utilizing user exploration are how traditional social media sites maximize their profits. Michael, the founder of Pop, claims that the platform&#8217;s objective is to accelerate the adoption of Web3 in addition to employing blockchain technology to reinvent conventional paradigms. Decentralization is an effective answer to the rising need for privacy or data security by enabling people to own their data.</p>
<p>YouTube promises to give its artists a portion of over 50% of income, yet this tactic has helped the video giant keep its dominance. Pop intends to change this by providing artists with incentives and accelerated earning potential from the start, regardless of the size and age of their audience. Pop tokens enable producers to profit from the moment they publish content and create brand-new forms of follower interaction, like NFT launches. More importantly, Pop is dedicated to supporting and rewarding the artists who are the foundation of its success. Users may contribute to the success of the platform while creators retain ownership of their work. In short, Pop App is building a platform where artists of all sizes may make money and prosper. The platform aims to draw a wide range of creators and cultivate a community of support and cooperation by providing prizes and incentives right away.</p>
<p>Pop App wants to change the social media space, but its main goal is to address the biggest problems facing content producers or publishers. On traditional platforms, because to the minimal payment requirements, creators may labor full-time for at least six months before seeing any revenue. With the help of Pop App, new artists will be able to make money off of their material right away thanks to a fair monetization scheme. Additionally, Pop App optimizes the engagement algorithm to highlight trending content with high interaction on the platform, fostering organic development and opening doors for smaller and newer artists to be discovered.</p>


Social Media Will Be Revolutionized by Web3 With Creator Ownership

<h2>Empowering Creators through Incentivized Engagement and Web3-Driven Growth</h2>
<p>The dawn of Web3 has unlocked unprecedented earning potential within the gaming sector, catapulting user engagement to new heights. Gamers now have the chance to play and reap the rewards generated by these flourishing ecosystems, a far cry from the limited monetization opportunities available to early streamers. This is where Pop steps up to reshape the social media landscape by offering users incentives for their actions and sharing a portion of the resulting revenue with them.</p>
<p>As envisioned by the founders of Pop App, its enticing rewards program is poised to draw creators and consumers alike to engage and co-create within the platform. By providing compelling incentives, the platform&#8217;s architects are confident that users will be eager to devote their creative resources to the app, contributing to its sustained growth.</p>
<p>Michael, one of the founders, envisions a bold future—capturing 1 billion users to harness the power of Web3 and revolutionize the social media sector in the same way that Apple once challenged Nokia. Acknowledging that creators should receive a larger share of the profits, Pop&#8217;s inventive model facilitates users in generating rewards, digital assets, and collectibles through interactions, effectively reinvigorating stagnant social media growth and addressing the issue of declining user engagement.</p>
<h2>Decentralization: Unlocking Data Privacy and Empowering Creators on Social Media</h2>
<p>The rampant issues of centralization, censorship, and data misuse on conventional social media platforms demand new strategies to address these problems. Decentralizing social media has emerged as a powerful movement in recent years, with platforms like Pop leading the way. Pop champions the potential of users to earn rewards simply by engaging with content and using the app.</p>
<p>Traditional social media platforms have faced harsh criticisms for their handling of user data, as illustrated by the infamous Cambridge Analytica scandal. This controversy cost the company a whopping $725 million in legal settlements. In stark contrast, decentralized social media has the potential to empower users by allowing them greater control over their data and privacy.</p>
<p>These conventional platforms typically maximize profits by capitalizing on users&#8217; attention, trading user data, and exploiting their user base to the fullest extent. Pop&#8217;s founder, Michael, envisions a different approach to social media: he aims to disrupt traditional models using blockchain technology while accelerating the adoption of Web3. </p>
<p>Decentralization, by granting users ownership of their data, offers an appealing answer to growing concerns about privacy and data protection. Pop&#8217;s innovative take on decentralization could be the key to overcoming the challenges facing social media today.</p>
<h2>Smart Contracts: Unlocking Creator Empowerment and Blockchain Ownership</h2>
<p>Renowned platforms like YouTube and TikTok have long utilized incentive programs to draw creators, with YouTube boasting a profit-sharing scheme of over 50%. These strategies have undoubtedly contributed to maintaining the platforms&#8217; dominance. Enter Pop, an innovative platform set to revolutionize this space by offering immediate rewards and accelerated earning potential to creators, regardless of their audience size or content maturity.</p>
<p>Pop tokens enable creators to earn from the instant they share content, simultaneously introducing new engagement avenues, such as NFT launches. At the core of Pop&#8217;s mission lies an unwavering commitment to its backbone – the creators. By providing support and rewards, the platform ensures creators retain control over their content while offering users the chance to partake in its success.</p>
<p>In essence, the Pop App establishes an ecosystem where creators of all calibers have equal opportunities to thrive and prosper. By presenting rewards and incentives from day one, the platform aims to attract a diverse creator pool and cultivate a collaborative and supportive community.</p>
<h2>Empowering Creators for Rapid Growth</h2>
<p>Pop App seeks to disrupt the social media landscape while placing a strong emphasis on addressing the key challenges faced by content creators. In the conventional social media sphere, creators often need to dedicate full-time efforts over a period of at least six months before they begin earning, as a result of minimum payment thresholds. Pop App, on the other hand, envisions a fairer monetization model, allowing up-and-coming creators to generate income from their content right from the start.</p>
<p>Additionally, Pop App enhances the engagement algorithm, ensuring that content with high levels of interaction takes center stage on the platform. This facilitates organic growth and provides valuable discovery opportunities for smaller and newer creators, ultimately unlocking the true potential of social media powered by Web3 and blockchain technology.</p>


