Learn Crypto with KALA – KALA Crypto Glossary (Part 1)
Good day #KalaArmy 👋
Today we would like to take the time to let the community have a better understanding of KALA Network as well as crypto as a whole. Some of you may have already known these terms by heart but it’s clear that many in our community are still unfamiliar and are confused when reading about KALA Network. 🤔
We have compiled a list of crypto terms that are used on the KALA website, whitepaper and other public documents. We will go through each term and give you a brief explanation. As KALA developed further we will continue this series to make sure everyone in our community grasps what KALA Network is all about. 🔍
📘 KALA Crypto Glossary 📘
Blockchain: A distributed ledger system. A sequence of blocks, or units of digital information, is stored consecutively in a public database. The basis for cryptocurrencies.
Burn: Cryptocurrency tokens or coins are considered “burned” when they have been purposely and permanently removed from circulation.
Deflation: A decline in the general level of prices for goods and services in an economy.
DEX: Decentralized exchanges (DEXs) are peer-to-peer exchanges allowing users to trade cryptocurrency without the need for an intermediary.
GameFi: GameFi, better known as play-to-earn (P2E) games, is a rather new term in the field of both gaming and cryptocurrency industries. It references games that are designed with economic and financial aspects of blockchain and cryptocurrencies, enabling players to exert full control over their in-game assets to generate revenue.
Mint: Minting is the process of generating new coins using the proof-of-stake mechanism and adding them to the circulation to be traded.
NFT: Non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility.
Hash Rate: A unit of measurement for the amount of computing power being consumed by the network to continuously operate.
KALA Network: KALA Network is a Web3 SocialFi Platform that allows users to earn $KUDO token by socializing with their friends and community. Users can buy NFT PENCIL / PEN to increase earnings, level up & mint new NFT PEN.
KOL: KOL stands for Key Opinion Leader, which is also known as an “influencer” in Western countries. Key opinion leaders are spokespeople, brand ambassadors, or thought leaders.
Roadmap: A roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product.
SocialFi: SocialFi, short for social finance, is basically the combination of social media and decentralized finance (DeFi) on the blockchain. In other simpler terms, SocialFi is social media on the blockchain.
Wallet: A place where cryptocurrency users can store, send and receive digital assets.
Web3: Web 3.0, also spelled Web3, is the current evolution of the internet characterized by decentralization and digital ownership, unlike Web 1.0 and Web 2.0 which were characterized by users being able to read (Web 1.0) and write (Web 2.0) content.
Whitepaper: A document released by a crypto project that gives investors technical information about its concept, and a roadmap for how it plans to grow and succeed.
That is it for today. Let us know if there’s any term you don’t understand and we’ll include it in our next part. Thank you! 😄