👓 [Analysis] Visual Crypto, Vol. 1: Acronyms - Faye Antonia Hays

Part of being new to crypto is understanding industry acronyms. Faye Antonia Hays breaks down some popular definitions with visual flashcards to help explain some basic concepts like:

• Token Curated Registry (TCR): a list curated by a group of people who each have tokens and a monetary stake in the integrity of the list.
• Decentralized Exchange (DEX): A place to swap token among peers without having to store money in a centralized location; this allows for greater privacy but less regulation.
• All Time High (ATH): The highest record price of a cryptoasset during trading, for example Bitcoin’s ATH hit a price of $20,089 on Dec 17, 2017.
• Moving Average (MA): A moving time window of averages used to gauge a general trend despite frequent price fluctuations.
• Know Your Customer (KYC): One of many anti-money laundering laws requiring state sanctioned identification for participation on exchanges; KYC is designed to prevent banks from being used for nefarious purposes.
• Anti-Money Laundering (AML): Beginning with the Bank Secrecy Act of 1970, banks were required to report activity indicative of possible criminal behavior to the government while also preventing circulation of dirty money through various measures.
• Proof-of-Work (POW): POW is a method used to group transactions into blocks and blocks into chains.
• Proof-of-Stake (POS): A consensus mechanism designed as an alternative to proof-of-work; rather than distributed miners cryptographically verifying the authenticity of a transaction, proof of stake depends on a group of authenticators with a vested stake in keeping validations honest.
• Non-Fungible Token (NFT): Unlike cash — where one dollar is essentially identical to another — each NFT has unique and irreproducible characteristics, making it digitally scarce. NFTs cannot be divided into smaller parts, and tend to become collectibles, a famous example of which is Cryptokitties.
• Initial Coin Offering (ICO): ICOs are the crypto version of IPOs (Initial Public Offerings). When a new coin, token, or commodity is launched, its “coin” or “symbol of value” is sold to those willing to invest in it, resulting in crowdfunding.

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