Unlocking the Future of Social Media: How Web3 Empowers Creators with Blockchain Ownership

<p>As part of the Ethereum Merge update, the Ethereum network will transition from validating blocks and transactions based on proof of work (PoW) to proof of stake (PoS). Beacon Chain, a network that runs in parallel to Ethereum and employs a PoS consensus layer, is now operational. Blocks on Ethereum will only be created through the Beacon Chain’s PoS consensus process after the existing PoW Ethereum chain combines with it.</p>
<p>Now that the six-year wait is over, Ethereum will join with its Beacon Chain to form a Proof-of-Stake (PoS) blockchain. Assuming this works, Ethereum’s blockchain will gain in speed, scalability, and efficiency. Since its low point in June 2022, the price of ETH has risen dramatically thanks to investor excitement about this highly awaited event. The Merge has made the blockchain more eco-friendly by replacing the energy-intensive PoW mechanism with the far more efficient PoS mechanism, which consumes around 99% less power. The Merge is expected to speed up transactions, decrease transaction costs, and improve blockchain scalability. Staking 32 ETH is required at present to become a validator on Ethereum due to the PoW consensus mechanism. Since a result of The Merge, the playing field has been leveled for all members of the Ethereum community and network, as incentives will no longer flow to miners but instead to stakers. Since it will be easier and cheaper to host a node in the future, this provides greater decentralization and security. PoS also enables scalability via sharding, which might eventually support 100,000 transactions per second (TPS). What happens on-chain and whether or not consumers see benefits from using the Ethereum blockchain over other Layer 1 blockchains will determine this. The Ethereum Foundation, however, has said that transaction costs would not be significantly affected by the change in consensus process.</p>
<p>There was a lot of buzz regarding Ethereum’s Merge on the 15th of September, even if some naysayers had speculated that it may be postponed. Thankfully, The Merge went off without a hitch. Although the long-term effects of the Merge are difficult to anticipate, we will examine three possible post-Merge outcomes and what you may do with each trading approach in these instances. In this example, we’ll use the $1267 price of ETH from September 22nd, 2022.</p>
<p>Vitalik Buterin, co-creator of Ethereum, appears to have a positive outlook on The Merge. Buterin claims that four further upgrades will raise Ethereum’s value after The Merge when completely new scalability solutions emerge for the blockchain. A bullish outcome for the price of ETH would be the timely completion of The Merge and the trouble-free transition to a complete PoS blockchain. When investors learn that upcoming enhancements to Ethereum, including as the Surge, Verge, Purge, and Splurge, are developing as planned, they may begin to buy in. After investors gain confidence in The Merge, it may lead to a new record high for ETH. The higher the demand for Ethereum blocks and the more Ether is staked, the more deflationary The Merge will be. Experts believe that 90% disinflation is a long conclusion of The Merge, even if deflation on Ether is unlikely for quite some time.</p>
<p>For those who are bullish about The Merge and think the market is still underpricing ETH after The Merge has begun, the Poor Man’s Covered Call strategy on CoinUnited.io is the best ETH option trade to make. To open a Poor Man’s Covered Call strategy, one must first purchase an out-of-the-money (ITM) call option with a close time before expiration and then sell a call option with a short time until expiration. It’s similar to a covered call position but with less of a capital and a lower level of risk.</p>
<p>Initially, you should invest in an ETH call with a $1200 strike price and a November 30th expiration date. The next step is to sell a call option with an October 31st expiration. Contracts with a strike price between $1500 and $1800 are recommended since they lie within the 0.1 to 0.3 delta range. However, with the following calculations, we may evaluate the profit potential and breakeven region.</p>
<p>Possible future technological issues, like as rival blockchains and missing blocks, might cause even more downtime. Even while The Merge was a success, some have expressed concern that future upgrades that don’t go as well might have a devastating effect on the crypto market as a whole and undermine confidence in Ethereum-based decentralized applications. This presupposes that most investors want to sell ETH in an effort to dump a profit from the “Buy the rumor, sell the news” strategy. To hedge their bets, investors may dump their ETH and instead put their money into competing Layer 1 blockchains like Solana, Avalanche, or Cosmos. In addition, many ETH PoW miners are frustrated by the switch to PoS, which will result in the elimination of their income and render their mining hardware obsolete. Speculators may interpret this as a crack in the community’s once-unified sentiment, sending the price of ETH spiraling downwards.</p>
