Glossary
Common term definitions when using TaskOn are as follows
Last updated
Common term definitions when using TaskOn are as follows
Last updated
In blockchain, a wallet is a digital tool that allows users to securely store, manage, and transfer their cryptocurrencies or digital assets. It typically consists of a private key, which is a secret code that proves ownership of the assets, and a public key, which is a public address that allows other users to send assets to the wallet.
Wallets can be categorized as hot wallets or cold wallets. Hot wallets are connected to the internet and allow for quick and convenient access to funds, but are generally considered less secure due to their exposure to potential hacking attempts. Cold wallets, on the other hand, are offline storage devices that offer a higher level of security but may be less convenient to access and use.
Wallets can also be specific to certain cryptocurrencies or may support a variety of digital assets. There are many different types of wallets, including desktop wallets, mobile wallets, hardware wallets, and paper wallets, each with their own advantages and disadvantages.
A number of wallets are now supported by TaskOn, including MetaMask, BitKeep, ONTO, Phantom, Mars, Petra Aptos, GameStop, and WalletConnect. Users should choose one wallet and then explore more.
NFT stands for Non-Fungible Token, which is a type of digital asset that is unique and not interchangeable with other assets. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged for one another, each NFT represents a distinct and one-of-a-kind item, such as a piece of digital art, a video game item, or a music album.
NFTs are created using blockchain technology, which provides a secure and decentralized way to verify ownership and authenticity of the asset. Each NFT contains a unique digital signature that serves as proof of ownership, and is stored on a blockchain ledger that is accessible to anyone.
On TaskOn, an NFT is usually used as a reward to users.
A whitelist of NFT refers to a list of approved or authorized addresses or accounts that are allowed to participate in a specific NFT sale, auction, or event. Essentially, it's a way to restrict access to the sale or event to a limited group of people.
In the context of blockchain and cryptocurrencies, a token refers to a digital asset or unit of value that is created and managed on a blockchain network. Tokens can represent a wide variety of assets, such as currency, assets, or even voting rights.
Tokens can be created on various blockchain networks, such as Ethereum or Binance Smart Chain, and can be used for various purposes, such as payment for goods and services, fundraising, and governance of decentralized autonomous organizations (DAOs).
Tokens are typically created and managed through smart contracts, which are self-executing code that runs on the blockchain. Smart contracts can be programmed to enforce various rules and conditions around the use and distribution of tokens, such as limiting the total supply of tokens or requiring certain conditions to be met before tokens can be transferred.
There are different types of tokens, including utility tokens, security tokens, and governance tokens. Utility tokens are used to access a specific product or service, such as the use of a decentralized application (dApp) or platform. Security tokens represent ownership or equity in a company, similar to traditional stocks or securities. Governance tokens allow token holders to vote on decisions related to the development and management of a decentralized network or organization.
Overall, tokens are a fundamental concept in blockchain technology and play a critical role in enabling decentralized networks and applications.
Gas fee is a transaction fee paid by users of a blockchain network to compensate the nodes that process and validate transactions on the network. The gas fee is paid in the native cryptocurrency of the blockchain network and is typically calculated based on the complexity and size of the transaction being executed.
A blockchain network is a decentralized digital ledger that records and stores transactions on a network of computers. Each computer on the network, also known as a node, has a copy of the ledger, which is updated and synchronized with every new transaction.
The key feature of a blockchain network is that it is decentralized, meaning that there is no central authority or intermediary controlling the network. Transactions on the network are validated by a consensus mechanism, such as Proof of Work (PoW) or Proof of Stake (PoS), which ensures that all transactions are valid and that the ledger is accurate and tamper-proof.
EXP stands for the point system on TaskOn, and users can earn EXP by participating in activities. Users can exchange their EXP for more benefits once they have accumulated a certain amount.
CAP stands for Collaboration Achievement Proof. CAP is the NFT reward to record users’ engagement on TaskOn, minted by TaskOn on BNB Chain, Polygon, and Ontology EVM.
