So, what has been the biggest hype of 2018? Definitely not the Russia World Cup nor Germany not making it to the elimination round (HA!). Was it Donald Trump meeting with Kim Jong-un? Nope. Not even Cambridge Analytica losing everyone’s data (rude).
It has been ICOs.
2018 has been the year of Blockchain and crypto currencies. Even though large social media platforms such as Twitter, Google and Facebook are trying to censor their coverage with banning crypto advertising (Jerks!), they have made some serious headway. With the little media coverage, you do hear, comes a lot of language one might not understand. Here at VolAir, we want you to be informed because we like you. Whether you are looking to invest in an ICO or just are curious person looking to be well-informed, we have your back. We have complied some basics of ‘crypto-lingo’ for you. Think of it as crypto-lingo 101 at VolAir University.
*The list is in no particular order.
- Blockchain – You hear this thrown around all the time, we know. It is an incorruptible digital ledger for financial transactions. What? Ok, If you are over 40, you remember paper ledgers that banks used, but most millennials have never seen these ancient ledger things. It is similar to the bank statement listing your transactions for the month, we know we don’t like to look at them either. Who wants to remember how much they spent last weekend? Let alone last month? But with all those identity theft horror stories, you have to check usually daily. This is the beauty of Blockchain is it is transparent, digital, efficient and most importantly secure (hackers, be gone!). The data on Blockchain is it is verified and encrypted making it resistant to unauthorized changes or hacks. VolAir is Blockchain based because we believe you and your transactions should be protected. Again, we have your back.
- Bitcoin – It is a cryptocurrency (the Kim Kardashian of cryptocurrencies – yeah, we get it you’re famous, but why?) which is distributed on the Blockchain. They need each other, Blockchain is the train track and Bitcoin is the train. You can decide which is more important.
- ICO – Initial Coin Offering. This is important, especially if you are looking to dive head first into the crypto sphere, think of it as being similar to an IPO, (clearly way better, obviously) but instead of getting stock in a company you get tokens to be used on the platform or to have in a wallet. We have an ICO beginning in September, hence the countdown on our front page.
- Token/Coin – This is essentially the designated currency used for digital distribution on a platform or in the wallet. Token and coin are used interchangeable, so don’t get confused, they mean the same.
- Coin/Token Ticker – It is the name which someone uses for their currency. Again, similar to a stock exchange, an abbreviated name to be used on trading/distributing platforms. Ours is VOL. We just took off the ‘Air’ – It is that simple.
- Wallet – Similar to your grandpa’s black leather tri-fold, it holds the private and public tokens that are distributed on Blockchain technology. It allows you send and received digital currency, which is way cooler than a tri-fold.
- KYC and Whitelist – KYC stands for ‘Know Your Customer’ and Whitelist is Whitelist. These are used to verify that the person is an actual person and who they say they are. As much as we love the allusiveness of the Cryptosphere, we still need to know you are who you say you are and a real live person (bots are bad).
- Whitepaper – Not to be confused with a Whitelist, a Whitepaper is essentially the nitty gritty of the company. This should be very detailed in letting the customer know what they are buying into. Check out ours at: VolAir Whitepaper
- Ethereum – it is a distributed public Blockchain network. Unlike Bitcoin, which offers a peer to peer financial exchange that tracks the ownership of the currency (Bitcoin), Ethereum is used by a decentralized application to pay for things like transaction fees and services on the Ethereum network. People can earn Ether (ETH) which is their currency. Great news! We accept ETH! 1 Ether is equivalent to 5,000 VOL. YAS!
- Fiat Currency – Traditional money. Ugh.
It is a short list of 10 important, semi-important crypto terms you may want to know, especially if you want to troll other newbies on Reddit or Telegram.
Tune in next week for another set of terminology. Don’t worry there won’t be a test until late September (our ICO Start Date). Comments and questions are welcomed [email protected] !