<p>Those who are bearish on The Merge and think it will be a “Buy the rumor, sell the news” event can use CoinUnited.io to open a Bear Put Spread. To execute a bear put spread, one must purchase a put option and simultaneously sell another put option of the same expiration date that is more out of the money. It’s made so that investors may make money off of assets that are depreciating. Buying a bear put spread is more cost-effective than purchasing a put option alone, because it offers protection against a decline in the ETH price in addition to the time decay of the short option.</p>
<p>To open the trade, first purchase an ETH put contract with a $1200 strike price and a November 30 expiration date. Next, you should sell a put contract on ETH that also will expire at the end of November. Put options with a strike price between $800 and $1,000 have a delta of 0.1 to 0.3, thus these are the ones we recommend.</p>
<p>With the event already included into prices, buyers and sellers are unlikely to have much of an impact on the market. Because of the potential for ETH’s value to rise in the future, some investors may choose to HODL their holdings via The Merge. When there is no demand, the price of ETH stays the same. Ethereum as a project still has a long way to go before it is deemed a finished project when it comes to general scalability, therefore this is feasible even after The Merge. Under this neutral post-Merge price forecast scenario, the price of ETH would remain level in general, while there might be occasional modest price jumps.</p>
<p>This popular neutral ETH trade entails longing spot and shorting long-dated futures, and is also known as the cash-and-carry trading technique. When a trader executes a delta-neutral transaction, his or her position remains unchanged regardless of the direction of ETH’s price. There is a long-standing market norm where ETH Futures are traded at a premium above ETH spot. However, ETH futures are now priced lower than ETH spot pricing due to the extreme popularity of this trading concept among active traders. To do so, one would need to long the ETH futures contract and short the ETH perpetual contract, with the intention of holding until after The Merge, at which point, one would be hoping to buy ETH futures at a premium rather than a discount.</p>
<p>This tactic may be employed since the ETH DEC Futures are subject to intense selling pressure, which drives the futures price of ETH below the spot price. Since the price of ETH DEC futures is now below the price of ETH spot pricing, one can purchase ETH DEC futures while simultaneously shorting ETH perpetual contracts.</p>
<p>On September 22nd, 2022, ETH DEC Futures were trading at a price of $1252. In order to implement this strategy, you would need to long ETH DEC Futures and short ETH Perpetuals for the same amount in ETH. The spread between the futures and the perpetual contract would represent your profit for each trade.</p>
<p>Because Ethereum is switching to a PoS blockchain, you may now get yield on your ETH by staking it using CoinUnited.io. With the exception of fixed term staking, you can withdraw your ETH balance at any time but are currently prohibited from trading, sending, or selling the amount you have staked. Find out how to start receiving dividends on your Ethereum with CoinUnited.io: After making a deposit, your first reward payment will be made two days later. Depending on how much ETH you staked, you should get a reward every day after your yield has been determined.</p>
<p>Despite The Merge’s success, Ethereum supporters are still debating the future of ETH’s price owing to Ethereum’s quest of decentralized scalability and the challenging macroeconomic conditions. The preceding bullish, bearish, and neutral scenarios and their respective tactics should be studied by anybody considering an investment in Ethereum in the near future. Following through on Vitalik Buterin’s goal, such as with The Merge, might lead to Ethereum becoming the most valuable blockchain in the long run. The recent hype around “The Merge” highlights the significance of learning about the Ethereum upgrade and the subsequent changes it will bring about. Also, anyone curious about whether or not smart money has gambled on Ethereum PoW may want to check out the study we prepared with Nansen. You may begin trading the ETHW/USDT pair on CoinUnited.io once you have a firm grasp on the benefits and drawbacks of ETHW investment. Register with CoinUnited.io today to start your crypto investment journey, whether you’re a long-term investor or short-term speculator looking to invest in ETH and other cryptocurrencies.</p>


How To Trade ETH After The Merge: Prediction For The Price Of Ethereum

<p>A &#8220;51% attack&#8221; refers to a malicious scenario in which a single entity or a group of individuals gain control over more than 50% of the total computing power or mining hash rate of a blockchain network.</p>
<p>When a single entity possesses majority control, they can manipulate the decentralized nature of the blockchain and potentially disrupt its operations for personal gain.</p>
<p>With control over the majority, the attacker can prevent new transactions from being confirmed, reverse previously confirmed transactions, and even double-spend cryptocurrencies.</p>
<p>Double-spending involves spending the same cryptocurrency unit more than once, which is a significant concern in a decentralized system.</p>
<p>The attacker may also have the ability to modify or exclude certain transactions from being included in the blockchain, leading to a loss of trust and reliability within the network.</p>
<p>The 51% attack is a serious security threat to blockchain networks, especially those with smaller mining communities or low hashing power.</p>
<p>In order to execute a successful 51% attack, the attacker would require substantial computational resources and control over a majority of the network&#8217;s mining power.</p>
<p>The attack is considered economically irrational for most well-established blockchain networks, as the costs involved in acquiring enough computing power are often prohibitively high.</p>
<p>However, emerging or smaller blockchain networks are more vulnerable to 51% attacks due to their limited resources and lower hash rates.</p>
<p>To mitigate the risk of 51% attacks, blockchain networks often implement consensus mechanisms, such as Proof of Stake (PoS) or Delegated Proof of Stake (DPoS), which rely on different principles than traditional Proof of Work (PoW) to secure the network.</p>


51% Attack

<div class="css-nybri6 etyh6ra0">An economics concept in which one party has a direct advantage in efficiency in producing/providing a specific good or service over another party.</div>


Absolute Advantage

<p>The block header is a section in a block that serves as a summary of the rest of the block. It’s made up of all the metadata – such as the time and difficulty when the block was mined, the Merkle root of the included transactions, and the nonce. Also present is the previous block’s hash, which is what allows us to create the “chain” of blocks. In essence, the block header contains any data that isn’t the list of raw transactions itself.<br />
A block header is what the miners hash to try and make the block valid. This is a lot more efficient than hashing the entirety of the block, which can be made up of thousands of transactions. It would be vastly more cumbersome for a miner to change the nonce and to rehash a whole 2MB block for every attempt. Compare this with hashing Bitcoin’s block headers, for instance, which have a fixed length of 80 bytes.<br />
Block headers are great from a mining point of view, but because of their small size, they’re also ideal for light clients. The Bitcoin blockchain is too large for devices like smartphones to store. If the chain had 100,000 1MB blocks, you’d consume 100GB of space. But with just the block headers for those same blocks, you’d only take up 0.008GB, or 8MB.<br />
In this way, devices with less bandwidth or storage space can still perform some degree of validation. Because the Merkle root encapsulates all of the transactions, they can later check whether a transaction was included in a particular block. This does come at a cost – the user must still rely on a third party to provide them with necessary information. With that said, light clients are preferable to a system where the users perform no verification at all.</p>


Block header

<p>The bid price is the highest price that a particular buyer is willing to pay for a specific product or service. In the context of financial markets, it is the value buyers offer for an asset, such as a commodity, security, or cryptocurrency.<br />
A trading order book consists of multiple bid prices (on the side of buyers) and asking prices (on the side of sellers). The highest bid price is always lower than the lowest asking price and the difference between them is referred to as a bid-ask spread.<br />
Traders or investors that are willing to sell their assets or stock positions need to either accept one of the bid prices available on the order book (ideally, the highest one) or to set an asking price and wait until a buyer eventually bids against that value, filling the order.</p>
<p>In financial markets, traders have the power to decide what price they are willing to buy or sell an asset and they do so at the moment they create their order. Clearly, if the price they set is too far apart from the current market price, their order won’t be filled.</p>
<p>In a situation where multiple buyers are competing for an asset and start putting their bids, one after the other, we would have what is sometimes referred to as a bidding war. When a bidding war occurs, buyers replace their bids higher and higher in order to cover the bids of other competing buyers and this would probably cause the market prices for that asset to increase rapidly.</p>


Bid Price

<p>What Is Bitcoin Pizza?<br />
Bitcoin Pizza refers to the first known purchase of physical goods using bitcoin.<br />
On May 22, 2010, Laszlo Hanyecz, the programmer who would go on to become famous for being the man who bought pizza with bitcoin, made a post on a Bitcoin forum called Bitcointalk. He was looking to make a deal with someone who would take bitcoin as payment for pizza. Hanyecz wrote:<br />
“I’ll pay 10,000 bitcoins for a couple of pizzas.. Like maybe 2 large ones so i have some left over for the next day..”</p>
<p>At the time, 10,000 BTC was equivalent to approximately 41 USD, meaning each bitcoin was worth about 0.0041 USD. Hanyecz’s offer was taken up by another Bitcointalk user, who paid 25 USD for the two pizzas.</p>
<p>Hanyecz acquired the coins by mining on his laptop. Back then, consumer-grade hardware was powerful enough to effectively mine bitcoins. In 2018, Hanyecz used the Bitcoin Lightning Network to buy two pizzas once again, but only spent 0.00649 BTC this time round.<br />
Hanyecz has said in interviews that he doesn&#8217;t regret spending 10,000 BTC on two pizzas. At the time, Bitcoin was an obscure Internet phenomenon followed by only a handful of enthusiasts. Using cryptocurrency to buy a physical good seemed more far-fetched than it does today.<br />
Bitcoin Pizza Day<br />
Thanks to this fabled transaction, May 22 is now known as Bitcoin Pizza Day. It&#8217;s considered a historic moment in the history of bitcoin, marking the first-ever documented time a cryptocurrency was used as a medium of exchange for a real-world purchase.</p>
<p>Today, the 10,000 bitcoins used to purchase those two pizzas would be worth millions of dollars, making it a remarkable example of the early days of bitcoin. The term &#8220;bitcoin pizza&#8221; has even become synonymous with using a cryptocurrency for a seemingly mundane purchase.</p>


Bitcoin Pizza

<p>In short, the term block refers to computer files that store transaction data. These blocks are arranged in a linear sequence that forms an endless chain of blocks &#8211; hence, the term blockchain.<br />
So all information about blockchain transactions is gathered and recorded inside these blocks, and every newly generated block is connected to the previous one through the use of cryptographic techniques.<br />
The chain of linked blocks stores all the transaction data generated since the launch of a particular blockchain. So the records go all the way back to the first block, which is referred to as the block zero or genesis block. The number of confirmed blocks since the genesis block is denoted as the block height.<br />
Taking the Bitcoin blockchain as an example, blocks are made up of multiple elements. Bitcoin blocks contain (among other things) a list of recent transactions, a timestamp, and a reference to the block that came right before it. This reference is a cryptographic hash of the previous block’s data.<br />
The generation of a new block always includes the hash of the previous one, and this is what makes the blocks cryptographically linked. Such a structure allows the creation of a secure database that is highly resistant to tampering and attacks. The block hash acts like an identifier. It is unique to each block and is produced through a process called mining.<br />
Basically speaking, the block hash is the solution to a complex mathematical problem, and the miner that finds a valid solution for the next block is granted the right to validate that block (and the transactions therein). Since mining requires a significant amount of computational resources, successfully mined blocks produce new Bitcoins as a way to reward miners for their work (see block reward).<br />
But sometimes, two or more miners may find a valid block hash at the same time, so that two different blocks are broadcasted to the network. This leads to the creation of two competing chains. To address this problem, the participants of the network (nodes) will choose the chain that eventually becomes the longest (with more “accumulated work”). The other chain is then discarded, and its blocks become stale blocks (see orphan blocks).<br />
Although blocks are usually discussed in the context of cryptocurrency transactions, they may also be related to other types of digital data that are stored on a blockchain system.</p>


Block

<p>Bitcoin Core is the leading implementation of the software enabling users to interact with the Bitcoin network. It is not owned by any single business or organization but is instead updated and reviewed by a community of worldwide developers.<br />
The software was initially released by Satoshi Nakamoto (under the name Bitcoin), only to be later renamed to Bitcoin Core to avoid any confusion.</p>
<p>What does it do?<br />
By running the Bitcoin Core code, a user effectively acts as a node on the network. They can independently verify the validity of blocks received, as well as transactions sent by other users. This keeps miners in check and means that the user needs not trust anyone (such as a wallet provider) to display the correct view of the blockchain.<br />
Bundled into the software is a wallet. Users can use this directly from within the application, or tether external wallets to their node to validate received transactions.</p>
<p>Should I run Bitcoin Core?<br />
Users that frequently transact in Bitcoin should consider running a node to enjoy the various privacy and security benefits. A typical software wallet (one that does not interface with the user’s node) queries third-party servers for the user’s balance.</p>
<p>This practice can be of some concern, as it allows the server to tie the user’s balance to their IP address. The third party can reasonably infer that the user owns the public addresses they ask about.</p>
<p>In a similar vein, total reliance on a block explorer is dangerous from a transparency standpoint. As users have only a single point of reference for their balances, it is easy for the server to transmit false information to them.</p>


Bitcoin Core

<p>In short, Bitcoin is a digital form of money that runs on a distributed network of computers (nodes). In a broader sense, though, many people often use the word Bitcoin to refer to a few different things: a digital currency, a decentralized public ledger, a protocol, or simply the big ecosystem that encompasses all of these. However, there are some fundamental differences between these functionalities.<br />
First, Bitcoin is the name of a peer-to-peer (P2P) digital currency, which is sometimes referred to as bitcoin (with lower “b”) or simply BTC. Bitcoin is a cryptocurrency, which means it is a digital currency that is protected by cryptographic techniques. It was the first cryptocurrency that came into existence, and the first Bitcoin block &#8211; known as the genesis block (or block 0) &#8211; was mined on the 3rd of January 2009.<br />
Second, the Bitcoin decentralized public ledger is what we call blockchain. Despite being closely related, Bitcoin and blockchain are different concepts. The blockchain technology is what maintains the whole structure that allows Bitcoin transactions to be broadcasted and recorded in a trustless and secure way. Note that, in this context, trustless means that the blockchain system does not rely on any kind of trust to function as it is backed by computer code and mathematical algorithms. Thus, the Bitcoin blockchain works as a decentralized digital ledger that publicly lists all confirmed BTC transactions.<br />
Lastly, the term Bitcoin was also used to refer to the protocol that is being continually developed as an open source software. In 2014, however, the original Bitcoin client software was officially rebranded to Bitcoin Core to avoid further misunderstanding. As an open source software, Bitcoin Core counts with numerous contributors worldwide.<br />
Bitcoin was conceptualized by a person (or group) under the pseudonym Satoshi Nakamoto. The idea was to create a unique digital payment system that would permit borderless financial transactions to occur without the need for mediators like banks or governments. The distributed architecture provided by blockchain technology, along with the cryptographic techniques, makes Bitcoin very resistant to attacks and fraud.
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Bitcoin

<p>The Beacon Chain is Ethereum’s proof-of-stake (PoS) layer where consensus is reached. It controls and coordinates the network of Ethereum stakers who help validate and secure the network in exchange for staking rewards.<br />
The Beacon Chain went live on December, 2020 and is the first in a series of major upgrades (previously collectively known as Ethereum 2.0) to increase Ethereum’s ability to handle transaction loads more sustainably.<br />
Although the Beacon Chain (previously known as Eth2) is an independent layer that runs parallel to Ethereum’s execution layer (previously known as Eth1), it will soon be connected to the Ethereum mainnet in an event known as The Merge.<br />
Post-merge, Ethereum’s consensus mechanism will permanently shift from proof-of-work (PoW) to PoS. If you are interested in validating the Beacon Chain, you can do so by staking your ether (ETH). As a validator securing the network, you will be in charge of storing data, processing transactions, and adding new blocks to the blockchain.<br />
The ecosystem moving away from mining new blocks means Ethereum miners will eventually become obsolete. Additionally, tokens will no longer be issued in the form of mining rewards, leading to a projected net reduction in ETH issuance of almost 90%.<br />
The Beacon Chain has set the stage for the following scaling solutions: The Merge, The Surge, The Verge, The Purge, and The Splurge. This set of solutions is designed to tackle the Scalability Trilemma proposed by Ethereum founder Vitalik Buterin.<br />
The trilemma suggests that a blockchain can satisfy only two out of three of its fundamental principles — security, scalability, and decentralization. A series of upgrades has been postulated to help Ethereum support a larger transaction load by increasing transaction throughput without compromising security or decentralization.</p>


Beacon Chain

<p>B-Tokens are Binance’s official name for a range of fully-collateralized wrapped tokens. Each B-Token offers a transportable version of an original asset on a different blockchain. Let’s look at a quick example.<br />
Imagine you hold ETH on Ethereum but want to take advantage of staking opportunities on BNB Smart Chain (BSC). You cannot stake your ETH in its current ERC-20 form, so you’ll need to bridge it to BSC with a compatible token standard. To do this, you’ll have to wrap your ETH and, in return, receive a BEP-2 or BEP-20 ETH B-Token that’s BSC compatible.<br />
Binance does this by taking your ETH and securely holding it as collateral. Your B-Token is minted 1:1 with the amount of ETH provided, and you can swap your B-Token back for the underlying collateral at any point, should you wish. This mechanism maintains a stable pegged price for the B-Token towards its underlying ETH collateral.</p>
<p>It’s important to note that B-Tokens are always fully collateralized. You can check our Proof of Collateral for B-Tokens page to see the current state of our B-Token collateral wallets. See our What Are Wrapped Tokens? Binance Academy article for more information on how token wrapping works.</p>


B-Tokens

<p>The portfolio of coins and tokens one is holding. Often related to a poorly performing bag of assets that investors insist to hold.</p>


Bags

<div class="css-nybri6 etyh6ra0">A temporary block created by a mining node (miner) to add to the blockchain to receive the block rewards.</div>


Candidate Block

<div class="css-nybri6 etyh6ra0">A process operating in the background waiting for a specific event or condition in order to be activated.</div>


Daemon

<div class="css-nybri6 etyh6ra0">When the majority of peers on the network are malicious and monopolize the network in order to prevent specific nodes from receiving information from honest nodes.</div>


Eclipse Attack

<p>A situation where a trader enters a position betting on a price movement that quickly reverses or ultimately doesn’t happen.</p>


Fakeout

<div class="css-nybri6 etyh6ra0">The pricing mechanism employed on the Ethereum blockchain to calculate the costs of smart contracts operations and transaction fees.</div>


<p>An individual that has an advanced understanding of computer systems and networks, including programmers and cybersecurity experts.</p>


Hacker

<div class="css-nybri6 etyh6ra0">A conditional order to buy or sell a large amount of assets in smaller predetermined quantities in order to conceal the total order quantity.</div>


Iceberg Order

<p>The smallest denomination of BNB. Derived from the Telegram handle of the Binance Community Manager at the time.</p>


Jager

<div class="css-nybri6 etyh6ra0">A versatile cryptographic function designed by Guido Bertoni, Joan Daemen, Michaël Peeters, and Gilles Van Assche.</div>


Keccak

<div class="css-nybri6 etyh6ra0">The time between submitting a transaction to a network and the first confirmation of acceptance by the network.</div>


Latency

<p>A blockchain protocol which is fully developed and deployed where transactions are being broadcasted, verified, and recorded.</p>


Mainnet

<div class="css-nybri6 etyh6ra0">A participant on a blockchain network that communicates with other participants to ensure the security and integrity of the system.</div>


Node

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">Odysee is a server-less video hosting and distribution platform built on top of the LBRY protocol</div>


Odysee

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">P2P DEX, or peer-to-peer decentralized exchange, is a blockchain-based application that supports P2P trading.</div>


P2P DEX

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">A tool to create and share trading strategies on the FTX exchange.</div>


Quant Zone

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">Radio Frequency Identification (RFID) is a type of technology that uses radio waves to passively identify a tagged item or individual.</div>


Radio Frequency Identification (RFID)

<p>A staking pool allows multiple stakeholders (or bagholders) to combine their computational resources as a way to increase their chances of being rewarded. In other words, they unite their staking power in the process of verifying and validating new blocks, so they have a higher probability of earning the block rewards.</p>
<p>The overall idea of the staking pool model is quite similar to the traditional mining pool, which involves the pooling of hash rate in a Proof of Work (PoW) blockchain. However, the staking pool setup is only available on blockchains that employ the Proof of Stake (PoS) model or, in non-POS systems through protocol design features.</p>
<p>Typically, a staking pool is managed by a pool operator and the stakeholders that decide to join the pool have to lock their coins in a specific blockchain address (or wallet). While some pools require users to stake their coins with a third party, there are many other alternatives that allow stakeholders to contribute with their staking power while still holding their coins in a personal wallet. For instance, the so-called cold staking pools enable a more secure model, as users can participate in the staking process while keeping their funds on a hardware wallet.</p>
<p>Compared to solo staking, a staking pool will give smaller rewards because each successful block forging (validation) will split the rewards among the many participants of the pool. In addition, most pools will charge fees, which will reduce even more the final payout. On the other hand, staking pools provide more predictable and frequent staking rewards. Other than that, they allow stakeholders to make a passive income without having to worry about the technical implementation and maintenance of setting up and running a validating node.</p>


Staking Pool

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">The Standard and Poor&#8217;s 500, also known as S&amp;P 500, is a stock market index that represents a list of 500 public companies located in the U.S and their performance in the market.</div>


S&P 500 (Standard and Poor’s 500)

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">T-addresses are one of the two types of addresses available for the privacy-focused cryptocurrency, Zcash, used when transparency is desired.</div>


T-Address (Zcash)

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">Unbanked refers to those that are either unable to access banking services, or choose not to</div>


Unbanked

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">A participant on a proof-of-stake (PoS) blockchain, involved in validating blocks for rewards.</div>


Validator

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">A place where cryptocurrency users can store, send and receive digital assets.</div>


Wallet

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">
<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">X86 Virtual Machine enables Qtum developers to write smart contracts in a language of their choice.</div>
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X86 Virtual Machine

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">The yield curve is a line that plots the relationship between yields and maturities of fixed income securities.</div>


Yield Curve

<div class="sc-bdfBwQ Text-msjfkz-0 byJUJo">Alternative phrasing for an unconfirmed transaction.</div>


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